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GSRX taken over as Chemesis International acquires majority stake in the dispensary operator

Vancouver-based Chemesis has agreed to acquire 41.6 million common shares and 1,000 preferred shares in GSRX, good for a 51% majority stake

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The deal bolsters Chemesis’ status as a vertically-integrated player in six US states and territories: California, Tennessee, Arizona, Michigan, Texas and Puerto Rico

GSRX Industries Inc (OTCMKTS:GSRX), a retail cannabis company, reached an agreement Monday to be acquired by Chemesis International Inc (CSE:CSI) (OTCMKTS:CADMF) via a share exchange agreement. 

Chemesis, a Vancouver-based vertically-integrated cannabis company, has agreed to acquire 41.6 million common shares and 1,000 preferred shares of GSRX, good for a 51% majority stake. All told, Chemesis now owns 66.3% of GSRX. 

In return, GSRX received 18.9 million Chemesis shares. The deal is expected to close by the end of August.

The agreement bolsters Chemesis’ status as a vertically-integrated player in six US states and territories: California, Tennessee, Arizona, Michigan, Texas and Puerto Rico. With GSRX in tow, the company’s gross revenue projection for 2020 jumps to $75 million.

READ: Rat Pack Redux: GRSX to use Studio AR&D, Leap Interiors to bring Sinatra vibe to Palm Springs cannabis dispensary

GSRX brings to the table five dispensaries in Puerto Rico operating under the Green Spirit Rx brand with five additional dispensaries in the works. The company also owns The Green Room, a dispensary in Point Arena, California, and a fully-licensed distribution center which services 400 dispensaries in the region.

GSRX also operates CBD retail stores in Tennessee and Texas.

“GSRX has built an incredibly strong portfolio of retail and manufacturing assets and the company is realizing growth in all aspects of its operations,” Chemesis CEO Edgar Montero said.

“The company is incredibly excited about this acquisition and believes it will be highly accretive in terms of the potential to realize efficiencies and complement the strengths of each company’s respective business lines.”

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: GSRX Industries Inc.

Price: 0.05 USD

OTCQB:GSRX
Market: OTCQB
Market Cap: $4.04 m
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