Millennium Inv & Acquisition Co (OTC:MILC)

Millennium Inv & Acquisition Co (OTC:MILC)mainly focuses on opportunities in sustainable cannabis cultivation facilities. The company filed its Q3 2022 10-Q.  Zero revenues for the quarter as it continues its legal battle in Michigan. 

On June 30, 2022, PW Marengo, filed a Verified Complaint in the Court of Appeals/Circuit Court of Calhoun County Michigan, (the “Calhoun Complaint”) and the Case Number is 22-1760-AW. The Complaint is an action to compel the Township to allow PW Marengo to appear before the Marengo Township Zoning Board of Appeals (“ZBA”). On June 10, 2022, PW Marengo filed an application to the ZBA to secure an affirmation that, because the greenhouse property is zoned as Agricultural, it is exempt from requirements of seeking building permits and a Certificate of Occupancy. To date, the Township has refused to schedule such a meeting and on June 24, 2022, two representatives of the Township indicated that they were rejecting the application to the ZBA because the property is zoned agricultural and exempt from requiring a Certificate of Occupancy and therefore there is no reason to hold the meeting. Unfortunately, when pressed, the representatives were unwilling to put this in writing which we believe would have been sufficient to resolve the requirements for the State of Michigan cannabis licensing. PW Marengo was seeking documentation that is necessary to secure cannabis licenses from the State of Michigan which has agreed to accept in the form of a simple two sentence statement from Marengo Township that because the property is zoned Agricultural it is exempt from requiring a Certificate of Occupancy.

After commencement of the litigation process, we ultimately secured the CO Letter from the Marengo Township Supervisor confirming that the property does not need a CO. The CO Letter is in the form that the CRA previously agreed to accept. Based on the receipt of the CO Letter, the CRA licensing process moved forward and on August 9, 2022, CRA performed a pre-licensure inspection and identified that no deficiencies existed. In addition to the CRA approval we received, we are required to secure the approval of the Michigan Bureau of Fire Services (“BFS”). The BFS process is currently underway but there is no certainty as to the timing to complete this process. Unfortunately, after receiving the CRA pre-approval for the property, the attorney for the Township sent an email to the CRA indicating the facility was not in compliance with the Township requirements. Based on this, we once again sought to convene the ZBA which occurred on September 7, 2022. Unfortunately, the ZBA did not vote on what was requested in the application but rather “denied a change of zoning” which was not sought. Accordingly, on September 27, 2022, PW Marengo filed an appeal of the outcome of the ZBA in the Court of Appeals/Circuit Court for the County of Calhoun in the State of Michigan (Case Number 20222609AA).

On October 14, 2022, the Calhoun Complaint was amended in its entirety with a focus on securing the necessary cooperation from Marengo Township as well as seeking damages.

We continue to try to work with the Township to establish a path forward but will continue to pursue a parallel track in litigation including a court ordered mediation process.

Millennium Inv & Acquisition Co (OTC:MILC) mainly focuses on opportunities in sustainable cannabis cultivation facilities. With the new SEC rules that took effect in late September, MILC is classified as a dark stock until they are fully reporting. The company stated it is in the process of becoming current. 

On Friday, the company filed its 10-Q for the June quarter, bringing itself a step closer to meeting all the necessary requirements. You can see more on the dark stocks implications in a series we issued over the past few months.