Business
Cannabis Strategic Ventures Announces Final Regulatory Approval for Prior Acquisition of Four California Cannabis Licenses
Cannabis Strategic Ventures Announces Final Regulatory Approval for Prior Acquisition of Four California Cannabis Licenses.
About this update from Cannabis Strategic Ventures
[{"type":"text","content":"\n LOS ANGELES, Sept. 23, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Cannabis Strategic Ventures (OTCQB: NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is excited to announce 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. On June 9, 2019, the Company entered into a material definitive agreement with LW Ventures, Inc. (“LW”) the terms and conditions of which required the Company 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, acquiring and transferring the licenses was contingent upon approval of the change of ownership of the licenses by the City of Los Angeles and State of California, and such approval was delayed due to the Covid-19 pandemic. The Company is pleased to announce that this has finally been resolved. On Aug. 9, 2021, following prior approval by the State of California, the company was notified that the City of Los Angeles at last approved the change of ownership applications resulting in final regulatory approval of the Company acquiring all four licenses by both authorities. Now that the license transfer process has been completed, the Company can work to complete its transition plan to take over control of related operations, a process that should be completed during the fall of this year. Simon Yu, CEO of NUGS, noted: “We are thrilled to finally get past these delays. 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. And I look forward to presenting a more detailed view of those next steps very soon.” Cannabis Strategic Ventures has a growing social media presence. Follow us on: Twitter: @NUGS_stock Facebook: https://www.facebook.com/NUGSstock/ Instagram: @nugs_farm About C...