Cannabis Strategic Ventures Reports $6.4M in Sales for Three Months Ended Sept. 30, Up Nearly 100% Q/Q
November 10 2020 - 8:00AM
InvestorsHub NewsWire
LOS ANGELES,
CA -- November 10, 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 performance data for the three
months ended Sept. 30, 2020, which featured robust growth and broad
expansion in positioning within the rapidly growing California
cannabis marketplace.
The Company
booked over $6.4 million in total sales from cannabis during the
three months ended Sept. 30, 2020, which compares with $3.3 million
in total sales from cannabis during the three months ended June 30,
2020, a sequential quarterly increase of over 90%, and a
year-over-year increase of over 800% compared to the three months
ended Sept. 30, 2019.
“We saw a
terrific quarter come to an end in September, but we are already
turning our attention to expanding and executing in the months and
quarters ahead,” commented Simon Yu, CEO of Cannabis Strategic
Ventures. “Our $5 million 2020 annual revenue guidance has been
left in the dust at this point. We are now seeing total sales
accelerate toward a significantly higher mark as we continue to
improve product quality, market reach and
execution.”
Management
notes that performance data trends in place for the Company reflect
a combination of better product quality, better distribution
relationships and better pricing coming together in a favorable
environment with multiple
tailwinds.
The Company
continues to prioritize expansion of production and distribution as
well as product refinement. Management believes that the rapid
year-to-date growth in sales, in particular, has been driven by
improved market positioning and product quality following the
Company’s investments in improved cultivation standards,
per-harvest production yield and total production capacity during a
period when many competitors were downsizing earlier this year,
creating an undersupplied marketplace that represented an important
opportunity for Cannabis Strategic
Ventures.
Yu added, “We
hit the gas pedal when everyone else was hitting the brakes earlier
this year, including on the execution side, which led to better
product quality, which, in turn, has led to higher pricing in the
market for our cannabis production on a per-unit volume basis. That
trend continues to dovetail with our very positive trend in rising
production capacity. In the process, we have nailed into place a
growing footprint of strong distribution relationships by being a
reliable source of high-quality products in an unpredictable
context for end-market
retailers.”
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
Public
Relations:
Tiger Marketing & Branding
Agency
info@TigerGMP.com
www.TigerGMP.com
Corporate
Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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