Cannabis Strategic Ventures, Inc. (OTC Pink: NUGS) is a Los Angeles-based firm that incubates, develops, and partners with category leaders within the cannabis sector. Shares surged 29.93% through early trading on Wednesday, January 16, 2019. Over the past month, Cannabis Strategic Ventures has seen an average daily volume of 74,419 shares. However, through Wednesday morning, already 288,770 shares have already traded hands, equating to $514,000 in dollar volume.
Shares surged Wednesday morning after Cannabis Strategic Ventures announced it has signed a Letter of Intent to partner with a cannabis cultivation operation located in Santa Barbara County. The operation currently holds 40 commercial cannabis licenses from a number of regulatory agencies in California. Simon Yu, CEO of Cannabis Strategic Ventures, commented, “Obtaining access to a large batch of licenses located between the cannabis-friendly cities of San Francisco and Los Angeles will allow us to expedite our growth and scalability.” Here is the full press release detailing the Letter of Intent Cannabis Strategic Ventures signed with a Santa Barbara cultivation operation:
Cannabis Strategic Ventures, Inc. Press Release:
LOS ANGELES, Jan. 16, 2019 (GLOBE NEWSWIRE) — via NetworkWire – Cannabis Strategic Ventures, Inc. (OTC: NUGS) today announces that it has signed a Letter of Intent to partner with a Santa Barbara County cultivation operation that holds approximately 40 commercial cannabis licenses from the County of Santa Barbara, the California Bureau of Cannabis Control, the Manufactured Cannabis Safety Branch, and the CalCannabis Cultivation for growth, manufacturing and cultivation. The parties involved are working on a final agreement.
“As we increase Cannabis Strategic Ventures’ stronghold in the California cannabis market, we are pursuing partnerships that are strategically aligned with our corporate growth plans,” comments Simon Yu, CEO, Cannabis Strategic Ventures. “Obtaining access to a large batch of licenses located between the cannabis-friendly cities of San Francisco and Los Angeles will allow us to expedite our growth and scalability.”
A Pew Research study from September states that 62% of Americans support legal cannabis, double the support recorded in 2000, highlighting increased acceptance for cannabis-friendly regulations. As consumer demand for recreational and medicinal cannabis continues to grow, industry leaders are forced to solidify suppliers for their distribution channels.
“Cannabis Strategic Ventures is excited for 2019 and what increases in consumer demand could mean for our brand,” comments Yu. “We remain focused on managing our business operations for growth and making sure we are well prepared to keep up with the momentum of the cannabis industry.”
About Cannabis Strategic Ventures (NUGS)
Cannabis Strategic Ventures is a Los Angeles based firm that incubates, develops and partners with category leaders within the cannabis sector. The Firm’s NUGS brand experience provides mentorship and a range of essential services to emerging and existing Cannabis consumer brands. The Company recently completed a name and symbol change from Cascade Energy, Inc. Cannabis Strategic Ventures is publicly traded on the U.S. Over the Counter Market with the stock symbol NUGS.
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.
Article By: Andrew Rego