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CannabisNewsBreaks – Cannabis Strategic Ventures Inc. (NUGS) Announces Final Regulatory Approval for Prior Acquisition of Four California Cannabis Licenses

Company: Cannabis Strategic Ventures Inc. (NUGS)
Category: News

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.”

To view the full press release, visit https://cnw.fm/M2xHH

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.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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