LOS ANGELES, June 11, 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 update current and prospective shareholders as the Company embarks on a new phase of its continued efforts to augment both the quantity and quality of the cannabis produced at NUGS Farm.
As detailed in the Company’s release dated April 23, 2020 (http://cnw.fm/P09lZ), and in its release dated May 28, 2020 (http://cnw.fm/vKF6S), Cannabis Strategic Ventures has been targeting operational improvements in production capacity and product quality simultaneously. The Company is achieving measurable results, with up to a 2.5x increase in production capacity as of its latest harvest and a dramatic jump in average price-per-unit cannabis sold in recent sales as quality of product increases.
To drive further execution gains, the Company has begun a streamlining stage in its grow operations. Cannabis Strategic Ventures currently grows eight top cannabis strains at NUGS Farm that are favorable to the unique Monterey County environment:
- Heavy OG
- Sunday Driver
- Ice Cream Cake
- Super Glue
- Purple Punch
- Wedding Cake
- Wedding Crashers
- Trifi Cookie
The grow team at NUGS Farm has now begun a process of determining which four strains will make the cut in terms of long-term production capacity commitment. Narrowing the number of strains limits the variability and increases efficiency and profitability. The decision will be based on year-round harvest productivity, pricing standards, and integrated biological fitness given the precise ecology contextualizing the farm.
Management believes this determination will be made before the end of August.
“We continue to drive powerful improvements in terms of execution,” stated Simon Yu, CEO of Cannabis Strategic Ventures. “Different strains work best in different conditions. Our decision will be based on maximizing our productive yield capacity in terms of dollars. This is purely about shareholder value. We have the luxury of consistent production with some of the finest cannabis strains in the world. But our plan has always been to pare down to four optimal strains. We have already collected quite a bit of data. We will be ready to make this decision within the next 60 days or so. After that, both quantity and quality should be significantly further bolstered.”
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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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