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VANCOUVER, British Columbia, May 04, 2021 (GLOBE NEWSWIRE) --
Juva Life Inc. (CSE:JUVA) (OTCQB:JUVAF) (FRANKFURT: 4VV) ("Juva Life," "Juva" or the "Company"), a California based life sciences company focused on the research, development, and commercialization of Cannabis products is pleased to announce the sale of an underutilised physical asset for the net sum of $1.1 million (USD), and offers a look at the commercial cannabis cultivation and delivery activity underway at its Stockton, California facility.
As noted in a news release on November 25, 2020, Juva identified its two assets located in Stockton, California as the San Juan and Navy Drive facilities. The 30,000 sq. ft. San Juan facility is progressing at a rapid pace and the Company subsequently determined the nearby 11,500 sq. ft. Navy Drive facility was nonessential and elected to find a buyer. Juva's indirect wholly owned subsidiary, VG Enterprises, LLC which had held title on the facility since 2018 and had applied for and received several key permits regarding certain proposed cannabis-based cultivation operations, was able to successfully effect a purchase agreement with a local buyer which included the facility and permits. The agreement sets forth the terms and conditions of the sale at the agreed upon net purchase price of $1.1 million (USD), the proceeds of which will be utilized by Juva for business development purposes. Details of the agreement are available at www.sedar.com.