City Trees Announces New Market Venture in New Mexico Through Licensing Agreement.
LAS VEGAS, NV / ACCESSWIRE / November 15, 2023 / CLS Holdings USA, Inc. (OTCQB:CLSH)(CSE:CLSH), (the ''Company'' or ''CLS''), a diversified cannabis holding company operating as Cannabis Life Sciences, is pleased to announce its expansion into the New Mexico market via a strategic Licensing Agreement. CLS owns Serenity Wellness Products LLC, a licensed Nevada company, which does business as City Trees.
Through this Licensing Agreement, City Trees, a leading player in the Nevada cannabis market, is thrilled to now be in the thriving New Mexico market. This market expansion will mark the first time that City Trees cannabis vapes will be available outside of the Nevada market.
This move marks a significant milestone for City Trees, solidifying its commitment to providing high-quality cannabis vape products to consumers at a low cost across different states. The Company's decision to enter the New Mexico market is a testament to the region's growing demand for innovative and premium cannabis products.
The Licensing Agreement, entered into with a state-of-the-art facility in New Mexico, enables City Trees to scale its production capabilities and meet the increasing demand for its popular vape products. Leveraging the expertise and resources of its manufacturing partner, including a distribution channel of over 500 dispensaries in New Mexico, the Company aims to ensure a seamless transition into the New Mexico market while maintaining its unwavering commitment to product quality, safety, and compliance.
City Trees takes pride in its reputation for crafting cutting-edge cannabis vaping solutions, with a focus on quality, purity, and consistency. The expansion into New Mexico allows the Company to bring its signature products to a broader audience and contribute to the local cannabis industry's growth. City Trees aims to capture large market share in New Mexico through aggressive wholesale and retail pricing, supported by manufacturing and sales minimums written into the Licensing Agreement.
"This relationship highlights the demand for our City Trees products outside of Nevada. We anticipate this asset-light approach to be immediately accretive for CLS" said Andrew Glashow Chairman/CEO.
"We are excited to bring our premium cannabis vape products to the vibrant and evolving market in New Mexico," said Joseph Ramalho, COO. "As someone who grew up in New Mexico, I couldn't be more excited to return to my home-state in this capacity. We look forward to building strong relationships in New Mexico and becoming a trusted partner in the local cannabis community. Be on the lookout for our vapes starting in January of 2024."
With this strategic move, City Trees anticipates creating new job opportunities via their manufacturing partner in New Mexico, and contributing to the economic development of the region.
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 expected development of our business and joint ventures, results of operations and financial performance, future liquidity, working capital and capital requirements. 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. 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.
SOURCE: CLS Holdings USA, Inc.
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Released November 15, 2023