LOS ANGELES, Oct. 05, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Cannabis Strategic Ventures (OTC:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is pleased to update current and prospective shareholders as the Company begins to deploy its newly acquired licenses, including the upcoming grand opening of the Company’s customer-facing cannabis dispensary brand, “MDRN Tree,” which will open its first Los Angeles location sometime this fall.
After the launch of MDRN Tree, the Company plans to deploy another of its new licenses for the establishment of an indoor cultivation facility with the capability of up to 1,200 grow lights, projected to produce 2-3 lbs. of premium exotic cannabis flower per light per harvest across an estimated 5.75 harvests per year, suggesting an upside potential for total production capacity of over 15,000 lbs. of premium exotic cannabis flower per year.
As discussed in its release dated September 23, the Company entered into a material definitive agreement in 2019 with LW Ventures, Inc. (“LW”) involving the assignment of NUGS equity to LW shareholders in exchange for up to $8 million in funding and the transfer of four cannabis licenses issued by the City of Los Angeles and the State of California for the Retail Sale, Cultivation, Distribution, and Manufacturing of cannabis products.
However, due to the Covid-19 pandemic, approval of the transfer of licenses was delayed until recently: On August 9, 2021, following prior approval by the State of California, the Company was notified that the City of Los Angeles approved the change of ownership applications resulting in final regulatory approval to transfer all four licenses to NUGS.
“After securing key licensing, we are wasting no time in deploying those assets to launch one of California’s top vertical cannabis models,” noted Simon Yu, CEO of NUGS. “MDRN Tree will be our factory retail store – our direct interface with our end-market community – where we plan on showcasing the cannabis flower produced at our NUGS Farm North cultivation site. This farm-to-sale model offers the potential to drive simultaneous gains in quality control and profitability, and I look forward to providing further updates as we make strides in this direction.”
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About Cannabis Strategic Ventures
Cannabis Strategic Ventures Inc. (OTC: NUGS) is one of the largest publicly traded marijuana cultivators in the United States. The Company is Los Angeles-based and incubates, develops and partners with category leaders within the cannabis and ancillary sectors. The Firm's NUGS brand experience provides operational and financial strategic partnerships and a range of essential services to emerging and existing Cannabis consumer brands.
For more information, visit http://www.CannabisStrategic.com.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance.
Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
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Source: Cannabis Strategic Ventures, Inc.
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