Replies to post #39626 on Sunset Island Group Inc (SIGO)

[chemist72]

Now this is interesting.

You can find much more detailed info regarding what is required in a license application in the following document:

https://cannabis.ca.gov/wp-content/uploads/sites/13/2018/06/CA-Department-of-Food-and-Agriculture-Final-Text-of-Readopted-Emergency-Regulations.pdf

See, for example, this Section starting on Page 11:

8103. Owners and Financial Interests Holders.

In that section you will find the following info:

… the following are not considered to be owners or financial interest holders:

(4) Persons who hold a share of stock that is less than five (5) percent of the total shares in a publicly traded company

So IF the application were to be in SIGO's name (instead of VBF Brands), they would have to disclose the info for ALL those persons holding 5% or more of SIGO shares. Another reason NOT to have SIGO as the license applicant!

[surfkast]

Battle Mountain Genetics and VBF Brands are supposed to be subsidiaries of Sunset Island Group Inc.

I believe that allows them to distance themselves from any issues brought up by the association with SIGO.



"Therefore, no names need be mentioned on a state Annual License application other than Valerie Baugher."


http://smallbusiness.chron.com/relationship-between-company-its-subsidiary-14696.html

[loanranger]

"The state requires anyone that owns 20% or more of the company to be on the application, and anyone that acts as a manger or director of an applicant needs to be on the application."

That's basically what the large print on p. 11 says. The small print says:
"Person" is defined as follows:
1. Person includes any individual, firm, partnership, joint venture, association, corporation, limited liability company, (etc...it goes on).....

If we are to believe the Sunset Management assertion that VBF Brands, Inc. is its wholly owned subsidiary then VBF Brands, Inc. has only one owner and that is Sunset Island Group.

VB is the sole Director and Officer AND the agent for service for VBF.

I think that covers the entities required to be identified in the filing, no?