- Board strengthened through appointment of independent directors
- Additional talent rounds up management team as preparations for planned uplisting escalate
- Pursuit of over 20 cannabis licenses from California Bureau of Cannabis Control continues
- NUGS plans to develop 250,000 square feet of cultivation space
Cannabis Strategic Ventures Inc. (OTC: NUGS) recently added a number of cannabis industry insiders to its executive team and board of directors. In October 2018, the company announced the appointment of Alan Tran to its board of directors. Tran brings strong financial and strategic skills to Cannabis Strategic Ventures, having led several successful management, consulting and financial teams, not only within the cannabis, health care and technology market sectors, but also within leading Fortune 500 companies. More recently, NUGS has declared its intention to add two independent directors to the board. This is a precursor to its planned uplisting to the OTCQB Venture Market. The company also intends to add additional brands and assets to its portfolio.
“The following board of director and team appointments reflect the growth we’ve experienced as a company and our commitment to positioning Cannabis Strategic Ventures as a leader in the cannabis industry,” Simon Yu, CEO of Cannabis Strategic Ventures, noted in a news release. “As we begin the uplisting process and take advantage of increasingly favorable cannabis legislation worldwide, having a leading team in place will allow us to quickly scale and address industry demands.”
The board of directors was strengthened through the appointments of Tad Mailander and Jesus Quintero (http://ibn.fm/Vqqjx). Mailander, who is currently a director of American Cannabis Company, is an attorney with experience in handling SEC-related matters. Jesus Quintero is presently CFO of MassRoots, a leading technology platform for the cannabis industry. Quintero previously served as CFO of Brazil Interactive Media. He has a wealth of experience in public company reporting. Accounting scandals in the 2000s have caused Congress and a variety of regulatory bodies to strengthen governance requirements – including the appointment of independent directors – for public companies.
NUGS’ executive suite will also see two new faces. The company has named Chris Young as its chief strategy officer. Young, who is currently a board member, is an accomplished entertainment lawyer, fashion entrepreneur and venture capital investor. Arlene Guzman will become vice president of communications and operations. Guzman previously worked at Vantage Point Capital Partners, a firm with more than $4.5 billion in capital under management. She brings over 15 years’ experience as a communications and operations professional in the venture capital and government spaces.
Cannabis Strategic Ventures expects its planned uplisting to provide readier access to capital, as well as increasing the market and liquidity of the company’s securities. Recently, the company finalized the audit of its fiscal year ended March 31, 2018, marking the last of three audits required by the U.S. Securities & Exchange Commission (SEC) as a condition of becoming a fully reporting company.
The company has been executing a number of initiatives over the past few months. Earlier in December, it announced its pursuit of over 20 cannabis licenses from the California Bureau of Cannabis Control, which it expects will lead to the development of a substantial cannabis growth operation of approximately 250,000 square feet of turnkey greenhouse space. NUGS will commence cultivating as soon as licenses are issued (http://ibn.fm/iVdJl).
In November, details of a deal with Biolog Inc. were announced. NUGS and Biolog, a portfolio client, will embark on a program to develop water-soluble cannabis technologies for use in cannabis- and phytocannabinoid-rich infused foods, beverages and consumer products.
In July, NUGS signed an agreement with Sunniva Inc. (CSE: SNN) (OTCQX: SNNVF), under which a Sunniva subsidiary, CP Logistics, LLC (“CPL”), will provide cannabis concentrate extraction services to Pure Applied Sciences, Inc. (“PAS”), a wholly-owned subsidiary of Cannabis Strategic Ventures. CPL will perform white label services, producing high quality, ultra-purified cannabis extracts out of its Sun-Oil Facility in Cathedral City, California, for PAS under the “Pure Organix” brand – a brand that was recently acquired by Cannabis Strategic Ventures. The agreement is for a 12-month term and may be renewed for an additional 12 months at the request of PAS at the expiry of the initial term (http://ibn.fm/cBH56).
For more information, visit the company’s website at www.CannabisStrategic.com
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