LDSYF - Lifestyle Delivery Systems Inc. Announces Second Reading of Cannabis Tax Reduction Ordinance by the City of Adelanto
VANCOUVER, British Columbia, May 9, 2019 /PRNewswire/ -- Lifestyle Delivery Systems Inc. (CSE: LDS), (OTCQX: LDSYF), (Frankfurt: LD6, WKN: A14XHT) ("LDS" or the "Company") is pleased to announce that the City of Adelanto, where the Company's state-of-the-art facilities are located, in the second and final reading voted to reduce its cannabis tax.
Last night the City of Adelanto in the second reading of the ordinance to reduce the tax on Transportation, Distribution, Manufacturing, and Cannabis Testing Lab Services from 5% down to 1% voted 4 to 1 in favor of the reduction. The City council voted 4 to1 to reduce the cultivation tax from $5 per month per square foot to $0.42 cents per month, per square foot. The dispensaries tax was likewise reduced from 5% down to 3%. This decision comes in line with California voting to reduce the cannabis cultivation tax statewide. The reduction in city taxes will be a positive incentive for cannabis businesses to operate in Adelanto.
The Company's CEO, Brad Eckenweiler, stated, "We understand that this was a difficult decision for the city, but without the tax reduction the cannabis industry in Adelanto would have been diminished to a couple of small manufacturers. The green zone would be abandoned and property values would have evaporated to a fraction of today's values. The increased property taxes the city receives is directly associated with the recent property value increases, which without tax reform would return to the dismal years prior to the recent 500% increase caused by cannabis business speculation and property inflation. The Adelanto city council took the necessary steps to secure a strong and sustainable Cannabis business community here in Adelanto. The State of California is also lowering taxes to reduce the illegal, unregulated, contaminated, and pesticide-ridden grey/black market products, which have had price advantages partially due to the higher taxes." The LDS subsidiaries applaud the actions of the city council and look forward to a long a mutually beneficial future together.
The Company will continue to update the market on all events as they become relevant.
About CSPA Group, Inc.
CSPA Group, Inc. is located in Adelanto, California and is a City-Permitted and State-Licensed manufacturer and distributor/transporter in the California cannabis industry. The company manufactures extracted oils and distillates, and produces CannaStrips™ under a license agreement with Lifestyle Delivery Systems Inc. a British Columbia company.
About Lifestyle Delivery Systems Inc.
Lifestyle Delivery Systems Inc. is a technology company that licenses its technology to a state-of-the-art production and packaging facility located in Southern California. The Company's technology produces infused strips (similar to breath strips) that are not only a safer, healthier option to other forms of delivery but also superior bioavailability of cannabis constituents. Some strips will also include supplemental co-active ingredients such as nutraceuticals, vitamins and peptides. The technology provides a new way to accurately meter the dosage and assure the purity of selected product. From start to finish, the production process, based on the Company's technology, tests for quality and composition of all the ingredients used in each and every strip which results in a delivery system that is safe, consistent and effective.
Lifestyle Delivery Systems Inc.
Brad Eckenweiler
CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
information@lifestyledeliverysystems.com
Cautionary Disclaimer Statement:
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, The Company undertakes no obligation to publicly update or revise forward-looking information.
SOURCE Lifestyle Delivery Systems Inc.