Dear shareholders, employees and other stakeholders,
I want to provide you all with an update about Redwood Green Corp. operations. All of our subsidiaries are open for business. This includes our Good Meds subsidiary in Denver, CO where our cultivation center and two retail stores are located. Our highest priorities are the safety and well-being of both our customers and employees.
I would like to thank all of our employees for the continued support and hard work despite the circumstances. Below are additional details regarding our implemented safety measures, sales update, and other corporate events.
- We have been and will continue to implement best practices with regard to health-security measures throughout our operations. All employees who can work from home are doing so. All employees have been encouraged to follow the advice of public health officials to practice both social distancing and more frequent hygiene practices.
- Colorado’s Marijuana Enforcement Division adopted Emergency Rules on March 20. These rules allow regulated marijuana businesses to remain open and allow licensees to make necessary modifications to their retail premises in order to accomplish social distancing. Our Good Meds subsidiary has assessed and implemented the procedures necessary to minimize the interaction between our employees and patients.
- We fully support Colorado Gov. Polis’s continuing efforts to secure the health of his constituents, as expressed in his Sunday afternoon news conference. We have already made adjustments to maintain necessary distance between employees, and we continue with business as normal within these constraints. We will continue to monitor orders and advice coming from the state and take appropriate action immediately.
- Colorado’s governor has deemed medical cannabis dispensaries as essential services. As a result, we will remain open for business with increased safety protocols.
- US News & World Report reported, “Coronavirus Pandemic Boosts Marijuana Sales While Many Businesses Struggle; Legal marijuana sales in five states jumped this week. A similar report was also published by Headset, a cannabis analytics company.
- Sales at both Good Meds dispensary locations during the last week experienced increases as well. We will provide further details on our 2020 first quarter 10Q and earnings call.
- As stated previously, our work related to refining our strategy remains on track. This work started in late February and has not experienced any delay due to travel restrictions. We retained a top-three consulting firm to help us complete this work, and the technology solutions we have in place have ensured this work is being completed at rapid speed. We look forward to sharing more of this work with you in due course.
- Today, Redwood Green Corp. will file its Exchange Act Registration. This will increase transparency for the market and our shareholders.
- We plan to file our 10K at the end of March, in keeping with the normal deadline even though the SEC has extended deadlines.
On behalf of the Redwood Green family, I extend our best wishes to each of you for continued health and safety as we positively move forward during this difficult period.
We appreciate your ongoing support of Redwood Green Corp. and look forward to providing additional updates in the coming weeks and months.
Our Investor Relations Director remains available to answer your questions at [email protected] or +1 303 222 8092.
Stay safe and healthy,
Chief Executive Officer and Board Director
Redwood Green Corp.
Direct: +1 303 222 8092
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Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve Redwood Green of liability under US federal law, nor will it provide a defense to any federal proceeding which may be brought against Redwood Green. Enforcement of federal laws in the United States remains a significant risk to the business of Redwood Green and any proceedings brought against Redwood Green thereunder may adversely affect the Company’s operations and financial performance.