LOS ANGELES and KINGSTON, Jamaica, April 05, 2022 (GLOBE NEWSWIRE) — PRESS RELEASE — NUGL Inc., a cannabis-focused, technology-based multimedia platform, announced today it has completed the previously announced acquisition of Kaya, Inc. 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, with a responsibility to build 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, three 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.
“Near-term, Kaya’s markets will be the U. S. and the Caricom countries. As we launch the Kaya brand in and 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,” Vaswani said. “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.
“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,” Melone said. “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.”