Eureka 93 Inc LXLLF

RE:RE:RE:Overpaid for Vitality

[lscfa]

Company guidance:

“Secure  Hemp  biomass  on  1,000  acres by  fall  2019.....$2  to  $4  million  for  deposit on  future  contracts  (take delivery  in  fall  2019)”


“....the company plans to deliver up to 2,000 kgs (2 metric tons/4,409 lbs) of high-quality CBD isolate powder per month this fall (subject to the availability of an estimated capital investment of US$2 million).”

lscfa wrote: Get real. Capacity owned does not mean capacity utilized. Vitality is not even paying its farmers for their crops and has been suspended from dealing.....

Biofuels,  an  indirect  wholly-owned  subsidiary  of  the  Issuer,  is  a  defendant  in  lawsuits  filed  in  Montana  in July  2018  and  August  2018  by  21  farmers  seeking  approximately  US$8  million  in  damages  for  non-payment of  their  fees  pursuant  to  Hemp  fixed  acreage  production  agreements  entered  by  Biofuels  and  each  of  the farmers  in  May  2018.    In  relation  to  such  claim,  on  February  1,  2019,  the  MDA  has  suspended  our  2019 Montana  Commodity  Dealer  license,  which  is  a  licence  required  to  purchase  directly  from  farmers  in Montana  rather  than  through  a  third-party  broker  that  holds  such  a  licence.    This  suspension  prohibits  Vitality from  entering  into  any  new  contracts  with  Montana  producers  .    The  suspension  has  no  effect  on  the  Issuer’s ability  to  continue  to  carry  on  business  at  the  Montana  Facility  because  the  Issuer  can  continue  to  purchase Hemp  through  third-party  brokers.    Biofuels  contests  the  amounts  owing  given  the  lack  of  fulfilment  of  the terms  of  the  agreements  by  the  farmers  and  continues  to  engage  in  settlement  discussions  with  the  farmers. On  May 6th,  2019,  the  MDA  filed  a  Petition  with  the  Montana  First  Judicial  District  Court,  Lewis  and  Clark County  against  the  Issuer  and  certain  of  its  subsidiaries  seeking,  among  other  things,  the  posting  of  a  bond  to cover  the  outstanding  amounts  owing  to  Montana  producers.  The  Issuer  intends  to  answer  the  Petition  and pursue  its  rights  under  the  agreements  with  the  farmers.  The  Issuer  does  not  consider  the  dispute  or  the suspension  of  the  broker  license  material  and  has  accrued  a  contractual  liability  in  the  full  amount  of  the claim  in  respect  of  this  dispute  in  its  unaudited  consolidated  financial  statements  for  the  period  ended  March 31,  2019.  See  Appendix  “B”. 

zen2twenty wrote: This is all old news.

Why don't you talk about the current news? Oh right, you have an agenda! FOFF

In 2018 Charoletes Web produced 675000Lbs of Hemp.

BOULDER, CO, June 19, 2019 /CNW/ – Charlotte’s Web Holdings, Inc. (“Charlotte’s Web” or the “Company”) (TSX:CWEB, OTCQX:CWBHF), the market leader in hemp CBD extract products, today reported final hemp planting for its 2019 growing season. In order to meet growing demand from consumer and retail channel partners, total acres planted for 2019 has been increased to 862, an 187% increase from 300 acres planted in 2018. In 2016, 2017 and 2018, the Company produced 41,000 lbs., 63,000 lbs. and 675,000 lbs., respectively, of dried hemp biomass.

E93 is currently producing 105822Lbs...THIS MONTH!!!

With a current extraction capacity of 48,000 kg (48 metric tons/105,822 lbs) of hemp biomass per month