One of the fastest-growing industries in the world, cannabis is set to become a major source of employment and revenue for economies across the country. As the industry continues to expand and evolve, it is only natural to wonder whether investing in cannabis stocks is a good idea.
While there are plenty of potential pitfalls to consider before making an investment, there are also a wealth of opportunities available to those who are willing to take a deep dive into the space.
In recent news, LUFF announced the signing of a definitive agreement to acquire a federally licensed producer in Vancouver, BC. LUFF plans to acquire, largely for share consideration, the National Green Biomed group of companies (“NG Biomed”). NG Biomed is a licensed producer and seller of cannabis products for both the recreational and medical consumer markets.
Philip Campbell, CEO, commented,
“We are pleased to announce the next step in our online marketplace strategy, with the acquisition of a licensed producer. This acquisition will allow us to accelerate our launch of online sales in Canada and establish a new online wellness marketplace. I look forward to welcoming our new shareholders and employees.”
The acquisition of NG Biomed will be effected by way of a three-cornered amalgamation in accordance with the provisions of the Business Corporations Act (British Columbia) whereby the shareholders of NG Biomed will exchange their shares for up to 170,000,000 common shares in LUFF at a deemed price of $0.025 per share.
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With the recent appointment of Jason Vandenberg as the CFO, who brings 20+ years of experience in leading companies to substantial growth, we can only assume this is a result of the appointment of Vandenberg and is something we can expect to see more of.
As part of the recent acquisition, Luff is adding even more firepower to their leadership suite, with the appointment of the Honorable Herb Daliwal, a seasoned entrepreneur and proven leader to the Luff board of directors.
As of March 31, 2022, LUFF had cash balances of $3.2 million and positive working capital of $5.2 million. With further initiatives to expand its online sales channels in the USA and to launch a new online sales initiative in Canada, LUFF is on the track to reaching a growth stage like no other.
The ultimate goal of LUFF is to become the “premier online cannabis dispensary in North America.” The company also has a white label capability that allows LUFF to expand into every corner of the industry, from small online stores to your everyday brick-and-mortar to the biggest names looking to align with Luff's premier offering.
This paves way for near unlimited upside in revenue & company growth, networking connections, and industry growth.
LUFF is fitting all the pieces together to become a powerhouse in the cannabis industry. From quality products to their logistics warehouse and production facility. Their recent expansion within an industry that is predicted to grow about ~23% per year with sector analyst Vivien Azer predicting $75 billion in global sales in 2030 leaves potential investors to wonder –
Founder & CEO
Chairman & Director
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