LOS ANGELES, May 13, 2020 (GLOBE NEWSWIRE) — Cannabis Strategic Ventures “Sold Out” Every Week for First Time in Company History, Expanded Inventory Ready Next Week
LOS ANGELES, May 13, 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 announce it will have new expanded inventory ready for sales and shipment next week after a sharp surge in sales in early May left the Company “sold out” every week for the past month for the first time in its history.
The Company recently expanded total production capacity by as much as 150% in preparation for an unprecedented escalation in demand. That capacity expansion will contribute to inventory going forward as the Company translates surging demand into accelerating sales growth.
“We have never seen anything like this,” noted Simon Yu, CEO of Cannabis Strategic Ventures. “We booked $100,000 in one day to clear out all of our remaining inventory. We anticipated this dynamic but still underestimated the force of the trend. Too much demand is always the problem you want to have. And we are confident we will be able to translate this into further upside in terms of our top line growth curve.”
The Company is coming off a record month of sales in April, where it booked orders at an annualized pace exceeding $10 million. In all, April sales came in more than 800% higher than the average monthly sales performance logged during the Company’s calendar Q1 – momentum that has carried over into May sales data.
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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.
Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
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.
Corporate Contact: Email: IR@CannabisStrategic.com Website: http://www.CannabisStrategic.com Corporate Communications: InvestorBrandNetwork (IBN) Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com