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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 provided bridge funding to facilitate the transaction.
“We introduced a ganja retail experience in 2018 by tailoring an Amsterdam style coffeeshop culture to modern-day legal Jamaica by respecting the roots of the culture of the island while maintaining the quality of high-grade medical ganja based on international standards. We are very excited to work with the team at NUGL which is just as passionate about our brand and look forward to enhancing their media platform with new and immersive live content from each of our locations that can house over 1,000 patrons. Our partnership with NUGL provides us with a platform for immediate access to the public markets for capital for growth through acquisitions and partnerships,” stated Bali Vaswani, Chairman and CEO of Kaya.
The proposed transaction remains subject to customary closing conditions, including negotiation of definitive agreements and approval by the Jamaican Cannabis Licensing Authority.
About Kaya Group
Kaya is Jamaica’s leading vertically-integrated medical cannabis companies with diverse operations headquartered in Ocho Rios, which includes a licensed cultivation facility with over 70 genetics, a processing facility, three retail dispensaries, and conditional licenses to transport and operate therapeutic wellness spas. The Kaya Group 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. (www.kayaherbhouse.com)
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Certain statements in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses, or net earnings; projections of growth; and assumptions relating to the preceding. Such forward-looking statements generally start with the "plans," "anticipates," "expects," "believes," or similar words of like kind. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those outlined in, contemplated by, or underlying the forward-looking information. The company's business plan addresses these factors in greater detail, along with NUGL's current financial filings with the OTC Markets Group, Inc.