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Cannabis Strategic Ventures Reports New Cannabis Sales at 11% Premium to Industry Benchmarks
Cannabis Strategic Ventures Reports New Cannabis Sales at 11% Premium to Industry Benchmarks.
About this update from Cannabis Strategic Ventures
[{"type":"text","content":"\n LOS ANGELES, May 28, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is pleased to announce that recent sales from its latest harvest have earned unit pricing at a strong 11 percent premium to current industry standard benchmarks for cannabis sales on a per pound basis. According to cannabisbenchmarks.com, cannabis sales in the U.S. currently average roughly $1,525 per pound. The Company has transitioned from selling at a discount relative to benchmark levels six months ago to now selling at a premium to benchmark levels, with pricing in recent sales coming in at approximately $1,700 per pound. “We have seen a steady improvement in per pound pricing driven by improving quality mostly as a consequence of better operational execution at NUGS Farm,” remarked Simon Yu, CEO of Cannabis Strategic Ventures. “It also represents another signal that we are heading in the right direction in terms of our core objectives: expanding production capacity, expanding sales volume, and expanding profitability on a per unit basis.” The Company has recently successfully expanded its production capacity by as much as 150%, more than doubling harvest size as a result. That expansion was necessary to keep up with demand as overall top line sales have increased rapidly during calendar Q2, with the monthly pace of sales this quarter on pace to average more than 800% above the average monthly pace seen in calendar Q1, leaving the Company now on a pace to exceed $10 million in annualized sales of cannabis products. Management notes that the recent improvement in pricing on a per unit basis has positive implications for both top and bottom-line numbers. The Company is also in the process of preparing for the launch of its branded cannabis product line, which is expected to further contribute to growth in margins. Cannabis Strategic Ventures has a growing social media presence. Follow us on:Twitter: @NUGS_stockFacebook: https://www.facebook.com/NUGSstock/Instagram: @nugs_farm About Cannabis Strategic VenturesCannabis 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...