Lotus Sees Strong Demand and an Undersupply of High-Quality Product in the Market
Canadian Securities Exchange: Symbol J
VANCOUVER, BC, Oct. 19, 2020 /CNW/ - Lotus Ventures Inc. ("Lotus" or the "Company") (CSE: J) (FRA: LV9) (OTC: LTTSF) comments in response to BNN Bloomberg's article published on Friday, October 16, 2020 in regard to 'Too much (cannabis) cultivation' being narrated across Canada. From a macro industry analysis, this is a reasonable premise but in the Company's experience some segments of the cannabis sector can thrive. Over the past quarter, Lotus has been able to sell-through 100% of production for its highly demanded cannabis flower. We attribute our success on the sale side to our consistent production of premium-craft product.
As recently reported by the Ontario Cannabis Store, during the April 1, 2020 to June 30, 2020 period, cannabis flower with a THC% greater than 20% sold 101x and 161x more on the Ontario Cannabis Store website and in retail stores, respectively.
During the June to October period, Lotus' cannabis flower averaged a THC% of approximately 25% and the Company saw an increased demand for its product nationally on a wholesale basis. The Company's internal research also indicates a 1.2% market share of total sales in the Ontario flower market since its collaborative strain launch with Kolab Project. With our low cost of production and the strong demand for a premium product, Lotus has the opportunity and the reason to expand production further in a market that has lagged on the need for product quality.
To learn more about Lotus, download our most recent investor presentation here.
ON BEHALF OF THE BOARD:
Lotus Ventures Inc.
"Dale McClanaghan"
Dale McClanaghan, President and CEO
About Lotus Ventures Inc.
Lotus Ventures Inc. (CSE: J) is the publicly traded licensed producer that owns Lotus Cannabis Co., a premium-craft cannabis brand in Canada. Lotus grows rare and new-to-market strains of cannabis, while providing consistency and reliability through its innovative purpose-built facility that was created in BC's North Okanagan region. The facility was designed for the ideal growing conditions that cannabis plants need to thrive in, using a high-performance harvest schedule with fresh biweekly harvests. Lotus has decades of growing experience and uses an entirely handcrafted production process created by one of the region's most knowledgeable growing teams.
To learn more, visit https://lotuscannabis.ca/ or follow us on Twitter: @lotuscannabisco Facebook: @lotuscanna Instagram: @lotuscannabisco LinkedIn: @lotuscannabisco
Forward Looking Information:
The information contained within this news release has been prepared by Lotus Ventures Inc. This document includes certain statements that are not descriptions of historical facts but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for medical and recreational cannabis products, our expectations regarding the continued growth of the medical and recreational cannabis market, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Users are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties have not been documented or mentioned in this document nor other communications made by the company. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Lotus Ventures Inc.
President & CEO, Dale McClanaghan, [email protected], 604-644-9844; Investor Relations, Daniel McRobert, [email protected], 604-842-4625
Share this article