Juva Life Inc. Updates Shareholders on Financial Status and Upcoming Receivership Hearing
Juva Life Inc. Updates Shareholders on Financial Status and Upcoming Receivership Hearing
Redwood City, California – November 5, 2024 – Juva Life Inc. (CSE: JUVA) (OTC EXPERT MARKET: JUVAF) (FRANKFURT: 4VV) Juva Life Inc., (“Juva” or the “Company”), a life science company with both pharmaceutical research and development and consumer-facing operations in cannabis production and distribution, has been facing a series of challenges that has hindered its ability to both operate as well as meet its financial obligations. This serves as an update to Juva’s shareholders regarding recent developments within the Company.
As previously noted in our June 21, 2022 press release, Juva entered into a Secured Promissory Note with Pelorus REIT Corporation (“Pelorus”) for $11,827,000. On August 26, 2022, Douglas Chloupek, CEO of Juva, unrelated to the debt transaction with Pelorus, personally invested $250,000 into Pelorus’ investment products, representing approximately 0.0725% of its $345 million assets under management. In June 2023, believing it was on a clear path to profitability, Juva issued CAD $2,230,400 in convertible unsecured notes to JLL Ventures Inc. and JT Labs LLC bearing a 30% annual interest rate and payable by December 1, 2024. Juva also issued 2,186,666 warrants related to these notes each exercisable at CAD $0.054 per warrant. On August 3, 2023, Juva funded the formation of Elie Pharmaceuticals Corp. as an independent joint venture vehicle to raise funds for its pharmaceutical initiatives. Elie Pharmaceuticals was established with Mr. Chloupek as its sole director and shareholder, a temporary structure intended to facilitate fundraising. No Juva assets have been transferred to Elie Pharmaceuticals to date and Elie Pharmaceuticals has no current assets. Despite extensive efforts, Juva was unable to secure such funding, and Elie Pharmaceuticals is now in the process of being dissolved.
During the past two years, Juva has faced numerous operational challenges while also being impacted by a decline in the overall stability of the California cannabis market. According to SFGate, approximately 78% of cannabis businesses in California have closed, highlighting the broader challenges facing the industry. In addition, there has been a sharp decline in prices for wholesale cannabis, where Juva has seen prices drop by nearly 70% over the last two years. Operationally, Juva’s cultivation process has been negatively impacted by third-party clone vendors providing plants that were infected with viruses, fungi, or pests coupled with on-going mechanical issues with major HVAC and generator systems. These issues have led to poor yields which, when combined with low market prices, have resulted in substantial revenue shortfalls and recurring monthly losses.
This unsustainable situation culminated in Juva’s default on the Secured Promissory Note with Pelorus in February 2024, Juva’s default of the payment due to JLL Ventures in August 2024, and Juva’s default of the payment due to JT Labs in November 2024. It has also resulted in the layoff of all employees and closure of operations at Juva’s cultivation facility in Stockton, CA as of October 31, 2024.
In an effort to service Juva’s debts, over the past year, Juva's management team has actively marketed its assets, including the retail store in Redwood City and the cultivation, manufacturing, distribution, and delivery business in Stockton, California. Despite outreach to hundreds of potential buyers, the challenging economic environment and market uncertainty have hindered viable offers for these assets.
To that effect in July 2024, Juva listed the Stockton facility for sale through Capitol Rivers, Inc., and shifted the focus to finding a cannabis cultivation tenant willing to acquire the operating entity and enter a long-term lease agreement, thereby facilitating the sale of the building. Unfortunately, despite best efforts and substantial price discounts, no tenant has been secured, and sales efforts have been limited by requirements from Pelorus, the primary lienholder, which must approve any transaction.
Pelorus officially issued a Notice of Event of Default on July 11, 2024. As Juva has been unable to cure this default, Pelorus has requested the court to appoint a receiver, with the hearing scheduled for November 6, 2024. If appointed, the receiver will assume control of Juva's assets.
If the court appoints a receiver on November 6, 2024, Kevin Singer of Receivership Specialists will assume control over Juva’s assets. The receiver’s duties include securing and managing all Juva properties and business operations, stabilizing financials, and overseeing necessary maintenance to preserve value. The receiver will evaluate options to sell the assets to recover funds owed to Pelorus, with court oversight. Throughout this process, Juva’s management will have limited involvement, as operational control will shift to the receiver until a resolution, such as asset sales or other remedies, can be reached to satisfy outstanding obligations. Once the receiver has completed asset sales and accounted for the proceeds, the court will determine Juva’s remaining financial position. If proceeds are insufficient to cover all debts, the company may still hold residual debt obligations, subject to creditor claim terms and court rulings. Shareholders should note that, as creditor claims take priority, equity recovery is unlikely unless substantial funds remain after all debts are settled.
