Business
NUGL Inc. Enters Into Strategic Joint Venture With Jamaica’s Leading Medical Cannabis Company
NUGL Inc. Enters Into Strategic Joint Venture With Jamaica’s Leading Medical Cannabis Company.
About this update from Nugl, Inc.
[{"type":"text","content":"\n LOS ANGELES, Aug. 05, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- NUGL Inc. (OTC: NUGL) (the \"Company\"), a search directory and multimedia platform for the cannabis industry, is pleased to announce it has entered into a joint venture agreement with Kaya Group, Jamaica’s leading, vertically-integrated group of medical cannabis companies, to share intellectual property as an interim step to a proposed merger with Kaya. As part of the joint venture agreement NUGL has agreed to issue, in a series of tranches, $400,000 USD aggregate principal amount of convertible notes. The joint venture agreement allows Kaya and the Company to begin utilizing each other’s intellectual property to strengthen each brand and create jointly owned intellectual property. In addition, the parties have agreed to work towards a definitive merger transaction. Should the companies not complete the merger, the $400,000 note will convert into equity of Kaya. Kaya Group is Jamaica’s leading, vertically-integrated medical cannabis company with diverse operations that include a licensed cultivation facility, processing facility, three retail dispensaries, and conditional licenses to transport and operate therapeutic wellness spas. Kaya was the first to open a medical cannabis retail location in Jamaica in March 2018 and has since established itself as a leading supplier and exporter of medical cannabis throughout the Caribbean and South America through its ganja franchise with Quantum Ventures in Punta Del Este, Uruguay. The proposed merger will give both NUGL and KAYA an opportunity for further expansion and diversification internationally as more countries decriminalize or put in place new regulatory and legal frameworks for the sale and use of cannabis. “The strategic partnership of NUGL’s media infrastructure and KAYA authentic lifestyle brand and unique retail experience will help us chart new ground internationally as we continue to deliver high-quality services and products while building shareholder value,” stated NUGL CEO CJ Melone. The proposed merger will benefit the shareholders of NUGL Inc. and capitalize on the expansion of the Kaya brand internationally.  NUGL has filed a REG A and has identified five Kaya ventures in three additional countries. Tangiers Capital, a long-time investor of NUGL, has provid...