11:10:03 EDT Thu 17 Oct 2019
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Lifestyle Delivery Systems Inc
Symbol C : LDS
Shares Issued 107,494,894
Close 2019-06-11 C$ 0.36
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Lifestyle Delivery talks pot tax reduction in Calif.

2019-06-11 10:03 ET - News Release

Mr. Brad Eckenweiler reports

LIFESTYLE DELIVERY SYSTEMS INC. ANNOUNCES CANNABIS TAX REDUCTION ORDINANCE BY THE CITY OF ADELANTO GOES INTO EFFECT

The City of Adelanto, where Lifestyle Delivery Systems Inc.'s state-of-the-art facilities are located, has informed the company that the city ordinance to reduce the cannabis tax has gone into effect as of June 6, 2019.

Last week, the City of Adelanto announced the ordinance to reduce the tax on transportation, distribution, manufacturing and cannabis testing lab services from 5 per cent down to 1 per cent, voted four to one in favour of the reduction, has become effective. The city council also voted four to one to reduce the cultivation tax from $5 per month per square foot to 42 cents per month per square foot. The tax reduction and the dispensaries tax, which was reduced from 5 per cent down to 3 per cent, both went into effect on June 6, 2019. The reduction in city taxes will be a positive incentive for cannabis businesses to operate in Adelanto.

Brad Eckenweiler, chief executive officer, commented: "This tax reduction was essential to our future and the future of our subsidiaries in Adelanto. Without this restructuring of the taxes in Adelanto, the company would have had to move its licensing jurisdiction in order to compete in the current California cannabis market. We were not alone in this assumption. Most of the operators in Adelanto were making similar plans; some have already moved portions of their operations. We were forced to reduce our production, based on the onerous tax burden, which would have cost far more money to operate than to not operate. That is now behind us, and we are preparing to ramp up our production once more, understanding that this was an obstacle that has been overcome, and we can resume full operations." The Lifestyle Delivery Systems subsidiaries are excited to get back to a full work schedule and applaud the actions of the city council. The subsidiaries look forward to a long and mutually beneficial future together.

The company will continue to update the market on all events as they become relevant.

About Lifestyle Delivery Systems Inc.

Lifestyle Delivery 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 any other form of delivery, but also allows for inclusion of a wide spectrum of ingredients from over-the-counter medications to homeopathic, nutraceutical, vitamins and supplements. 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.

We seek Safe Harbor.

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