April 05, 2022 08:30 ET | Source: NUGL, Inc.
- The combined companies will showcase strong leadership teams, a portfolio of powerful brands and operations delivering quality at scale
- The new combined company will utilize multiple markets, retail locations, technologies, and distribution facilities, paired with solid backing and options to operate in numerous countries
LOS ANGELES and KINGSTON, Jamaica, April 05, 2022 (GLOBE NEWSWIRE) — NUGL Inc. (“NUGL”) (OTC: NUGL), a cannabis-focused, technology-based multimedia platform, announced today it has completed the previously announced acquisition of Kaya, Inc. (“Kaya”) in an all-stock transaction. Kaya shareholders received restricted shares of NUGL, Inc., which were issued pursuant to an exemption from registration provided by Section 4(2) of the Securities Act of 1933 as “Restricted Securities.” The Company has appointed Bali Vaswani, Chairman, and CEO of Kaya, as its CEO. CJ Melone, CEO of NUGL Inc., was appointed Chief Operating Officer of the combined companies, responsible for building out the Kaya brand through established partnerships in key markets. NUGL, Inc. is expected to change its name to “Kaya Group Inc.
Kaya was the first to open a medical cannabis location in Jamaica in March 2018 and has established itself as a leading supplier and supporter of medical cannabis throughout the Caribbean. Its diverse operations include a licensed cultivation facility, processing facility, 3 retail herb houses, and one ganja franchise in Punta Del Este, Uruguay. Cannabis analytics firm Headset projects legal U.S. cannabis sales to surpass $30 billion this year and reach $45.8 billion by 2025. In addition to the U. S. market, Jamaica and the other Caricom countries are considered to be one of the fastest-growing cannabis markets. In April 2015, the Government of Jamaica amended the Dangerous Drugs Act (DDA) to decriminalize cannabis possession, legalize home cultivation for medicinal, spiritual, and sacramental use, and create a new, licensed industry for medical cannabis and hemp. In addition to this landmark legislation, a number of Caricom (Caribbean Community) countries are exploring the use of cannabis in health and wellness, with investors seeking to increase products for local use and export.
Bali Vaswani, Chairman, and CEO of Kaya said, “Near-term, Kaya’s markets will be the U. S. and the Caricom countries. As we launch the Kaya brand qand expand into new markets, we expect to benefit tremendously from NUGL’s print and digital core media assets. Each of our locations can house over 1,000 patrons, which is an ideal scenario for hosting live content on NUGL’s platform.” Mr. Vaswani continued, “I look forward to working with the talented NUGL team as we integrate and align our cultivation, retail, and operational practices to continue providing our patients and customers with best-in-class product offerings and retail experiences.”
NUGL is a community-driven, cannabis business directory and search app offering an unbiased platform for businesses and consumers to interact. NUGL combines a digital and print magazine with its cannabis friendly multimedia platform to provide marketing opportunities in print, digital and video format. NUGL connects cannabis companies across the nation, bringing the cannabusiness community closer together while facilitating connections with consumers in emerging and expanding markets. In line with the acquisition of Kaya, NUGL has hosted live concerts with reggae artist like Popcaan “Vanquish” Acoustic Show, Kymani Marley, Beenie Man, David Rodigan, Chronixx, Keznamdi, Jesse Royal, Jah9, Lila Ike, Protoje and Toots, and The Maytals.
CJ Melone, CEO of NUGL Inc., stated, “We are very optimistic as we join forces with Kaya to create one of the most prominent cannabis companies in the U. S. and the Caricom. With our shared core philosophies and complementary areas of expertise, we expect to execute on our collective vision immediately. In the evolving and fast-growing cannabis industry, the opportunities to better achieve our mission through consolidation led us to this historic moment.” Mr. Melone continued, “With Kaya’s strategic national footprint in the Caricom markets and NUGL’s success in execution in print, digital media, and social media assets, we believe we have the potential to create the most important and investable company in cannabis. There is no better team in the industry to maximize the potential of this market defining combination.”
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 40 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, Australia and South America through its ganja franchise with Quantum Ventures in Punta Del Este, Uruguay. For more information on Kaya please visit www.kayaherbhouse.com.
About NUGL Inc.
NUGL is a cannabis business directory and search app that offers an unbiased platform for both businesses and consumers. Our app seamlessly blends with our digital and print magazine, and our cannabis friendly multimedia platform providing marketing opportunities for business profiles, in print, digital and video format. NUGL is community-driven, and together we’ve built a place where all things cannabis can be welcomed and enjoyed by all.
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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.
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