Sunset Island Group Inc (OTCMKTS:SIGO) shares rose 16.67% to $1.05 and were unchanged in after-hours trading. The company has a market cap of $45.03 million at 50.03 million shares outstanding. Share prices have been trading in a 52-week range of $0.06 to $0.29.
In a press release, Sunset Island Group Inc announced that the company is executing a formal three year Lock-Up Agreement with respect to 91.94% of all outstanding shares.
“With this step, we are reaffirming to our employees and shareholders that we believe strongly in the vision of the company. We want everyone involved in the business end of things to focus strictly on the operation and not worry about stock value, market cap or anything else unrelated to building our business and our brand. If we do so, stock value, market cap, etc. will take care of itself,” remarked Sunset Island Group Inc CEO Valerie Baugher.
“As mentioned in a previous release, we will provide updates on our expansion and specific details on the monthly dividend later this month. As always, we thank you for your support,” she concluded.
“We are in this for the long haul. As we expand our operations, we will do so with the focused mindset of capturing as much market share as possible. In order to provide one more example of how committed we are to both the business and the shareholders, Valerie and I will be locking up our combined 46M shares for the next three years,” added Sunset Island Group Inc CEO TJ Magallanes.
Sunset Island Group Inc is a company that is engaged in the cultivation of medical cannabis. It has leased green house space in Northern California that has been approved for cannabis cultivation. The greenhouse is 12,000 square feet; however, the company has begun filing its permits to expand to 22,000 square feet.
Once the State of California has finalized the licensing process and requirements for licensed manufacturing facilities, the company will begin consulting and advising clients that operate in the medical marijuana business by providing clients a licensed manufacturing facility to produce products such as oils and edibles.