VANCOUVER, BC / ACCESSWIRE / November 24, 2020 / Chemesis International Inc. (the "Company") (CSE:CSI)(OTCQB:CADMF)(FRA:CWAA)
The Company announces that its (former) subsidiary, Natural Ventures PR, LLC ("NVPR"), has sold all of its cannabis assets, and assigned all related liabilities, licenses and permits, to Puerto Rico Industrial Commercial Holdings Biotech Corp. ("PRICH") in exchange for immediate net cash proceeds to the Company, in respect of its 80% interest in NVRP, of US$450,000. The Company notes that, in connection with, and as a condition to, this transaction, it will cease to be a shareholder of NVPR.
The Company also announces that its subsidiary, GSRX Industries Inc. ("GSRX"), has sold all of its Puerto Rican cannabis assets, and assigned all related liabilities, licenses and permits, to PRICH in exchange for immediate net cash proceeds to GSRX of US$2,250,000, and monthly payments to be received in the amount of US$100,000 over a period of 24 months.
On Behalf of The Board of Directors
1 (604) 398-3378
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SOURCE: Chemesis International Inc.