LOS ANGELES (Sept. 27, 2019) — via NetworkWire — Cannabis Strategic Ventures Inc. (OTC: NUGS) today announces an operations update on NUGS FARM, the Companys wholly owned and operated flagship cultivation site and one of the largest mixed-light cannabis cultivation operations in the state of California. Product sales from the 275,693-square-foot site began in mid-September, and additional revenue bookings are expected on an ongoing basis as various timed crops are harvested and processed for sale. The cultivation site is operating at approximately one-third of its total capacity, with full operational capacity expected to be reached during the first quarter of 2020.
At full operational capacity, NUGS FARM is expected to cultivate, harvest and process crops on a monthly basis, with each crop yielding approximately 3,500 pounds of quality flower. Based on recent data from Cannabis Benchmarks, the average selling price of greenhouse-produced cannabis flower is $1,208.95 per pound. On a retail basis, the amount of flower to be produced when NUGS FARM is at full operational capacity would equal approximately 1,587,573 grams per harvested crop. The Los Angeles retail market is currently pricing quality flower at approximately $8.14 per gram, based on data from weedindex.io.
It continues to be an exciting time at Cannabis Strategic Ventures and at the NUGS FARM cultivation site, said Simon Yu, CEO, Cannabis Strategic Ventures. We look forward to experiencing significant growth in operations at NUGS FARM over the next few months. As our operation scales, Cannabis Strategic Ventures will be positioned to keep up with the demand for high-quality legal cannabis products in California.
NUGS FARM is a high-tech greenhouse operation located in an agriculturally rich region of California. NUGS FARM holds 19 cultivation, manufacturing and distribution licenses issued by the Bureau of Cannabis Control in the state of California. The combination of natural sunlight and high-tech mixed-light greenhouses will allow NUGS FARM to harvest quality cannabis flower multiple times per year.
About Cannabis Strategic Ventures
Cannabis Strategic Ventures Inc. (OTC: NUGS) is on a mission to shape the Cannabis
industry by striving for constant evolution in products, process, and people. The Los Angeles-based Company incubates, develops and partners with category leaders within the cannabis and ancillary sectors. As one of the largest publicly traded cannabis cultivators in the United States, the Cannabis Strategic Ventures portfolio includes NUGS FARM, a 6-acre greenhouse operation with full cultivation, manufacturing and distribution licenses; Asher House Wellness a is a line of ingestible Pet CBD products that contains a broad spectrum of beneficial hemp; The Cloud is a dispensary, cultivation, and manufacturing facility located in the heart of downtown Los Angeles.
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