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GSRX parent Chemesis International’s subsidiary inks exclusive offtake agreement with HempRico

HempRico has received a hemp cultivation license and will begin planting in the coming weeks

Chemesis International - GSRX parent Chemesis International’s subsidiary inks exclusive offtake agreement with HempRico
Chemesis International is a vertically integrated US multi-state cannabis operator with international operations in Puerto Rico and Colombia

Chemesis International Inc (CSE:CSI) (OTC:CADMF) said Thursday that its subsidiary Natural Ventures has inked an exclusive offtake agreement with HempRico LLC

In a statement, the company said HempRico has received a hemp cultivation license in Puerto Rico and will begin planting a “high-potency” hemp crop.

Meanwhile, Natural Ventures works with cultivators in Puerto Rico, providing high-quality manufacturing services. As part of the agreement with HempRico, the company will manufacture CBD products for the medical market as tinctures, patches, edibles, and other hemp-derived products.

READ: Chemesis International’s subsidiary GSRX Industries wins California state manufacturing and distribution license

The products will be manufactured to meet compliance for distribution in international markets.

HempRico’s cultivation area is located in Cayey, a mountainous municipality that has a unique micro-climate for growing hemp.

“Through this exclusive offtake agreement, Natural Ventures receives additional biomass and thus ensures our facilities receive a consistent supply of raw material from various sources,” said Chemesis International CEO Edgar Montero in a statement.

“Bolstering our production capability is a key element to ensure the company is able to process the increasing amount of high-CBD crops. As Puerto Rico issues more licenses, Natural Ventures will work with cultivators and provide extraction and finished good manufacturing,” he added.

On Wednesday, GSRX Industries Inc (OTCMKTS:GSRX), which is now a subsidiary of Chemesis International won state-wide manufacturing and distribution licenses for its facility in Point Arena, California. The company's Point Arena facility will boost its foothold in the northern California market and will focus on THC manufacturing and distribution.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

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