NetworkNewsBreaks – Cannabis Strategic Ventures
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Posted On: 11/10/2020 3:09:51 PM
NetworkNewsBreaks – Cannabis Strategic Ventures (NUGS) Releases Quarterly Financials, Reports More Than 90% Increase in Sales
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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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