LOS ANGELES, Sept. 27, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- Cannabis Strategic Ventures Inc. (OTC: NUGS) today announces an operations update on NUGS FARM, the Company’s wholly owned and operated flagship cultivation site and one of the largest mixed-light cannabis cultivation operations in the state of California. Product sales from the 275,693-square-foot site began in mid-September, and additional revenue bookings are expected on an ongoing basis as various timed crops are harvested and processed for sale. The cultivation site is operating at approximately one-third of its total capacity, with full operational capacity expected to be reached during the first quarter of 2020.
At full operational capacity, NUGS FARM is expected to cultivate, harvest and process crops on a monthly basis, with each crop yielding approximately 3,500 pounds of quality flower. Based on recent data from Cannabis Benchmarks, the average selling price of greenhouse-produced cannabis flower is $1,208.95 per pound. On a retail basis, the amount of flower to be produced when NUGS FARM is at full operational capacity would equal approximately 1,587,573 grams per harvested crop. The Los Angeles retail market is currently pricing quality flower at approximately $8.14 per gram, based on data from weedindex.io.
“It continues to be an exciting time at Cannabis Strategic Ventures and at the NUGS FARM cultivation site,” said Simon Yu, CEO, Cannabis Strategic Ventures. “We look forward to experiencing significant growth in operations at NUGS FARM over the next few months. As our operation scales, Cannabis Strategic Ventures will be positioned to keep up with the demand for high-quality legal cannabis products in California.”
NUGS FARM is a high-tech greenhouse operation located in an agriculturally rich region of California. NUGS FARM holds 19 cultivation, manufacturing and distribution licenses issued by the Bureau of Cannabis Control in the state of California. The combination of natural sunlight and high-tech mixed-light greenhouses will allow NUGS FARM to harvest quality cannabis flower multiple times per year.
About Cannabis Strategic Ventures
Cannabis Strategic Ventures Inc. (OTC: NUGS) is on a mission to shape the Cannabis industry by striving for constant evolution in products, process, and people. The Los Angeles-based Company incubates, develops and partners with category leaders within the cannabis and ancillary sectors. As one of the largest publicly traded cannabis cultivators in the United States, the Cannabis Strategic Ventures portfolio includes NUGS FARM, a 6-acre greenhouse operation with full cultivation, manufacturing and distribution licenses; Asher House Wellness a is a line of ingestible Pet CBD products that contains a broad spectrum of beneficial hemp; The Cloud is a dispensary, cultivation, and manufacturing facility located in the heart of downtown Los Angeles.
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:
Arlene Guzman
Phone:+1-310-359-6860
Email: IR@CannabisStrategic.com
Website: http://www.CannabisStrategic.com
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