Cannabis Strategic Ventures (OTCMKTS:NUGS) is on track to set new records by reporting record sales volumes in a month.
Spike in single-day sales
Cannabis Strategic posted single-day sales of $400,000 on June 4, 2020. It is the highest ever sales volume for a day for the company in its history. The company previously posted sales of $929,000 in May 2020 by posting an increase of 7% compared to April 2020. It already achieved sales of $900,000 in June 2020, with just 30% of the days remaining.
Aggressive sales promote growth
CEO of Cannabis Strategic, Simon Yu, said the company is benefiting from its decision in March 2020 of aggressive sales strategy rather than slashing the staff count during ongoing COVID-19 pandemic. Cannabis Strategic expanded its distribution efforts in California to benefit from the shortage of cannabis. It is expanding pacts with distributors to boost its sales further. Cannabis Strategic is reporting sales growth for the third month in a row. Going forward, the company plans to improve its manufacturing capacity to maintain strong growth.
Invests in ramping up production
Cannabis Strategy is investing heavily to improve production capacity to benefit from positive pricing and short supply of cannabis in the Californian market. Its harvest size is increased by 2.5% and is in discussions to double the harvest.
Cannabis Strategic reported selling at an 11% premium compared to the standard rates prevailing in recent months by maintaining the highest quality and growth. Its sales volumes are recording a growth WoW, MoM, and YoY. Simon said the company expects to maintain strong operational performance in Q2.
Signs LOI for a new greenhouse facility
Cannabis Strategic signed a letter of intent to acquire 300,000 Sq Ft greenhouse facility to enhance cannabis cultivation. The company would double its manufacturing capacity through this new deal.
Simon said the company can sell as much as possible in the prevailing market conditions by maintaining the quality of the product. He said the demand for cannabis will persist some more time. The new greenhouse is ready to grow conditions to ramp up its production capacity. The addition of a new greenhouse will also improve its market positioning and help to establish relationships with new distributors.
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