Proactive expansion of growing brand will generate additional cash and improve margins
KINGSTON, Jamaica and LOS ANGELES, Feb. 14, 2023 (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 plans to expand its already profitable Jamaican operations. This marks an important milestone as the Company focuses on core revenue generating areas that have continued to grow year over year.
Kaya Group will focus its resources on optimizing its operations in Jamaica with further expansion in our hospitality, cannabis, and psychedelic offerings, which have been well received by the local and tourist market. The Jamaican operations of Kaya Group include Kaya Herb House premium retail locations in Kingston within the golden triangle and historic town of Falmouth, as well as its flagship retail complex , cultivation and processing operations in Ocho Rios. Kaya recently opened its first phase of its Wellness Center at The Gap, located in the pristine hills of the Jamaican Blue Mountains, part of the UNESCO World Heritage site.
Kaya Group has posted sales growth of 15% year over year and continues to implement marketing strategies to improve our sales target while reducing our SG&A. Medicinal cannabis sales continue to improve year over year with our premium quality cannabis products offered to our customers and third-party sales as the driving force behind this growth. We had 38,710 members at the end of FY 2022,which is a 12.5% increase from FY 2021. Overall foot traffic increased 75% from Q3 2022 to Q4 2022 and 54% year over year from 4,518 in 2021 to 6,928 in 2022.
"The decision to focus our efforts on respecting our Jamaican roots and expanding our Kaya brand makes sense for our business at this time. We believe the best opportunity for our company and its shareholders is to capitalize on the opportunity to expand our Kaya brand through licensing and franchising opportunities in new markets. We look forward to announcing our entry into the growing international cannabis market in the near term," said Bali Vaswani, CEO of Kaya Group and NUGL. "Mr. Vaswani continued, "These changes will provide Kaya Group and NUGL with a unique opportunity for operational synergies, capacity building, and diversified growth. Implementing cost-cutting measures and reallocating our capital to the sector of our business experiencing rapid growth allows us to improve margins and strengthen our balance sheet by controlling levers in our current business model. These changes will enable us to enter 2023 in a position of strength as we continue our growth trajectory."
About Kaya Group and NUGL Inc.
NUGL and Kaya merged in April 2022 to form a multifaceted cannabis lifestyle company deriving globally diverse revenue streams from a portfolio of powerful brands and operations delivering quality at scale. Kaya Herb House's flagship retail store and farm operations are located in the tourism mecca of Ochi Rios. The company also operates a retail store in Kingston within the golden triangle and another in the historic town of Falmouth. Kaya recently opened its first phase of its Wellness Center at The Gap, located in the Blue Mountains' pristine hills, in the Winter of 2022.
Kaya Herb House Drax Hall is Jamaica's first legal Medical Marijuana dispensary. It offers tours of Kaya Farm, which has a variety of over 45 different genetics being cultivated and processed. Our retail complex includes Kaya Herb House with Dab Bar Consumption Lounge, authentic Italian thin crust pizzeria and Square Grouper bar on-premise.
Website – Kaya Herb House website
Instagram – Kaya Herb House Instagram
Facebook - Kaya Herb House Facebook
Twitter - Kaya Herb House Twitter
NUGL App highlights profiles for businesses in all sectors of the cannabis industry, including retail stores, brands, services, events, and more. Our platform allows companies to build and structure detailed items within our global menu, aiding connections between business and consumer communities through targeted networking and enabling various advertising opportunities to expand their reach.
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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