NUGL Enters into Letter of Intent to Acquire National Cannabis Publication Company
LOS ANGELES, Oct. 15, 2018 – NUGL Inc. (OTC: NUGL) (the “Company”), the cannabis industry’s new standard of technology, today reports it has entered into a binding letter of intent (“LOI”) to purchase Nichols Publishing Company , Inc. (“Nichols Publishing”), an Iowa based corporation that publishes industry known magazine publications such as the Professional Marijuana Grower and Garden & Greenhouse.
Robin Nichols founded Nichols Publishing over a decade ago and has since grown his magazine publications to a well-known brand. Subject to a 30-day exclusive due diligence period and the execution of definitive agreements, the Company will acquire 100 percent of Nichols Publishing in exchange for $1 million in NUGL common stock. Following the acquisition, Nichols will join NUGL and will be responsible for the publication operation under the NUGL name.
“Each magazine has a specific audience that is complementary to the NUGL business model. Professional Marijuana Grower speaks to established businesses and Garden & Greenhouse speaks to the home enthusiast. The NUGL community is made up of businesses and enthusiasts, so these publications are a perfect fit for us. Their reach will expedite getting the word out about NUGL and what we’re all about,” said Ryan Bartlette, CMO of NUGL.
NUGL and Nichols Publishing entered into a joint-venture marketing agreement 30 days ago.
“The synergies between the magazines and NUGL’s software are aligned perfectly. Our user base utilizes our application to perform a function, and then they leave. Now, we can give our user base additional content and redirect NUGL traffic to the magazine and vice versa. Together, both companies are stronger, and we plan to expand the magazines’ readership in a big way,” said Bob Waters, V.P. of Sales at NUGL.
Acquiring Nichols Publishing is just the beginning as NUGL strives to create a footprint that will help the cannabis industry grow and thrive. Both NUGL’s Android and Apple applications have recently been updated with increased functionality, and the long-awaited menu, which was just released, is receiving great feedback through its testing platform. NUGL is moving fast and continues to surprise the cannabis industry.
Professional Marijuana Grower is published six times per year and distributed to licensed cannabis growing facilities, processors and dispensaries. Each issue offers an affordable way to reach licensed growing facilities in states that have legalized cannabis cultivation. A digital version of each issue that can be read on cell phones and tablets is posted on the publication’s website, which averages more than 6,500 visitors each month. Total print, digital issue subscriber and website distribution is over 23,000 readers per issue. For more information about Professional Marijuana Grower, visit www.professionalmarijuanagrower.com.
Garden & Greenhouse is mailed directly to subscribers, which helps advertisers because it guarantees their ads are viewed by the potential customer each time. Plus, advertisers get the added benefit of more than 5,000 additional newsstand copies that are distributed to hydroponic and indoor gardening retail stores. A digital version of each issue that can be read on cell phones and tablets is posted on the publication’s website, which averages more than 30,000 visitors each month. Total print, digital issue subscriber and website distribution is over 41,000 readers per issue. For more information about Garden & Greenhouse, visit www.gardenandgreenhouse.net.
The Company anticipates completing its due diligence by the end of October 2018 and hopes to have definitive agreements completed for closing by December 2018.
NUGL is the world’s first cannabis search app built for the people, by the people. Our goal is to build the most user-friendly app experience in the cannabis industry by listening to our users and giving them what they want. NUGL is the only cannabis search app that offers equal and unbiased search results. We don’t sell top-spot listings or fake reviews, so our data stays true. Use NUGL to search for genuine user-rated dispensaries, strains, doctors, lawyers, cannabis service providers, vape shops, hydro stores, brands and more. NUGL’s flexible web app has no geographic limitations and can rapidly connect cannabis companies, related vertical services and users. The NUGL iOS and Android app brings a powerful cannabis search tool within reach of anyone, anytime, anywhere with the ease of a smartphone.
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Source: NUGL Inc.