Cannabis Strategic Ventures (OTCQB: NUGS), an emerging leader in the U.S. cannabis marketplace, today announced 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. According to the update, the company, on June 9, 2019, entered into a material definitive agreement with LW Ventures Inc., under which the company was required 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 $8 million and to provide the company with 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, approval to acquire and transfer the licenses by the city of Los Angeles and state of California was delayed due to the Covid-19 pandemic. NUGS confirmed in the update resolution of the issue and receipt of final regulatory approval for the prior acquisition of four California cannabis licenses. “We are thrilled to finally get past these delays,” said Simon Yu, CEO of NUGS. “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. . . I look forward to presenting a more detailed view of those next steps very soon.”
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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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