NUGL Inc has made its name in the cannabis industry by providing a multimedia platform and a search directory specifically meant for the industry. Yesterday, the NUGL Inc (OTCMKTS:NUGL) stock emerged as one of the biggest gainers in the market following a key announcement from the company and ended the day with gains of as much as 82%.
The stock rallied to such a degree on Tuesday after the company announced that it had approved a Regulation A capital raise to the tune of a maximum of $20 million. It goes without saying that it was a significant development for the company and one that could lead to a long term boost for NUGL.
The fresh capital is going to be deployed towards the joint growth strategy formulated by NUGL and Kaya Group in the respective countries in which the two companies operate. The budget for 2022 is expected to be announcement towards the end of this year and could include Uruguay, Jamaica, the Caribbean and the United States.
Other nations may also be included in the expansion plans of NUGL. The expansion from NUGl is expected to coincide with the entry of cannabis products from Kaya Group into the United States market.
