Business
NUGL Records Consecutive Quarterly Growth with Accelerating Revenues
NUGL Records Consecutive Quarterly Growth with Accelerating Revenues.
About this update from Nugl, Inc.
[{"type":"text","content":"\nRevenue Growth Occurs as Company Greatly Reduces Corporate Debt\n LOS ANGELES, CA, May 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – NUGL Inc. (OTC: NUGL) (the “Company”), a technology and multimedia platform for the cannabis industry, is pleased to announce it has posted consecutive increased quarterly earnings that reflect an over 200% increase in revenue compared to the same quarter of the previous year.  NUGL’s quarterly financials continue to exceed the expectations of management. First quarter revenues increased by 33% and were generated from multiple sources and revenue streams. NUGL generated revenue from all three publications, NUGL Magazine, Garden and Greenhouse and Professional Marijuana Grower in both digital and print formats.    Notably, NUGL also converted over 50% of its debt to stock during Q1, further strengthening the bottom line. This conversion of over $500k in debt at a minimal discount to market lowered the overall company debt by more than 50%. This leaves NUGL with a much stronger balance sheet in Q1 and provides NUGL shareholders with less risk of dilution in the event of future stock conversions. “The financials are strong and sales growth is accelerating. The software is the foundation of our business and supports NUGL’s diversification into multimedia platforms. All three publications have positive cash flow and are complimentary to the software’s marketing spend, increasing our return on investment,” stated Tom Bouse, CFO, NUGL Inc.  NUGL has built the only one-stop-shop solution for cannabis businesses to grow and thrive. At present, NUGL believes there is nothing in the industry that provides both digital and print media while integrating networking capabilities through software.  NUGL also launched NUGL Media Group, which now consists of three publications and an in-house digital ad server.  “Marketing for cannabis can exceed 20% or even 40% of gross sales.  NUGL offers a more robust, cost-effective marketing alternative for cannabis companies through our multimedia platform,” stated Bouse. NUGL recently launch NUGL MD, an online telehealth application connecting medicinal marijuana patients and doctors.  NUGL MD currently runs alongside NUGL I...