- Appointment of new board member with expertise in finance
- Company is preparing to uplist to a national exchange
- BudHire subsidiary to offer staffing services to cannabis industry
- Retail initiatives continue under “Pure Organix” brand
The appointment of Alan Tran to the board of directors of Cannabis Strategic Ventures, Inc. (OTC: NUGS) augurs well for the company’s fortunes, because it is an action that’s likely to be replicated across the cannabis industry. A report in Forbes (http://cnw.fm/70IvM) titled ‘Marijuana is the Fastest-Growing Job Category, Top Recruiting CEO Says’ shows that those forces are already in play. Now that 31 states and Washington, DC have legalized medical marijuana and 10 of those jurisdictions have done the same with recreational cannabis, “there’s 445 percent growth in job listings… year over year.” Cannabis Strategic Ventures aims to capitalize on that trend. Earlier this year, the company completed a definitive agreement to acquire Worldwide Staffing Group, Inc., which, in 2017, booked approximately $1.5 million in revenues. Its hire of Tran is the first in a series of steps to be taken as it prepares to uplist its common shares to a national exchange.
Cannabis Strategic Ventures anticipates that the proposed uplisting will provide readier access to capital. Undoubtedly, it will increase the market and liquidity of the company’s securities. In preparation for the uplisting, the company finalized the audit of its fiscal year ended March 31, 2018, marking the completion of the last of three audits required by the U.S. Securities & Exchange Commission as a condition of becoming a fully reporting company. Tran’s expertise in finance and strategy is expected to play a crucial role as the company takes its operations to the next level (http://cnw.fm/RYcx1).
The legal cannabis industry is projected to reach over $24 billion by 2021, growth that will only be possible if staffing requirements are satisfied. As the industry matures, a variety of supporting services will be needed, creating thousands of jobs. Some of those, like bud trimmers, bud tenders and customer service reps, will “touch” the plant, but many others, including those in fields such as accounting, marketing and legal, will not. The company’s acquisition of Worldwide Staffing positions it to leverage the latter’s expertise in general clerical, administrative, marketing, accounting and other verticals (http://cnw.fm/7upvJ). However, Worldwide Staffing will be operated as an independent subsidiary, providing strictly non-cannabis-related employment and staffing services.
Staffing services for the cannabis industry will fall under the aegis of another subsidiary, BudHire, an outsourced employment service specifically designed to meet the growing needs of cannabis-related business operations. BudHire will utilize a proven recruiting formula to match the most qualified candidates to a broad spectrum of cannabis-related jobs. The division will offer both temporary and permanent staffing solutions, as well as professional employment organization services and human resources consulting to the cannabis industry.
In addition, Cannabis Strategic Ventures is continuing its retail initiatives. In July, it signed an agreement with Sunniva Inc. (CSE: SNN) (OTCQX: SNNVF), under which a Sunniva subsidiary, CP Logistics, LLC (CPL), will provide cannabis concentrate extraction services to Pure Applied Sciences, Inc. (PAS), a wholly owned subsidiary of Cannabis Strategic Ventures. CPL will perform white label services, producing high quality, ultra-purified cannabis extracts out of its Sun-Oil Facility in Cathedral City, California, for PAS under the “Pure Organix” brand name, a brand recently acquired by Cannabis Strategic Ventures. The agreement is for a 12-month term and may be renewed for an additional 12 months at the request of PAS at the expiry of the initial term (http://cnw.fm/5zGZH).
For more information, visit the company’s website at www.CannabisStrategic.com
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