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.