omg ! tem 1. Business
Company Overview
We plan to become a complete end-to-end supply chain management company focused on serving the pharmaceutical, OTC medical, nutraceutical, cosmetic, and CBD/Hemp-related (and other) product industries as a gateway for products to penetrate the USA, and potentially in the E.U., Colombia and Canada marketplace through GMP certified manufacturing facilities possibly in Baton Rouge, Malta, Bogotá, and Toronto. Currently, we have no GMP certified manufacturing facilities in these areas or anywhere and do not have any affiliation with any facilities. We are developing plans to source production, or to joint venture with existing facilities, or potentially to acquire or build GMP Certified facilities in those areas. These developing plans would include seeking out already existing facilities currently in operation, either already GMP Certified or willing to become GMP Certified, as well as preliminary discussions with potential joint venture partners. We are also in the preliminary planning stages regarding the possibility of obtaining the license to operate in Malta. While no specific plans have been finalized, the Company is continuing to pursue all options. Combining the production through these facilities and compliance services with our proprietary information and transactional SAAS (Software as a Service) platform (being developed by Corengine for our Global3PL, Inc. subsidiary), Cannagistics, Inc. plans to offers its clients the ability to manage, track and oversee their inventory, from raw materials to production to shipping to delivery, and review in real-time the shipping of their products in the supply chain from factory to customer in our logistics management platform.
Our plan to enter the industry as a supply chain management company is in the development stages. We own no properties, plants or equipment, we have no full or part time employees, other than our President and Vice President, and we have no revenues under our planned logistics operations. There is substantial doubt about our ability to continue as a going concern. Our ability to implement our plan is dependent on the finished development of our SAAS software platform, and the ability to raise the necessary funding and acceptance by customers.
With the execution of the Letter of Intent with Recommerce Group, Inc., on January 26, 2021, we plan to enter into the reverse logistics, reverse supply chain industry. Reverse Logistics or reverse supply chain logistics is essentially handling customer returns, from either damaged items previously delivered or purchased or items not wanted that have been purchased at a location and/or delivered to the customer. This can entail returns made directly to a “brick and mortar” location or directly from a consumer. We have entered a binding Letter of Intent for this potential acquisition. However, the closing is based upon completion of proper due diligence by the parties and agreement on definitive documents as well as the necessary funding being in place. The closing is to be targeted to take place on or about March 31, 2021. Pursuant to the Letter of Intent, both parties may extend the date of closing upon mutual agreement.
With the current situation related to the COVID-19 pandemic, our developmental plans to seek out existing GMP facilities have been delayed by the restrictions on travel domestically, and internationally and the difficulties in raising the necessary capital. Regardless, we have been able to conduct some due diligence in our search and we plan to conduct site visits and other due diligence once domestic travel is more practical and international travel is less restrictive. The Company believes as the ability to travel once again becomes possible, specifically including internationally travel, that our above plans can be better implemented in locating suitable facilities.
To serve the EU market, we would like to have a GMP facility in Malta that would focus on cosmetics, pharmaceutical, nutraceutical or “bioceutical” and medicinal products for our clients, and our plan would be to provide end to end tracking, manufacturing and testing. Our plan is to have this Malta lab cater to customers in the EU. We also plan to potentially have other facilities that will cover our target customers in the US, Canada and Columbia, potentially located in Baton Rouge, Toronto and Bogotá, respectively.
Initially, the products we intend to focus on are skin care and anti-aging creams and other over the counter products, and subsequently would be seeking to add products with potentially hemp-based application. Our services would include the production, under their requirements, distribution and handling of orders as a third-party.
We have discussed the plan to create the Malta facility and other facilities with potential customers for products manufactured at these facilities. We have received positive feedback on the initiative and commitments from at least two clients to which we plan to sell products.
Our principal executive offices are located at 2480 Stanfield Road, Unit B, Mississauga, Ontario L4Y 1S2, and our Executive Office is located at 1200 Veterans Highway, Suite 310, Hauppauge, NY 11788. Our telephone number is 631-676-7230
