LOS ANGELES, March 19, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. and California cannabis marketplace, is pleased to announce another milestone at NUGS Farm North, the Company’s licensed Northern California cultivation operation. The Company continues to expand operations and has now installed 768 high-powered grow lights, which will allow for an increase in the number of plants cultivated per year and an increase in yield relative to previously allocated cultivation capacity.
“We are extremely excited to reach this milestone for NUGS Farm. It takes a lot of dedication, planning, and adjustments to get to this point. Compliance and permitting is a very complex subject in the cannabis industry,” commented Mr. Simon Yu, CEO. “The addition of lights allows us to have more harvests per year and to increase the yields of those harvests. This, of course, means we will have more and higher quality products to sell into the marketplace. It is also important to point out that we continue to expand our operations, while so many other operators are curtailing. Revenues for our last reported quarter ending in December showed a sequential increase of 91 percent, while our gross margins grew and our operating expense fell. We continue to hold strong confidence in our business and in the strength of the California marketplace, in which we continue to gain market share.”
The installation of a lighting system represents only part of the rapid infrastructure upgrades that have occurred at the Company’s cultivation site. Over the past 18 months, the ramp-up in production was slowed as the Company navigated the complex web of state, county and local cannabis regulations. This process is largely behind the Company allowing it to now concentrate on finalizing infrastructure improvements and boosting cultivation yields. The result has been rapid growth for the Company. For example, for the nine-month period ending December 31, Cannabis Strategic was able to increase revenues by more than $2 million, while meaningfully improving the dynamics of its balance sheet. The Company expects to add more lights and upgrades later this year and strong revenue growth to continue for the foreseeable future.
Mr. Yu continued, “We are especially excited about our performance as it comes during a time when many other companies in the industry are retrenching. In light of our growth and the increasingly aggressive stance of the State of California regulatory officials to curtail black market cultivators and retailers, we are seeing a bright outlook relative to Cannabis Strategic Ventures (NUGS).
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 that 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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Phone: +1-310-359-6860
Email: IR@CannabisStrategic.com
Website: http://www.CannabisStrategic.com
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