Big PR for $NUGS today. Market seems to like it. UP 15% green atm.
Cannabis Strategic Ventures Doubles Production Capacity, Expects as much as 2,000 Lbs. Output Over Next 45-60 Days GlobeNewswire GlobeNewswireApril 23, 2020 LOS ANGELES, April 23, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Cannabis Strategic Ventures (NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is excited to announce that due to recent management decisions and production upgrades the Company has increased the total cannabis production capacity at NUGS Farm (the “Farm”) by 88 percent to 150 percent.
In the absence of unanticipated setbacks, the Company expects to produce between 1,500 pounds and 2,000 pounds of cannabis product over the next 45-60 days and similar amounts of product over subsequent 45-60 day periods.
“We have sharply expanded our production capacity to take advantage of an extremely advantageous context,” noted Simon Yu, CEO of Cannabis Strategic Ventures. “Pricing trends are very positive looking ahead over the spring and summer based on seasonal supply factors, demand growth is through the roof structurally and due to context-specific factors, and we are on the verge of launching our branded product line, which will significantly boost margins. Now is the time to expand output. Our team at the Farm has done a great job delivering on that objective.”
Management notes that the Company has been carrying out strategic analysis and upgrades on a rolling 30-day basis to drive value for shareholders. Expanded capacity and output is a result of that process, which will continue going forward. The increase in capacity is anticipated to drive a doubling in revenue potential over coming months.
The Company also continues to make strides toward the launch of its branded cannabis product later this quarter. In anticipation of that launch, it has partnered with one of the fastest growing cannabis delivery services in California to gain priority access to the Sacramento and Los Angeles markets. Management believes this expansion in production capacity was a necessary step ahead of that launch to satisfy the growing cannabis needs in those communities.
Yu continued, “Demand growth is a dependable factor in this market. Where we can really drive value for our shareholders right now is by optimizing output and pricing power. This capacity expansion is a huge step in the right direction that should have very tangible implications for topline growth.”
Cannabis Strategic Ventures has a growing social media presence. Follow us on: Twitter: @NUGS_stock Facebook: https://www.facebook.com/NUGSstock/ Instagram: @nugs_farm
About Cannabis Strategic Ventures Cannabis Strategic Ventures Inc. (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.
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