The company statement said that the expansion, when completed, would include 205,000 square feet of cannabis operations. This will include nursery operations, distribution, manufacturing, and cultivation.
The first phase has begun with the setup and licensing of the existing 35,000 square feet of greenhouse space that will be used for the nursery operation. This is a significant increase from the 10,000 square feet the company currently occupies.
Sunset Island lists itself as an OTC-traded stock, however, the stock was suspended for not reporting its financials. The last time the company updated shareholders through an SEC filing was a quarterly report in 2020. At that time, Sunset reported zero revenue in 2017 and 2018.
The company last reported in July 2018 that it had $52,236 in cash and had a net loss in that last quarter of reporting of $949,454. The net loss for nine months ending in July 2018 was $2 million.
However, on the OTC Markets page, Sunset reported revenue of $2.9 million with a net loss of $1.4 million in 2021. The company listed cash of $1.4 million at the end of 2021, but liabilities of $10.5 million.
According to that last filing, Sunset said it operated its cannabis growing, cultivation, manufacturing, and distribution business through its wholly owned subsidiary VBF Brands.
“VBF Brands operated as a Nonprofit Mutual Benefit entity until December 21, 2017, when it was converted to a For-Profit entity. Prior to December 21, 2017, VBF Brands operated as a collective under the Compassionate Use Act. Since VBF Brands was operating as a Nonprofit until December 21, 2017, the company determined that it cannot book any revenue from the activities associated while it operated as a collective under the Compassionate Use Act and as a nonprofit.”
The last time the company updated the market on its cultivation progress was in March 2018.