SAN CLEMENTE, Calif., Jan. 31, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE--SUNSET ISLAND GROUP, INC. (OTCQB:SIGO) announced today that the company received its distribution licenses for both adult and medicinal cannabis products. This allows the company to deal directly with dispensaries. It also allows the company to sell products produced or manufactured by other companies, which opens up several joint venture opportunities.
CEO Valerie Baugher stated, "We are pleased that this final step in the licensing process has happened so quickly. The company now has its cultivation, manufacturing and distribution licenses for both adult and medicinal products. The timing could not be more perfect as it coincides with our retrofit activity which should prove to be substantial as it pertains to revenue growth. It's easy to get bogged down in all of the complexities of the retrofit, but I was recently asked to describe exactly what we're doing with our retrofit in 'layman's terms'. It turned out to be a healthy discussion and helped create a visual for a couple of our shareholders, so I thought I would share with the rest of you today."
Ms. Baugher went on to say, "As most of you know, each 'grow bay' is exactly 2,000 square feet. Each bay is expected to generate at least four harvests per year but are aiming for five. We currently have six bays at ground level as part of this retrofit, one of which is used as a staging and prep area. Imagine if you would walking into a Costco. What you see are shelves two and three levels high. The finished retrofit will provide similar vertical space for us. Instead of one level of grow space, we will have two in our existing facility. Also, over the past couple of months, as the retrofit has evolved, we've increased our plants per bay from 480, to 1,150 in the latest two bays and fully expect that once the retrofit is complete, 1,500-1,600 plants per bay (on each level) per harvest will become the norm."
Ms. Baugher continued with, "Once the initial retrofit is complete, with the licensing and permitting activity we have in the works now, the plan is to build out multiple grow facilities using the same layout/buildout as our original facility. There are several options on the table for expansion as it pertains to location(s) and available square footage. Each option has its own unique set of pros and cons, but all are favorable as it pertains to our long term strategy. Price per pound is in constant flux and will always remain as such, but the numbers are favorable currently due to demand, which has skyrocketed recently as a result of the change in the law for the state of California."
Ms. Baugher finished up with, "What I've laid out for you today are the different variables that go into setting revenue forecast for our company; some fixed and some that change frequently, but I hope that this is informative and provides a better understanding of how the buildout will look and how it will be configured as we move forward with our plan. Now that we have secured all required licenses, it's full speed ahead. As always, we thank each of you for your continued support."
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.