Revenue Growth Occurs as Company Greatly Reduces Corporate Debt
Los Angeles, California--(Newsfile Corp. - May 20, 2019) - NUGL Inc. (OTC Pink: NUGL) (the "Company"), a technology and multimedia platform for the cannabis industry, is pleased to announce it has posted consecutive increased quarterly earnings that reflect an over 200% increase in revenue compared to the same quarter of the previous year.
NUGL's quarterly financials continue to exceed the expectations of management. First quarter revenues increased by 33% and were generated from multiple sources and revenue streams. NUGL generated revenue from all three publications, NUGL Magazine, Garden and Greenhouse and Professional Marijuana Grower in both digital and print formats.
Notably, NUGL also converted over 50% of its debt to stock during Q1, further strengthening the bottom line. This conversion of over $500k in debt at a minimal discount to market lowered the overall company debt by more than 50%. This leaves NUGL with a much stronger balance sheet in Q1 and provides NUGL shareholders with less risk of dilution in the event of future stock conversions.
"The financials are strong and sales growth is accelerating. The software is the foundation of our business and supports NUGL's diversification into multimedia platforms. All three publications have positive cash flow and are complimentary to the software's marketing spend, increasing our return on investment," stated Tom Bouse, CFO, NUGL Inc.
NUGL has built the only one-stop-shop solution for cannabis businesses to grow and thrive. At present, NUGL believes there is nothing in the industry that provides both digital and print media while integrating networking capabilities through software.
NUGL also launched NUGL Media Group, which now consists of three publications and an in-house digital ad server. "Marketing for cannabis can exceed 20% or even 40% of gross sales. NUGL offers a more robust, cost-effective marketing alternative for cannabis companies through our multimedia platform," stated Bouse.
NUGL recently launch NUGL MD, an online telehealth application connecting medicinal marijuana patients and doctors. NUGL MD currently runs alongside NUGL Inc. and NUGL Media Group, as a complimentary division that is already showing promising statistics. "I am happy with our quarterly financials and feel we have established a strong foundation for scalability," stated CJ Melone, Founder of NUGL. "I firmly believe we could not have gotten here without the support of the community and our loyal shareholders. Our mission has been and will be to support the growth and evolution of the cannabis industry while executing a business model that rewards our loyal shareholders."
About NUGL
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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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 foregoing. Such forward-looking statements are generally qualified by terms such as: "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 set forth in, contemplated by, or underlying the forward-looking information. These factors are discussed in greater detail in the company's business plan and filings with the OTC Markets Group.
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