Cannabis Strategic Ventures (OTCQB: NUGS), an emerging leader in the U.S. cannabis marketplace, today announced its entry into a memorandum of understanding (“MOU”) between Cannabis Strategic Ventures and Devine Solutions Inc., a California corporation. The MOU relates to the proposed acquisition by NUGS of an indoor cannabis cultivation facility in Sacramento, California. Under the terms of the MOU, the company intends to purchase 10% of the facility at a valuation of $15 million for the entire facility, with an option to purchase an additional 41% of the facility (which would comprise a controlling 51% stake) at this same valuation. “This deal represents the potential to sharply increase our premium cannabis production capacity and materially augment our status as an emerging leader in the vertically integrated California cannabis marketplace,” said Simon Yu, CEO of NUGS. “We have already amassed years of experience refining our cultivation methods and strains in an outdoor framework with our NUGS Farm North site. Adding a top-tier indoor cultivation operation stands to help us further build upon that success and drive more volume in the premium flower market, which has powerful implications given our recent expansion into the dispensary marketplace with our MDRN Tree downtown LA dispensary location. The combination grants NUGS expanding operations at both ends of the farm-to-sale model.”
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About Cannabis Strategic Ventures Inc.
Cannabis Strategic Ventures 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 www.CannabisStrategic.com.
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