Business
NUGL Inc. Closes Acquisition Of Kaya LLC, One Of Jamaica’s Leading, Vertically Integrated Medical Cannabis Companies
NUGL Inc. Closes Acquisition Of Kaya LLC, One Of Jamaica’s Leading, Vertically Integrated Medical Cannabis Companies.
About this update from Nugl, Inc.
[{"type":"text","content":"\n The combined companies will showcase strong leadership teams, a portfolio of powerful brands and operations delivering quality at scaleThe new combined company will utilize multiple markets, retail locations, technologies and distribution facilities, paired with solid backing and options to operate in numerous countries LOS ANGELES and KINGSTON, Jamaica, April 05, 2022 (GLOBE NEWSWIRE) -- NUGL Inc. (“NUGL”) (OTC: NUGL), a cannabis-focused, technology-based multimedia platform, announced today it has completed the previously announced acquisition of Kaya, Inc. (“Kaya”) in an all-stock transaction. Kaya shareholders received restricted shares of NUGL, Inc., which were issued pursuant to an exemption from registration provided by Section 4(2) of the Securities Act of 1933 as “Restricted Securities.” The Company has appointed Bali Vaswani, Chairman and CEO of Kaya, as its CEO. CJ Melone, CEO of NUGL Inc., was appointed Chief Operating Officer of the combined companies, with a responsibility to build out the Kaya brand through established partnerships in key markets. NUGL, Inc. is expected to change its name to “Kaya Group Inc. Kaya was the first to open a medical cannabis location in Jamaica in March 2018 and has established itself as a leading supplier and supporter of medical cannabis throughout the Caribbean. Its diverse operations include a licensed cultivation facility, processing facility, 3 retail herb houses, and one ganja franchise in Punta Del Este, Uruguay. Cannabis analytics firm Headset projects legal U.S. cannabis sales to surpass $30 billion this year and reach $45.8 billion by 2025. In addition to the U. S. market, Jamaica and the other Caricom countries are considered to be one of the fastest growing cannabis markets. In April 2015, the Government of Jamaica amended the Dangerous Drugs Act (DDA) to decriminalize cannabis possession, legalize home cultivation for medicinal, spiritual and sacramental use, and create a new, licensed industry for medical cannabis and hemp. In addition to this landmark legislation, a number of Caricom (Caribbean Community) countries are exploring the use of cannabis in health and wellness, with investors seeking to increase products for local use and export. Bali Vaswani, Chairman and CEO of Kaya, said, “Near-term, Kaya's markets will be...