Integrated Cann (OTCMKTS:IGPK) Keeps S1 On Hold For Up To Two Weeks: Integrated Cann Buy a Land in Los Angeles

Integrated Cann (OTCMKTS:IGPK) Keeps S1 On Hold For Up To Two Weeks: Integrated Cann Buy a Land in Los Angeles

Integrated Cann (OTCMKTS:IGPK) issued an update on the form S1
filing. It has kept S1 filing on hold for up to two weeks to include
outstanding deals. The company decided to wait for the conclusion of the deals
because the inclusion of information through amendments would delay the
approval. Integrated Cann said two deals are with the investors of the Los
Angeles based cannabis operation. The shareholders hold distribution and
manufacturing licenses apart from owning an operating dispensary.

Two deals may take a longer time

Integrated Cann
said the two deals might take a long time and not on the schedule. According to
the company communiqué, if it files S1, the closing of the deals would be
delayed until S1 is effective.

Add two outside directors

Integrated Cann
would add two outside directors upon filing S1 into its director board. They
would contribute experience gained from mergers and acquisitions and business
to the company.

Integrated Cann
is also moving forward with applying to a 9.5-acre CUP project. As part of the
process, it would design a layout to visualize the operations at the site. The
company would release the layout to the public after the architect finishes the
design.

The main
priorities of Integrated Cann include S1 filing, applying for the CUP
(Conditional Use Permit), and the conclusion of the two pending deals.
Integrated Cann would release vital information on social media platforms –
Twitter and Facebook subject to complying with the terms and conditions of SEC.

Enters a pact to purchase 9.5 acres

Integrated Cann
entered a pact in September 2019, to buy 9.5 acres of land in California to
establish a footprint in the legal cannabis market worldwide. A legal counsel
would help the company to conclude the deal. The deal includes a combination of
stock and cash and subject to obtaining a CUP. Integrated Cann does not
anticipate any hindrances to the deal because the area is already permitted for
cannabis operations. The company owns cannabis licenses in the Californian
state.

Los Angeles
County, where the property exists, is well known for issuing permits, licenses,
and certificates of issuances at a fast pace to the cannabis companies.

Published at Thu, 07 Nov 2019 13:15:44 +0000

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