Business
Integrated Cannabis Solutions Shareholder Update
Integrated Cannabis Solutions Shareholder Update.
About this update from Integrated Cannabis Solutions, Inc.
[{"type":"text","content":"\n COCONUT CREEK, Fla., Dec. 23, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Integrated Cannabis Solutions, Inc., (OTCPINK: IGPK) is issuing a shareholder update to review 2019 accomplishments and outline the first Quarter of 2020. Dear Shareholders, 2019 has seen significant progress for IGPK in its quest to enter the legal Hemp and Cannabis markets in the United States. We end 2019 with current Industrial Hemp Growing and Hemp Processing licenses in Wisconsin, we are ready to submit for Industrial Hemp Growing and Hemp Processing licenses in Florida, and we are on the verge of executing multiple deals in California to enter the Cannabis market, including acquiring a majority interest in a currently operating cannabis dispensary in Los Angeles that holds active licenses for both Cannabis Manufacturing and Distribution. IGPK executed an agreement to purchase 9.5 acres of farmland in Lancaster, California. We have been working with an architect and engineers for about three months to submit a Conditional Use Permit (CUP) application for that property. We hope to complete the CUP application in the coming weeks. In early 2019 IGPK retained legal and financial professionals to draft an S-1 registration and complete a two-year audit. The S-1 legal draft is now complete. We are awaiting stub period paperwork from the financial team so audited financials can be inserted into the S-1 and a complete document can be filed with the SEC. The S-1 will allow IGPK to register the existing Outstanding Shares of the Company only. To be very clear: no new shares will be registered via the S-1 registration that will be filed. We are pleased to report IGPK has successfully paid off all debt from the previous contractors and eliminated almost all convertible debt. As reported in the 2019 Quarterlies, the Company deferred closing the farm acquisition, did not grow or process hemp in Wisconsin, and did not close on any of the deals in California. This resulted in no revenue generation in 2019. The choice not to close acquisitions early is managements. This strategy avoids causing delays or major overhauls to the S-1 once it is filed. The unintended outcome of these delays however was a sliding stock price which affected all shareholders. The Company is listening and taking proactive steps to increase shareholder value. The actions listed below c...