DrazCanna, Inc. (OTCBB:DZCA) Pre-revenue Cannabis Bio-Pharmaceutical Research and Development company announces completion of "public shell" restructuring in preparation for reverse merger.
DEARBORN HEIGHTS, MI / ACCESSWIRE / November 30, 2022 / DrazCanna, Inc's (Formerly Known As Sibling Group Holdings, Inc.) leadership team completes step in resurrection of the corporate "shell" with its first audited financials for fiscal year end June 30, 2022. The last annual audit for the company was in 2015.
"The DrazCanna team of dedicated consultants, accountants, and attorneys performed an extensive review of hundreds of legal documents which combined, covered the three plus decades of history. The team has worked diligently since September of 2021 to reach this point," stated DrazCanna's President, Hussein Anani. "The efforts have brought the organization to OTC Pink current reporting, conversion of outstanding Series A Preferred shares to common, completed reverse split restructure, reinstituted annual Shareholder's Meeting with updated corporate bylaws approved by shareholders. The completion of the company's 2022 audit with a clean balance sheet free from legacy liabilities is an accomplishment worth recognizing. We also had less than $200,000 in total liabilities as of June 30, 2022 resulting from costs associated from our corporate accounting, regulatory, and legal activities to date. This step positions the organization as a viable reverse merger "shell" corporation with no legacy debts."
DrazCanna's privately held reverse merger partner is Michigan-based DrazCanna, Inc. with its planned entry into the cannabis bio-pharmaceutical supply chain as a high quality cultivator and extracting processor building upon its six-year cannabis cultivation and strain research and development project.
The entrepreneurial basis for DrazCanna's commitment strive to be best in class in cannabis ESG industry leading Environmental Social and Governance was founded within the beliefs, character, and experiences of its leaders as its basis for a cannabis bio-pharmaceutical research and development company.
"The vision of the two leaders in 2015 in defining the mission and goals for the cultivation research and development project, contributes to our continuous strive to achieve the best in class in environmental responsibility. They designed and led the activities that resulted in DrazCanna, Inc.'s (Michigan private corporation) Nutrient Optimizing Data-Driven Hydroponic System for indoor/hybrid Greenhouse Application" added Hussein. "The results of their leadership and the efforts of the entire cultivation R&D team spent years of problem solving to reach a process in which plant growth is facilitated at higher indoor ambient temperatures providing the environmentally responsible basis for a substantial reduction in electrical consumption related to A/C over traditional indoor grow operations. Additionally, the process water required for operation of the system is a fraction of what is used in commercially available DWC hydroponic systems."
OTCBB "Shells" and Evolution of DrazCanna's Reverse Merger Plan
The team at DrazCanna researched approximately 100 dormant OTC shells with due diligence performed on Securities and Exchange Commission and OTC Markets filings, search of appropriate court records, and any other outstanding state and federal obligations (i.e. outstanding local, state, and federal tax liabilities, etc.) as well as former management and shareholder backgrounds.
"A relatively small number of corporate shells that we researched were riddled with fraudulent activities. We also found several good honest businesses with competent business plans that failed to survive and went dormant," said Hussein Anani. "We realize the importance of integrity and our commitment to corporate governance excellence given the negative perception caused by the fraudulent acts of rouge individuals within OTCBB shells."
The DrazCanna leadership team began executing upon the "pre-packaged" reverse merger plan during the spring of 2021 as part of their entrepreneurial equity capitalization process to fund planned expansion of cultivation operations in a state-of-the-art hybrid greenhouse in western Michigan and further expansion to the New York market to prepare for federal legalization leveraging the benefits of geographic location.
Given the constraints by traditional bank lending programs to the cannabis touching organizations, the company is currently examining opportunities for an equity capital organization to partner in the growth of the company.
DrazCanna's ESG - Cannabis Industry Leading Environmental Social and Governance
DrazCanna's actions within its ESG initiatives are a multifaceted approach to each component with the goal to be the best emerging growth investment to our stakeholders.
DrazCanna's Environmental commitment to excellence includes patent pending Nutrient Optimizing Data-Driven Hydroponic System and Methods for Indoor/Hybrid Greenhouse provides the basis for environmental leadership within the cannabis industry in reducing water and electrical consumption as well as reducing nutrient waste, all while maintaining plant health and quality.
DrazCanna's Social equity commitment excellence includes its "Cannabis Helping Cops" project to aid in reducing police related deaths and suicides. With its history of conflict between the cannabis industry and policing, DrazCanna's approach is to begin a new chapter to start fresh closing the tumultuous past and seeks to help troubled police officers get the help and intervention to create a measurable and meaningful reduction in police related suicides and injuries and deaths of our great countries' citizens. We further our ESG commitment with employee ownership opportunities and hiring practices benefit the communities in which it operate.
DrazCanna's Commitment to Corporate Governance excellence is exemplified by audited financials, updated corporate bylaws, and annual meetings.
"Our dedication to cannabis ESG is to invest our time and innovative thinking to initiatives that create a positive impact upon the world we live in. Our entire team is committed to excellence in all that we do." stated Ali Anani, President of DrazCanna, Inc. (Michigan). "As part of the emerging cannabis industry, we are focused upon applying our innovations to benefit our organization, shareholders, communities, and where applicable to society at large."
DrazCanna is committed to continue their journey to be the cannabis industry leading environmental social and governance investment, and in the application of innovative data-driven solutions. The DrazCanna challenge is to solve problems that impact us all, while striving to be the best cultivator and extractor within the cannabis bio-pharmaceutical supply chain.
About DrazCanna, Inc.
DrazCanna, Inc. (OTC:DZCA) was operating in the educational sector until 2016 and was dormant until 2021 when the corporation filed its reports to achieve current status. For more information, visit www.drazcanna.com.
This press release contains forward-looking statements that involve risks and uncertainties concerning the plans and expectations of DrazCanna, Inc. These statements are only predictions and actual events, or results may differ materially from those described in this press release due to a number of risks and uncertainties, some of which are out of the company's control. The potential risks and uncertainties include, among others, that the company's expectations of future growth may not be realized. These forward-looking statements are made only as of the date hereof. The company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are expressly qualified in their entirety by the "Risk Factors" and other cautionary statements included in the company's annual, quarterly and current reports and other filings, including but not limited for the quarter ended September 30, 2022, and filings with the OTC Markets.
SOURCE: DrazCanna, Inc.