Last Updated on: 22nd November 2023, 01:34 am
Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (FRANKFURT: 4VV), a pioneering life science company engaged in pharmaceutical research and development as well as consumer-focused cannabis production and distribution, is delighted to announce the successful completion of construction on its eagerly awaited retail cannabis store in Redwood City, California. The Company is now preparing for a soft opening scheduled for the 23rd of June, 2023.
“We are extremely pleased to confirm the completion of construction on our retail location in Redwood City. Our dedicated team has put in significant efforts to create an exquisite cannabis storefront that promises an exceptional customer experience,” remarked Doug Chloupek, Founder and CEO of Juva Life. “Being the highest-scoring applicant during the permitting process, we are honored to have received the permit to operate a retail cannabis business in Redwood City. This achievement allows us to expand our presence and forge stronger connections within the local community.”
The new retail store is situated in Downtown Redwood City, precisely at 2301 Broadway Street, and will offer a diverse range of premium cannabis products tailored to adult consumers. Customers can anticipate a meticulously curated selection of top-notch products, knowledgeable staff, and a warm and inviting ambiance designed to elevate their cannabis shopping experience. Juva Life’s existing delivery operations will be consolidated into the new retail store, enabling operational efficiencies and cost savings.
Redwood City’s retail cannabis program was developed in collaboration with robust community support following the state’s legalisation of adult-use cannabis sales in 2018. Furthermore, Juva Life emerged as the highest-scoring applicant during the rigorous permitting process, underscoring the Company’s steadfast commitment to excellence and adherence to regulatory standards.
While maintaining its focus on pharmaceutical research and cannabis science, Juva Life continues to advance the development of two promising compounds, JUVA-019 and JUVA-041, which are currently undergoing preclinical in vivo trials. These ongoing research endeavors aim to unlock the potential therapeutic applications and benefits of the cannabis plant.
“We remain fully dedicated to our dual approach, combining consumer-centric operations with cutting-edge pharmaceutical research. Our unwavering commitment to scientific exploration and our mission to understand the vast potential of cannabis continue to drive our pursuit of innovation and growth within the industry,” emphasised Doug Chloupek, highlighting the Company’s strategic focus.
In addition, Juva Life is pleased to announce the issuance of convertible unsecured notes to JLL Ventures Inc. and JT Labs LLC (collectively referred to as the “Holders”) for CAD$2,230,400, bearing an annual interest rate of 30% and due on the 1st of December, 2024 (the “Note”). In the event of default or non-payment, the Note can be converted into common shares of the Issuer, calculated by dividing the Converted Amount by the Conversion Price in effect at the time, rounded down to the nearest whole number of shares. As part of this arrangement, the Company is also granting a total of 2,186,666 warrants to the aforementioned parties and another entity. Each warrant is convertible into one share of the Company and can be exercised at a price of $0.054 per warrant until the 1st of June, 2028.
Additionally, the Company announces the cancellation of 17,220,000 stock options on the 5th of June, 2023.
