As California tax and fee regulators celebrate the approximately $300 million in sales and excise tax receipts brought in during the first year of recreational marijuana legalization in the state, Los Angeles-based Cannabis Strategic Ventures Inc. (OTC: NUGS) is honing its focus on supporting entrepreneurial growth within the fast-expanding industry through active buy-in by the company’s varied subsidiaries.
Analysts at Arcview Market Research and BDS Analytics predict that the legalization of adult-use recreational sales in California will lead to the creation of close to 99,000 cannabis industry jobs between 2018 and 2021 – 146,000 jobs overall, when ancillary industries are considered (http://cnw.fm/LTcl5). Cannabis Strategic Ventures’ Budhire subsidiary is equipped to play a key part in the growth of the industry by utilizing its proven recruitment strategy to match top employment candidates to a broad spectrum of cannabis industry jobs. The company also provides sector-specific outsourced professional employment and human resources consulting services.
The company’s Pure Applied Sciences subsidiary produces its PureOrganix brand as a line of high-quality, concentrated, organic and pure cannabis oils that meet current Good Manufacturing Practices (cGMP) standards and FDA guidelines. A March 18 report by The Street states that a rich universe of options continues to scale up around oils and edibles as people look for cannabis use options that don’t include burning the plant (http://cnw.fm/Jx58F).
A report by Zion Market Research predicts that the global cannabis oil market will reach approximately $2.46 billion by 2025, growing at a CAGR of around 49.5 percent from 2018’s $147-million level (http://cnw.fm/Fka3U).
Thus far in 2019, NUGS has filed an application for uplisting to the OTCQB Venture Market; announced that it will partner with a Santa Barbara County cultivation operation that holds about 40 commercial cannabis licenses in Southern California; revealed that it will add a six-acre Northern California site to its holdings after having obtained over 20 licenses for cannabis manufacturing, distribution and cultivation there; and secured an investment of up to $3 million from student-led business Triton Funds subsequent to an upcoming S1 registration statement, which will allow Cannabis Strategic Ventures to accelerate its cultivation business priorities and the expansion of its existing portfolio brands.
“California is instrumental in setting the pace for the larger cannabis industry — both nationally and globally, and we are thrilled to have found a local partner to escalate the projects that we believe will positively impact stakeholder value to create superior, sustainable returns,” Cannabis Strategic Ventures CEO Simon Yu stated in a news release (http://cnw.fm/k3qP9).
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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