Firstly, management would like to report advancement on the Company's overall cannabis related endeavors. Plans are underway to launch an aggressive marketing strategy for the distribution and sales of the Company's products and services.
Due to recent changes in regulation, FINRA no longer approves name or ticker changes if the Company has any delinquencies in its reporting. Consequently, management has withdrawn its application with FINRA to change the company's name and ticker symbol. In the Company's endeavor to update the name and symbol to more closely align with the Company's core business model, it was discovered that during certain periods between 1999 and 2007, there were some filings that had become delinquent, and despite efforts, and considerable dialog, current management is unable to obtain the missing records to complete the requested filings per FINRA's new requirements.
Moving forward, management has determined that the best course of action is to revert to UA Multimedia, Inc., and alternatively form a new subsidiary under the brand "Cannaxa", by which to conduct its cannabis related business. The Company plans to ultimately spin this subsidiary off in the future as an independent publicly traded fully reporting entity.
"The issue with the name and ticker change will not affect our overall business. Now that a conclusion is reached, we will make the necessary adjustments and begin to aggressively market and sell our products and services." commented Thu Pham, Chief Executive Officer.
As previously announced, the Company is offering a turn-key indoor growing station complete with state-of-the-art LED lighting. In addition, the full spectrum LED lights, Cannaxa CX-300, are also available for purchase separately. A single light can output 210 Watts or an HID equivalent of 400 Watts and can cover a 3' x 3' area. Additional models will also be made available for purchase next quarter.
LED grow lighting is expected to witness a phase of robust growth in applications such as vertical farming, commercial greenhouse, and indoor farming. Previously, LED grow lights were primarily utilized for indoor farming. But with increasing awareness about its benefits, such as energy efficiency and low heat emission, it has started being adopted in large scale in vertical farming and commercial greenhouse applications.
Also, the growing trend of indoor farming, government regulations favoring LED lighting, and requirement for energy-efficient and long-lasting lighting technology as a supplement to natural lighting for plant growth, drive significant growth in the LED grow light market. These new opportunities will not only enhance the overall market in coming years but also lead to the opening of new market segments.