Juva's management is currently working on several potential transactions to acquire the funds to repay Pelorus. In light of these potential transactions, on October 31, 2024 Juva requested Pelorus stay its request for appointment of a receiver for 120 days. Unfortunately, this request was denied by Pelorus.
Unrelated to the foregoing, on or about May 9, 2024, Juva received a letter from the U.S. Securities and Exchange Commission (SEC) notifying Juva that its auditor, BF Borgers, had been suspended from appearing or practicing before the Commission. As a result, Juva was disallowed from including their audit reports or consents in any filings with the SEC. Consequently, Juva was required to hire a new auditor to re-audit its 2022 financials before preparing the 2023 audited financials. This delay prevented Juva from meeting the May 17, 2024, deadline to file its 2023 Form 1-K under SEC Rule 15c2-11. Due to non-compliance, Juva was moved to the Expert Market on an unsolicited quotes-only basis, and the exchange issued a cease-trade order. Additionally, on June 5, 2024, Juva requested an extension from the BC Securities Commission, which granted an extension until July 12, 2024. However, despite its best efforts, Juva could not complete the re-audit in time, leading to its suspension from trading on both the Canadian Securities Exchange and the OTCQB in the United States.
Juva's management has made exhaustive efforts to refinance the debt, sell assets, and raise funds to pay Juva’s outstanding debts. Unfortunately, none of these efforts have proved successful. While this outcome is disheartening, Juva's management wants to ensure that all of Juva’s shareholders are fully informed as to the current state of the Company, the challenges the Company has faced, and the impending receivership hearing. On behalf of the Board, I would like to express our sincere gratitude to all investors and shareholders who have believed in Juva's mission and supported us during these difficult times.
ON BEHALF OF THE BOARD,
-Doug Chloupek-
Doug Chloupek, CEO and Founder
Juva Life Inc.
For further information, please contact:
Juva Life Investor Relations
Tel: +1 833-333-5882 (JUVA)
Email: inquiries@juvalife.com
Find out more at: https://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 the period ending September 30, 2023 , 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 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 and the OTC Experts Market do not accept responsibility for the adequacy or accuracy of this release.
Juva Life Unveils New Cannabis Vape Category – Rosin Absolute – Introduces Infused Flower Offerings and Announces Partnership with Cloudius9
Juva Life Unveils New Cannabis Vape Category – Rosin Absolute – Introduces Infused Flower Offerings and Announces Partnership with Cloudius9
Redwood City, California – April 16, 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 thrilled to announce the upcoming launch of Rosin Absolute, a new cannabis vape category developed by its flagship brand, Frosted Flowers.
Following the initial announcement on October 3, 2023, Frosted Flowers has been diligently working on bringing Rosin Absolute to the California marketplace. This innovative product features a custom-designed glass cartridge containing Rosin Absolute, a cultivar-specific cannabis oil produced using an FDA and EU approved solvent for food additives.
Employing perfuming technologies not commonly utilized in the cannabis industry, Frosted Flowers has integrated this solvent into its extraction methods to capture the true aroma and flavor of the source material. The benefits of this extraction method include low-temperature, low-pressure extraction that requires no post-processing, resulting in a pure cannabis extract that closely resembles the experience of consuming cannabis flower without the presence of plant matter.
In addition to Rosin Absolute, Frosted Flowers is proud to introduce its infused flower line. This product starts with Frosted Flowers’ premium indoor flower which is then coated with cultivar-specific isolate to enhance potency. Utilizing the isolate, a byproduct of Rosin Absolute’s extraction process, allows Juva Life to maximize return on investment from all its outputs. Available for orders now, the Infused Flower line will start delivering to the market towards the end of the month.
Rosin Absolute and the infused flower line made their debut at Hall of Flowers, an industry tradeshow in Ventura, California on March 13, 2024 and elicited an overwhelmingly positive response from industry professionals and retail buyers alike. The successful unveiling marks a significant milestone for Frosted Flowers and sets the stage for the official launch into the California marketplace later this month.
In addition to the development of Rosin Absolute, Juva Life is proud to announce its partnership with Cloudius9 to incorporate their innovative Carti9 vape device into the product catalog. This strategic collaboration not only expands Juva Life's product offerings, but also maximizes return on investment by providing consumers with a streamlined and enhanced vaping experience.
"We are excited to introduce Rosin Absolute, our latest innovation in cannabis vaping, and our infused flower product line to the California market," said Doug Chloupek, CEO of Juva Life. "With Rosin Absolute, we are updating the vaping experience by delivering a pure, cultivar-specific cannabis extract that captures the true essence of the plant. Our partnership with Cloudius9 further underscores our commitment to providing consumers with high-quality, cutting-edge products."
