Juva Life has sold an underutilized physical asset for the net sum of $1.1 million.
Juva identified its two assets located in Stockton, California as the San Juan and Navy Drive facilities. "The 30,000 sq. ft. San Juan facility is progressing at a rapid pace and the Company subsequently determined the nearby 11,500 sq. ft. Navy Drive facility was nonessential and elected to find a buyer," Juva team explains. "Juva’s indirect wholly-owned subsidiary, VG Enterprises, which had held title on the facility since 2018 and had applied for and received several key permits regarding certain proposed cannabis-based cultivation operations, was able to successfully effect a purchase agreement with a local buyer which included the facility and permits. The agreement sets forth the terms and conditions of the sale at the agreed upon net purchase price of $1.1 million (USD)."
"In related news, the highly active Stockton location is rapidly moving forward with the interior build-out of the facilities and ongoing cultivation activities," they continue. "As noted previously, to accelerate the first two harvests, VP of Horticulture, Thomas Leschak and his team elected to expedite timelines by utilizing fully propagated cannabis clones provided by a 3rd party. The results have been outstanding and the Juva team is confident its first crop will be harvested on or by May 13, 2021. The horticulture team are already looking ahead and have selected cultivars from our extensive genetics inventory for introduction into our ongoing commercial production."
Company Founder and CEO, Doug Chloupek advises, “Our activities in Stockton are really coming together nicely. We realized the two facilities were too close together and Navy Drive was simply too small, so the sale made perfect sense. The price was right, and we were pleased to find an interested buyer quite quickly. Our remaining Stockton facility is now our prime asset in this outstanding territory.”
“We have made incredible progress at the San Juan facility and I wanted to let everyone have a behind the scenes peek at what we have been up to. Consequently, we arranged a photo shoot to share our progress with our shareholders,” notes Chloupek. “I invite everyone to take a look at the photos on the cultivation page of our website and bookmark the page for reference as we plan to add more images in future.” Click Here to View Photos.
“Lastly, and speaking of bookmarks, please mark this date: Tuesday May 25th, for an opportunity to watch a live presentation and Q&A session I will be offering on that day.” Doug continues, “More information will be provided in our next news release and on our website regarding times and ways to access the presentation. I sincerely look forward to your participation as we hope to provide meaningful insights regarding our plans for value generation, commercial activities, research efforts and ongoing strategic plans.”