At the end of your code after the last } add :
add_action('init,'products_post_type');
Make sure you’re adding this to the file in the /wp-content/your_custom_theme/includes/theme-init.php file, and then of course update the permalink.
With the CherryFramework, make sure you don’t modify any of the files in the CherryFramework folder, or you’ll lose out when an update happens.
I just tested your code on a Cherry dev site I have, and it worked fine. There must be more to your theme-init?