Cannabis Strategic Ventures (OTCQB: NUGS), an emerging leader in the U.S. cannabis marketplace, is taking strategic steps to ensure its position in the growing cannabis market in California. Within the sector, sales of legal adult-use cannabis are expected to reach roughly $7.2 billion by 2024, up from 2.5 billion in 2018, according to Statista (https://cnw.fm/J2aOe). “Cannabis Strategic Ventures is aligning its long-term strategy with that growth in mind, as the company remains focused on shaping the future of the cannabis industry by striving for constant evolution in products, places and people,” reads a recent article. NUGS recently signed a memorandum of understanding (“MOU”) with California-based Devine Solution Inc. with the end goal of increasing its cannabis production capacity. The MOU outlined NUGS’s plans relating to its proposed acquisition of a Devine Solution-owned 15,600-square-foot indoor cannabis cultivation facility that has the potential to produce more than 7,000 pounds of premium cannabis flower per year for NUGS. “This deal represents the potential to sharply increase our premium cannabis production capacity and materially augment our status as an emerging leader in the vertically integrated California cannabis marketplace,” said NUGS CEO Simon Yu.
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About Cannabis Strategic Ventures Inc.
Cannabis Strategic Ventures is one of the largest publicly traded marijuana cultivators in the United States. The company is Los Angeles-based and 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 www.CannabisStrategic.com.
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