Business
SIBANNAC, INC. PROVIDES FINANCIAL AND OPERATIONS UPDATE
SIBANNAC, INC. PROVIDES FINANCIAL AND OPERATIONS UPDATE.
About this update from Sibannac, Inc.
[{"type":"text","content":"\n Scottsdale, Arizona, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Sibannac, Inc. (OTC Pink: SNNC), a Nevada corporation (the “Company”), announced the following: Sibannac has made great strides in 2021.  With the addition of Eric Stoll and Lifetime Branding, the Company has seen a 100% increase in our share price over the last 12 months.  In the new year, management will be focused on growing our white label manufacturing operations, as well as bringing our new brand to life and engaging with the public. Transactions The Company is currently discussing with its branding partner, Lifetime Branding, a debt forgiveness agreement to retire Lifetime’s $400,000 in fees for equity.  Lifetime entered a similar agreement with NOHO, Inc. (OTC Pink: DRNK), as its founder Eric Stoll heads branding for both companies   The Company has returned 24 million shares to the treasury.  These shares were previously held in reserve to secure a potential debt financing transaction that management declined to pursue as not in the best interests of the Company. Operations Following a recent reversal from its initial position, the DEA has conceded that the popular cannabinoid Delta-8 THC falls under the purview of the 2018 Farm Bill and should be treated as CBD.  There are many opportunities for consumer and white-label manufacturing sales that the Company will be pursuing into next year.  Currently, the Company can manufacture Delta-8 gummies and vape cartridges in its Scottsdale-based manufacturing facility. Delta-8 THC is a hemp-based cannabinoid derived from compliant hemp under the 2018 Farm Bill.  Delta 8, while a THC derivative, does not fall under the Controlled Substances Act as Marijuana, as long as it is derived from hemp containing less than .3% Delta-9 THC. The Company will be announcing its new alternative wellness brand in Q1 2022.  Significant development has been undertaken over the course of 2021 in developing the brand architecture and positioning, and the Company has been granted a Notice of Allowance from the U.S. Patent and Trademark Office. The Company is committed to a sustainable brand focused on developing the finest products and providing unparalleled customer service to our consumers.  The Company will be opening its retail location in 2022 in the heart of d...