- 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://ibn.fm/aHlVj).
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://ibn.fm/Il4aa).
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://ibn.fm/HOD3O).
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://ibn.fm/Cgdye).
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://ibn.fm/xjeuV).
For more information, visit the company’s website at www.CannabisStrategic.com
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