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June 24, 2020, 9:06 a.m. EDT

Cannabis Sales Surge During Lock Down

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Jun 24, 2020 (CannabisNewsWire via COMTEX) -- CannabisNewsWire Editorial Coverage : COVID-19 devastated the economy but created a surge in cannabis sales, bolstering long-term trends.

As the pandemic wreaked havoc on the U.S. and global economies, cannabis sales rocketed higher across multiple markets in North America. California cannabis sales soared nearly 160% compared to the same day in March 2019, while sales in Washington climbed 100% and Colorado saw a 46% increase on the same day. This surge gives no indications as a one off and is strong reinforcement of long-term trends in the industry. After a lot of early hype, the cannabis sector is on firm ground and is posting impressive numbers. A strong performer in the sector, Cannabis Strategic Ventures (otcqb:NUGS) ( NUGS Profile ), is now on pace for over $2.7 million in quarterly sales and approximately $11 million in annualized sales, based on its strong performance in April and May. Simultaneously, the company increased its harvest size by as much as 2.5x and is now selling product at an 11% premium to industry standard. Powerful new deals confirm sector viability and vitality. Village Farms International Inc. /zigman2/quotes/207525872/composite VFF +7.37% , one of North America's largest vertically integrated greenhouse growers, recently launched a majority-owned joint venture for a large-scale, low-cost, high-quality cannabis production. HEXO Corp. /zigman2/quotes/206508254/composite HEXO -1.60% , an established consumer packaged goods cannabis company, just closed a public offering for total gross proceeds of C$57,546,000. Amyris Inc. /zigman2/quotes/200266877/composite AMRS +6.38% , a global science and technology leader of pure, sustainable ingredients for consumer products, just announced a major breakthrough in CBD delivery, improving efficacy of CBD by 10-40X as the carrier oil chassis for the skin care market. Tilray Inc. /zigman2/quotes/209129655/composite TLRY +11.98% a global leader in cannabis research, cultivation, processing, and distribution announced a C$90.4 million registered offering. The surge in cannabis sales during lockdown…

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COMTEX_367317982/2615/2020-06-24T09:06:05

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/zigman2/quotes/207525872/composite
US : U.S.: Nasdaq
$ 6.28
+0.43 +7.37%
Volume: 476,893
Aug. 4, 2020 2:06p
P/E Ratio
220.70
Dividend Yield
N/A
Market Cap
$341.48 million
Rev. per Employee
N/A
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/zigman2/quotes/206508254/composite
US : U.S.: NYSE
$ 0.71
-0.01 -1.60%
Volume: 6.63M
Aug. 4, 2020 2:06p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$276.97 million
Rev. per Employee
N/A
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/zigman2/quotes/200266877/composite
US : U.S.: Nasdaq
$ 4.87
+0.29 +6.38%
Volume: 1.02M
Aug. 4, 2020 2:06p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$936.13 million
Rev. per Employee
$194,251
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/zigman2/quotes/209129655/composite
US : U.S.: Nasdaq
$ 8.32
+0.89 +11.98%
Volume: 12.10M
Aug. 4, 2020 2:06p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$927.72 million
Rev. per Employee
$62,689
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