DOVER, DE / ACCESSWIRE / March 24, 2023 /
We are pleased to share some of the progress we have been making and provide updates on our near-term plans for the future.
General Business Overview:
We are excited by recent developments. In February 2023, we completed the transaction with Budding Equity Inc. (BEi). BEi is now a wholly-owned subsidiary of ILST. Details of the transaction can be found in the company's press release dated February 14, 2023.
- Taking over an existing business requires a mix of patience, creativity, and vision to ensure that all parties work together cohesively. Management has made great strides in that department, and the integration and business process improvements continue to be successfully implemented. BEi is pursuing a dual strategy of improving existing product lines (such as growing hardware sales) and investing in other new hardware and edible-related products that are synergistic with our brands. A good example is the previously-disclosed investment in the production of the AMFAD film (see below).
- As we expand in Canada, infused products are being sold in dispensaries in Manitoba and Saskatchewan. Purchase orders have been placed by both Ontario and Alberta governments, with products to be available beginning April 1 in the OCS (Ontario Cannabis Store) and dispensaries in Alberta. (Link to products from Weedmaps, The map on the site will be updated.)
- Outsourced production of prerolls in New Mexico began March 16, and we expect our joint- venture brands to be in dispensaries by the end of the month.
- Now that our initial acquisition is complete, we are discussing filling the position of full-time Company CEO to take the helm and drive our business forward.
- As announced, ILST invested in the production of "All My Friends Are Dead" (AMFAD). All My Friends Are Dead is a movie starring Jojo Siwa and Jade Pettyjohn, directed by Marcus Dunstan, writer of Saw 3D. Our very own Dan Rubin, CEO of BEi, is serving as an executive producer of the film. More details of the production can be found here.
- Included in the negotiated production deal terms, we will be granted international royalty rights to certain IP of the AMFAD film, including but not limited to all cannabis-related products.
- This will allow us to create and market new products included in the film's script for retail purchase. We believe that this model can be replicated with other film production companies as they develop projects that are "cannabis-culture" related.
- Our investment also entitles us to profits from global sales and distribution of the film, including royalties on future film sales.
Other IP Transactions
- We have ongoing discussions with several other artists regarding new brand opportunities. These discussions are in various stages of development. We hope to share more on this as they develop.
- We remain focused on potential new acquisition targets, which we generally evaluate on the following criteria:
- whether they are cash-flow positive,
- their length of time in business,
- whether there are synergies with our current business.
- Our accountants have completed a draft of the company's Q4 2022 financials and annual report, which we will be filing by the end of the month.
Thank you all for your continued support. We are excited about the journey and growth ahead.
Information about ILST can be found at:
ABOUT INTERNATIONAL STAR
International Star Inc. currently operates, through its wholly-owned subsidiary, Budding Equity Inc., a royalty-based business that owns intellectual property contracts with movie studios which provide for the licensing of that IP to third parties for cannabis hardware. The company also has joint venture partnerships with Ice Cube and Kevin Smith for licensing and branding cannabis products that are sold and distributed by third-party licensed producers. A core focus of ILST remains on acquiring and developing innovative businesses with high growth potential in the cannabis space and beyond. ILST remains intent on growing its current brands through synergistic opportunities.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect," and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to: the impact of economic, competitive, legal and other factors affecting the Company and its operations, markets, product, and distributor performance.
International Star, Inc.
8 The Green
Dover, DE 19901
SOURCE: International Star, Inc.
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