Cannabis Strategic Ventures Reports Record $2.3M in July Cannabis Sales on Rapidly Accelerating Growth
08/12/2020 | 08:31am EDT
LOS ANGELES, Aug. 12, 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 July monthly performance data, which featured a breakout record sales performance for the Company that far exceeded in-house forecasts and the prior rate of growth underway during the first half of the year.
The Company booked over $2.3 million in total sales from cannabis products during July. That compares to $1.3 million in cannabis sales in June. This represents a sequential monthly growth rate of approximately 77%, nearly doubling the 40% sequential growth witnessed in June, which was also a new Company record for topline performance.
“It would be easy to lose perspective at this point because we exceeded our own expectations by such a wide margin in July,” commented Simon Yu, CEO of Cannabis Strategic Ventures. “That said, we believe we understand what’s driving this accelerating growth: a combination of better products, better distribution relationships, and better pricing coming together in a favorable environment. And we have a strategy in place to continue to drive progress in all of these areas going forward.”
The Company continues to prioritize expansion and refinement. Management believes that the Company’s rapid pace of growth has been fueled, in part, through its improved positioning in the California cannabis market among partners and distributors, which has happened as a consequence of expanded production capacity and product quality improvements.
Cannabis Strategic Ventures will continue to focus on maximizing these factors in the months ahead, with direct plans for a further expansion in production capacity as well as the Company’s continued efforts to streamline and refine its cultivated strains. As announced in the Company’s June 11 release (http://cnw.fm/s3jdC), the NUGS grow team has been working on a comparative evaluation that may be completed by the end of August to determine which four strains consistently produce the most optimal results at its cultivation facility. The evaluation is focused on identifying results in terms of year-round harvest productivity, pricing standards, and integrated biological fitness given the precise ecology contextualizing NUGS Farm.
Yu added, “July was great. But we have our sights set on far bigger numbers in the months ahead. We are on the right track, but we still see plenty of opportunities for additional growth, and we look forward to continued expansion in market positioning during the second half of the year.”
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.