REDWOOD CITY, California. June 21st, 2023 - Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (FRANKFURT: 4VV) ("Juva Life" or the "Company"), Juva Life, Inc, a life science company with both pharmaceutical research and development and consumer-facing operations in cannabis production and distribution, is pleased to announce the completion of construction on its highly anticipated retail cannabis store in Redwood City, California. The Company is now preparing for its soft opening scheduled for June 23rd, 2023.
"We are thrilled to announce that construction on our Redwood City retail location has been successfully completed. Our team has worked diligently to create a beautiful cannabis storefront that will provide an exceptional customer experience," stated Doug Chloupek, CEO and Founder of Juva Life. "As the highest-scoring applicant during the permitting process, we are proud to have been awarded a permit to operate a retail cannabis business in Redwood City. This milestone allows us to expand our presence and strengthen our connection with the local community."
The new retail store is located in Downtown Redwood City, at 2301 Broadway Street, and will offer a wide range of premium cannabis products to adult consumers. Customers can expect a curated selection of high-quality products, expert staff, and a welcoming atmosphere designed to enhance their cannabis shopping experience. Juva Life’s existing delivery operations are being consolidated into the new retail store, allowing for operational efficiencies and cost savings.
Redwood City's retail cannabis program was developed in collaboration with community support after the state's legalization of adult-use cannabis sales in 2018. In addition, Juva Life was the highest-scoring applicant during the permitting process, highlighting the Company's commitment to excellence and regulatory compliance.
Juva Life continues to focus on pharmaceutical research and cannabis science. The Company's ongoing efforts include the advancement of JUVA-019 and JUVA-041, two promising compounds that are currently undergoing preclinical in vivo trials. These research endeavors aim to unlock the potential therapeutic applications and benefits of the cannabis plant.
"We remain dedicated to our dual-pronged approach, combining our consumer-facing operations with cutting-edge pharmaceutical research. Our commitment to scientific discovery and our mission to understand the potential benefits of cannabis is unwavering," said Doug Chloupek, emphasizing the Company's focus on driving innovation and growth in the industry.
In addition, Juva Life is pleased to announce that it issued convertible unsecured notes to JLL Ventures Inc. and JT Labs LLC (together, the “Holders”) for CAD$2,230,400 bearing interest at 30% per annum due and payable on December 1, 2024 (the “Note”). In the event of default or non-payment, the Note is convertible into common shares of the Issuer by dividing (i) the Converted Amount and (ii) the Conversion Price then in effect, rounded down to the nearest whole number of shares. Related to this relationship, the Company is also issuing a total of 2,186,666 warrants to these parties and another entity, each convertible into one share of the Company, exercisable at $0.054 per warrant until June 1, 2028.
The Company would also like to announce that on June 5, 2023, 17,220,000 stock options were cancelled.