NUGL Inc. Announces $20 million Equity Raise to Kaya Group Joint Venture
Rhea-AI Summary
NUGL has successfully completed a Regulation A capital raise of 20 million USD. This funding aims to support the joint growth strategy with Kaya Group across the USA, Jamaica, Caribbean, and Uruguay. The companies plan to launch global technology and media initiatives while introducing Kaya's cannabis products to the US market, starting in California. Kaya is expanding with a new retail location in Montego Bay and aims to reach more Caribbean countries as they legalize cannabis. The merger is expected to finalize soon, creating significant growth opportunities.
Positive
- Successful completion of a 20 million USD capital raise.
- Joint growth strategy between NUGL and Kaya Group across multiple countries.
- Kaya's product launch in California marks an important market entry.
- Expansion of Kaya with new retail presence in Montego Bay.
Negative
- None.
News Market Reaction – NUGL
In the trading session that priced this news, NUGL gained 82.07%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
LOS ANGELES, CA , Oct. 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 completed the approval and publication of a Regulation A capital raise maximum in the amount of 20M USD.
The capital raise will fund the joint growth strategy into the respective countries of operation for Kaya Group and NUGL Inc. The 2022 budget, which will be announced by year-end 2021, includes and is not limited to the USA, Jamaica, Caribbean, and Uruguay. The expansion consists of NUGL’s global technology and media launch and Kaya’s cannabis products entering the US market, debuting in California.
“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.”
After the merger, NUGL / Kaya will be a global, multifaceted company with diverse revenue streams. The combined resources and expanded international exchange will give the companies significant growth opportunities to complement one another. The companies’ combined ownership of multiple markets, retail locations, technologies, and distribution facilities, paired with solid backing and options to operate in numerous countries, will efficiently address the best fit for their combined long-term growth.
Kaya is in the process of opening its 4th retail location located in Montego Bay. The spacey location includes a Café, Herb House cannabis store, a Higher Standards pop-up with a Vibes Rolling area complimented with a Square Grouper 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.
Both companies are committed to finalizing the merger in the coming weeks.
About Kaya Group
Kaya is Jamaica’s leading vertically-integrated medical cannabis company 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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Forward-Looking Statements
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.
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