Cannabis Strategic Ventures Commences Perpetual Cannabis Harvests
at NUGS FARM
LOS
ANGELES, CA -- September 27,
2019 -- InvestorsHub NewsWire -- 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
Corporate
Communications:
NetworkWire
(NW)
New York, New
York
www.NetworkNewsWire.com
212.418.1217
Office
Editor@NetworkWire.com
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