“Sometimes timing is everything for an entrepreneur”. US Senate unanimously approves Marijuana Reform Bill on the same day that the House schedules cannabis legalization vote…and it’s your first day as a U.S. public company in the cannabis industry; the realization of a 6+ year entrepreneurial journey.
DEARBORN HEIGHTS, MI / ACCESSWIRE / March 28, 2022 / “The timing is unbelievable” exclaimed Hussein Anani, President of DrazCanna, Inc. For the leadership team at DrazCanna, the meetings with accountants and attorneys were continuing with next steps to finish the pending reverse merger laid out for the coming week.
DrazCanna, Inc., (formerly known as Sibling Group Holdings, Inc.) originally filed with FINRA its related application for a name change and 1 for 24 reverse split on November 3rd, 2021 and was processed March 25th, 2021.
“To see our Senate unanimously pass legislation, this truly simplifies the challenges of navigating regulatory restrictions endured by early entrants into the medical cannabis market.”
The actions in both the Senate and House on Friday March 25th, 2022 in regards to providing much needed regulatory reform for Research and Development of Cannabis are the steps we believe are necessary to bring clarity to the conflict between USDA’s designation of cannabis as a Schedule 1 narcotic with no medical use statement conflicted by the FDA and its approval of Epidiolex, an oral solution for the treatment of seizures associated with two rare and severe forms of childhood epilepsy in children as young as two years old containing parts extracted from the cannabis plant.
With regulatory changes removing the obstacles with cannabis research and development, Hussein sees the “stigma” of cannabis finally being challenged which has hindered the country from truly embracing Bio-Pharmaceutical research and development of cannabis. “We all have personally seen family members, friends, or acquaintances that have had relationships, lives, and jobs damaged by the irresponsible use of drugs. However, we should not inhibit important research and development that represents an opportunity to develop potentially life-saving medicine which at a bare minimum improves the quality of life for children and adults,” Hussein put forth passionately.
“We are excited as a team to move forward with our pending reverse merger and our first step into the cannabis industry, building upon our six-year Bio-pharmaceutical developmental history as our footprint for future growth,” as Hussein implies his eagerness to get back to work with the team in respect to the entrepreneurial vision with the unfolding opportunities presented by US legalization.
The legislation aids organizations involved in research and development by reducing costs and development time. “Michigan’s pharmaceutical industry benefits with state regulation and the opportunities of pending legislation passage,” says Hussein Anani.
Sibling Group Holdings, Inc. was originally incorporated under the laws of the State of Texas on December 28, 1988 as Houston Produce Corporation. The company then changed its name and industry focus three times between its inception and August 15, 2012, when the Corporation became “Sibling Group Holdings, Inc.” In that time, Sibling Group Holdings, Inc. had a focus in virtual education and ceased operations in 2016.
The Corporation remained dormant until June 28, 2021, when Benjamin Berry of Synergy Management Group, LLC was appointed Receiver by the Texas 126th Judicial District Court. This was for the purpose of continuing Sibling Group Holdings, Inc. as an ongoing concern for the benefit of its stockholders.
On September 22, 2021, The High Company, LLC., owned by Hussein Anani, acquired a control block of shares from Ben Berry and Synergy Management Group and Hussein Anani was appointed sole officer and director.
Shortly after, on September 30, 2021, the majority holders of the Corporation’s Series A Preferred shares consented to convert all Series A Preferred Shares into shares of common stock at the designated conversion rate of 69.83010 per share.
On October 14, 2021, with the consent of the majority of Common shareholders, the Board of Directors authorized a resolution of the Corporation for the officers to effectuate a 1 for 24 reverse stock split, while the authorized shares of common stock shall be 500,000,000 with a record date of October 24, 2021.
October 29, 2021, the Texas 126th Judicial District Court granted Receiver Ben Berry’s Motion to Terminate Receivership and Discharge Receiver.
On November 3, 2021, the Corporation made filings with FINRA which included the 1 for 24 reverse split and for a name change to DrazCanna, Inc., accommodated with a symbol change, to reflect the organization’s intentions to enter the U.S. legal cannabis industry.
On March 25th, 2022, FINRA approved name and symbol change from Sibling Group Holdings, Inc. to DrazCanna, Inc. and a 1:24 reverse split.