Sun Kissed Industries changes shares offering to acquire California cannabis company

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The company lowers the shares availability as it pursues a deal with Products Supplies Group

As a rapidly emerging player in the CBD marketplace, Sun Kissed Industries Inc. has announced a business decision to prepare for a business deal that is about to happen. Sun Kissed has reduced its Authorized Shares from the current figure of 10 billion shares to 1.2 billion shares only. This decision is a previous step to complete the acquisition of Products Supply Group and is designed to not overextend the company’s financial responsibilities.

Sun Kissed CEO Carl Grant stated today that, “We are now at the final pre-closing stage where we get our house in order and structure the stock more effectively so that we can proceed towards a timely closing within the next few days. These are extremely exciting times and I am incredibly pleased to be able to reduce the authorized share capital so significantly.”

This decision to adjust the number of shares was also considered to allow some small reserves for the notes that eventually will be converted in preference equity. Another reason for the reduction is to also give space to those shares that were issued to the CEO and that are restricted. These shares can’t be sold on the public stock market this year, and the change will be in full effect by February 21, 2020.

Regarding the soon-to-be-completed acquisition of Products Supply Group, operating as Hakuna Supply, the company is an award-winning business that received recognition from DOPE Magazine for Best New Product in the non-cannabis/non-tech category in 2017. Its focus is to develop cannabidiol (CBD) products of the highest quality, such as CBD Hemp Roast Coffees, CBD Coffee Bundles, CBD Tea Bundles, CBD Drink Drops, CBD Gummies, CBD Flower, a range of premium CBD Teas and other premium products.