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Chemesis International acquires Colombia-based cannabis company

Chemesis International Inc. acquired La Finca Interacviva-Arachna Med SAS, a Colombia-based cannabis company operating since October 2017.

Chemesis, a Vancouver, British Columbia-based cannabis producer, is issuing C$8 million in stock at a deemed price of C$1.25 per share, and will pay a further C$5.5 million within the next 24 months.

La Finca, which operates in Colombia and 34 other countries, has C$2.3 million in working capital on hand and plans to expand its cultivation area to 1,060 acres. "The company believes its exposure in Latin America will not only provide access to more opportunities in the region, but internationally as well," Chemesis CEO Edgar Montero said.