NUGS to Take Full Operational Control of Downtown LA Cannabis Dispensary – Yahoo Finance
Company will begin to record sales from first “MDRN Tree” dispensary location next month
LOS ANGELES, Oct. 26, 2021 (GLOBE NEWSWIRE) — via InvestorWire – Cannabis Strategic Ventures (OTCQB: NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is excited to announce that the Company is set to take full operational control of the downtown Los Angeles “MDRN Tree” cannabis product dispensary, the Company’s first in-house end-market consumer-facing retail sales outlet.
NUGS will begin to record sales from the dispensary on its books beginning in November 2021.
“We continue to build a full farm-to-sale vertical model, and MDRN Tree is a big part of that vision,” noted Simon Yu, CEO of NUGS. “It’s exciting to watch the pieces come together, and we look forward to supplying and growing the MDRN Tree brand, and continuing to develop a model that will give our cultivation business wider distribution at potentially higher margins.”
Management notes that NUGS has been working diligently with its accounting and operations team to ensure a smooth transition as it takes over operational control at the dispensary. The downtown Los Angeles MDRN Tree dispensary will represent the implementation of one of the Company’s recently acquired California cannabis licenses.