LOS ANGELES, July 02, 2020 (GLOBE NEWSWIRE) -- via NetworkWire -- Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is very pleased to announce that the Company closed out the month of June with continued sales momentum, posting its second-best week in Company history, with over $550,000 in sales of cannabis products (an annualized pace of better than $28 million).
“It’s no surprise that we keep setting or closing in on new record sales numbers for days, weeks, months,” noted Simon Yu, CEO of Cannabis Strategic Ventures. “It’s hard to imagine that we won’t see this continue in July, August and beyond. This is the product of better production practices, better products, expanded production capacity, and better positioning in our relationships with California distributors. We are very well-positioned for continued growth as we head into an exciting second half of 2020.”
The Company has been seeing consistent growth in orders and pricing standards and sees continued advances in these trends as well as continued favorable conditions in the California cannabis market heading into the heart of the summer months.
In addition, the Company does not anticipate headwinds from the recent surge in COVID-19 cases in California. Management notes the surge in cases in March and April led many observers to forecast demand challenges in the cannabis market, which drove widespread reductions in headcount and production activity by cannabis cultivators. Cannabis Strategic Ventures did not reduce production during this period, which turned out to be a beneficial strategic decision for shareholders as demand strengthened and Californians faced rising prices and cannabis supply shortages in May and June.
The Company looks forward to continued momentum and a strong focus on expansion and growth during the second half of 2020.
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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 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:
Email: IR@CannabisStrategic.com
Website: http://www.CannabisStrategic.com
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