Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (FRANKFURT: 4VV), a pioneering life science company engaged in pharmaceutical research and development as well as consumer-focused operations in cannabis production and distribution, is excited to announce the successful completion of construction on its highly anticipated cannabis retail store in Redwood City, California. The company is now gearing up for its soft opening, scheduled for June 23rd, 2023.
“We are delighted to announce the successful completion of construction on our Redwood City retail location. Our dedicated team has put in tremendous effort to create a visually stunning cannabis storefront that will offer an exceptional customer experience,” commented Doug Chloupek, CEO and Founder of Juva Life. “Being the top-scoring applicant during the permitting process, we are proud to have been granted a permit to operate a retail cannabis business in Redwood City. This significant milestone allows us to expand our presence and further strengthen our connection with the local community.”
Situated at 2301 Broadway Street in Downtown Redwood City, the newly established retail store will provide a diverse selection of premium cannabis products to adult consumers. Visitors can expect a carefully curated assortment of high-quality offerings, expert staff assistance, and a welcoming ambiance designed to elevate their cannabis shopping experience. Juva Life’s existing delivery operations will be consolidated into the new retail store, leading to operational efficiencies and cost savings.
Redwood City’s retail cannabis program was developed collaboratively with strong community support following the state’s legalisation of adult-use cannabis sales in 2018. Moreover, Juva Life emerged as the highest-scoring applicant during the rigorous permitting process, underscoring the company’s unwavering commitment to excellence and adherence to regulatory requirements.
While maintaining a focus on pharmaceutical research and cannabis science, Juva Life continues its endeavors in advancing 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.
“We remain dedicated to our dual-pronged approach, merging consumer-focused operations with cutting-edge pharmaceutical research. Our steadfast commitment to scientific exploration and our mission to understand the potential benefits of cannabis remain at the core of our vision,” stated Doug Chloupek, emphasising the company’s determination to drive innovation and foster industry growth.
Furthermore, 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. These notes bear interest at a rate of 30% per annum and are due and payable on December 1, 2024. In the event of default or non-payment, the notes are convertible into common shares of the company, with the conversion price calculated by dividing the converted amount by the conversion price in effect at that time, rounded down to the nearest whole number of shares. As part of this arrangement, the company will also issue a total of 2,186,666 warrants to the aforementioned parties, as well as another entity. Each warrant is convertible into one share of the company and can be exercised at $0.054 per warrant until June 1, 2028.
Additionally, the company announces the cancellation of 17,220,000 stock options on June 5, 2023.
