Cannabis Strategic Ventures Announces Final Regulatory Approval for Prior Acquisition of Four California Cannabis Licenses
Cannabis Strategic Ventures (OTCQB: NUGS) has successfully completed the transfer of four crucial cannabis licenses from the State of California and the City of Los Angeles. Delayed due to COVID-19, the approval was finally granted on August 9, 2021, following a prior agreement with LW Ventures, Inc. This agreement included an $8 million investment to support NUGS operations. With the licenses now secured, NUGS plans to transition control of related operations in Fall 2021, aiming to enhance its position in the competitive California cannabis market.
- Acquisition of four critical cannabis licenses enhances operational capabilities.
- A $8 million funding commitment from LW Ventures strengthens financial position.
- Strategic positioning expected to lead to significant growth in the California cannabis market.
- None.
LOS ANGELES, Sept. 23, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Cannabis Strategic Ventures (OTCQB: NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is excited to announce the long-awaited completion of the transfer of cannabis licenses related to strategic activity from 2019 by the State of California and the City of Los Angeles.
On June 9, 2019, the Company entered into a material definitive agreement with LW Ventures, Inc. (“LW”) the terms and conditions of which required the Company to restructure its preferred equity and issue common shares to exchange for shares of LW. In turn, LW agreed to fund Company operations up to
However, acquiring and transferring the licenses was contingent upon approval of the change of ownership of the licenses by the City of Los Angeles and State of California, and such approval was delayed due to the Covid-19 pandemic.
The Company is pleased to announce that this has finally been resolved. On Aug. 9, 2021, following prior approval by the State of California, the company was notified that the City of Los Angeles at last approved the change of ownership applications resulting in final regulatory approval of the Company acquiring all four licenses by both authorities.
Now that the license transfer process has been completed, the Company can work to complete its transition plan to take over control of related operations, a process that should be completed during the fall of this year.
Simon Yu, CEO of NUGS, noted: “We are thrilled to finally get past these delays. These four licenses provide the regulatory backing for a series of major next steps critical to realizing our vision of becoming a top-tier farm-to-door vertically integrated premium cannabis company with dominant positioning in the thriving California cannabis marketplace. And I look forward to presenting a more detailed view of those next steps very soon.”
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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.
Corporate Contact:
Email: IR@CannabisStrategic.com
Website: http://www.CannabisStrategic.com
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FAQ
What licenses has Cannabis Strategic Ventures acquired?
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