Chemesis International Inc. (the “Company”) (CSE: CSI) (OTC: CADMF) (FRA: CWAA) The Company announces that the Department of Health of Puerto Rico (“ Department of Health ”) has not renewed licenses held by GSRX Industries Inc. (“ GSRX”) which are necessary for the operation of its c
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Chemesis International Inc.
November 4, 2020
Vancouver, BC – Chemesis International Inc. (the “Company”) (CSE: CSI) (OTC: CADMF) (FRA: CWAA)
The Company announces that the Department of Health of Puerto Rico (“ Department of Health ”) has not
renewed licenses held by GSRX Industries Inc. (“ GSRX”) which are necessary for the operation of its cannabis
dispensaries in Puerto Rico, and that, as a result, GSRX’s cannabis dispensaries are no longer operating. The
Company is uncertain at this point as to whether or when such licenses will be renewed.
At present, the operations of the Company’s subsidiary, Natural Ventures PR, LLC, are continuing in the
ordinary course.
The Company notes, further to its news release dated September 28, 2020, that the Department of Health is
engaged in a review of certa in filings made by the Company’s subsidiary, GSRX Industries Inc. (“ GSRX”) with
the Department of Health, which such review is in addition to the ongoing administrative review by the
Department of Health previously announced by the Company (see news releases dated August 7, 2020 and
January 17, 2020).
The Company notes that the multiple regulatory and administrative reviews in Puerto Rico, along with
corresponding litigation (see news releases dated December 9, 201 9, January 17, 2020 and August 7, 2020),
have severely drained the Company’s financial resources and management time, resulting in significant
operational and planning difficulties. The Company further notes that it is actively working to find an
appropriate solution, with all options being on the table.
On Behalf of The Board of Directors
Josh Rosenberg
President
Investor Relations:
1 (604) 398-3378
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Forward-Looking Information: This news release contains "forward -looking information" within the meaning of
applicable securities laws relating to statements regarding the ability of the Company to continue to operate under
the licenses held by any of its Puerto Rico subsidiaries, or at all in Puerto Rico, to further market its VICKI solutions,
or to better enhance shareholder value through the marketing of its VICKI solutions. Although the Company believes
that the expectations reflected in the forward -looking information are reasonable, there can be no assurance that
such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward -looking
information. Such forward -looking statements are subject to risks and uncertainties that may cause actual results,
performance and developments to differ materially from those contemplated by these statements including, among
other things, the risks that the Company will not be able to maintain or continue licensed activities under the licences
held by its Puerto Rico subsidiaries, that the Company may n ot be able to further market its VICKI solutions, that
focussing greater resources and attention to the marketing of the VICKI solutions may not better enhance
shareholder value, and that the Company's products and plans will vary significantly as a resul t. Except as required
by law, the Company expressly disclaims any obligation and does not intend to update any forward -looking
statements or forward -looking information in this news release. Although the Company believes that the
expectations reflected in the forward -looking information are reasonable, there can be no assurance that such
expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements
in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release