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Radiko Holdings (CSE:RDKO) announced the suspension of cultivation at its Carson City, Nevada facility due to operational challenges. The Company aims to maximize asset value potentially by building a new facility or utilizing licenses elsewhere. Key actions during the production hiatus include a salary reduction of $38,000 per month for senior management, the settlement of $772,000 in operating debt, and plans to issue 7,134,000 shares. CEO Steve Gormley emphasized that restructuring the debt positions the Company better for future capital raising efforts.
Radiko Holdings (OTC PINK: GEATF) has successfully completed its first harvest at the Carson City facility, initiated last fall with new genetic optimizations. All products have passed laboratory tests, confirming safety and cannabinoid levels. The sales team expects immediate sell-out. CEO Steve Gormley noted strong market demand, highlighting the importance of expanding operations in Nevada. A second harvest is already underway, with completion anticipated by the end of March 2021.
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