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Sunset Island Group Inc (OTCMKTS:SIGO) Reports 80% Decline In Authorized Shares

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Sunset Island Group Inc (OTCMKTS:SIGO) reported that the firm will immediately move to change the authorized share count to 20 million. Valerie Baugher, the CEO, expressed that over the previous few months, he has sensed that with each email and call they get from investors, they’re always seeking legitimacy or confirmation as it pertains to their business model and what they have intended as a firm. Nothing offers more credibility for investors of any firm in his view than adjusting their share structure in a type that reflects their rhetoric.

The details

Sunset CEO went on to add that at the same time, they will adjust their fiscal year close to 3/31 of each year. This decline in the authorized share number is a commitment of sorts to stockholders that they are establishing a strong cannabis cultivation operation and while performing so, they have their finest interests in mind.

Ms. Baugher closed up with that they expect to have these adjustments closed by mid-February at the latest and will announce accordingly. As always, they thank each of shareholders for their ongoing support. Earlier in an unrelated news, Sunset Island stated that they have been granted cannabis manufacturing license. The CEO said that they will launch distillates, extracts and vape cartridges and they plan to offer edibles as well.

Sunset Island now have both cultivation as well as manufacturing licenses and the next goal is getting the distribution license. The company expect that this final goal will be achieved by the end of January. Management will update shareholders about the progress.

In the last trading session, the stock price of Sunset Island declined 0.36% to close the day at $2.74. The decline came at a share volume of 711,774 compared to average share volume of 207,977. Post the recent decline, the market cap of firm was noted at $12.80 million.

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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