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Cannagistics Inc   (PNIK)
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    Sector  Basic Materials    Industry Metal Mining
   Industry Metal Mining
   Sector  Basic Materials

Cannagistics Inc

Business Description


We are in the business of purchasing and selling colored diamonds and other valuables.
We plan to manage a portfolio of rare colored diamonds that are selected for price potential. Our officer and director, Kashif Khan, has established a worldwide reputation as a purveyor of exquisite, extraordinary fine quality colored diamonds that are sold at competitively reasonable prices. Through Mr. Khan’s reputation and long standing close business ties to the diamond wholesale market, we plan to have direct access to acquiring an unsurpassed collection of the highest investment grade colored diamonds that are released on a wholesale basis to auction houses, investors and jewelry wholesalers and retailers throughout Toronto and Vancouver, Canada. We also intend to move our business into the United States, and thereafter internationally as funds permit and if our growth sustains the effort.

On October 26, 2016, however, we learned that it was not possible to obtain an audit of Karrah that we were required to file with the SEC in connection with the acquisition as a result of the nature of the company’s jewelry inventory. Because we were unable to obtain an audit of Karrah, on October 28, 2016, we have restructured the entire transaction by entering into a Termination and Restructure Agreement. First, we and Khan have mutually agreed to cancel the Agreement to acquire the issue and outstanding shares of stock in Karrah. Second, we agreed to purchase from Karrah its customer list in exchange for a revised promissory note (the “New Note”). The New Note will be in favor of Karrah (and not Khan), valued at $1,500,000 with interest at 6% per annum, and will not be secured by the assets of Karrah. The customer list has been invaluable in establishing our current colored diamond inventory. Third, we have acquired some of the inventory from Karrah, and the value of the New Note reflects that consideration as well. Finally, we will not be acquiring the accounts receivable of Karrah so the AR Note will be terminated.

On December 5, 2016, we entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Cornerstone United Capital, LLC (“Cornerstone”). Pursuant to the Purchase Agreement, we were to acquire from Cornerstone colored diamonds with a wholesale value of $105,000,000 (the “Assets”).

In consideration for the Assets, we issued to Cornerstone and its nominees a total of 214,000,000 shares of our common stock. In addition, Kashif Khan, our prior officer and director, agreed to transfer his 16,000,000 shares of common stock as part of the Purchase Agreement in exchange for 9,457,931 shares of our Series B Preferred Stock.

Our long-term investment strategy includes:

• The creation of a world class portfolio of unique color diamonds with high appreciation value, based on factors including closure of major producing mines, world availability and cost per carat.

• To establish the company as an international branded investment colored diamond and valuables merchant for the acquisitions of investment grade precious stones that are acquired from individuals, mines and estates and sold through private transactions to auction houses, investors and consumers interested in obtaining such precious stones.

• To identify additional business opportunities where access to capital, expert knowledge of rare and precious stones, and reputation are paramount to success.

• To sell our valuables to wholesale or retail customers, including outfitted and enhanced merchandise with our colored diamonds.

Some of the key factors that will help us expand our operations include:

• Timely accessing capital and debt financing sufficient to support increasing short term and long term capital requirements and to expand opportunities and respond to new business opportunities.

• Establishing proper risk and internal controls to assure that all inventory assets are assessed correctly, properly secured and safeguarded to assure and protect inventory.

• Maintaining the highest business integrity such that all sellers and buyers can have comfort that they are being treated fairly and with the utmost of respect, that there is transparency, and that there is a consistency in practices across transactions.

• Expanding our visibility and access to sellers of colored diamonds and other valuables such that we will be able to secure a sufficient volume of high worth merchandise to support the buyer base and business overhead.

• Becoming more visible to diamond investors and speculators across Canada and the United States.

• Developing a state of the art information system, inclusive of inventory database, historical purchase and sale prices, number of days in inventory by item and category, seller and buyer information and locations, demographics, product interests, etc. that will give us an added competitive advantage and improve our internal controls and information technology.

• Implementing a public relations and marketing program that will introduce and reinforce our branding.




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