1PM INDUSTRIES, INC. (OTCMKTS:OPMZ) Files An 8-K Other EventsItem 8.01. Other Events
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(1) |
The Company is working with multiple entities that are engaged or desire to be engaged in the cannabis industry in California. As part of the services rendered, we are typically compensated with up to a 9.9% stake in the client’s company. However, the State of California licensing requirements require all licensing applications to include any person or entity that owns greater than 5% of a publicly traded entity and limits any person or entity to a total of 4 acres of total canopy space for cultivation. As such, in order not to limit the number of clients we can be engaged by, we are limiting any position to a 4.9% stake in all of our clients that are engaged in the cannabis business in California. |
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(2) |
According to “The Cannabis Industry Annual Report: 2017 Legal Marijuana Outlook”, the legal cannabis market was worth an estimated $7.2 billion in 2016 and is projected to grow at a compound annual rate of 17%. Medical marijuana sales are projected to grow from $4.7 billion in 2016 to $13.3 billion in 2020. Adult recreational sales are estimated to jump from $2.6 billion in 2016 to $11.2 billion by 2020. Based on this expected growth and demand, the company will primarily focus on cannabis related clients and take on only other clients that have the potential to up-list to the NYSE or NASDAQ. The Company is currently working with 2 clients outside of cannabis sector. |
| a. | Elder Care– which currently operates edler care housing in California. One of the founders also founded an entity that is currently trading on the NYSE and that our officers assisted with the initial reverse merger. |
| b. | Television production – the client creates and distributes both unscripted and scripted television programming whose principals have sold shows to Fox and Sony. |
About 1PM INDUSTRIES, INC. (OTCMKTS:OPMZ)
1pm Industries, Inc., formerly Torrent Energy Corp., is focused on the sale and distribution of medical marijuana under the brand Von Baron Farms. The Company sells various products, including Cookie Spread, Peanut Butter, CBD Cookie Spread, CBD Mango Shot, THC Shot, Combo Shot, and Pancake and Waffle Batter. The Company distributes its Von Baron Farms product at www.vonbaronfarms.com. The Company sells its products in approximately 40 dispensaries. The Company is also in the process of selling its Von Baron Farms product line in non-medical marijuana product line through Amazon and eBay. It is also engaged in the development of a CBD product line. The Company developed a line health and wellness products under the NewGenica brand. The Company developed four products under this brand, including AquaTrim, DreamTrim, Eat & Trim and D-Tox 15. The Company purchases the products from a third-party manufacturer who private labels health and wellness products.
