Cannabis Strategic Stock Rises After Announcing Weekly Sales Numbers
The cannabis sector has not had the greatest of times over the past year or so, and many companies have also struggled to grow their business satisfactorily. However, things are slowly turning around for some companies, and one such company is Cannabis Strategic Ventures (OTCMKTS:NUGS).
Second Best Sales Week
This morning the stock has rallied by as much as 15% after the company announced its sales figure for the month of June. The figures were highly encouraging, and investors soon piled on to the stock. It would be interesting to see whether the stock can continue to add to its gains today.
The company announced this morning that it ended the month of June with considerable sales momentum and ended up recording its second-best week in terms of sales in history with $550,000 worth of cannabis product sales. It is a highly impressive performance from Cannabis Strategic Ventures, and the sales figure represents an annualized sales figure of as much as $28 million.
The Chief Executive Officer of the company, Simon Yu said that it is not a surprise that the company continues to post such improved figures over months and weeks. He went on to add that the company could post such figures in July, August, and in the months after that. Wu stated that Cannabis Strategic Ventures’ success is due to better production practices, better capacity, a better range of products, and better relationships with the distributors in California.
Record $400K Sales Day
However, that is not all. Back in June, the company had reported strong weekly sales as well, and that must have been a source of great encouragement for investors as well. The company announced back on June 24 that the sales performance in the month continued to be robust and that the company was on the verge of delivering a record. Cannabis Strategic stated that its performance in June was primarily boosted by its remarkable sales figures for a single day. On June 4, Cannabis Strategic managed to book sales to the tune of as much as $400,000, and it also proved to be the single largest day of sales at the company.
The company’s management also announced at the same time that in the month of May, Cannabis Strategic managed to book a record of $929,000 in sales. The figures in May represented a record as well. It should be noted that the company’s May sales managed to surpass the sales recorded in April by 7%. The performance in April had been a record in itself. The company is clearly moving in the right direction in terms of sales and could well emerge as one of the cannabis stocks to track in the second half of the year. Investors could do well to keep an eye on developments.
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