VANCOUVER, BC, June 24,
2024 /CNW/ -- StickIt Technologies Inc. (the
"Company" or "StickIt") (CSE: STKT), an Israeli technology and
cannabinoid company, announces today reorganization and
reduction of significant expenses.
As part of the reorganization, the company
intends to reduce significant expenses in its activities around the
world. The company decided in January
2024 to close the raw materials factory in Galilee,
Israel, due to the war and move
the raw materials production activity to Calgary, Canada. During the end of the 3rd
quarter of 2024, the company intends to close its subsidiary
StickIt Thailand Ltd (based in Thailand) in accordance with the government's
statement on ending the recreational use of cannabis in the
country. The company also intends to close StickIt Spain's
CBD manufactory and the company's offices in Barcelona and transfer the producing franchise
to a local distributor.
"The world's cannabis industry is facing many
challenges - which affects most companies in the industry and
probably affects the share value. It is necessary to reduce
costs and try to increase our technology sales worldwide. These
actions will save the company about $120,000 CAD a year," concluded Eli Ben
Haroosh, CEO of StickIt Technologies Inc.
The CEO went on to say that during Q3 2024,
StickIt's Research Unit will produce the special THC straw for mass
creation.
About StickIt Technologies Inc
StickIt is a technology company that invented and
manufactures innovative products ("devices") that can contain
varying quantities of CBD/THC for recreational and medical
cannabis users. Its operating model is to establish joint
ventures/licensees ("partners") in countries around the
world that will establish a production facility in which
they will add the cannabinoid content to the "sticks" and
"straws" produced and supplied by StickIt. The Company's
precise dosing options cater to a wide range of effects, including
painkilling, energizing, focus, sleep improvement, etc., and can be
tailored to meet local preferences and regulations. StickIt
Technologies serves customers worldwide.
About Ripco Processing Inc.
Ripco, known for its innovative cannabis products, brings
popular brands like StickIt and StripIt to the Canadian market.
StickIt is an infused stick designed to enhance the performance of
prerolls, promising to take user experiences to new levels – just
StickIt!
For more information, please contact:
StickIt Technologies Inc
Eli Ben Haroosh, CEO
E: info@stickit-labs.com
Sophie Galper , CFO
E: sophie@stickit-labs.com
Website: www.stickit-labs.com
Facebook: @Stickit
Twitter "X": @STICKIT74776509
LinkedIn: @Stickit-labs
Neither the Canadian Securities Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this press release.
Forward-Looking Statements
This news release includes certain statements and information
that constitute forward-looking information within the meaning of
applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts, are
forward-looking statements. The Company provides no assurance that
forward-looking statements and information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance
on forward-looking statements or information. The Company does not
undertake to update any forward-looking statements, other than as
required by law. More detailed information about potential factors
that could affect financial results is included in the documents
filed from time to time with the Canadian securities regulatory
authorities by StickIt Technologies Inc. Readers are cautioned not
to place undue reliance on forward-looking statements.
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SOURCE StickIt Technologies Inc.