The Lifestyle Delivery Systems (LDS.C) annual general meeting in Vancouver Thursday is booked solid, according to people at the company, which is about as unusual as the sudden spike upwards in LDS shares.
AGM’s are usually pretty staid affairs, unless there’s a takeover looming, a boardroom shuffle, or investor outrage.
The LDS meeting however appears to be more about the company announcing future moves.
The company recently announced more patent submissions for its Cannastrips tech, and the closing of a small (and cheap) $0.50 raise. But the big movement came as a result of clarification regarding an earlier raid by San Bernadino County officials, where it was claimed LDS didn’t have the required permits to extract cannabis using volatile chemicals, and that the facility wasn’t up to code (despite having been cleared as code-qualifying weeks earlier).
The code issues? More sprinkler heads.
Unfortunately, that day the company also received notification from the San Bernardino County Fire Department that it has decided to amend its previous facility approval to require additional fire sprinklers in the three extraction rooms. The additional sprinkler modifications and their integration into the alarm systems and atmosphere warning systems were completed Saturday afternoon, and the confirmation of the completion was e-mailed to the San Bernardino County Fire Department inspector. During the time employees were working on the MDAQMD permit the company modified the extraction equipment to improve efficiencies and reduce maintenance time. Those improvements were certified for safe operation.
The volatile chemical issues? Permit granted.
On Jan. 16, 2018, the Mojave Desert Air Quality Management District issued a permit to Lifestyle Delivery Systems Inc.’s subsidiary, LDS Scientific Inc., to operate under the temporary Category M, Type 7, manufacturing with volatile solvents licence. The permit is valid through June, 2018, at which time the facility and its operations will be reviewed by MDAQMD. Upon a favourable review the permit can be renewed for one year.
This all runs contrary to the local paper coverage of the raid, which made it appear guns were drawn and bodies hitting the floor.
Authorities raid illegal cannabis extraction lab at marijuana business Thursday
ADELANTO — Authorities raided a budding marijuana business here after investigators found an illegal THC extraction lab at the location Thursday morning.
Initially reported to be an alleged methamphetamine lab, San Bernardino County Sheriff’s Department narcotics investigators served a search warrant at Lifestyle Delivery Systems Inc. at 10 a.m. Thursday after learning employees were operating an [alleged] illegal cannabis extraction lab there.
Onward and upward goes the share price, up 14.7% on the day.
We’re told AGM attendees will be given detailed information regarding issues past, present, and future, and we’ll bring you that information as soon as it’s to hand.
— Chris Parry
FULL DISCLOSURE: Lifestyle Delivery Systems is an Equity.Guru client.