LOS ANGELES, April 25, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- Los Angeles based Cannabis Strategic Ventures Inc. (OTC: NUGS) today announces a major addition to its corporate portfolio through the launch of a six-acre cannabis cultivation site expected to produce a minimum of 30,000 pounds of cannabis per harvest, with an anticipation of four to five harvests per year.
The site, which has been named NUGS Farm North, is located in Northern California. NUGS Farm North is primarily a cultivation operation but will also host manufacturing and distribution business units for Cannabis Strategic Ventures. In total, the site holds 24 cultivation, manufacturing and distribution licenses issued by the Bureau of Cannabis Control in the State of California. NUGS Farm North is expected to operate at maximum capacity by late summer of 2019.
“This is a significant event for Cannabis Strategic and its investors,” commented Simon Yu, CEO Cannabis Strategic Ventures. “NUGS Farm North has planted over 20,000 marijuana clones this week and will plant 10,000 more next week. Beyond the initiation of this first phase of NUGS farm North, we anticipate further expansion towards maximum capacity, which will increase top line revenue.”
Cannabis industry figures show that cannabis plants yield more than one pound of cannabis per harvest. In California, the wholesale price for cannabis opened 2018 at $1,455 per pound and closed the year at $1,196 per pound, averaging $1,197 per pound for the year, according to Cannabis Benchmarks.
The Company has retained a highly skilled team to operate NUGS Farm North consisting of experts with over a dozen years of full lifecycle cannabis operations, as well as research scientists with vast scientific, medical and laboratory backgrounds unique to cannabis operations.
“NUGS Farm North is in a prime location. We have assembled a great team to operate the site and to market and distribute its outputs. We have already begun cultivation and believe the marketplace is primed for the type of premium cannabis flower we are cultivating. We look forward to a successful operation at our flagship cultivation site,” added Yu.
About Cannabis Strategic Ventures
Cannabis Strategic Ventures is a Los Angeles-based firm that incubates, develops and partners with category leaders within the cannabis sector. The Firm's NUGS brand experience provides operational and financial strategic partnerships and a range of essential services to emerging and existing cannabis consumer brands. The company recently completed a name and symbol change from Cascade Energy, Inc. Cannabis Strategic Ventures is publicly traded on the U.S. Over the Counter Market with the stock symbol NUGS. For more information, visit www.CannabisStrategic.com
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance.
Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
Contact:
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IR@CannabisStrategic.com
www.CannabisStrategic.com
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