"The Carti9 introduces a portable water filtration system seamlessly integrated into a 510 cannabis concentrate vape cartridge. This new design produces cooler, lower temperature vapor compared to traditional 510 thread devices, unlocking the full spectrum of terpenes and flavors in the underlying vape cartridges. We're thrilled to collaborate with Juva Life to launch this innovative product, perfectly complementing their new Frosted Flowers' Rosin Absolute line. Together, we offer consumers a truly elevated experience in experiencing cannabis concentrate like never before," stated Richard Huang, CEO of Cloudious9.
Both Frosted Flowers' Rosin Absolute and Cloudius9’s Carti9 device represent a significant advancement in the cannabis industry, offering consumers a premium vaping experience that prioritizes purity, flavor, and effect. To learn more about Frosted Flowers products, including Rosin Absolute and the infused flower, visit www.frostedflowers.com/.
ON BEHALF OF THE BOARD,
-Doug Chloupek-
Doug Chloupek, CEO and Founder
Juva Life Inc.
For further information, please contact:
Juva Life Investor Relations
Tel: +1 833-333-5882 (JUVA)
Email: inquiries@juvalife.com
Find out more at: https://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 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.
###
Juva Life Reports Strong Growth in Q3 2023 Financial Results
Juva Life Reports Strong Growth in Q3 2023 Financial Results
Redwood City, California – December 13th, 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 delighted to announce its financial results for the third quarter ending September 30, 2023.
Key Highlights:
- Revenue Growth: Juva Life reported a substantial increase in sales, with Q3 2023 sales reaching $3.17 million, compared to $1.25 million for the same period in 2022.
- Cost Reduction: The company successfully reduced its net loss for Q3 2023 to $782K, a significant improvement compared to a net loss of $2.9 million in Q3 2022.
- Operational Expansion: The completion of construction and full operational capability at the San Juan Facility in Stockton, California, has contributed to increased cultivation, manufacturing, distribution capacity, and a related increase in revenue.
- Retail Growth: The addition of a retail store, operational as of June 2023, at the intersection of Broadway and Hamilton streets in Redwood City, CA, has further expanded Juva's presence, complementing its delivery services throughout the Bay Area Peninsula.
Financial Overview:
- Sales: Sales for the nine months ended September 30, 2023 reached $6.4 million, a 52.3% increase over the $4.2 million in revenue for the same period in 2022.
- Net Loss: The net loss for the nine months ended September 30, 2023, was $4.2 million, a substantial improvement from the $7.9 million loss in the corresponding period in 2022.
Operational Efficiencies:
- EBITDA Improvement: Despite the challenges in the industry, Juva Life achieved positive strides in operational efficiencies, with EBITDA improving from a negative $4.97 million in Q3 2022 to negative $141K in Q3 2023.
- Adjusted Gross Margin: The adjusted gross margin for Q3 2023 reached $1.4 million compared to $377K in the same quarter of the previous year.
Doug Chloupek, CEO and Founder of Juva Life, stated, "We are thrilled to announce our outstanding Q3 results and the successful execution of our strategic initiatives. The robust performance of our Redwood City retail store, coupled with operational achievements in our cultivation and distribution facility, reflects our commitment to innovation and operational excellence."
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 will leverage revenue derived from its retail operations to advance potentially valuable non-cannabinoid bioactives for consumer and pharma product applications. 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
Juva Life Provides Update on California Cannabis Operations
Juva Life Provides Update on California Cannabis Operations
Redwood City, California – October 3rd, 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 delighted to provide an update on its thriving cannabis operations. Juva Life’s cannabis operations consist of Cultivation, Distribution and Retail licenses in California currently spread across two facilities.
The Stockton Cultivation and Distribution facility is the backbone of Juva Life's three renowned brands: Frosted Flowers, Flōs, and Secret Sauce. Frosted Flowers, known for its premium-grade cannabis flowers, is set to launch a new cannabis vape category in the coming months. The custom designed glass cartridge will feature Rosin Absolute, which is produced utilizing an FDA and EU approved solvent for food additives. The Company meticulously integrated this solvent into its extraction methods by using state-of-the-art perfuming technologies not currently employed in the cannabis industry. The benefits of this extraction method included a low-temperature, low-pressure extraction that requires no post-processing. The result is a pure cannabis extract that closely resembles the experience of consuming cannabis flower without the presence of plant matter. Flōs, the Company’s other cannabis flower brand, offers small, premium-grade cannabis flowers at a competitive price point, while Secret Sauce delivers high-grade cannabis concentrates at budget-friendly prices. The company has rapidly expanded distribution of all three brands, securing placements in 110 California retail locations, capturing approximately 13% of the total California cannabis retail market (source: CalMatters).
