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GSRX Industries, a Chemesis International subsidiary, blazes into 2020 with strong portfolio of cannabis assets

Snapshot

The Puerto Rica-based company is rapidly building portfolio of distribution, extraction and manufacturing cannabis and CBD assets

GSRX Industries Inc. -

Quick facts: GSRX Industries Inc.

Price: 0.047 USD

OTCMKTS:GSRX
Market: OTCQB
Market Cap: $3.8 m
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  • Diversified Dorado, Puerto Rico-based medical cannabis company   
  • Subsidiary of Chemesis International Inc, a vertically-integrated Canadian cannabis company
  • Rapidly building portfolio of distribution, extraction and light manufacturing of cannabis and CBD assets

What GSRX Industries does:

GSRX Industries Inc (OTCQB:GSRX) is a rapidly growing Dorado, Puerto Rico-based medical cannabis company which has fingers in many pies.

The firm is a subsidiary of Chemesis International Inc (CSE:CSI) (OTCMKTS:CADMF), a Vancouver-based vertically-integrated cannabis company, which acquired 41.6 million common shares and 1,000 preferred shares of GSRX, good for a 51% majority stake last year.

GSRX acquires, develops and operates medical cannabis dispensaries and cannabinoid (CBD) retail stores.

Currently, GSRX operates five cannabis dispensaries in Puerto Rico under the Green Spirit RX brand name. It has also signed a lease in Palm Springs for its second adult-use and medicinal cannabis dispensary in California.

GSRX is now also expanding into distribution, extraction and light manufacturing of cannabis and CBD products. 

The company’s majority-owned San Francisco extraction company Spirulinex LLC is behind Dragonglass, a wildly popular all-natural dried THC powder combined with organic Spirulina.

GSRX also owns and operates the GetPureAndNatural.com e-commerce site which offers premium hemp extract products.

How is it doing:

In its first-quarter as a Chemesis subsidiary, GSRX took in its most year-over-year quarterly revenue to date.

In a statement, Chemesis - which completed its acquisition of a majority holding in GSRX at the end of August 2019 - said GSRX earned nearly $3.5 million in revenue in its second quarter, compared to just $353.430 in the year-ago quarter. 

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

The cannabis company also saw a narrowed 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. 

Inflection points:

  • Point Arena facility increasing foothold in the northern California market to focus on THC manufacturing and distribution
  • Additional licenses in Puerto Rico
  • Offtake agreements with partners in North America

What the boss says:

Commenting on an offtake agreement the firm signed with Natural Ventures in late 2019, Chemesis CEO Edgar Montero told shareholders: “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.”

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Watch

GSRX Industries see significant growth with their dispensaries in Puerto Rico

GSRX Industries (OTCQB:GSRX) Executive Chairman Christian Briggs joined Steve Darling from Proactive Investors in our New York studio to talk about his medical cannabis company that currently operated dispensaries in Puerto Rico. Briggs talked about their recent Q-1 2019 numbers and how...

on 05/24/2019

3 min read