Cannabis Strategic Turns Up the Lights on the California Market While Others are Retrenching, NUGS is Expanding
March 19 2020 - 6:30AM
InvestorsHub NewsWire
Cannabis Strategic Turns Up the
Lights on the California Market While Others are Retrenching, NUGS
is Expanding
LOS ANGELES,
CA -- March 19, 2020 -- InvestorsHub NewsWire -- Cannabis Strategic
Ventures (OTCQB:NUGS)
(“NUGS” or the “Company”), an emerging leader in the U.S. and
California cannabis marketplace, is pleased to announce another
milestone at NUGS Farm North, the Company’s licensed Northern
California cultivation operation. The Company continues to
expand operations and has now installed 768 high-powered grow
lights, which will allow for an increase in the number of plants
cultivated per year and an increase in yield relative to previously
allocated cultivation
capacity.
“We are
extremely excited to reach this milestone for NUGS Farm. It takes a
lot of dedication, planning, and adjustments to get to this
point. Compliance and permitting is a very complex subject in
the cannabis industry,” commented Mr. Simon Yu, CEO. “The
addition of lights allows us to have more harvests per year and to
increase the yields of those harvests. This, of course, means
we will have more and higher quality products to sell into the
marketplace. It is also important to point out that we
continue to expand our operations, while so many other operators
are curtailing. Revenues for our last reported quarter ending
in December showed a sequential increase of 91 percent, while our
gross margins grew and our operating expense fell. We
continue to hold strong confidence in our business and in the
strength of the California marketplace, in which we continue to
gain market share.”
The
installation of a lighting system represents only part of the rapid
infrastructure upgrades that have occurred at the Company’s
cultivation site. Over the past 18 months, the ramp-up in
production was slowed as the Company navigated the complex web of
state, county and
local cannabis regulations. This process is largely behind
the Company allowing it to now concentrate on finalizing
infrastructure improvements and boosting cultivation yields.
The result has been rapid growth for the Company. For
example, for the nine-month period ending December 31, Cannabis
Strategic was able to increase revenues by more than $2 million,
while meaningfully improving the dynamics of its balance
sheet. The Company expects to add more lights and upgrades
later this year and strong revenue growth to continue for the
foreseeable future.
Mr. Yu
continued, “We are especially excited about our performance as it
comes during a time when many other companies in the industry are
retrenching. In light of our growth and the increasingly
aggressive stance of the State of California regulatory officials
to curtail black market cultivators and retailers, we are seeing a
bright outlook relative to Cannabis Strategic Ventures
(NUGS).
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
that 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. For more information,
visit http://www.CannabisStrategic.com
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.
Corporate
Contact:
Investor
Relations
Phone:
+1-310-359-6860
Email: IR@CannabisStrategic.com
Website: http://www.CannabisStrategic.com
Corporate
Communications:
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(NW)
New York, New
York
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Editor@NetworkWire.com
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