Chemesis receives $1.1M (U.S.) CBD purchase order
2019-08-26 09:06 ET – News Release
Mr. Edgar Montero reports
CHEMESIS INTERNATIONAL INC. SIGNS INTERNATIONAL SUPPLY AGREEMENT FOR CBD PRODUCTS
Chemesis International Inc. has received an initial purchase order for $1.1-million (U.S.) for manufacturing cannabidiol products. The purchase order is for CBD products that will be shipped to the United Kingdom. These products include cartridges, tinctures, sprays, shots and other liquid formulations.
The total current European cannabis market is estimated to be worth $68.5-billion (U.S.), while the U.K. is projected to account for $4.6-billion (U.S.) of this market. Currently, the U.K. CBD market is growing over 10 per cent annually and is expected to approximately one billion pounds by 2025.
This purchase order validates the company’s world-class processes and products, and allows the Chemesis to gain access to the European marketplace. The company will continue to work with partners that can bring additional penetration into the U.K. and other European markets.
“This purchase order generates additional sales and, most importantly, it allows the company to access new revenue streams in the growing European market,” said chief executive officer of Chemesis Edgar Montero. “As we continue to work towards accessing global marketplaces where cannabis is thriving, we hope to secure additional contracts and purchase orders.”
Due to the competitive nature of the cannabis market, the company will not disclose who the distributor is at this time.
About Chemesis International Inc.
Chemesis is a vertically integrated U.S. multistate operator with international operations in Puerto Rico and Colombia. The company focuses on prudent capital allocation to ensure it maintains a first-mover advantage as it enters new markets and is committed to differentiate itself by deploying resources in markets with major opportunities.
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