NUGL Reports Strong Financial Results for Q3 and First Nine Months of 2026

KINGSTON, Jamaica and LOS ANGELES, Nov. 12, 2026 /CourierPR/ -- NUGL, Inc., the operator of the KAYA cannabis and lifestyle brand in Jamaica, has reported strong financial results for the third quarter and the first nine months of 2026. The company saw a 20.0% increase in revenue for the nine months ended September 30, 2026, reaching $3.147 million. Operating income rose by 77.0% to $301,869, while net cash provided by operating activities increased to $282,962, up from $154,692 in the same period of the previous year.

In the third quarter alone, revenue increased by 3.2% to $1.037 million. Gross profit rose by 7.3% to $601,154, lifting the gross margin to approximately 58.0% from 55.7% a year earlier. Operating income for the quarter increased by 10.2% to $142,892. Third-quarter net income was $188,598, a decline of 60.3% compared to the $474,610 reported in the same quarter of the previous year. The decrease was significantly affected by changes in the fair value of derivative liabilities and other non-operating items.

At September 30, 2026, cash and cash equivalents stood at $226,415, up from $121,554 at the end of 2025. Working capital improved to $169,403, compared to a working capital deficit of approximately $52,000 at the end of 2025.

KAYA, which marks a decade in Jamaica's regulated cannabis market, began its journey in 2015 when the team participated in legal cannabis research, cultivation, and processing with the University of Technology, Jamaica. By 2016, the UTech Ganja Lab was established, and the cultivation and testing of over 45 cannabis genetics were conducted. Kaya Farms received its commercial cultivation license in 2018 and completed its first regulated commercial harvest in February of the same year. Kaya Herb House, Drax Hall, opened in March 2018, becoming Jamaica's first legal medical cannabis dispensary and the first regulated cannabis retail operation in the Caribbean.

KAYA has since expanded its retail footprint to Falmouth, Kingston, and Ocho Rios, and added licensed processing through Kaya Extracts. The company entered international markets with its first commercial cannabis oil export to the Cayman Islands in 2020 and cannabis flower exports to Australia in 2021. Today, KAYA operates four licensed medical cannabis retail locations, with cultivation, processing, Kaya Pizza, Square Grouper Bar, and other hospitality and experiential businesses.

NUGL, Inc. believes that its competitive position is increasingly tied to its vertically integrated Jamaican operations and the broader consumer experience surrounding the cannabis product. The company's focus is on improving productivity and returns from its existing platform, maximizing efficiency at every stage of its seed-to-sale operations, and building a diverse revenue stream through cannabis, hospitality, food and beverage, and tourism.

The company continues to evaluate opportunities across cannabis retail, cultivation, processing, hospitality, food and beverage, tourism, strategic collaborations, and further development of its NUGL.AI digital platform.