Followers | 193 |
Posts | 8095 |
Boards Moderated | 0 |
Alias Born | 02/22/2014 |
Thursday, August 21, 2014 4:22:59 PM
In February, 2014, we bought all of the stock of Bearpot, Inc., a Colorado Corporation (“BearPot”), which proposed to grow and sell marijuana in the state of Colorado. We acquired 50 plants for this business. We had hoped that at some time in the future this subsidiary could be a source of revenue for the Company. However, the Company had no experience is any aspect of this business at the time it acquired the subsidiary. However, since the acquisition, we have learned enough from the attorney and consultants that we have hired and from other sources to conclude that we never want to be involved in the recreational marijuana business. Further, the current restrictions the State of Colorado is imposing on the sale of medical marijuana make it unlikely that we can turn that into a profitable business. We are evaluating what to do with Bearpot. While we are doing this, at some point after the State of Colorado revises its regulations once again in October, we may engage in sales of medical marijuana to 5 or 6 people, as permitted by the current regulations, in the interest of getting some revenue from our investment while we decide what to do with Bearpot. However, in no way do we wish to be engaged in any aspect of the marijuana business in the long term as it has become clear to us that the investment necessary to make the business successful and the extensive state regulations make this business not attractive to us.
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM
Avant Technologies to Implement AI-Empowered, Zero Trust Architecture in Its Data Centers • AVAI • Apr 29, 2024 8:00 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • BLO • Apr 25, 2024 8:52 AM