Cannabis Strategic Ventures Reports September Cannabis Sales Up 28% Month-Over-Month to $2.3M
10/22/2020 | 08:00am EDT
LOS ANGELES, Oct. 22, 2020 (GLOBE NEWSWIRE) -- via InvestorWire – Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is excited to announce September monthly performance data, which showed a strong continued pace of growth in sales of cannabis products during the month.
The Company booked over $2.3 million in total sales from cannabis products during September. That compares to $1.8 million in total sales from cannabis products in August. This represents a sequential monthly growth rate of approximately 28%, reaffirming the overall growth trend that has defined the Company’s performance so far in 2020.
“We continue to see growing market positioning and overall performance despite variable market conditions for cannabis producers over the past two months,” commented Simon Yu, CEO of Cannabis Strategic Ventures. “It’s remarkable to look back and recall that our target for 2020 for the topline was around $5 million in annual sales. We have already more than doubled that, and we look forward to a very strong run into year-end.”
Management notes that demand slowed in August due to macro forces. But September’s strong performance represents the Company’s robust growth trend driven by effective positioning, strong product quality and a growing end-market footprint.
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 Company’s NUGS brand experience provides operational and financial strategic partnerships and a range of essential services to emerging and existing cannabis consumer brands.
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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.