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GSRX Industries, now a unit of Chemesis, posts most quarterly revenue to date

For its second quarter of 2019, GSRX earned nearly $3.5 million in revenue, compared to just $353.430 in the year-ago quarter

Cannabis plant and dollars
Chemesis completed its acquisition of a majority holding in GSRX at the end of August

GSRX Industries Inc (OTCMKTS:GSRX), which is now a subsidiary of Chemesis International Inc. (CSE:CSI) and (OTCMKTS:CADMF), took in its most year-over-year quarterly revenue to date in its second quarter.

In a statement, Chemesis - which completed its acquisition of a majority holding in GSRX at the end of August - said GSRX earned nearly $3.5 million in revenue in its second quarter, compared to just $353.430 in the year-ago quarter. 

It said GSRX also produced a gross profit of US$1.34 million and a gross margin of 39%.

READ: GSRX Industries Inc and Chemesis International Inc progress towards deal to create fully integrated multistate operator

The cannabis company also saw a narrowing loss of about $924,000 in the second quarter, compared to a $3.6 million loss in the prior-year quarter. It said the revenue growth was primarily achieved through its retail business’ in Puerto Rico, California, Texas, and Tennessee. 

GSRX currently operates six dispensaries and two retail CBD stores, as well as five pre-qualified dispensaries in Puerto Rico that are in various stages of development. It also has a dispensary in Palm Springs, California.

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Quick facts: GSRX Industries Inc.

Price: 0.05 USD

OTCMKTS:GSRX
Market: OTCQB
Market Cap: $4.09 m
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