CLS Holdings USA's Licensing Partner Completes Construction of Cannabis Grow in Denver, Colorado
Expects to Start Plant Grow by End of September Q1 2016 Opening Remains On Track
BOULDER, CO / ACCESSWIRE / September 9, 2015 / CLS Holdings USA, Inc. (OTCQB: CLSH), a diversified cannabis company, is pleased to announce that its licensing partner, Picture Rock Holdings, has completed construction of its cannabis grow located in Denver, Colorado. CLS's licensing partner, Picture Rock Holdings, is a Colorado limited liability company licensed by the State of Colorado as a marijuana grower. Please see below for updated construction pictures as of September 1, 2015; including grow rooms, electrical closet, transformers, panels, digital CO2 system and dosatron nutrient mixing system panel.
The Denver, Colorado cannabis grow is in final inspections in order to get its Certificate of Occupancy. Once attained, Picture Rock Holdings will bring in its plants and should start its grow by the end of September. CLS's licensing partner is expected to start processing in the first quarter of 2016 when the first harvest is ready.
Jeff Binder, Chairman, President and Chief Executive Officer of CLS Holdings USA, stated, "All of our planning, hard work and team work with our licensing partner has gotten us to this point and we are so pleased with the execution and timing. Through our licensing partner we will be ready to utilize our proprietary technology, methods and processes. The processing will begin in the first quarter of 2016 and demonstrate to the cannabis and investment community everything we have been talking about for the past year. Revenue is expected to begin in the first quarter of 2016."
When fully ramped up, the Denver, Colorado cannabis grow will occupy approximately 40,000 square feet and consist of 612 Gavita flower lights and 100 Gavita vegetable lights. At full capacity, it will contain 5,300 plants in flower and 2,500 plants in vegetable and produce 600 pounds of bud and 150 pounds of trim per month. The extraction and processing facility will occupy approximately 15,000 square feet and will have the capacity to extract and convert 5,000 pounds per month on a single shift and could be doubled to 10,000 pounds per month with two shifts.
CLS stands for "Cannabis Life Sciences", as it maintains a proprietary method of extracting various cannabinoids from the marijuana plant and converting them into higher quality and quantity. The Company mission is to be the industry leader in the extraction, conversion and marketing of cannabinoid oils, wax, edibles and shatter by leveraging our extraction methods and conversion processes.
Denver, Colorado construction progress as of September 1, 2015:
Electrical Panels in the Hallway for Two of the Flower Rooms:
Digital CO2 System:
Dosatron Nutrient Mixing System Panel:
About CLS Holdings USA, Inc.
CLS Holdings USA, Inc. is a diversified cannabis company, specializing in the extraction and conversion of cannabinoids. CLS stands for "Cannabis Life Sciences", as it maintains a proprietary method of extracting various cannabinoids from the marijuana plant and converting them into higher quality and quantity. CLS Holdings USA business model includes licensing operations, processing revenue, processing facilities, sale of products and brand creation and consulting services.
For more information, check out: http://www.clsholdingsinc.com
Forward-Looking Statements. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Form 8-K filed on April 30, 2015, including but not limited to the discussion under "Risk Factors" therein, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.
Chairman and CEO
Darrow Associates, Inc.
Peter Seltzberg, Managing Director
SOURCE: CLS Holdings USA, Inc.
Released September 9, 2015