Business
NUGL Enters into Letter of Intent to Acquire National Cannabis Publication Company
NUGL Enters into Letter of Intent to Acquire National Cannabis Publication Company.
About this update from Nugl, Inc.
[{"type":"text","content":"\nLOS ANGELES, Oct. 15, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – NUGL Inc. (OTC: NUGL) (the “Company”), the cannabis industry's new standard of technology, today reports it has entered into a binding letter of intent (“LOI”) to purchase Nichols Publishing Company , Inc. (“Nichols Publishing”), an Iowa based corporation that publishes industry known magazine publications such as the Professional Marijuana Grower and Garden & Greenhouse.\n Robin Nichols founded Nichols Publishing over a decade ago and has since grown his magazine publications to a well-known brand.  Subject to a 30-day exclusive due diligence period and the execution of definitive agreements, the Company will acquire 100 percent of Nichols Publishing in exchange for $1 million in NUGL common stock. Following the acquisition, Nichols will join NUGL and will be responsible for the publication operation under the NUGL name. “Each magazine has a specific audience that is complementary to the NUGL business model.  Professional Marijuana Grower speaks to established businesses and Garden & Greenhouse speaks to the home enthusiast. The NUGL community is made up of businesses and enthusiasts, so these publications are a perfect fit for us. Their reach will expedite getting the word out about NUGL and what we’re all about,” said Ryan Bartlette, CMO of NUGL. NUGL and Nichols Publishing entered into a joint-venture marketing agreement 30 days ago. “The synergies between the magazines and NUGL’s software are aligned perfectly. Our user base utilizes our application to perform a function, and then they leave. Now, we can give our user base additional content and redirect NUGL traffic to the magazine and vice versa. Together, both companies are stronger, and we plan to expand the magazines’ readership in a big way,” said Bob Waters, V.P.  of Sales at NUGL.  Acquiring Nichols Publishing is just the beginning as NUGL strives to create a footprint that will help the cannabis industry grow and thrive. Both NUGL’s Android and Apple applications have recently been updated with increased functionality, and the long-awaited menu, which was just released, is receiving great feedback through its testing platform. NUGL is moving fast and continues to surprise the ca...