Cannabis Strategic Ventures (OTCMKTS:NUGS) continues to be a stock of frustration for shareholders. After the company announced a major addition to its corporate portfolio last week (NUGS) popped 69% to close at $1.32. This surge paired with a shocking 613K shares traded (compared to its 30-Day average volume of 90K shares) was enough to catch our eye.
Much to shareholders chagrin, NUGS has pulled back and the good times appear to be waning again. Here are the details.
Cannabis Strategic Ventures
In a fresh development, Los Angeles based Cannabis Strategic Ventures announced that the first harvest is expected this summer at its giant new facility. The company, which is best known for its NUGS brand, was earlier known as Strategic Energy Inc but recently changed its name to Cannabis Strategic Ventures. It is involved in incubating, development and ultimately forges partnerships with some of the major players in the cannabis industry. Following the announcement of the news about the company’s first harvest at its shiny new facility, the stock soared to new highs.
For any cannabis production and harvesting company, the acquisition of a major facility spread over six acres is huge news and hence, it is not a surprise that Cannabis Strategic Ventures stock is now flying high after the company announced the development.
The additional details regarding the development are even more interesting. According to the press release, the company has planted as many as 20,000 cannabis plants at the site and in total; the site alone is projected to produce a staggering 30,000 pounds of product in a year.
The first harvest is expected at some point this summer. According to the company, there will be a total of four or five harvests a year and needless to say, this makes Cannabis Strategic Ventures one of the biggest players in the industry. The site in question will operate at full tilt by the end of the summer this year.
Additionally, the company is also going to employ a high skilled team of experts who will oversee the entire operation. According to the press release, most of the personnel involved in the production process at the new facility have around a dozen years in the cannabis development space.
Needless to say, this whole development has proven to be a boon for the company’s stock and following the publication of the news, the stock soared by as much as 69% as investors scrambled to get a piece of the action.