NUGL, Inc. (OTC Pink: NUGL) is a Los Angeles-based multimedia platform and search directory for the cannabis industry. Shares of the cannabis technology company are surging 83% through early trading on Tuesday, October 5, 2021. Over the past thirty days, NUGL has seen average daily volume of 28,227 shares. However, volume of 2.58 million shares or dollar volume of $174,150, has already exchanged hands through early trading Tuesday.
Shares of NUGL are soaring after the company announced that its Regulation A offering has been approved to raise a maximum of $20 million. The cannabis company says the gross proceeds from the Reg A will fund its joint venture growth strategy with Kaya Group. This includes expanding NUGL’s technology and media, as well as launch Kaya’s cannabis products into the U.S. market, beginning with California.
NUGL previously announced its joint venture with Kaya Group, a leading Jamaican medical cannabis company, in August 2021 as a precursor to a merger between the two entities. With the Reg A approval, management notes the merger is still in focus and will create a diversified cannabis consumer goods and technology company with multiple markets, retail locations, technologies, distribution capabilities, and more. The two entities estimate the merger will be completed in the coming weeks.
We have slowly been introducing Kaya to the NUGL community with video, live interviews, and written articles in our digital magazine,” stated Ryan Bartlette, COO of NUGL. “We feel it is essential that Kaya is introduced organically to our community and our investors. Kaya is an amazing company that has built a fantastic brand with an even more incredible team, and we want our audience to hear Kaya’s story first-hand through NUGL’s media outlets.”
Kaya is currently in the process of opening its fourth retail location in Montego Bay. The retail location will feature a café, Herb House cannabis store, a Higher Standards popup location with a Vibes Rolling area, as well as a bar and pizzeria.
“We are very excited to be able to build out our footprint in countries like Cayman, Barbados, and the Bahamas in 2022 as more Caribbean countries decriminalize or legalize ganja”, stated Bali Vaswani Chairman and CEO of the Kaya Group.
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