Cannabis Strategic Ventures to Acquire Staffing Group With $1.5 Million in Revenue
Apr 24, 2018, 09:25 ET
LOS ANGELES, April 24, 2018 /PRNewswire/ --
Cannabis Strategic Ventures, Inc. (the "Company")(OTC: NUGS) today announces the completion of definitive agreement to acquire Worldwide Staffing Group, Inc. ("Worldwide") Under the terms of the agreement, the Company will acquire 100% of Worldwide's issued and authorized shares and will begin recognizing Worldwide's revenues upon closing of the transaction. During 2017, the Worldwide Staffing's group booked approximately $1.5 million in revenues.
Worldwide will operate within the Company as an independent and separate wholly owned subsidiary providing strictly non-cannabis related employment and staffing services. Worldwide will continue to expand its operations in general Clerical and Administrative, Marketing, Accounting, and other verticals. The Company will leverage Worldwide's expertise in order to expand its business operations further into the cannabis staffing arena, with a particular emphasis on the California markets.
Simon Yu, CEO of Cannabis Strategic commented, "With several business analysts now predicting legal cannabis sales within North America to be at least $10 billion during 2018 and with estimated growth to over $24 billion by 2021, we clearly believe our staffing capabilities will be in a state of accelerating demand. The job demands in the Cannabis Sector are expanding into other job functions beyond the traditional Bud Trimmers and Bud Tenders. This acquisition better prepares us to meet the growth we are expecting through the end of this year, into next, and beyond. We welcome Worldwide Staffing into the Cannabis Strategic portfolio.
About Cannabis Strategic Ventures
Cannabis Strategic Ventures is based in Los Angeles and is focused on supporting entrepreneurial growth within the fast-growing legal cannabis sector. The Company, recently completed a name and symbol change from Cascade Energy, Inc. Cannabis Strategic Ventures offers outsourced personnel solutions that are tailor-made to match the growth dynamics of cannabis cultivators, manufacturers, dispensaries, and other cannabis marketplace participants. Cannabis Strategic Ventures is publicly traded on the OTC Markets with the stock symbol NUGS.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements.
Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
Contact: Simon Yu
Email: [email protected]
SOURCE Cannabis Strategic Ventures, Inc.
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