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LAS VEGAS, NV / ACCESSWIRE / November 16, 2021 / CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH), the ” Company ” or ” CLS ”, a diversified cannabis company operating as Cannabis Life Sciences, today announced the Financial and operating results of its Nevada wholly owned subsidiaries for the month of October 2021 with net revenues of $ 1.9 million and a gross margin of 46%. The company recorded significant net revenue growth with an increase of 8% year on year and 87% over 2019. City Trees wholesale division continued its steady growth with 34% net revenue growth over one year and 140% compared to 2019.
CLS Nevada October 2021 Financial and Operational Highlights
- The company’s retail division, Oasis Cannabis, continued to exceed its goal of an average order size above $ 50, with orders averaging $ 57 in October.
- The company’s branded division, City Trees, continued to outperform the market and reported a 34% year-over-year increase in revenue and a 140% increase from 2019.
- City Trees continued to maintain its position as the number one dye brand in the state of Nevada.
- BDS Analytics reported September figures showing City Trees was the top-selling concentrate brand for the entire category in terms of units sold in the state of Nevada.
- BDS Analytics reported figures from September showing City Trees was the number one brand for unit and dollar dabbing concentrates sold in the state of Nevada
“When I see our brand at the top of BDS analysis, I’m thrilled,” said Andrew Glashow, president and chief operating officer of the company. “As a truly original local brand, we compete with Much larger multi-state operators as the Nevada market continues to grow. What we have been able to accomplish is a testament to our team and our product. I would oppose any other brand of cannabis in the world. “
Please note that from February 2022, the Company will switch to quarterly reporting with quarterly calls to investors.
About CLS Holdings USA, Inc.
CLS Holdings USA, Inc. (CLSH) is a diversified cannabis company that acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada and plans to expand to other states. CLS stands for “Cannabis Life Sciences,” in recognition of the company’s patented method of extracting various cannabinoids from the marijuana plant and converting them into products of a higher level of quality and consistency. The Company’s business model includes licensing operations, processing operations, processing facilities, product sales, branding and advisory services. https://www.clsholdingsinc.com/.
Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since the dispensaries opened in Nevada in 2015 and has been recognized as one of the state’s top marijuana retailers. Its location within walking distance of the Las Vegas Strip and downtown Las Vegas, combined with its resident delivery service, allows it to efficiently serve locals and tourists to the Las Vegas area. In February 2019, it was named “Best Dispensary for Pot Pros” by Desert Companion Magazine. In August 2017, the company began wholesale cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products. http://oasiscannabis.com.
Founded in 2017, City Trees is a Nevada-based cannabis cultivation, production and distribution company. Offering a wide variety of products with consistent results, City Trees products are available at many dispensaries across the state of Nevada. https://citytrees.com
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” as such term is defined in the Private Securities Litigation Reform Act of 1995 (collectively, the “” statements prospective ”). These statements concern, among other things, the impact of the COVID-19 virus on our business, the results of our initiatives to retain our employees and strengthen our relationships with our customers and our community during the pandemic, the effect of our initiatives to expanding market share and achieving growth during and after the pandemic, operating results and financial performance, anticipated future events and the effectiveness of our business practices during the pandemic. The continued spread of COVID-19 could have, and in some cases has already had, a negative impact on our business, operations and financial results, including disrupting our growing and processing activities, supply chains and our sales channels; and retail dispensary operations. as well as a deterioration in general economic conditions, including a possible national or global recession. Due to the uncertainties associated with the continued spread of COVID-19 and the timing of vaccinations, it is not possible to estimate its impact on our business, operations or financial results; however, the impact could be significant. In some cases, you can identify forward-looking statements by words such as “may”, “”. ” plans ” ” objectives ” ‘continue’ or the negative of these terms or other comparable terminology. These forward-looking statements are only predictions, are uncertain, and involve substantial risks, uncertainties and other known and unknown factors that may cause our actual results, levels of activity or performance to differ materially from the results, levels. activity or future performance expressed. or implied by these forward-looking statements. We cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. These cautions should be considered in conjunction with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, we do not intend to update any forward-looking statements so that such statements reflect actual results, subsequent events or circumstances or to reflect the occurrence of unforeseen events. See the documents filed by CLS Holdings USA with the SEC and on its SEDAR profile at www.sedar.com for further details.
President and CEO
President and Chief Operating Officer
THE SOURCE: CLS Holdings USA, Inc.
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