Published On: Tue, Jan 31st, 2017

Sylios Corp (OTCMKTS:UNGS) To Spin-Off Subsidiary

Sylios Corp (OTCMKTS:UNGS) a holding entity with operations in the exploration and development of natural gas and oil properties, real estate development, equities holdings and corporate debt and other investments updated shareholders of dates pertaining to the spin-off of its wholly owned subsidiary, named The Greater Cannabis Company, LLC.

The buzz

In the last week of December, Sylios reported that it would separate 80.01% of its subsidiary unit, The Greater Cannabis Company, LLC using a pro rata shares distribution. Previous to the spin-off, the firm will file a Notice of Conversion to effectively converting the subsidiary unit from a limited liability firm to a Florida for profit company with a new name, The Greater Cannabis Company, Inc. In the latest Articles of Incorporation for the GCC, it will designate as many as 500 million shares for Sylios Common stock and 10 million shares for ‘Preferred stock’.

The Record date for dividend is disclosed to be February 3, 2017 whereas the Ex-Dividend date will be February 1, 2017. The dividend payment date is February 13, 2017. In order for shareholders to be eligible for the stock dividend, they have to buy Sylios Corp before the Ex-Dividend date. UNGS will start trading ex-dividend from February 1, 2017.

The GCC is actively planning to expand its holdings in the medical as well as recreational marijuana sector. Earlier in November, Florida voters approved Amendment 2 with 71% in favor of proposed legislation. The amendment language enables for medical marijuana to be recommended by doctors to patients suffering from diseases like HIV, glaucoma, ALS, Chron’s disease and post-traumatic stress disorder.

The firm has finalized to diversify its investment holdings focused around the medical and recreational marijuana sector. It is in active talks with several private entities about either direct investments or JVs. Operational plans focus on alternative grow houses, online portals and cannabis business incubators to name a few.

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