Hey all, thank you again for your continued patience as I work through the process of getting Seven Stills Bankruptcy ready and work through the initial phase of the 11v process.
Permits, Licenses, Entity Status:
Federal Permit Approved:
I am thrilled to announce that we have received our Federal Permit from the TTB for the new Vista facility. After several months of back and forth, the facility has been approved and is licensed.
Secretary of State:
The SOS is now in good standing and up to date but is subject to removal of suspension by the FTB.
FTB:
The FTB is in revoked status. I am in the process of reviving the entity and am hoping to have this resolved by the end of the year.
IRS:
The 2020-2022 financials are cleaned and I will be meeting with the IRS on December 28th to review the status to resolve and get current.
ABC:
The ABC 74 is active until 2024 and I am in the process of renewing the 74. Subject to cash flow, I am optimistic to have this resolved and in good standing by the end of the year.
Production, Distribution, Wholesale & Fulfillment:
I am very excited to let you all know that I have finalized the terms of a Wholesale and Fulfillment agreement with a multi-outlet retail chain. This will allow Seven Stills to operate an e-commerce site for all future releases that will seamlessly integrate with their inventory system, allowing us to sell nation-wide and stay in compliance with the three-tier distribution system.
Additionally, I was able to secure a reduced margin for the first 12 months of operation to help re-build cash flow while we enter into the 11v process.
Distribution:
This week we were approved to distribute our spirits throughout California. This will allow us to operate in compliance with the three-tier system and supply product to our Fulfillment partner at a drastically reduced margin.
I am now working on the approval process to have our spirits distributed through this partner in Colorado, Connecticut, Florida, Illinois, Maryland, New Jersey, New York and Wisconsin. Although I do not plan to aggressively market in these areas in the near future, it will enable us to distribute to these markets, and more importantly to resume communications with multi-state chains to distribute our products throughout their network.
Seven Stills 2.0
After long consideration, I have decided to resume all of these operations under the name Seven Stills. Although my vision for Seven Stills 2.0 will remain aligned with many of the initial goals I had set for Seven Stills, it will be anything but business as usual.
The road forward is going to be extremely challenging and there are still massive uncertainties and hurdles that I'll need to overcome as I enter into the 11v process, but I am excited and optimistic about the future and look forward to embarking on this next chapter of Seven Stills with you all.
Thank you for your continued patience and support.
Cheers,
Tim Obert