Cannabis Strategic Ventures Reports Record $2.3M in July Cannabis Sales on Rapidly Accelerating Growth

LOS ANGELES, Aug. 12, 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 July monthly performance data, which featured a breakout record sales performance for the Company that far exceeded in-house forecasts and the prior rate of growth underway during the first half of the year.

The Company booked over $2.3 million in total sales from cannabis products during July. That compares to $1.3 million in cannabis sales in June. This represents a sequential monthly growth rate of approximately 77%, nearly doubling the 40% sequential growth witnessed in June, which was also a new Company record for topline performance.

“It would be easy to lose perspective at this point because we exceeded our own expectations by such a wide margin in July,” commented Simon Yu, CEO of Cannabis Strategic Ventures. “That said, we believe we understand what’s driving this accelerating growth: a combination of better products, better distribution relationships, and better pricing coming together in a favorable environment. And we have a strategy in place to continue to drive progress in all of these areas going forward.”

The Company continues to prioritize expansion and refinement. Management believes that the Company’s rapid pace of growth has been fueled, in part, through its improved positioning in the California cannabis market among partners and distributors, which has happened as a consequence of expanded production capacity and product quality improvements.

Cannabis Strategic Ventures will continue to focus on maximizing these factors in the months ahead, with direct plans for a further expansion in production capacity as well as the Company’s continued efforts to streamline and refine its cultivated strains. As announced in the Company’s June 11 release (http://cnw.fm/s3jdC), the NUGS grow team has been working on a comparative evaluation that may be completed by the end of August to determine which four strains consistently produce the most optimal results at its cultivation facility. The evaluation is focused on identifying results in terms of year-round harvest productivity, pricing standards, and integrated biological fitness given the precise ecology contextualizing NUGS Farm.