Business
Cannabis Strategic Ventures Harvests First Cannabis Crop and provides an update on Strategic Investment Partner
Cannabis Strategic Ventures Harvests First Cannabis Crop and provides an update on Strategic Investment Partner.
About this update from Cannabis Strategic Ventures
[{"type":"text","content":"\nLOS ANGELES, Aug. 15, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- 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.\n 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 se...