LOS ANGELES and KINGSTON, Jamaica, June 16, 2022 (GLOBE NEWSWIRE) -- Kaya Group (“Kaya” or “the Company”) (OTC: NUGL), the first medicinal Ganja herb house in the Caribbean and holistic, wellness-focused ecosystem, announced today that it has entered into a collaboration agreement with Rich and Ruthless to launch its brand, Jamaican roots herbs in the California market. Rich and Ruthless services more than 100 dispensaries, delivery services, and CBD stores statewide. Kaya is more than a brand; Kaya is a movement determined to “Respect the Roots” of Jamaica’s rich history and tradition. Respect is Kaya’s driving force, and encompasses everything we do, including our relationships with our employees, how we treat our community, our herbs, our brand, our products and nature. Kaya Group has produced 18 Cannabis Cup winner strains by combining ancient knowledge with the most innovative techniques to make sure its quality is on par with the best in the world – while honoring the past.
Sales of Jamaican roots herbs in the California market will add to the growing sales numbers of Kaya Inc. and NUGL. For the month of May, Kaya Group posted $200,868 in sales and had positive EBITDA of $42,355, which marked the company's second month of positive EBITDA this fiscal year. For the first five months of Fiscal 2022, which include January through May, Kaya, Inc. had unaudited revenues of $941,871.00 and adjusted EBITDA of -$61,920.00. For the Fiscal Year ending December 31, 2021, Kaya posted unaudited gross revenues of $2.2 million, with gross margins of 61%. Adjusted EBITDA for Fiscal 2021 showed a small loss of -$71,000.00.
Under the terms of the agreement, Kaya Group has granted Rich and Ruthless the exclusive right to promote, market, distribute and sell the Kaya Brands to retailers for resale in California. The extensive distribution network developed by Rich and Ruthless will continue growing Kaya Group's product portfolio in the largest adult-use market in the country. Kaya was the first to open a medical cannabis location in Jamaica in March 2018. Since that time, Kaya has established itself as a leading supplier and supporter of medical cannabis throughout the Caribbean. Its diverse operations include a licensed cultivation facility, processing facility, 3 retail herb houses, and one ganja franchise in Punta Del Este, Uruguay.
Bali Vaswani, Chief Executive Officer of NUGL and Founder of Kaya, commented, “The Kaya brand is much more than just a name on a box. Anyone who has been to one of our world-class facilities in Jamaica knows Kaya represents thousands of years of healing bodies and minds around the world. Kaya is based on a centerpiece of culture, a tool used to improve society holistically, from the economy to spirituality, it is a way for us to unite as a people.”
Rich & Ruthless Cannabis was established in 2019 by Lil Eazy E and Arnold “Bigg A” White, along with the founders of Rich & Ruthless Records. It is a collective of cannabis growers, products, and suppliers that blend hip hop culture with the cannabis community.
Rich and Ruthless President, Lil Eazy E, said, “Our fully integrated distribution footprint throughout California allows us to commercialize brands through our retail and wholesale market with the consistency and quality our medical and adult use consumers have come to expect.”
According to California's Department of Tax and Fee Administration, the Golden State has taken in nearly $4 billion in marijuana tax revenue since the state’s adult-use market launched in 2018. For the first quarter of 2022, the state saw about $294 million in cannabis revenue generated from the excise, cultivation and sales tax on marijuana. California collected about $817 million in adult-use marijuana tax revenue during the last fiscal year. That represented 55 percent more cannabis earnings for state coffers than was generated in the 2020-2021 period. More than half of the state’s cities and counties currently do not allow any type of cannabis licensees to operate in their area, which leaves tremendous potential for growth.
Mr. Vaswani continued, "Kaya has a role in Jamaican and cannabis history to build a brand that represents the values and duties synonymous with Jamaica. Our Kaya brand includes a licensed cultivation facility, processing facility, 3 retail herb houses, and one ganja franchise in Punta Del Este, Uruguay. Each Kaya retail herb house can house over 1,000 patrons for events, Our non-medicinal divisions exclusively serve our famous Jamaica Blue Mountain Coffee and signature thin crust pizzas, which everyone has grown to love. We would like to extend a warm invitation to our shareholders to visit us in Jamaica to see firsthand the pride and respect of our ancestors who protected the plant.”
About Kaya Group
Kaya is Jamaica’s leading vertically-integrated medical cannabis company with diverse operations headquartered in Ocho Rios, which includes a licensed cultivation facility with over 40 genetics, a processing facility, three retail dispensaries, and conditional licenses to transport and operate therapeutic wellness spas. The Kaya Group was the first to open a medical cannabis retail location in Jamaica in March 2018 and has since established itself as a leading supplier and exporter of medical cannabis throughout the Caribbean and Australia. For more information on Kaya please visit www.kayaherbhouse.com.
Instagram: https://www.instagram.com/kaya.inc/
About NUGL Inc.
NUGL is a cannabis business directory and search app that offers an unbiased platform for both businesses and consumers. Our app seamlessly blends with our digital and print magazine, and our cannabis friendly multimedia platform providing marketing opportunities for business profiles, in print, digital and video format. NUGL is community-driven, and together we’ve built a place where all things cannabis can be welcomed and enjoyed by all.
You can review all the latest features at nugl.com and nuglmagazine.com and download the new iOS and Android apps in the Apple App Store and Google Play Store. For more information and updates, visit one of the links below.
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Forward-Looking Statements
Certain statements in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses or net earnings; projections of growth; and assumptions relating to the preceding. Such forward-looking statements generally start with the "plans," "anticipates," "expects," "believes," or similar words of like kind. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those outlined in, contemplated by, or underlying the forward-looking information. The company's business plan addresses these factors in greater detail, along with NUGL's current financial filings with the OTC Markets Group.
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