Business
Indoor Harvest Corp and Alamo CBD Provide Updated Guidance
Indoor Harvest Corp and Alamo CBD Provide Updated Guidance.
About this update from Indoor Harvest Corp.
[{"type":"text","content":"\n\n HOUSTON, June 05, 2017 (GLOBE NEWSWIRE) -- Indoor Harvest Corp (OTCQB:INQD) is pleased to announced that the Company and Alamo CBD, LLC, have agreed in principal to amend and replace the previous definitive Share Exchange Agreement signed on April 20, 2017 and are providing shareholders updated guidance related to current efforts both in Texas and Colorado.\n “The situation has been very fluid since we first proposed earlier this year to acquire Alamo CBD and undertake a change in business. As such, both parties have agreed to some key changes to the original agreement to put the Company in a better position to execute its current plans. The core focus of the group moving forward is to establish revenue generating infrastructure in the cannabis industry, leveraging our innovative technology and joint venture, either in Texas or Colorado, so that we can disrupt the industry by showing what scale, automation and technology can do for cannabis production,” stated Chad Sykes, Founder and Chief Innovation Officer of Indoor Harvest Corp.  Alamo CBD and Indoor Harvest have agreed to reduce by 70% the number of shares to be initially issued in the acquisition of Alamo CBD to 7,584,008 shares of common stock. Both parties will continue to pursue efforts to obtain a license in Texas under the Compassionate Use Program. To date, the Department of Public Safety (DPS) has yet to issue an official denial to Alamo CBD, which scored in the top 20 of applicants. Alamo CBD and Indoor Harvest have joined the Medical Cannabis Association of Texas and are currently undertaking collaborative efforts to seek a hearing with the DPS regarding the application process. “The decision to issue conditional licenses to only three companies conflicts with the plain language and intent of SB 339 passed by the Texas legislature. Not only do we believe that the DPS did not follow the legislative mandates of SB 339, we also believe that it appears that the DPS failed to comply with several provisions of the Texas Administrative Procedures Act. We have requested a hearing with the DPS on behalf of our clients and are prepared to litigate the matter in court if necessary,” stated Keith Oakley, Founder and Chief Executive Officer of the Medical Cannabis Association of Texas. Indoor Harvest has developed next generation, patent pendin...