VANCOUVER, BC, June 24, 2024 /CNW/ -- StickIt Technologies Inc. (the "Company" or "StickIt") (CSE: STKT), an Israeli technology and cannabinoid company, announces today reorganization and reduction of significant expenses.
As part of the reorganization, the company intends to reduce significant expenses in its activities around the world. The company decided in January 2024 to close the raw materials factory in Galilee, Israel, due to the war and move the raw materials production activity to Calgary, Canada. During the end of the 3rd quarter of 2024, the company intends to close its subsidiary StickIt Thailand Ltd (based in Thailand) in accordance with the government's statement on ending the recreational use of cannabis in the country. The company also intends to close StickIt Spain's CBD manufactory and the company's offices in Barcelona and transfer the producing franchise to a local distributor.
"The world's cannabis industry is facing many challenges - which affects most companies in the industry and probably affects the share value. It is necessary to reduce costs and try to increase our technology sales worldwide. These actions will save the company about $120,000 CAD a year," concluded Eli Ben Haroosh, CEO of StickIt Technologies Inc.
The CEO went on to say that during Q3 2024, StickIt's Research Unit will produce the special THC straw for mass creation.
About StickIt Technologies Inc
StickIt is a technology company that invented and manufactures innovative products ("devices") that can contain varying quantities of CBD/THC for recreational and medical cannabis users. Its operating model is to establish joint ventures/licensees ("partners") in countries around the world that will establish a production facility in which they will add the cannabinoid content to the "sticks" and "straws" produced and supplied by StickIt. The Company's precise dosing options cater to a wide range of effects, including painkilling, energizing, focus, sleep improvement, etc., and can be tailored to meet local preferences and regulations. StickIt Technologies serves customers worldwide.
About Ripco Processing Inc.
Ripco, known for its innovative cannabis products, brings popular brands like StickIt and StripIt to the Canadian market. StickIt is an infused stick designed to enhance the performance of prerolls, promising to take user experiences to new levels – just StickIt!
For more information, please contact:
StickIt Technologies Inc
Eli Ben Haroosh, CEO
E:info@stickit-labs.com
Sophie Galper , CFO
E:sophie@stickit-labs.com
Website: www.stickit-labs.com
Facebook: @Stickit
Twitter "X": @STICKIT74776509
LinkedIn: @Stickit-labs
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any forward-looking statements, other than as required by law. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by StickIt Technologies Inc. Readers are cautioned not to place undue reliance on forward-looking statements.
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SOURCE StickIt Technologies Inc.
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