Business
32,000 More Square Feet of Cannabis Grow Space for Sunset Island Group
32,000 More Square Feet of Cannabis Grow Space for Sunset Island Group.
About this update from Sunset Island Group, Inc.
[{"type":"text","content":"\n\n San Clemente, California, Sept. 20, 2017 (GLOBE NEWSWIRE) -- SUNSET ISLAND GROUP, INC. (OTCQB: SIGO) announced today that the company has reached a preliminary agreement to acquire an additional 32,000 square feet of cannabis grow space which includes a 2 ½ year lease with two 5-year renewal options.\n CEO T.J. Magallanes stated, \"Nothing creates a sense of urgency like a long term lease, so our entire team will be moving quickly to meet our own internal projections and to meet demand for product.  We have an excellent team of a little over 20 experienced people now and additional personnel will be added along the way as we ramp up production.” Mr. Magallanes continued with, “Recently we began development and growth of an additional six thousand square feet literally within a few yards of our existing facility.  These six thousand square feet was a small part of a 32,000 square foot facility and as luck would have it, the original occupants have decided to step away and the opportunity was too great for us to pass up, so we have agreed to acquire the 32,000 square feet from the original occupants.  All of it will be used for grow space.” Mr. Magallanes also stated, “Our original 22,000 square foot facility is comprised of 10,000 square feet of grow space and 12,000 square feet for drying, trimming, etc.  Once fully developed, these two facilities combined will encompass 54,000 square feet, 42,000 of which will be strictly grow space and the remaining 12,000 will be used strictly for prep.  Our goal for phase one of expansion remains 152,000 square feet of greenhouse space and this strategic move is a step that gets us to that point much faster than originally anticipated.” Mr. Magallanes went on to say, \"We continue to have the same or similar questions asked via phone calls and emails, so let me once again cover a few of the most recent questions and answers.  As of today, we currently have 4,671,771 shares outstanding.  Yes, revenue from cannabis clones is a very real opportunity for us and as we ramp up, clone revenue alone could be in the millions of dollars by this time next year.  Yes, we continue to believe that $200 per square foot of grow space annually is a very conservative, but realistic expectation going forward.  Yes, we have the...