NUGL Inc. (OTCMKTS:NUGL) Stock Extends Rally: Soars 65% In a Week
NUGL Inc. (OTCMKTS:NUGL) was up 25%, and the stock is up 64% in a week. The Company has announced the signing of a definitive acquisition agreement to purchase all outstanding KAYA LLC shares and economic interests.
Market Stats
On Monday, NUGL stock surged 28.53% to $0.0410 with more than 367K shares, compared to its average volume of 21k shares. The stock moved within a range of $0.0338 – 0.0600 after opening trading at $0.0338.
NUGL Inc. to Acquire Kaya LLC, A Vertically Integrated Cannabis Company
The deal includes the acquisition of Island Kaya Group Limited, Jamaica Ganja Corporation, Kaya Extracts Ltd, Island Kaya Tours Ltd, The Herb Company Limited, Irish Rover Limited, and Island Kaya Spa Ltd. The agreement will be subject to customary closing conditions and necessary corporate and shareholder approvals.
Kaya is a fully integrated marijuana firm permitted to harvest, prepare, supply, and sell cannabis products in Jamaica through its partner Island Kaya. NUGL is scheduled to be renamed “Kaya Group Inc.” immediately after the Transaction. Kaya is among Jamaica’s premier vertically integrated medicinal marijuana firms and the first medicinal marijuana firm from the Caribbean. In Punta Del Este, Uruguay, Kaya operates a registered growing facility, a processing center, three retail herb stores, and a ganja franchise. So, NUGL is worth watching.
Key Quote
“Our shared vision of continued investment into our core markets, while we focus on launching the brand in International markets with their core media assets in print and digital, makes this a complimentary fit for both companies,” said Bali Vaswani, Chairman and CEO of Kaya.
Traders Corner
NUGL stock is trading above the 20-Day and 50-Day Moving averages of $0.0310 and $0.0314 respectively. However, the stock is trading below the 200-Day moving average of $0.0423.
