Juva Life Announces Completion of Construction on Redwood City Retail Cannabis Storefront and Soft Opening Date
Juva Life Announces Completion of Construction on Redwood City Retail Cannabis Storefront and Soft Opening Date
Redwood City, California – June 21st, 2023 - Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (FRANKFURT: 4VV) ("Juva Life" or the "Company"), Juva Life, Inc, a life science company with both pharmaceutical research and development and consumer-facing operations in cannabis production and distribution, is pleased to announce the completion of construction on its highly anticipated retail cannabis store in Redwood City, California. The Company is now preparing for its soft opening scheduled for June 23rd, 2023.
"We are thrilled to announce that construction on our Redwood City retail location has been successfully completed. Our team has worked diligently to create a beautiful cannabis storefront that will provide an exceptional customer experience," stated Doug Chloupek, CEO and Founder of Juva Life. "As the highest-scoring applicant during the permitting process, we are proud to have been awarded a permit to operate a retail cannabis business in Redwood City. This milestone allows us to expand our presence and strengthen our connection with the local community."
The new retail store is located in Downtown Redwood City, at 2301 Broadway Street, and will offer a wide range of premium cannabis products to adult consumers. Customers can expect a curated selection of high-quality products, expert staff, and a welcoming atmosphere designed to enhance their cannabis shopping experience. Juva Life’s existing delivery operations are being consolidated into the new retail store, allowing for operational efficiencies and cost savings.
Redwood City's retail cannabis program was developed in collaboration with community support after the state's legalization of adult-use cannabis sales in 2018. In addition, Juva Life was the highest-scoring applicant during the permitting process, highlighting the Company's commitment to excellence and regulatory compliance.
Juva Life continues to focus on pharmaceutical research and cannabis science. The Company's ongoing efforts include the advancement of JUVA-019 and JUVA-041, two promising compounds that are currently undergoing preclinical in vivo trials. These research endeavors aim to unlock the potential therapeutic applications and benefits of the cannabis plant.
"We remain dedicated to our dual-pronged approach, combining our consumer-facing operations with cutting-edge pharmaceutical research. Our commitment to scientific discovery and our mission to understand the potential benefits of cannabis is unwavering," said Doug Chloupek, emphasizing the Company's focus on driving innovation and growth in the industry.
The Company is pleased to announce that it issued convertible unsecured notes to JLL Ventures Inc. and JT Labs LLC (together, the “Holders”) for CAD$2,230,400 bearing interest at 30% per annum due and payable on December 1, 2024 (the “Note”). In the event of default or non-payment, the Note is convertible into common shares of the Issuer by dividing (i) the Converted Amount and (ii) the Conversion Price then in effect, rounded down to the nearest whole number of shares. Related to this relationship, the Company is also issuing a total of 2,186,666 warrants to these parties and another entity, each convertible into one share of the Company, exercisable at $0.054 per warrant until June 1, 2028.
The Company would also like to announce that on June 5, 2023, 17,220,000 stock options were canceled.
ON BEHALF OF THE BOARD,
-Doug Chloupek-
Doug Chloupek, CEO and Founder
Juva Life Inc.
About Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (FRA: 4VV)
Juva Life is employing state-of-the-art pharmaceutical research and development to discover, develop and commercialize safe and effective cannabis products. The Company is leveraging multi-disciplinary research experts across various fields standardization of cultivation, extraction, and formulation to offer consumers reproducible medical benefits. Juva is building upon these natural product process chemistry skills, to now include discovery pharmacology through a validated discovery technology platform. The Company will leverage revenue derived from its retail operations to advance JUVA-019, JUVA-041, and other potentially valuable non-cannabinoid bioactives for consumer and pharma product applications. Juva is working to bring the cannabis market face to face with the sector’s next generation investment grade business model. Find out more at: https://juvalife.com/.
For further information, please contact:
Juva Life Investor Relations
Tel: +1 833-333-5882 (JUVA)
Email: inquiries@juvalife.com
Forward Looking Statement
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; product development, commercialization strategy and future collaborations.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s management discussion and analysis for year ended December 31, 2020 under the heading “Risks and Uncertainties”. Accordingly, readers should not place undue reliance on any such forward-looking information.
Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
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