LOS ANGELES, June 24, 2020 (GLOBE NEWSWIRE) — via NetworkWire – Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is pleased to report continued robust growth in total volume of cannabis sales and revenues from cannabis sales during the month of June, which is now on pace to set a new Company record for cannabis sales performance.
This strong performance was aided by a single day (June 4) during which the Company booked $400,000 in sales – its largest ever single day of sales. Management notes that the Company booked a record $929K in sales in May (7% more than its April sales total, which was also a monthly sales record, itself). The Company had already amassed nearly $900K in June sales with 30% of the month remaining.
Simon Yu, CEO of Cannabis Strategic Ventures, stated, “We continue to benefit from our decision in March to get more aggressive rather than retrench in response to the coronavirus crisis. The cannabis shortage we have seen in California since that time has afforded us a golden opportunity to sharply expand our distribution footprint and nurture a widening network of key distributor relationships. June is on pace to be our third consecutive record sales month. Given our strong positioning and expanding production capacity, we anticipate continued robust growth ahead.”
The Company continues to invest in expanding its production capacity given highly positive pricing trends and tight supply side market conditions in the California cannabis marketplace. Management notes that the Company has increased its size of harvest by as much as 2.5x and is currently negotiating a deal through which it can be more than doubled again, as outlined in its release dated June 17.
In addition, due to strong execution on product quality and grow operations, the Company has progressed from booking sales well below industry standard pricing to selling at an 11% premium to benchmarks over recent months. Volume sold also continues to rise sharply on a week-over-week, month-over-month, and quarter-over-quarter basis.
“We are scaling up in healthy response to signals from the market telling us loud and clear that we are on the right track,” continued Yu. “We anticipate all these trends will continue to characterize our operational performance during the second half of the year.”
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