Cannabis Strategic Ventures, Inc. (NUGS) Aims to Clear Higher Hurdle in Reporting Standards
- Completion of full audit for fiscal year ended March 31, 2018
- Close of three-year audit required to become fully reporting company with SEC
- Plans afoot to uplist to a higher OTC Markets tier
Cannabis Strategic Ventures, Inc. (OTC: NUGS) wants to be an open book. The company has announced the completion of a full audit for its fiscal year ended March 31, 2018. This marks the close of the three-year audit required as a condition of becoming a fully reporting company with the U.S. Securities & Exchange Commission (SEC). Cannabis Strategic Ventures will utilize the audit results to file future reports and disclosures with the SEC and move the company to fully reporting status. The company will also use the fully reporting status to uplist to a higher OTC Markets tier (http://nnw.fm/i8Swy).
The OTC Markets in some ways resemble traditional debutante balls, for they allow investors an introductory look at public companies by publicizing information about the companies and their securities prices. A company that wants to appear on an OTC Market – OTCQX, OTCQB or Pink – must get its securities to be the subject of broker-dealer quotes on OTC Link ATS. To quote a company’s securities, a broker-dealer must seek approval from the Financial Industry Regulatory Authority (FINRA) by submitting a Form 211. Unlike on the senior stock exchanges, such as the NYSE or the Nasdaq, OTC companies do not list their own stock for trading. Rather, the securities are quoted on OTC Link ATS. Consequently, securities appearing on the OTC platforms are, strictly speaking, “quoted” not “listed.” Moreover, securities quoted on the OTCQX, OTCQB and Pink markets may trade without being registered with the SEC.
Being “quoted” is, typically, the first step toward being “listed,” which offers many advantages for a company’s securities, including better price determination and increased liquidity. Holders of the securities also benefit from increased information about the company, which becomes mandatory, as well as access to an orderly marketplace, the reassurance of regulatory oversight and the availability of trading information and pricing. As it heads for fully reporting status, NUGS’ securities are set to benefit from this increased transparency.
The company, based in Los Angeles, California, focuses on supporting entrepreneurial growth within the fast-growing legal cannabis sector, and it has embarked on a number of ventures that align with that initiative. Together with True Promise Beauty, the company will be developing a new line of cannabidiol (CBD)-based luxury skin and hair care products – LYXR – from ingredients like hemp-derived phytocannabinoids and other natural components (http://nnw.fm/O6hXu).
Additionally, Cannabis Strategic Ventures recently announced its acquisition of The Asher House Pet CBD brand, a line of U.S. hemp-derived cannabidiol (CBD) supplements for pets, which targets a market vertical that’s becoming increasingly popular (http://nnw.fm/p4hnY). The company also acquired the hemp-based brand Fitamins CBD, which provided a line of vitamin and hemp-derived CBD products that will be distributed through a network of 600+ wholesalers serving the Asian-American market (http://nnw.fm/K8SeC).
Cannabis Strategic Ventures also offers bespoke personnel solutions to match the growth dynamics of cannabis cultivators, manufacturers, dispensaries and other cannabis marketplace participants. Earlier this year, it announced a definitive agreement to acquire all issued and authorized shares of Worldwide Staffing Group, Inc. (Worldwide). The acquisition is expected to boost revenues substantially. For 2017, Worldwide’s revenues were approximately $1.5 million (http://nnw.fm/lD0JI).
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