In related news, Juva Life proudly announces that the Stockton facility is now operating at full capacity after two years of optimization efforts. The facility consistently surpasses industry averages, with top-performing cultivars yielding an impressive 58 to 73 grams per square foot, far exceeding the industry average of 39.5 grams per square foot (source: Cannabis Business Times). In addition, the facility's shift to almost 100% natural gas power generation has resulted in an outstanding 80% reduction in related electricity costs.
Meanwhile, Juva Life's Redwood City retail store, open for just over three months, is experiencing exceptional growth. While many retail stores grapple with declining sales, the Redwood City store is seeing incremental growth and is currently delivering an annualized revenue of over $7 million with a gross margin of 55%.
"As we continue to reach new milestones and set industry standards, Juva Life is thrilled to announce our latest achievements in the thriving cannabis sector,” said Doug Chloupek, Juva Life’s CEO. “Our unwavering commitment to innovation, quality, and operational excellence has allowed us to not only meet but exceed our goals. The success of our Stockton facility operating at full capacity, the expansion of our renowned brands, and the remarkable growth of our Redwood City retail store are all testament to our dedication to delivering value to our customers and shareholders. We are proud of the strides we've made, and we remain focused on leading the way in the evolving cannabis industry.”
In other news, the Company also granted 19,250,000 stock options to directors, officers, employees, and consultants. The stock options are exercisable at $0.045 per stock option and expire 10 years from the date of grant.
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.
###
Juva Life Announces Grand Opening of Redwood City Retail Cannabis Storefront
Juva Life Announces Grand Opening of Redwood City Retail Cannabis Storefront
Redwood City, California – July 24th 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 delighted to announce the highly anticipated Grand Opening of its retail cannabis store in Redwood City, California. This news follows the previously announced soft opening that occurred as planned on June 23rd, 2023. The Grand Opening ceremony is scheduled to take place on July 27th, 2023 at 9:00am PDT and marks a significant milestone in Juva Life's commitment to providing high-quality cannabis products and exceptional customer experiences.
"We are thrilled to invite the community to join us for the Grand Opening of our Redwood City retail store. This event represents a culmination of our vision to create a premier destination for cannabis enthusiasts and those seeking wellness through cannabis," said Doug Chloupek, CEO and Founder of Juva Life. "We have diligently crafted a modern retail environment that combines expertise, education, and a diverse product selection to cater to the needs and preferences of our community in a space that is open and inviting."
Located in Downtown Redwood City at 2301 Broadway Street, the Juva’s retail store offers a wide range of premium cannabis products, including flower, edibles, concentrates, and topicals. Customers can expect a thoughtfully curated selection that reflects Juva's commitment to quality, consistency, and innovation. Included in the inventory will be all products from The Company’s brands, including Frosted Flowers, Flōs, and Secret Sauce. The knowledgeable and friendly staff will be available to provide personalized recommendations and ensure a safe and enjoyable shopping experience. The store also features an interactive art installation as its centerpiece.
With the Grand Opening, the Company aims to showcase its dedication to community engagement, wellness education, and responsible cannabis consumption. Attendees will have the chance to explore the diverse product offerings, learn about the latest cannabis trends, and discover the potential benefits of cannabis for personal well-being. The event will feature promotions and opportunities to connect with industry experts, city officials, and local influencers.
When asked about Juva’s storefront opening, Redwood City’s Mayor, Jeff Gee said, "We welcome and are excited for the Grand Opening of Juva's retail cannabis store in our Downtown. Juva has been a valuable partner in our community since opening their cannabis delivery service in early 2020. We look forward to continuing our relationship and are delighted that they have decided to open a storefront in Redwood City. Their commitment to quality, compliance, and responsible commercial cannabis activity aligns with our shared vision of promoting a thriving and inclusive local economy that serves everyone.”
"The Grand Opening of Juva Life's retail cannabis store is a momentous occasion for Redwood City,” said Regina Van Brunt of Redwood City’s Downtown Business Group, “and we are thrilled to welcome Juva into our downtown core. For the last 3 years Juva has been a great partner to the Downtown Business Group, donating both their time and money to support the local community. We anticipate that Juva’s commitment to our community, their exceptional customer service, and their diverse selection of high-quality cannabis products will further enhance the vibrant atmosphere and economic vitality of our downtown district."
"We look forward to celebrating this milestone with the community of Redwood City and surrounding areas. Our goal is to foster a welcoming environment where individuals can explore and experience the benefits of cannabis in a responsible and informed manner," added Doug Chloupek.
The Company remains dedicated to promoting responsible cannabis use and contributing positively to the communities it serves.
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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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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