Photo by Cannabis Strategic Ventures
The trailblazing company NUGS is excited to update current and future shareholders with their recently-deployed newly acquired licenses, one of which is the grand opening of NUGS’s leading cannabis brand, MDRN Tree. The brand is set to launch in Los Angeles sometime this fall.
Once MDRN Tree is up and running, NUGS plans to establish more licenses to develop an indoor cultivation facility. The facility will hold up to 1,200 grow lights, forecasted to produce 2-3 pounds of premium exotic cannabis flower per light every harvest. With approximately 5.75 harvests each year, it’s projected to produce over 15,000 pounds of premium exotic cannabis each year.
During its release date on September 23, NUGS entered a material definitive agreement in 2019 with LW Ventures, Inc. The agreement assigned NUGS’ equity to LW shareholders for up to $8 million in funding and the transfer of four cannabis licenses issued by the City of Los Angeles and the State of California for the sale, cultivation, distribution, and manufacturing of cannabis products.
“After securing key licensing, we are wasting no time in deploying those assets to launch one of California’s top vertical cannabis models,” said CEO of NUGS, Simon Yu.
“MDRN Tree will be our factory retail store – our direct interface with our end-market community – where we plan on showcasing the cannabis flower produced at our NUGS Farm North cultivation site.
This farm-to-sale model offers the potential to drive simultaneous gains in quality control and profitability, and I look forward to providing further updates as we make strides in this direction.”
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