Los Angeles-based Cannabis Strategic Ventures has announced the first cannabis harvest from its Northern California NUGS Farm North cultivation facility. According to the company, funding for the harvest and the NUGS Farm North operation was made possible through an $8,000,000 investment from LW Ventures. "The operation has quickly positioned Cannabis Strategic Ventures as one of the largest greenhouse-based mixed lighting cultivators in California," the team with the company says.
Following the inaugural harvest, Cannabis Strategic Ventures expects continuous weekly harvests through October with new winter crops planted immediately thereafter. While the Company is not yet prepared to offer formal guidance as to the weight of the current and follow on harvests, Cannabis Strategic Ventures expects to measure the harvest in the thousands of pounds.
“We are extremely optimistic and excited about NUGS Farm North and the LW Ventures partnership. The opportunity came at a time when the CBD and Cannabis landscape in California was changing rapidly,” said Simon Yu, CEO, Cannabis Strategic Ventures.”
Under terms of strategic investment agreement with LW Ventures, Inc., LW committed to $8 million in funding for NUGS Farm North operations, a team of operators to scale the six-acre farm, rights to a Downtown Los Angeles cultivation, manufacturing and retail operation and a commitment to raise additional capital, as needed. In exchange, the Company committed to issuing LW Ventures restricted preferred shares and a lesser amount of common shares, as well as several board seats. The Company plans to completely disclose the strategic investment in press releases and regulatory filings, after the material definitive agreement is signed and closed, that will include accounting and financial guidance.
Yu added, “The partnership with LW Ventures was a rare opportunity. Their strategic investment and capital injection have already returned strong results with our current harvest, and with the buildout of our NUGS Farm North facility.”