Sunset Island Group Inc (OTCMKTS:SIGO) shares jumped 126.92% to $0.295 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.06 to $30.00. The company has a market cap of $6.50 million at 50.03 million shares outstanding.
Sunset Island Group Inc is a company that produces records and manages artists. The company also manages musical performers, produces records, distributes music and videos, and offers multi media marketing and promotion services.
In a press release, the company shared that it is in the process of harvesting its first 4,000 square feet of grow space and that the entire run has already been pre-sold to a cannabis supplier in Southern California.
“This is our first real opportunity to share our plan with the investment community, so let’s get into some of the detail. First, we are set up for year round harvesting. We have staggered growth in our initial grow space in such a way that we should remain in a constant state of “harvest”. A company like ours that has product available year round is an attractive resource for dispensaries across the state. We have an excellent, experienced staff including security and our team is committed to a methodical, but aggressive build out of the business over time. We are looking to scale up in the coming months by securing an additional 54,000 square feet of grow space and project a combined 66,000 square feet of grow space after our next expansion phase is completed. Total greenhouse space with this first expansion should reach 90K as processing and manufacturing space is required as well for drying, trimming, etc,” said CEO TJ Magallanes.
Magallanes projected that this will generate a conservative $200 annually per square foot of grow space over time. Sunset Island Group Inc is planning on selling its first several harvests at a slight discount compared to our competitors in order to build name recognition and goodwill.
“I am very proud of our team and we are excited about our coming expansion plans. This first harvest has been a learning experience for all of us and we’re already seeing ways that we can ensure improvements and increase our yield with each harvest to come,” he concluded.