Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (FRANKFURT: 4VV), a pioneering life science company engaged in both pharmaceutical research and development and consumer-facing operations in cannabis production and distribution, is delighted to declare the successful completion of construction on its highly anticipated retail cannabis store in Redwood City, California. The Company is now gearing up for its soft opening scheduled for the 23rd of June, 2023.
“We are elated to announce the successful completion of construction on our Redwood City retail location. Our dedicated team has worked tirelessly to craft an exquisite cannabis storefront that promises an exceptional customer experience,” affirmed Doug Chloupek, CEO and Founder of Juva Life. “As the highest-ranking applicant throughout the permitting process, we take pride in being granted a permit to operate a retail cannabis business in Redwood City. This significant milestone allows us to expand our presence and fortify our connection with the local community.”
Situated in Downtown Redwood City, specifically at 2301 Broadway Street, the new retail store will showcase an extensive selection of premium cannabis products catered to adult consumers. Visitors can anticipate a thoughtfully curated assortment of top-tier offerings, knowledgeable staff, and a welcoming ambiance aimed at enhancing their cannabis shopping journey. Juva Life’s existing delivery operations will be consolidated into the new retail store, resulting in operational efficiencies and cost savings.
Redwood City’s retail cannabis program was developed collaboratively with the support of the community 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, showcasing the Company’s unwavering commitment to excellence and adherence to regulations.
While continuing to prioritise pharmaceutical research and cannabis science, Juva Life remains dedicated to its dual-pronged approach. The Company’s ongoing endeavors include the advancement of JUVA-019 and JUVA-041, two promising compounds currently undergoing preclinical in vivo trials. These research initiatives aim to unlock the potential therapeutic applications and benefits of the cannabis plant.
“Our dedication to combining consumer-facing operations with cutting-edge pharmaceutical research remains steadfast. We are resolute in our pursuit of scientific discovery and our mission to comprehend the potential benefits of cannabis,” emphasised Doug Chloupek, underscoring the Company’s focus on driving innovation and fostering growth within the industry.
Additionally, 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”) amounting to CAD$2,230,400, bearing interest at a rate of 30% per annum, with maturity 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 by dividing (i) the Converted Amount and (ii) the Conversion Price in effect at that time, rounded down to the nearest whole number of shares. In connection with this agreement, the Company will also issue 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 the 1st of June, 2028.
Furthermore, the Company announces the cancellation of 17,220,000 stock options on the 5th of June, 2023.