INDOOR HARVEST CORP. (OTCMKTS:INQD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On January 2, 2017, Mr. Chad Sykes resigned as Chief Executive
Officer and was appointed Chief Innovation Officer by the
Companys Board of Directors.
On January 2, 2017, Mr. John Choo, who is currently our acting
President was appointed Chief Executive Officer and President by
the Companys Board of Directors.
Item 8.01. Other Events.
On January 3, 2017 the Company issued a press release entitled
Indoor Harvest Corp and Alamo CBD Enter into Discussions to
Combine and Ultimately Create Medical Cannabinoids Pharmaceutical
Group. The press release and the related letter of intent have
been filed as exhibits to this Form 8-K.
Summary and background of the proposed transaction:
The purpose of this proposed transaction is twofold, as follows:
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It separates the Companys cannabis and produce related operations, as we have indicated was a goal previously. |
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It will put in place all elements necessary for the resulting Joint Venture, of which the resulting public reporting company will have a significant on-going interest, to become a registered producer under the federal Controlled Substance Act (CSA) for the production of cannabis. |
Until August 12, 2016, only one entity, the University of
Mississippi could legally manufacture cannabis to supply
researchers involved in the various studies about using cannabis
to treat maladies such as PTSD or Epilepsy. On August 12, 2016,
the Department of Justice (DOJ) and the Drug Enforcement Agency
(DEA) issued a policy statement on cannabis issues, as follows:
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It is well known that the DOJ and DEA have said that cannabis would continue to be classified as a Schedule 1 drug, like heroin. |
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It is not so well known that the DOJ and DEA also reset the policy regarding entities that could legally manufacture cannabis to supply researchers involved in various clinical studies using cannabis to treat maladies such as PTSD or Epilepsy. |
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The purpose of this policy reset is to increase the number of U.
S. entities registered under the CSA to grow (manufacture)
cannabis to supply researchers on the effectiveness of medical
grade cannabis in treating these and other maladies.
The CSA under subsection 823(a)(1) provides, DEA is obligated to
register only the number of bulk manufacturers of a given
schedule I or II controlled substance that is necessary to
“produce an adequate and uninterrupted supply of these substances
under adequately competitive conditions for legitimate medical,
scientific, research, and industrial purposes.
The policy statement (Federal Register Vol. 81) provided
additional explanation on how the DEA will evaluate applications
for such registration consistent with the CSA and the obligations
of the United States under the applicable international drug
control treaty. The Company has reviewed these guidelines and
believes all applicable requirements which cannot be met by the
Company alone will be met by the following:
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Our current Cannabis Pilot Agreement and completed technology trials with Canopy Growth Corporation, a Canadian licensed producer under the Marihuana for Medical Purposes Regulations, has demonstrated that our aeroponic biomanufacturing technology can augment and improve the quality and production of cannabis for use in cannabis research. |
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The proposed combination with Alamo and the proposed joint venture with Vyripharm Enterprises, LLC, in which the Company will have an equity interest due to its combination with Alamo, will meet all the additional guidelines and conditions set forth regarding the expected experience required handling of a controlled substance and its related research with cannabis for pharmaceutical use. |
21 CFR Part 1301, Docket No. DEA-447 (DEA DOJ policy statement)
has been filed as an exhibit to this Form 8-K.
Exhibits
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99.1 |
Alamo Letter of Intent |
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99.2 |
Press Release |
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99.3 |
Federal Register Vol. 81 (21 CFR Part 1301) |
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About INDOOR HARVEST CORP. (OTCMKTS:INQD)
Indoor Harvest Corp. is a design-build contractor for the vertical farming and indoor farming industry. The Company’s principal lines of business are engineering, procurement and construction services, as well as manufactures a range of indoor farming fixtures and equipment. It provides production platforms, mechanical systems and complete custom designed build outs for both Controlled Environment Agriculture (CEA) and Building Integrated Agriculture (BIA). Its technologies include greenhouse production, hydroponics, aquaculture, aquaponics and aeroponics. It offers a vertical farm racking system with integrated light emitting diode (LED) lighting. Its vertical farm racking system is used for both aeroponic and hydroponic layered crop production within a CEA or BIA operation. It offers services under the Indoor Harvest brand. Its products include Indoor Harvest Modular HP-Aeroponics Platform, Indoor Harvest Shallow Raft VFRack Platform and Indoor Harvest Low Tide VFRack Platform. INDOOR HARVEST CORP. (OTCMKTS:INQD) Recent Trading Information
INDOOR HARVEST CORP. (OTCMKTS:INQD) closed its last trading session 00.000 at 0.440 with shares trading hands.
