Cannabis Strategic Ventures (NUGS), a Los Angeles based firm that offers outsourced personnel solutions to the cannabis industry, announced that it has entered into an agreement to acquire Pure Applied Sciences and its brand of organic and pure cannabis oils, PureOrganix.
“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. Consumers in the cannabis space demand quality. Pure has built its business around this demand for quality,” said Cannabis Strategic CEO Simon Yu in a statement.
Additionally Cannabis Strategic also announced that it would bring on the principals of Pure Applied Sciences, Christian Young and Mylad Piroozabacht, and as well as their executive teams. The company hopes to use its newly acquired brand, as well as the expertise of Young and Piroozabacht, to launch a new division of consumer brands.
“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,” Yu added.
This is Cannabis Strategic’s first acquisition as part of a previously announced financing and investment pool geared towards cannabis projects in California. Before moving into the California market, the company made similar investments in the state of Washington. Last month, Cannabis Strategic announced that it had hired L&L CPAs, PA to conduct a full audit of the firm. The company plans to use the audit to help increase liquidity, attract additional investors, and to use as a guide for when it seeks to uplist the company’s stock trading venue.