On June17 Simon released LOI PR for 300k sq ft facility..and no news since..Is the *360 Espinosa Rd 195k sq ft demo permit issued Sept 1 part of this 300k sq ft expansion, or the June17 300k sq ft LOI didnt work out and present (essentially adjacent to NUGS six acres) 24 greenhouse demo being replaced all new is NUGS next move for expansion..??
Press Release | 06/17/2020
Cannabis Strategic Ventures Issues LOI for 300K-Square-Foot Facility with Potential to Double Current Output and Sales
LOS ANGELES, June 17, 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 that the Company has issued a Letter of Intent (LOI) to obtain a new 300,000-square-foot greenhouse facility for cannabis cultivation. Negotiations are underway, and further details will be released soon. The new facility would more than double the Companys cannabis production capacity.
In this environment, the market is going to take as much as we can produce given our steady evolution in product quality, and we see those conditions extending for quite some time, stated Simon Yu, CEO of Cannabis Strategic Ventures. That strongly points to strategic value in expansion. We have seen recent strong improvements in output, pricing and sales volume, and we are aggressively interested in expanding capacity to capitalize on micro and macro factors to drive more value for our shareholders.
The LOI, which was issued this week, represents an offer to obtain a cannabis cultivation facility with a 300,000-square-foot, ready-to-grow greenhouse in excellent condition. To avoid any unnecessary impact on the negotiation process, few further details will be released at this time.
However, the addition of this amount of cannabis cultivation capacity would more than double the Companys total output potential. Given current trends, management believes this would also result in an increase in total sales by more than 100%.
Yu continued, More than doubling our production capacity doesnt just mean a proportionate jump in sales. It also represents an additional bonus in terms of market positioning, putting us at a volume level that would likely create additional relationship opportunities with major distribution partners.
*Description:
Demolition only of 24 existing greenhouses, totaling 195,396 square feet of that includes fully enclosed permanent structures that are clad in transparent material with climate control, such as heating and ventilation capabilities and supplemental artificial lighting, and that uses a combination of natural and supplemental artificial lighting for cultivation. THIS WORK TO BE DONE TO ACCOMMODATE NEW WORK AND CONSTRUCTIONS OF REPLACEMENT GREENHOUSES UNDER SEPARATE PERMIT.
Project Coordinator:
Tony Furtado
831-883-5234
FurtadoTF@co.monterey.ca.us
