LOS ANGELES, June 04, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, announces new projections for calendar Q2 sales data. The Company is now on pace for over $2.7 million in quarterly sales and approximately $11 million in annualized sales, based on its performance in April and May.
“We believe we can drive further significant organic growth from current levels,” noted Simon Yu, CEO of Cannabis Strategic Ventures. “Current performance is being driven by multiple factors, including volume, capacity and pricing, all aligning with a strong macro environment in the California cannabis marketplace. For some perspective, our June quarter is on pace to eclipse our March quarter by well more than a factor of 10x on the top line.”
Management notes that the Company has increased its size of harvest by as much as 2.5x and progressed from booking sales well below industry standard pricing to selling at an 11% premium to industry standard pricing due to improvements in product quality. Volume sold has also continued to rise sharply on a week-over-week, month-over-month, and quarter-over-quarter basis.
April sales set a new Company record, with more than $870K in total sales of cannabis products. May figures are now in the books, with sales of $929K. Management notes that early figures from June sales suggest a continued trajectory of month-over-month growth as well.
Yu continued, “We are running with a strong tailwind right now, but we are also unquestionably seeing a payoff from a number of operational decisions put into place over the past year, including moves to expand production capacity and to overhaul our operations at the farm at a fundamental level, which has resulted in a sharp and steady rise in pricing on a per unit basis.”
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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.
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Website: http://www.CannabisStrategic.com
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