Chemesis International Inc. Announces $6,000,000 USD Annual Minimum Purchase Order with PR ONE for Dry Flower & Cannabis Infused Goods
Chemesis’ subsidiary Natural Ventures signs an exclusive purchase order with PR ONE for a 3-year term
VANCOUVER, British Columbia, July 01, 2019 (GLOBE NEWSWIRE) -- Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA) (the “Company” or “Chemesis”),through its subsidiary, Natural Ventures, announces it has signed an exclusive manufacturing agreement with PR ONE, a Puerto Rico based medical cannabis company. PR ONE’s flagship store is located in the San Juan Metro area and has over 6,000 ft2 of retail floor space. They are also currently working towards opening additional locations to meet growing demand from cannabis consumers.
The agreement has a 3-year term with automatic renewals and the initial orders will be for a minimum of $300,000 USD a month in cannabis infused products and a minimum of $200,000 USD in flower. Natural Ventures will be PR ONE’s main manufacturer and will maintain a first right of refusal for future products and additional dispensaries. As per the agreement, the initial order will be delivered in calendar Q4 of 2019 and as PR ONE’s demand increases, Natural Ventures will ensure it is able to meet PR ONE’s requirements.
“Natural Ventures continues to cement itself as a premier manufacturer for Puerto Rican cannabis companies and consumers,” said CEO of Chemesis, Edgar Montero. “Purchase orders from cannabis companies such as PR ONE serve as validation for our processes and continued dedication to quality and consistent products. Natural Ventures will continue to focus its efforts on securing more long-term contracts that build value and increase its presence in Puerto Rico.”
In addition, PR ONE will extend a line of credit of $500,000 USD at a 5% interest rate per annum. This line of credit will be extended to guarantee PR ONE's supply and will be used directly to ensure Natural Ventures meets purchase orders as they continue to grow
