Stealing headlines is Cannabis Strategic Ventures, Inc. (OTCPINK:NUGS) who announced on Tuesday the acquisition of Pure Applied Sciences and its line of organic and pure cannabis oils and related accessories, PureOrganix. The company will acquire 100 percent of all Pure Applied properties and assimilate principals Christian Young and Mylad Piroozabacht along with their entire executive team.
Cannabis Strategic Ventures, who recently changed their name and symbol from Cascade Energy, Inc., is based out of Los Angeles. According to a statement the company offers “outsourced personnel solutions” for various participants in the marijuana sector. Management hopes to carve out unique opportunities in the industry through the development of new consumer brands.
"Today, we announce the completion of our first acquisition,” remarked Cannabis Strategic CEO Simon Yu. “Pure Applied Sciences was extremely attractive to us because of its extensive portfolio of ultra-high quality products. It's difficult for many small companies to conform with Current Good Manufacturing Practices (cGMP) and to meet FDA guidelines for Active Pharmaceuticals Products (API), but this team has excelled in this area. It's an important aspect of the product line that will allow for significant expansion."
The company recently made their first move into the California cannabis market when they announced last month the signing of a letter of intent with a two-acre cannabis cultivation and processing project in Santa Barbara County. It was the company’s first move out of Washington state into a new market to expand their portfolio. At the time, the company said they would look to pursue more opportunities in other areas of the cannabis sector, including real estate, cultivation, extraction, packaging and dispensary operations.
In their announcement about the acquisition of Pure Applied Sciences, Cannabis Strategic touted the credentials of the new company’s two principals Christian Young and Mylad Piroozabacht. While Young began his career outside of cannabis, Piroozabacht started with extraction companies early in his career.
“We are also very pleased the main principals of Pure are joining the Cannabis Strategic team. Chris has considerable marketing experience that will help us grow across all our product lines and Mylad has the science background to head our development efforts. We welcome them to the NUGS family," commented Yu.
Cannabis Strategic Ventures fell $0.09 per share on Tuesday, a decline of 4.35 percent on lower than average trading volume. The company closed out the trading day at $1.98 per share.