Los Angeles-based Cannabis Strategic Ventures introduced the strategic direction of its wholly owned and operated flagship farm, NUGS Farm North, located in Northern California. The fully operational, six-acre marijuana cultivation operation is expected to reach complete capacity by the fall of 2019 and will position Cannabis Strategic Ventures as one of the largest cultivators in terms of volume in the state of California.
“We believe the operationalization of NUGS Farm North will enable us to become one of the largest legal cultivators and distributors of multiple types of cannabis products in California and the United States. Located in an area of rich agricultural heritage, the growing conditions at NUGS Farm North will yield a significant tonnage of the highest quality marijuana in the world,” said Simon Yu, CEO. Cannabis Strategic Ventures. “We are proud of our teams on the ground and in the corporate office – both of which are diligently working to grow quality plants of some of the most popular varietals, and to secure the financial and operational resources to make this possible.”
Cannabis Strategic Ventures provides the following details regarding the operations and revenue guidance for output of cultivation at NUGS Farm North:
- The site is slightly larger than six acres and will be utilized for greenhouse cannabis cultivation, with products ranging from fresh frozen to trim for THC oil production.
- According to Cannabis Benchmarks, the average plant at the greenhouse facility is expected to produce more than one pound of quality product.
- Multiple crops are expected each year and total output could reach an excess of 120,000 pounds per year.
- According to industry data, the average price of licensed marijuana in California averages approximately $1,197 per pound. Additionally, Cannabis Strategic Ventures plans on adding on-site processing and manufacturing to further boost revenues.
- The current operation holds 24 cultivation, manufacturing and distribution licenses issued by the Bureau of Cannabis Control in the state of California.
- The recent OTCQB uplisting has prompted significant investor interest and involvement in NUGS Farm North. The grow projections have created increased investor interest and commitments of substantial funds to finance and expand the operation.
- The company plans to announce the details of the extensive financing package over the coming weeks.
“Our team is quickly becoming one of the largest publicly traded operations within the U.S. cannabis marketplace,” added Yu. “We thank our investors who continue to support our growth and are excited to provide an update on the details of our extensive financing package.”
For more information:
Cannabis Strategic Ventures