Cannabis Strategic Ventures (OTCQB:NUGS) (“NUGS” or the “Company”), an emerging leader in the U.S. cannabis marketplace, is excited to announce the sale of approximately 900 pounds of cannabis product from NUGS Farm, the Company’s core cultivation facility.
According to CannabisBenchmarks.com, the average price of cannabis flower in the U.S. market as of April 3 was $1,588 per pound, with prices moving higher over recent weeks.
“We believe there are two factors driving cannabis prices higher right now,” commented Simon Yu, CEO. “First, people are reacting to the coronavirus epidemic, which is producing anxiety and an instinct to hoard necessary goods. For many people, that includes cannabis. This is particularly true for those with medical marijuana prescriptions. Second, we are moving toward the end of the dry season, so supply is tapering out of the market as outdoor producers wind down inventories ahead of the new planting season. We are clearly benefitting from both of these dynamics right now, which should continue to drive performance over coming months.”
Management notes that the Company is currently focused on bringing five key strains to market:
- Blue Cookies
- 99 Cookies
- Wedding Cake
- Josh D OG
With hundreds of pounds of inventory on hand, expanding production, rising cannabis prices, and growing demand, NUGS has no plans to cut headcount, unlike other cannabis producers. Instead, management notes that the Company is currently increasing staff to address rising demand.
Yu continued, “It’s remarkable to see other producers actually moving to reduce capacity and headcount at a time when people who legitimately need this product are finding it difficult to locate. From our vantage point, this is a tremendous opportunity to strike while the iron is hot and expand our share of the market by meeting
the booming demand that’s out there right now.”
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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.