Cannabis Strategic Ventures Sells Approximately 900 Pounds of Cannabis Products as Coronavirus Outbreak Drives Demand Boom
April 09 2020 - 08:30AM
InvestorsHub NewsWire
Cannabis Strategic Ventures Sells
Approximately 900 Pounds of Cannabis Products as Coronavirus
Outbreak Drives Demand Boom
LOS ANGELES,
CA -- April 9, 2020 -- InvestorsHub NewsWire -- Cannabis Strategic
Ventures (OTCQB:NUGS)
(“NUGS” or the “Company”), an emerging leader in the U.S. cannabis
marketplace, is excited to announce the sale of approximately 900
pounds of cannabis product from NUGS Farm, the Company’s core
cultivation facility.
According to
CannabisBenchmarks.com, the average price of cannabis flower in the
U.S. market as of April 3 was $1,588 per pound, with prices moving
higher over recent weeks.
“We believe
there are two factors driving cannabis prices higher right now,”
commented Simon Yu, CEO. “First, people are reacting to the
coronavirus epidemic, which is producing anxiety and an instinct to
hoard necessary goods. For many people, that includes cannabis.
This is particularly true for those with medical marijuana
prescriptions. Second, we are moving toward the end of the dry
season, so supply is tapering out of the market as outdoor
producers wind down inventories ahead of the new planting season.
We are clearly benefitting from both of these dynamics right now,
which should continue to drive performance over coming
months.”
Management
notes that the Company is currently focused on bringing five key
strains to market:
- Blue
Cookies
- 99
Cookies
- Gelato
- Wedding
Cake
- Josh D
OG
With hundreds
of pounds of inventory on hand, expanding production, rising
cannabis prices, and growing demand, NUGS has no plans to cut
headcount, unlike other cannabis producers. Instead, management
notes that the Company is currently increasing staff to address
rising demand.
Yu continued,
“It’s remarkable to see other producers actually moving to reduce
capacity and headcount at a time when people who legitimately need
this product are finding it difficult to locate. From our vantage
point, this is a tremendous opportunity to strike while the iron is
hot and expand our share of the market by
meeting
the booming
demand that’s out there right
now.”
Cannabis
Strategic Ventures has a growing social media presence. Follow us
on:
Twitter:
@NUGS_stock
Facebook: https://www.facebook.com/NUGSstock/
Instagram:
@nugs_farm
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
Corporate
Communications:
NetworkWire
(NW)
New York, New
York
www.NetworkNewsWire.com
212.418.1217
Office
Editor@NetworkWire.com
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