Cannabis Strategic Ventures NUGS reported a significant boost in revenue in 2020.
Consolidated revenue jumped 517% year-over-year to $14.6 million, according to the Los Angeles-based cannabis company's earnings report Wednesday.
Revenues coming from cannabis sales amounted to $14.1 million, up by 975% compared to fiscal 2019.
"2020 was a defining year for NUGS, as we pushed into a higher gear in terms of commercial activity and market positioning despite the unusual challenges of the global pandemic health crisis," said Simon Yu, CEO of Cannabis Strategic Ventures.
The company also disclosed that gross profit spiked 483% year-over-year, reaching $2.78 million in 2020.
Gross margins, maintained at roughly 20% across sales, since the company managed to "fend off any drop," Yu explained.
According to its management team, the company also saw improvement in product quality, production scale, and distribution relationships over the same period.
However, Yu emphasized that they are looking to improve operating expenses.
"We are working to improve production processes and input sourcing contracts as we scale up production over coming quarters," Yu added.
Photo: Courtesy of CRYSTALWEED cannabis on Unsplash
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