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 Company’s 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 Company’s 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 doesn’t 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.”
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About Cannabis Strategic Ventures
Cannabis Strategic Ventures Inc. (OTC: 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.
For more information, visit http://www.CannabisStrategic.com.
FORWARD-LOOKING STATEMENTS: This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “would,” “could,” “will” and other words of similar meaning in connection with a discussion of future operating or financial performance.
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Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company’s actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.