Integrated Cannabis Solutions
Shareholder Update
Coconut Creek, FL
-- December 23,
2019 -- InvestorsHub
NewsWire -- 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 an
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
concerning payroll, stock options, and convertible debt will
reduce reported outstanding debt
on IGPK's
books by
approximately
$500,000.
Effective December 31, 2019
all accrued payroll is eliminated except for $50,000
for 2017, 2018 and 2019.
2020 payroll is reduced to $180,000 for the
year and will accrue until the Company achieves active operations.
Effective immediately all 150 million
options tied to the employment
contract are canceled.
Effective immediately all remaining
convertible debt is eliminated
in agreement with
the debtholder.
Reducing debt and eliminating
all convertible debt only takes the company
so
far.
In
the first two
months of 2020 IGPK will begin closing
transactions.
- In
January IGPK will close the
stock swap
transaction with
an operating dispensary in Los Angeles generating over $400,000 a
month in sales, adding revenue to the Company
in
Q1
2020.
- Enter into a
new
contract to purchase the farm
in
Wisconsin, begin land prep
for the new
processing building, and order the building.
- Revise
and
file
the
S-1.
- Close
the
JV for Cannabis
Manufacturing and Distribution in Los Angeles.
- In February
the Company will begin ordering equipment for the processing
plant.
- Will have the
site ready for the building.
- Obtain
financing commitments to purchase 50% of the dispensary
in Los
Angeles.
- Submit CUP
plan for Lancaster,
California.
- Submit
application for the OTCQB.
- Complete over
haul of the website and social media sites.
The changes taking place in
January only affect the written
portion
of the
S-1, not the financials
that will be
reported as these are all subsequent
events.
The S-1 is key to
IGPK's
long-term success. With the
S-1 in place IGPK can seek financial commitments to purchase the farm and
purchase another 50% of the dispensary in Los
Angeles.
The S-1 tells institutional level
investors we
value them and are committed to transparency. We have held discussions with
investment
firms who finance cannabis
operations. These investment firms
only invest in SEC reporting
companies.
Raising money in
the OTC is hard enough. IGPK recognizes it
needs to
give prospective
investors many
reasons to invest, including moving from OTC Pink to
a higher exchange.
IGPK's priorities
for early
2020 are
filing the S-1 with the
SEC,
closing the pending deals
in
California, getting uplisted to the OTCQB,
getting the CUP application
submitted in
California, obtaining the CUP for the farm in
Wisconsin, closing the farm in
Wisconsin, becoming revenue producing Q1,
and a startup of the processing lab no later
than April.
As we close 2019 we look
forward to the start of 2020 and all the exciting changes coming to
IGPK over
the coming weeks.
Integrated Cannabis
Solutions,
in compliance with SEC regulations, may in the future use social
media outlets like Facebook or Twitter and its own website to
announce key information in compliance with Reg FD.
Forward-Looking
Statements
This news release contains
"forward-looking statements" as that term is defined in Section
27(a) of the United States Securities Act of 1933, as amended and
Section 21(e) of the Securities Exchange Act of 1934, as amended.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other
things, estimates of services and
equipment markets, release of corporate apps, growth of platform,
target markets, product releases, product demand and, business
strategy. Actual results could differ
from those projected in any forward-looking statements due to
numerous factors. Such factors include, among others, the inherent
uncertainties associated with new projects and development stage
companies. These forward-looking statements are made as of the date
of this news release, and we assume no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that any beliefs, plans,
expectations and intentions contained in this press release are
reasonable, there can be no assurance that any such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should
also consider that any investment in securities is at
risk.
Details of the
Company's business, finances, appointments and agreements can be
found as part of the Company's continuous public disclosure
on otcmarkets.com.
For additional information
about this release please contact:
Investor
Relations:
Matt Dwyer
matt@igpk.org
www.igpk.org
Twitter
@IGPKOTC
954-906-0098
