GSRX Industries (OTCQB: GSRX) Reports Record Q2 Revenue of $3.4 Million
GSRX Industries (OTCQB: GSRX), a majority owned subsidiary of Chemesis International (CSE: CSI), filed its second quarter financials with the SEC last week, reporting revenue of $3.4 million for the period, up 20% from the first quarter of 2019 and up more than 800% over prior year results.
Why It Matters: GSRX operational results show significant growth in revenues while maintaining tight control over its operational spending. This growth was primarily achieved through its retail business’ in Puerto Rico, California, Texas, and Tennessee. GSRX currently operates six dispensaries and two retail CBD stores, and has five pre-qualified dispensaries in Puerto Rico that are in various stages of development. It also has a dispensary in Palm Springs, California.
The Backstory: Chemesis is a vertically integrated global leader in the cannabis industry, currently operating within California, Puerto Rico, and Colombia.
Chemesis is developing a strong foothold in key markets, from cultivation, to manufacturing, distribution and retail. Chemesis has facilities in both Puerto Rico and California, allowing for cost effective production and distribution of its products. In addition, Chemesis leverages exclusive brands and partnerships and uses the highest quality extraction methods to provide consumers with quality cannabis products.
On Monday, Chemesis announced GSRX received state-wide manufacturing and distribution licenses for its Facility in Point Arena, California. The Northern California facility will allow Chemesis to supply dispensaries throughout the state with high-quality finished goods.
Disclosure
GSRX Industries (OTCQB: GSRX) is a client of RedChip Companies. RedChip Companies, Inc. received 1,000,000 registered shares of GSRX for consulting services. Be advised RedChip intends to sell some or all of its shares at any time, including when you are buying.
