- NUGS “wasting no time” in deploying assets to launch one of California’s top vertical cannabis models
- Company plans to deploy another new license for establishment of indoor cultivation facility
- Four licenses provide regulatory backing for a series of major next steps critical to NUGS’ strategy
An emerging leader in the U.S. cannabis marketplace, Cannabis Strategic Ventures (OTC: NUGS) is taking key steps forward in its strategic plan to implement a farm-to-sale model (https://cnw.fm/KCY3A). The company is beginning to deploy its newly acquired licenses, including the opening of its first Los-Angeles-based, customer-facing MDRN (Modern) Tree cannabis dispensary.
“After securing key licensing, we are wasting no time in deploying those assets to launch one of California’s top vertical cannabis models,” stated NUGS CEO Simon Yu. “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.”
After the launch of MDRN Tree, NUGS 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. Based on that, the facility could produce anywhere from two to three pounds of premium exotic cannabis flower per light per harvest, with an estimated 5.75 harvests per year. The company projects “an upside potential for total production capacity of over 15,000 lbs. of premium exotic cannabis flower per year.”
These milestone moves are the result of an agreement the company entered into last year where the company received a cash investment of up to $8 million in funding and the assignment of four cannabis licenses: retail, cultivation, distribution and manufacturing. The license transfer was finalized in September of this year, but NUGS has only officially taken over the accounting and operations of existing retail locations. The company is in the process of identifying the next steps to take over the remaining licenses following by cultivation operations.
The global pandemic slowed progress on NUGS’ strategic development of its plans, but the company is now moving forward. “We are thrilled to finally get past these delays,” said Yu (https://cnw.fm/FptMY). “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.”
According to Yu, the company is moving quickly to deploying these new assets to launch one of California’s top vertical cannabis models. “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,” said Yu. “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.”
Cannabis Strategic Ventures Inc. is a publicly traded cannabis cultivators in the United States. The company focuses on medical and legal recreational cannabis sector. The company provides temporary, permanent and long-term staffing solutions, employment and human resources consulting to the legal cannabis sector. In addition, the company’s wholly owned subsidiary, NUGS Farm North, is a legal state-licensed cannabis cultivator in the state of California with more than six acres of greenhouse.
For more information, visit the company’s website at www.CannabisStrategic.com.
NOTE TO INVESTORS: The latest news and updates relating to NUGS are available in the company’s newsroom at http://cnw.fm/NUGS
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