Cannabis Strategic Ventures Reports $6.4M in Sales for Three Months Ended Sept. 30, Up Nearly 100% Q/Q
11/10/2020 | 08:00am EST
LOS ANGELES, Nov. 10, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – 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.”
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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.
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.