LOS ANGELES and KINGSTON, Jamaica, June 16, 2022 (GLOBE NEWSWIRE) — Kaya Group (“Kaya” or “the Company”) (OTC:NUGL), the first medicinal Ganja herb house in the Caribbean and holistic, wellness-focused ecosystem, announced today that it has entered into a collaboration agreement with Rich and Ruthless to launch its brand, Jamaican roots herbs in the California market. Rich and Ruthless services more than 100 dispensaries, delivery services, and CBD stores statewide. Kaya is more than a brand; Kaya is a movement determined to “Respect the Roots” of Jamaica’s rich history and tradition. Respect is Kaya’s driving force, and encompasses everything we do, including our relationships with our employees, how we treat our community, our herbs, our brand, our products and nature. Kaya Group has produced 18 Cannabis Cup winner strains by combining ancient knowledge with the most innovative techniques to make sure its quality is on par with the best in the world – while honoring the past.
Sales of Jamaican roots herbs in the California market will add to the growing sales numbers of Kaya Inc. and NUGL. For the month of May, Kaya Group posted $200,868 in sales and had positive EBITDA of $42,355, which marked the company’s second month of positive EBITDA this fiscal year. For the first five months of Fiscal 2022, which include January through May, Kaya, Inc. had unaudited revenues of $941,871.00 and adjusted EBITDA of -$61,920.00. For the Fiscal Year ending December 31, 2021, Kaya posted unaudited gross revenues of $2.2 million, with gross margins of 61%. Adjusted EBITDA for Fiscal 2021 showed a small loss of -$71,000.00.
Under the terms of the agreement, Kaya Group has granted Rich and Ruthless the exclusive right to promote, market, distribute and sell the Kaya Brands to retailers for resale in California. The extensive distribution network developed by Rich and Ruthless will continue growing Kaya Group’s product portfolio in the largest adult-use market in the country. Kaya was the first to open a medical cannabis location in Jamaica in March 2018. Since that time, Kaya has established itself as a leading supplier and supporter of medical cannabis throughout the Caribbean. Its …
