Business
Cannabis Strategic Ventures Reports $6.4M in Sales for Three Months Ended Sept. 30, Up Nearly 100% Q/Q
Cannabis Strategic Ventures Reports $6.4M in Sales for Three Months Ended Sept. 30, Up Nearly 100% Q/Q.
About this update from Cannabis Strategic Ventures
[{"type":"text","content":"\n 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 con...