Cannabis Strategic Ventures (OTCQB:NUGS), an emerging leader in the U.S. cannabis marketplace, has announced its quarterly financial report for the period ending Sept. 30, 2020. A highlight of the report was the $6.4 million in sales for the period, a number that is up nearly 100% compared to the previous quarter, which totaled $3.3 million. Overall, the financial numbers indicate the company’s vigorous growth and wide-ranging expansion as it strengthens its position within the rapidly growing California cannabis marketplace. The increase in sales between the two quarters was more than 90%; the $6.4 million in sales represented a year-over-year increase of more than 800% compared to the three months ended Sept. 30, 2019. According to the release, the improved financials reflect better product quality, better distribution relationships and better pricing combined with a favorable environment that included multiple tailwinds. “We saw a terrific quarter come to an end in September, but we are already turning our attention to expanding and executing in the months and quarters ahead,” said Cannabis Strategic Ventures CEO Simon Yu in the press release. “Our $5 million 2020 annual revenue guidance has been left in the dust at this point. We are now seeing total sales accelerate toward a significantly higher mark as we continue to improve product quality, market reach and execution. . . . We hit the gas pedal when everyone else was hitting the brakes earlier this year, including on the execution side, which led to better product quality, which, in turn, has led to higher pricing in the market for our cannabis production on a per-unit volume basis. That trend continues to dovetail with our very positive trend in rising production capacity. In the process, we have nailed into place a growing footprint of strong distribution relationships by being a reliable source of high-quality products in an unpredictable context for end-market retailers.”
To view the full press release, visit https://ibn.fm/Ev3WC
About Cannabis Strategic Ventures
Cannabis Strategic Ventures is one of the largest publicly traded marijuana cultivators in the United States. The company is based in Los Angeles 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 about the company, please visit www.CannabisStrategic.com.
NOTE TO INVESTORS: The latest news and updates relating to NUGS are available in the company’s newsroom at http://ibn.fm/NUGS
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