LOS ANGELES, Oct. 05, 2021 (GLOBE NEWSWIRE) — via InvestorWire — Cannabis Strategic Ventures (OTC:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is pleased to update current and prospective shareholders as the Company begins to deploy its newly acquired licenses, including the upcoming grand opening of the Company’s customer-facing cannabis dispensary brand, “MDRN Tree,” which will open its first Los Angeles location sometime this fall.
After the launch of MDRN Tree, the Company plans to deploy another of its new licenses for the establishment of an indoor cultivation facility with the capability of up to 1,200 grow lights, projected to produce 2-3 lbs. of premium exotic cannabis flower per light per harvest across an estimated 5.75 harvests per year, suggesting an upside potential for total production capacity of over 15,000 lbs. of premium exotic cannabis flower per year.
As discussed in its release dated September 23, the Company entered into a material definitive agreement in 2019 with LW Ventures, Inc. (“LW”) involving the assignment of NUGS equity to LW shareholders in exchange for up to $8 million in funding and the transfer of four cannabis licenses issued by the City of Los Angeles and the