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Sunset Island Group Inc (OTCMKTS:SIGO) Award A Manufacturing License Weeks After Getting Cultivation License

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Sunset Island Group Inc (OTCMKTS:SIGO) has disclosed that it has been granted a cannabis manufacturing license. According to the chief executive officer of the company, Valerie Baugher, the license came earlier than they had been expecting. With the license the firm will start to increase the production of manufactured products and increase the company’s revenue streams.

“We will start with extracts, distillates and vape cartridges and we will look to add edibles as well. From there we will look at topicals and other processed cannabis products, the ultimate goal being to build a “brand”,” said Baugher.

Cultivation license

Sunset’s cultivation license was received mid last month, a few weeks after recreational marijuana became legal in the state of California. Upon receiving the license the company’s chief executive officer stated that the process leading up to the license had not been as complicated as had been initially thought. The cultivation license now allows Sunset Island Group to grow cannabis for both recreational and medicinal use.

Baugher revealed that making recreational marijuana legal would benefit the company in a big way since there will be a bigger market for their products and consequently higher revenues. The firm is currently working on updating forecasts for this year and beyond. At the moment the company is involved in adding two more foot bays measuring 2,000 square feet each.

Adjustments and modifications will also be made allowing the growing of approximately 1,000 plants per bay from 480 plants. Retrofits will continue to be made though with the aiming of increasing the number of plants that can be growing in a single bay to 1,600.

Aggressive expansion

During the last quarter of last year Sunset Island Group moved to aggressively expand the cannabis product line based on statistical data showing which products had the greatest potential in the state of California. Among the products considered to be likely to greatly improve sales were Pre-Rolls. Consequently the firm ordered equipment used in the manufacture of the products and production was commenced a few weeks later.

According to the chief executive officer of the company then, T.J. Magallanes, Pre-Rolls had the advantage of not only being highly profitable but could be made from smaller buds which would otherwise have been wasted. They are thus a high-margin product.

On Thursday shares of Sunset Island Group Inc fell by 23.33% to close the day at $1.61 per share.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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