Business
Cannabis Strategic Ventures Sees Accelerating Q2 Sales, Annualized Pace to $11 Million
Cannabis Strategic Ventures Sees Accelerating Q2 Sales, Annualized Pace to $11 Million.
About this update from Cannabis Strategic Ventures
[{"type":"text","content":"\n LOS ANGELES, June 04, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, announces new projections for calendar Q2 sales data. The Company is now on pace for over $2.7 million in quarterly sales and approximately $11 million in annualized sales, based on its performance in April and May. “We believe we can drive further significant organic growth from current levels,” noted Simon Yu, CEO of Cannabis Strategic Ventures. “Current performance is being driven by multiple factors, including volume, capacity and pricing, all aligning with a strong macro environment in the California cannabis marketplace. For some perspective, our June quarter is on pace to eclipse our March quarter by well more than a factor of 10x on the top line.” Management notes that the Company has increased its size of harvest by as much as 2.5x and progressed from booking sales well below industry standard pricing to selling at an 11% premium to industry standard pricing due to improvements in product quality. Volume sold has also continued to rise sharply on a week-over-week, month-over-month, and quarter-over-quarter basis. April sales set a new Company record, with more than $870K in total sales of cannabis products. May figures are now in the books, with sales of $929K. Management notes that early figures from June sales suggest a continued trajectory of month-over-month growth as well. Yu continued, “We are running with a strong tailwind right now, but we are also unquestionably seeing a payoff from a number of operational decisions put into place over the past year, including moves to expand production capacity and to overhaul our operations at the farm at a fundamental level, which has resulted in a sharp and steady rise in pricing on a per unit basis.” 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 and partners with category leaders within the ca...