Sunset Island Group Announces First Cannabis Harvest and Expansion Plans
July 20 2017 - 9:25AM
InvestorsHub NewsWire
SAN CLEMENTE, CA -- July 20, 2017 --
InvestorsHub NewsWire -- Sunset Island Group, Inc. (OTCQB:
SIGO) announced today that it is in the process of harvesting
its first 4,000 square feet of grow space and that the entire run
has already been pre-sold to a cannabis supplier in Southern
California.
CEO T.J. Magallanes stated, “This is our first
real opportunity to share our plan with the investment community,
so let’s get into some of the detail. First, we are set up
for year round harvesting. We have staggered growth in our
initial grow space in such a way that we should remain in a
constant state of “harvest”. A company like ours that has
product available year round is an attractive resource for
dispensaries across the state. We have an excellent,
experienced staff including security and our team is committed to a
methodical, but aggressive build out of the business over
time. We are looking to scale up in the coming months by
securing an additional 54,000 square feet of grow space and project
a combined 66,000 square feet of grow space after our next
expansion phase is completed. Total greenhouse space with
this first expansion should reach 90K as processing and
manufacturing space is required as well for drying, trimming,
etc.”
Mr. Magallanes went on to say, “Our operation is
projected to generate a conservative $200 annually per square foot
of grow space over time. In the short term, we are selling
our first several harvests at a slight discount compared to our
competitors in order to build name recognition and goodwill.
Grow space across the state is at a premium due to demand so we
plan to execute long term leases as part of the expansion.
Several agricultural industries abandoned existing greenhouse space
over the past decade and the state and local governments require
the use of existing space, even those requiring retrofit before any
new grow space is built. We were able to build out our first
facility at a reasonable price and expect to be able to do the same
with the expansion.”
Mr. Magallanes finished up with, “I am very
proud of our team and we are excited about our coming expansion
plans. This first harvest has been a learning experience for
all of us and we’re already seeing ways that we can ensure
improvements and increase our yield with each harvest to
come. I am focused 100% on the business end of things and
that will always be the case, but we had a few questions recently
about our share structure, so let me address those questions at
this time. We have no convertible debt and the debt currently
on the books is the initial seed capital and that will be reduced
in increments over time as the providers of that seed capital will
be taking a small percentage of profits with each harvest. We
currently have a little over 50M shares outstanding as indicated at
OTCMarkets.com and we have a little over 4M in the float. The other
46M shares are owned by me and our President. We have an S-1
registration in the works that could increase the outstanding share
count to as much as 70M, but from there we do not anticipate adding
any additional shares to the mix as existing profits will be used
for additional expansion over and above what’s been discussed in
this release. I hope that is helpful when making your
decision on whether to invest in our company. We look forward
to sharing additional updates in the near
future.”
Notice Regarding Forward-Looking
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. Actual results could differ from those
projected in any forward-looking statements due to numerous
factors. 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.
Contact:
Sunset Island Group
info@sunsetislandgroup.com
(424) 239-6230
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