Cannabis Strategic Ventures Reports Q2 Results: Revenues Up 1,317% to Over $700K
LOS ANGELES, Nov. 25, 2019 (GLOBE NEWSWIRE) -- via NetworkWire – Cannabis Strategic Ventures (OTCQB:NUGS), an emerging leader in the U.S. cannabis marketplace, reports financial results for the second quarter which ended Sept. 30, 2019.
“Q2 ushered in a new standard across all top-line metrics and we expect to continue expanding on this growth through Q3 and beyond,” commented Simon Yu, CEO, Cannabis Strategic Ventures. “Over the last two years, we have secured and invested capital to help drive revenue and substantially increase the Company’s total assets while improving gross profit margins. We expect continued growth to the top-line along with a declining drop in net losses next year.”
Second Quarter 2019 Financial Highlights
-- Consolidated quarterly revenue growth of 1,317% to $707K compared to the same period last year. -- Cash and cash equivalents up 205% over past six-month period to $228K -- Inventories up to $1.14 million -- Total assets up 322% year-over-year to $18.03 million
Second Quarter 2019 Corporate Highlights
-- Q2 2019 represents breakthrough quarter for revenue growth -- The Company projects continued revenue growth to follow -- Assets swelled to over $18 million due to capital infusions -- The Company breaks $1 million level inventory for the first time -- Future revenue projections suggest diminishing losses through 2020
“We experienced acceleration in top-line growth in Q2 as we expanded the scale of our operations through new investments,” continued Yu. “As we press forward, we anticipate growth to continue in the months ahead. The message to our shareholders right now is this: Cannabis Strategic Ventures is committed to aggressive expansion as we gradually move toward profitability. We are becoming simultaneously bigger and more efficient with every passing month and are confident in our mission to create shareholder value.” About Cannabis Strategic VenturesCannabis Strategic Ventures Inc. (OTC: NUGS) is one of the largest publicly traded marijuana cultivators in the United States. The Company is Los Angeles-based that 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:Arlene Guzman Phone:+1-310-359-6860Email: IR@CannabisStrategic.comWebsite: http://www.CannabisStrategic.com