CLS
Holdings, (OTCQB:
CLSH) $1.49
million Net Revenue for Feb Highest in Company History
Miami, FL--
(March
9,
2021) InvestorsHub
NewsWire – EmergingGrowth.com, a leading independent small cap
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on CLS
Holdings, Inc. (OTCQB: CLSH)
CLS Holdings, Inc. (OTCQB:
CLSH) just announced that
the financial and
operational results for its Nevada wholly owned subsidiaries for
the month of February 2021 were net revenues of 1.49M and a
Gross Margin of 50%.
CLS Holdings, Inc. (OTCQB: CLSH) by the numbers:
-
NET revenue
for February 2021 was
$1.49 million beating
February
2020 by
29.8% and February 2019 by 60.9%
-
Gross margin for
February 2021 was 50%, maintaining the Company's goal of 50% or
higher.
-
Total Net Revenue
for January and February 2021 came to $2.97 million
?
The average
ticket total at Oasis Cannabis, the Company's retail division, grew
by 46.1% from February 2020 to February 2021.
-
On February
9th
the
Company
announced an average of over 700
transactions per day.
-
Revenue for the
six months ending November 30, 2020 came in at
$8,688,758.
-
Assets reported
on its most recent quarter came in at $14,399,741.
-
Average order
size increased from $36.94 in 2/20 to $53.95 in 2/21
-
Shares
Outstanding: $126,571,416
CLSH
may not be at these levels much longer.
The Company saw significant
developments throughout the month of February, including the
sell-in of new branded products from City Trees, increased
year-over-year wholesale revenue, and substantially higher average
ticket totals at Oasis Cannabis compared to February 2020. As
economic activity begins to resume in Las Vegas, the Company
anticipates continued strong growth.
Along with this increase in
retail revenue at Oasis, City Trees' revenue from third party sales
increased by 51.39% year-over-year, from $240,941.19 in February
2020 to $364,764.69 in February 2021.
The Company's toll processing
division, Trichome Harvest Company, also completed several
transactions for notable extraction brands with multi-state
operations.
Andrew Glashow, President
& COO of CLS noted, "With the addition of this division,
expanding product catalog from City Trees, and continued growth of
Oasis Cannabis, CLS has seen growing interest in its operations and
continues to share its philosophy across various industry
channels".
Most recently, the Company
presented its operational highlights at the Emerging Growth virtual
conference on February 17. The Company plans to continue sharing
its ethos within the industry and explore further relationships to
utilize its extraction facility and capacity for
expansion.
The company also
recently
announced that
City Trees, the Company's manufacturing subsidiary is now offering
5 new distillate blends that are available in disposable vape pens,
cartridges, and refill oil applicators.
City Trees has over 70%
market penetration and the brand is poised to continue growing
market share and strengthen its position as Nevada's premier
extract producer with the release of these new products.
This could be the biggest play we see in the cannabis space this
year.
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 proprietary method of extracting various
cannabinoids from the marijuana plant and converting them into
products with a higher level of quality and consistency. The
Company's business model includes licensing operations, processing
operations, processing facilities, sale of products, brand creation
and consulting services.
https://www.clsholdingsinc.com/
Twitter:
@CLSHoldingsUSA
Oasis Cannabis has operated a
cannabis dispensary in the Las Vegas market since dispensaries
first opened in Nevada in 2015 and has been recognized as one of
the top marijuana retailers in the state. Its location within
walking distance to the Las Vegas Strip and Downtown Las Vegas in
combination with its delivery service to residents allows it to
efficiently serve both locals and tourists in the Las Vegas area.
In February 2019, it was named "Best Dispensary for Pot Pros" by
Desert Companion Magazine. In August 2017, the company commenced
wholesale offerings of 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 in numerous dispensaries
throughout the state of Nevada.
https://citytrees.com
Forward
Looking Statements
This press release contains
certain ''forward-looking information'' within the meaning of
applicable Canadian securities legislation and ''forward-looking
statements'' as that term is defined in the Private Securities
Litigation Reform Act of 1995 (collectively, the ''forward-looking
statements''). These statements relate to, 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 community during the pandemic,
the effect of our initiatives to expand market share and achieve
growth during and following the pandemic, results of operations 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 already
has had, an adverse impact on our business, operations and
financial results, including through disruptions in our cultivation
and processing activities, supply chains and sales channels, and
retail dispensary operations as well as a deterioration of general
economic conditions including a possible national or global
recession. Due to the speed with which the COVID-19 situation is
developing and the uncertainty of its magnitude, outcome and
duration, it is not possible to estimate its impact on our
business, operations or financial results; however, the impact
could be material. In some cases, you can identify forward
looking statements by terminology such as ''may,'' ''might,''
''will,'' ''should,'' ''intends,'' ''expects,'' ''plans,''
''goals,'' ''projects,'' ''anticipates,'' ''believes,''
''estimates,'' ''predicts,'' ''potential,'' or ''continue'' or the
negative of these terms or other comparable terminology. These
forward-looking statements are only predictions, are uncertain and
involve substantial known and unknown risks, uncertainties and
other factors which may cause our actual results, levels of
activity or performance to be materially different from any future
results, levels of activity or 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 that they were made. These
cautionary statements should be considered together 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 of the forward-looking statements to conform these
statements to reflect actual results, later events or circumstances
or to reflect the occurrence of unanticipated events. See CLS
Holdings USA filings with the SEC and on its SEDAR profile at
www.sedar.com for additional details.
Total Addressable Market, or
TAM, estimate is based on Nevada estimated sales data provided by
BDS Analytics for December 2020. This estimate is based upon
predicted results, is uncertain and involves known and unknown
uncertainties and other factors that may cause actual results to be
materially different from this estimate.
Figure reported as of January
28, 2021. Additional sales may increase this total for the
remainder of January 2021.
Contact
Information:
Corporate:
Chairman and CEO
Jeff Binder
President and COO
Andrew Glashow
888-438-9132
Investor
Relations:
investors@clsholdingsinc.com
Source: CLS Holdings USA,
Inc.
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