Indoor Harvest Corp. (OTC: INQD) announced progress on, and the first transaction of, the 2020 New Outlook Plan validating Indoor’s approach to leverage Indoor as an attractive venture, merger, technology, partner through its public company platform. Indoor has had success this month in attracting a new CEO and contracting with FINCANN.
Indoor previously announced the Company seeks to market as a publicly trading company, with established auditing, transfer agent, management, market relationships, and shares that trade publicly, and other attributes, to have private companies with revenues, technology, contracts, assets, relationships and or other benefits, integrate with Indoor. "The added benefit is a heightened level of interest from a variety of persons and firms in the private sector, leading to the Company to interact with and select, effective immediately, a new Chief Executive Officer, Mr. Leslie Bocskor," the team with the company explains.
"FINCANN advises it operates a network of cannabis-friendly U.S.-based financial institutions which service all segments of the multi-billion dollar cannabis industry. FINCANN supports the initial onboarding and due diligence phases to cost-effectively achieve a principal goal: stable, transparent, and simplified banking. Through FINCANN’s growing consortium of financial institutions, cannabis-related businesses (MRBs) in plant-touching and ancillary roles can access basic banking services without complicated workarounds. By obtaining a banking or merchant processing account through FINCANN, business owners no longer need to worry that they’ll lose their bank account or merchant processing services. By opening a bank account through FINCANN, the financial institution knows from the get-go that the business is in the cannabis industry, providing peace of mind for business owners whose accounts have been closed on them all too often, while eliminating the headache of searching for new financial solutions multiple times per year."
The companies in March laid the foundation to now proceed with a Joint Venture and stock exchange deal (and other provisions or agreements), including an Option for Indoor to increase ownership in FINCANN. Indoor will hold 51% owner of the Joint Venture, FINCANN being the other 49% owner. As part of the establishment of the venture, Indoor will contribute a percentage of its issued common stock and FINCANN will do the same, such shares to be held by the JOINT VENTURE. It is anticipated the percentage will be 4.9 percent, up to 9.9 percent. The JOINT VENTURE will issue INDOOR a total of 51 percent of its common stock and issue FINCANN 49 percent of its common stock. The Parties will jointly own JOINT VENTURE and establish a formal business plan and operational protocols to jointly market and pursue business.
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Indoor Harvest Corp