Cannabis Strategic Ventures
Harvests
First
Cannabis
Crop
and provides an update on
Strategic
Investment
Partner
LOS ANGELES,
CA -- August 15, 2019 -- InvestorsHub NewsWire
-- Los
Angeles-based Cannabis Strategic Ventures Inc. (OTC: NUGS) today
announced
the
first
cannabis
harvest
from
its
Northern
California NUGS Farm
North cultivation facility.
Funding for
the harvest and the NUGS Farm North operation was made
possible
through
an
$8,000,000
investment
from LW Ventures, Inc, a financial
partner with significant
cannabis cultivation
expertise. The
operation has
quickly positioned
Cannabis
Strategic Ventures as
one of the
largest greenhouse
based mixed
lighting cultivators in
California.
Following the
inaugural harvest, Cannabis Strategic Ventures expects
continuous weekly
harvests
through
October
with
new
winter
crops
planted immediately
thereafter.
While the Company is not yet prepared to offer formal guidance as
to the weight of the current and follow
on harvests,
Cannabis Strategic Ventures
expects
to
measure
the
harvest in the
thousands of pounds.
"We are
extremely optimistic and excited about NUGS Farm North and the
LW Ventures
partnership.
The opportunity
came at a time
when the CBD and Cannabis landscape in
California was changing
rapidly," said Simon
Yu, CEO, Cannabis Strategic Ventures. "The
synergy
between Cannabis
Strategic Ventures and LW
Ventures,
and our
joint development
of NUGS Farm
North has
led to
a
full realignment
of our
existing
business
strategy.
In a matter of months, our Company is
now positioned to
be one of the largest greenhouse mixed-light
cannabis cultivation in the state of California. We are also
announcing today that we are nearing
the completion of the terms and
conditions for our material definitive investment agreement
with
LW
Ventures.
Once
finalized,
the LW Ventures
investment
will
include
millions of dollars in capital and
an
injection of significant assets to complement our already
growing cannabis
portfolio."
Under terms
of strategic
investment agreement with LW
Ventures, Inc.,
LW
committed to $8
million in
funding for NUGS Farm
North operations, a team of operators to scale the
six-acre
farm,
rights to a
Downtown Los Angeles cultivation, manufacturing and retail
operation and
a
commitment to
raise additional capital,
as
needed. In exchange,
the
Company committed to
issuing LW
Ventures
restricted
preferred shares and a lesser
amount
of
common shares as well as several board seats. The Company
plans to completely
disclose the strategic
investment in press
releases and
regulatory filings,
after the material definitive agreement is signed
and
closed, that will
include accounting and financial guidance.
Yu
added "The
partnership with LW Ventures was a rare
opportunity.
Their strategic
investment and capital injection have already
returned
strong results with our current harvest,
and
with
the buildout
of our NUGS Farm North facility. Without LW's
investment and
operational expertise in cultivation, we wouldn't have
scaled
as
quickly.
Having
strategic partners that are committed to providing financial and
operational support is rare,
as
more and more license holders are
still searching for investors to build their extremely
capital
intensive projects
or are
struggling to scale their
operations with inexperienced master growers."
About Cannabis Strategic Ventures
Cannabis Strategic Ventures, Inc. is
a
publicly traded
state licensed cannabis
cultivator in the
California.
The Los Angeles-based
Firm
incubates, develops and partners with category leaders in the
cannabis sector.
The Cannabis Strategic Ventures
NUGS brand experience provides
strategic
operational and financial partnerships and a range of
essential
business
services to emerging and existing cannabis brands. Cannabis
Strategic Ventures is publicly traded on the U.S. Over the Counter
Market with the stock symbol NUGS.
FORWARD-LOOKING STATEMENTS: There is no assurance the contemplated
transactions outlined herein will transpire. 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.
Contact:
Arlene Guzman
Phone:+1-310-359-6860
Email: IR@CannabisStrategic.com
Website:
http://www.CannabisStrategic.com