Technology-based multimedia platform NUGL Inc. NUGL has teamed up with the Kaya Group, a vertically integrated collection of medical cannabis companies, to utilize each other’s intellectual property and create jointly owned intellectual property.
Under the joint venture agreement, NUGL will issue convertible notes worth $400,000 in several tranches.
The collaboration is a step closer to a proposed merger with Kaya that is “an opportunity for further expansion and diversification internationally,” the company announced on Thursday.
The $400,000 note will convert into equity of Kaya if the merger is not completed.
“The strategic partnership of NUGL’s media infrastructure and KAYA authentic lifestyle brand and unique retail experience will help us chart new ground internationally as we continue to deliver high-quality services and products while building shareholder value,” NUGL CEO CJ Melone disclosed.
Based in Jamaica, Kaya Group runs a licensed cultivation facility, a processing facility, three retail dispensaries and conditional licenses to transport and operate therapeutic wellness spas. In addition, Kaya was the first to launch sales of medical cannabis in Jamaica in March 2018.
Bali Vaswani, chairman and CEO of Kaya, said that partnership with the Los Angeles company provides them with immediate access to public markets for capital for growth through acquisitions and partnerships.
“We introduced a ganja retail experience in 2018 by tailoring an Amsterdam style coffeeshop culture to modern-day legal Jamaica by respecting the roots of the culture of the island while maintaining the quality of high-grade medical ganja based on international standards,” Vaswani said. “We are very excited to work with the team at NUGL, which is just as passionate about our brand, and look forward to enhancing their media platform with new and immersive live content from each of our locations that can house over 1,000 patrons."
Photo: Courtesy of Esteban Lopez on Unsplash
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