Business
Cannabis Strategic Ventures CEO Cancels 60 Million Shares to Increase Shareholder Value and to Uplist to OTCQB
Cannabis Strategic Ventures CEO Cancels 60 Million Shares to Increase Shareholder Value and to Uplist to OTCQB.
About this update from Cannabis Strategic Ventures
[{"type":"text","content":"\nLOS ANGELES, Dec. 12, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Cannabis Strategic Ventures, Inc. (OTC:NUGS), today announced a major common share restructuring led by Chief Executive Officer, Simon Yu, who will cancel 60 million shares as part of the Company’s efforts to increase shareholder value and to uplist on the OTCQB Venture Market Place. The OTCQB Tier, which has more stringent reporting standards, compliance requirements and requires that companies maintain minimum share prices and be fully reporting, provides investors with increased transparency. Typically, uplisting to a higher tier results in greater awareness and liquidity for the issuer. \n Cannabis Strategic Ventures latest share restructuring expands on an August 2018 undertaking where the Company canceled 75.6 million shares, including 20 million from Yu. Both share cancellations aim to increase value for investors and to qualify the company for OTCQB uplisting. “2018 has been a tremendous year for the cannabis industry, marijuana stocks and cannabis investors. Reducing the number of outstanding shares increases the value for our shareholders and signals management’s commitment to building an industry-leading organization,” said Simon Yu, CEO, Cannabis Strategic Ventures. “Along with increasing shareholder value, moving to a higher tier exchange is a priority for our Company. OTCQB, will help broaden our shareholder base, provide better access to institutional investors and create additional value to current shareholders.” A report by Arcview Market Research, in partnership with BDS Analytics, highlights the burgeoning cannabis industry and predicts that worldwide consumer spending on legal cannabis is projected to reach $57 billion by 2027, with adult-use cannabis making up the majority of spending at $38.3 billion. Yu added, “As cannabis-friendly legislation expands nationally and globally, and as the industry gains new consumers, Cannabis Strategic Ventures will be positioned to add shareholder value through calculated and impactful acquisitions.” About Cannabis Strategic Ventures Cannabis Strategic Ventures is a Los Angeles based firm that incubates, develops and partners with category leaders within the cannabis sector. The Firm’s NUGS brand experience provides mentorship and a range of essent...