LOS ANGELES, April 29, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is pleased to announce that it has seen record total monthly cannabis sales and record sequential monthly cannabis sales growth so far in the month of April, with total gross cannabis sales for April running at an annualized pace of more than $6 million, up more than 400% over average monthly sales seen in calendar Q1.
“This data should help to better contextualize our prior announcement detailing our expansion in total cannabis production capacity,” commented Simon Yu, CEO of Cannabis Strategic Ventures. “Demand is through the roof. We don’t see this as a consequence of the stay-at-home policy. This is about improving market positioning in a strong structural growth boom. We are establishing a wider and wider footprint in terms of distribution partners, and the overall market is continuing to experience powerful growth in demand at the end market level.”
Management notes that the Company finalizes sales on a midweek basis and has started to consistently run out of inventory each week. However, as announced in its release dated April 23, 2020, the Company has recently expanded total cannabis production capacity at NUGS Farm by 88% to 150%, which means it may be producing approximately twice as much cannabis product over the next 45 to 60 days as it has produced so far this year.
This factor, along with a seasonal tailwind in cannabis pricing, carries the potential for further strong growth in gross cannabis sales over the coming period.
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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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