RE:RE:RE:Lakewood Libations
SHBanSpeedrun wrote: I dont think you understand what this means.
And what does it mean? Is this the lie that you have been referring to? Is this the lie that made you invest in the company and you ended up getting "scammed"? Is that how you got lurred and lost so much money that you want to destroy JM and the company?
LOL
You took the paragraph in your post from the Fins. Here is the text in the MD&A that explains the whole LL situation. Read it FULLY, ready it 5 times and then take the highlighted part and read it 2 or 3 more times!!! I'm not sure why people are so obsessed with this Lakewood thing.
On or around December 19, 2018, Richard Gillis, an officer of the Company, formed Lakewood Libations, Inc., a California corporation (“Lakewood”) to conduct commercial cannabis manufacturing and distribution operations at the Long Beach facility. At this time, Lakewood has acquired its local and state commercial cannabis licenses for manufacturing and is in the process of acquiring its local distribution license from the City of Long Beach. The Company has executed agreements to purchase one hundred percent (100%) of the shares of Lakewood from Richard Gillis for a nominal fee with the closing of such transaction to take place on the date and time of the Company’s
choosing (“Acquisition Transaction”) which timing will be based on the receipt of regulatory approval for the change in control. As part of the Acquisition Transaction, Richard Gillis has agreed to detailed “use of proceeds” restrictions that include but are not limited to the requirement that the directors and officers of Lakewood only utilize proceeds from Lakewood’s operations to fund ongoing operations and not issue any dividends or otherwise expend profits. In connection with the foregoing, Tinley has certain audit rights to ensure Richard Gillis remains in compliance with the Acquisition Transaction agreement. The Company is working closely with the City of Long Beach and the state to ensure the closing of the Acquisition Transaction remains in compliance with applicable laws. At this time, the Company is waiting until Lakewood has received its state and local distribution licenses to close the Acquisition Transaction. Following receipt of such approvals, the Company will close the Acquisition Transaction and await final approval from the city and state regulators. The Company expects Lakewood to continue its commercial cannabis manufacturing activities throughout the approval process.