California’s pioneering entry into the medical cannabis and recreational marijuana industries continues to attract challenges, as exemplified through recent concerns over an expected supply shortage when some 10,000 cultivators’ temporary state licenses expired at the end of April (http://cnw.fm/IOIu2).
As California’s legal infrastructure struggles to find a solution to keep businesses operating legally and to stave off costly lawsuits, companies such as Los Angeles-based Cannabis Strategic Ventures Inc. (OTC: NUGS) that have placed a priority on holding licenses that keep them in the state’s good graces are positioned to weather the regulatory storms with a corporate calm that allows them to focus all of their efforts on core mission fundamentals.
NUGS’ year began with announcements that it would partner with a Santa Barbara County cultivator that holds about 40 commercial cannabis licenses (http://cnw.fm/28JjB) and that NUGS has also garnered over 20 licenses for cannabis cultivation, manufacturing and distribution, allowing it to proceed with breaking ground on a six-acre Northern California canopy cultivation site known as The NUGS Farm (http://cnw.fm/8VsD6), establishing a presence for the company at both ends of the state.
“Establishing The NUGS Farm and securing these licenses are significant milestones for Cannabis Strategic Ventures,” CEO Simon Yu stated in a news release. “We are proud of what we have accomplished at this stage of the company. As the cannabis industry expands, and as we work to make cannabis legal on a federal level, Cannabis Strategic Ventures will be in position to touch on all areas of cannabis production.”
Cannabis Strategic Ventures is focused on supporting entrepreneurial growth within the legal cannabis sector, which has gained an explosive degree of popularity and social awareness in North America during recent years. The company is building a portfolio of varied subsidiaries and, in February, gained a boost to that end from an investment of up to $3 million from a university student initiative known as Triton Funds, announced as effective once an upcoming S1 registration statement is completed.
One company subsidiary benefitted in April from significant media attention after Luke Barton and Lee Asher of the Asher House shelter dog adoption enterprise appeared on the Ellen DeGeneres show and were honored for their efforts to help pets find homes, receiving a $10,000 check from DeGeneres’ ally, ShutterFly Inc. (http://cnw.fm/KkcR0), as well as news coverage following the appearance (http://cnw.fm/4wYHh). Asher House joined the Cannabis Strategic Ventures team last year when NUGS acquired a controlling interest in Asher House’s Pet CBD line of hemp-derived cannabidiol supplements (http://cnw.fm/Kioi7).
California remains the world’s largest cannabis market, and researchers at BDS Analytics forecast that sales of cannabis will hit $5.1 billion this year in the state (http://cnw.fm/LK2lc). Continuing this trend, Cannabis Business Plan analysts predict that the state industry will reach $7.7 billion in annual revenues by 2022 (http://cnw.fm/EtKB0).
For more information, visit the company’s website at www.CannabisStrategic.com
NOTE TO INVESTORS: The latest news and updates relating to NUGS are available in the company’s newsroom at http://cnw.fm/NUGS
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