LOS ANGELES, April 23, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is excited to announce that due to recent management decisions and production upgrades the Company has increased the total cannabis production capacity at NUGS Farm (the “Farm”) by 88 percent to 150 percent.
In the absence of unanticipated setbacks, the Company expects to produce between 1,500 pounds and 2,000 pounds of cannabis product over the next 45-60 days and similar amounts of product over subsequent 45-60 day periods.
“We have sharply expanded our production capacity to take advantage of an extremely advantageous context,” noted Simon Yu, CEO of Cannabis Strategic Ventures. “Pricing trends are very positive looking ahead over the spring and summer based on seasonal supply factors, demand growth is through the roof structurally and due to context-specific factors, and we are on the verge of launching our branded product line, which will significantly boost margins. Now is the time to expand output. Our team at the Farm has done a great job delivering on that objective.”
Management notes that the Company has been carrying out strategic analysis and upgrades on a rolling 30-day basis to drive value for shareholders. Expanded capacity and output is a result of that process, which will continue going forward. The increase in capacity is anticipated to drive a doubling in revenue potential over coming months.
The Company also continues to make strides toward the launch of its branded cannabis product later this quarter. In anticipation of that launch, it has partnered with one of the fastest growing cannabis delivery services in California to gain priority access to the Sacramento and Los Angeles markets. Management believes this expansion in production capacity was a necessary step ahead of that launch to satisfy the growing cannabis needs in those communities.
Yu continued, “Demand growth is a dependable factor in this market. Where we can really drive value for our shareholders right now is by optimizing output and pricing power. This capacity expansion is a huge step in the right direction that should have very tangible implications for topline growth.”
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About Cannabis Strategic Ventures
Cannabis Strategic Ventures Inc. (OTC: NUGS) is one of the largest publicly traded marijuana cultivators in the United States. The Company is Los Angeles-based and incubates, develops and partners with category leaders within the cannabis and ancillary sectors. 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.
For more information, visit http://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.
Corporate Contact:
Email: IR@CannabisStrategic.com
Website: http://www.CannabisStrategic.com
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