LOS ANGELES, Oct. 26, 2018 /PRNewswire/ -- Cannabis Strategic Ventures, Inc. (OTC: NUGS) today announced its plans to expand its business portfolio to include cannabis cultivation. The Company has started its pre-acquisition due diligence process for prospective cultivation properties located in states where cannabis cultivation is legal.
Mr. Simon Yu, CEO of Cannabis Strategic, commented, "We have identified several cannabis cultivation locations in California, and have started analyzing these for possible acquisition. Currently, the Cannabis Strategic Ventures team is targeting several locations in excess of 200,000+ square feet that have existing cultivation infrastructures in place, which will allow us to move into cultivation very quickly."
The Company believes expanding into cannabis cultivation also supports and expands its current brand forward strategy and will allow management increased flexibility in negotiating for acquisitions of other brands. Additionally, there will be many opportunities to vertically integrate production by allowing the Company's brands to source products inputs from the cultivation operation.
After more than 80 years of cannabis prohibition, the legal cannabis market is booming with opportunity as more states adopt cannabis-friendly legislation. According to a joint 2018 executive summary authored by Arcview Market Research and BDS Analytics, the overall worldwide consumer demand for legal cannabis is now projected to be worth approximately $32 billion by the year 2022.
"Growth is on the horizon for the cannabis industry as recreational and medical markets continue to expand, and legalization continues to spread across the country. The Cannabis Strategic Ventures team is confident that moving into cannabis cultivation will allow us to significantly expand our revenue base and provide a strong path for continued financial growth," Yu added.
About Cannabis Strategic Ventures
Cannabis Strategic Ventures is a Los Angeles based firm that incubates, develops and partners with category leaders within the cannabis sector. The Firm's NUGS brand experience provides mentorship and a range of essential services to emerging and existing Cannabis consumer brands. The Company recently completed a name and symbol change from Cascade Energy, Inc. Cannabis Strategic Ventures is publicly traded on the U.S. Over the Counter Market with the stock symbol NUGS.
SOURCE Cannabis Strategic Ventures, Inc.