CLS Holdings USA, Inc. Acquisition Target Oasis Cannabis Records Highest Wholesale Sales Month in March
City Trees Wholesale Sales Will Exceed $370,000 in March 2018 with 68% Growth Over February 2018
LAS VEGAS, NV -- (Marketwired) -- 04/03/18 -- CLS Holdings USA, Inc. (OTCQB: CLSH) "CLS," a development stage diversified cannabis company operating as Cannabis Life Sciences, today announced that City Trees, the wholesale division of its acquisition target Oasis Cannabis, recorded its largest sales month on record since wholesale sales operations began in August 2017.
March sales will exceed the previous record set by City Trees in February by more than $150,000. Strong new customer growth and consistent reordering from existing dispensary customers are the main drivers behind the spike in sales. City Trees added 6 new dispensary customers in the last 60 days and it will likely set another sales record in April, according to Don Decatur, Director of Operations for City Trees. Decatur said the great results are attributed to quality products. "Customers really appreciate the quality of the products we're making," explained Decatur. "We are proud of our ability to reach this level of sales with our existing use of only 1,150 square feet within our 22,000 square foot facility. I'm excited about what we may be able to accomplish when we're finished expanding our facilities in a few months."
Oasis Cannabis is a fully integrated cannabis operation in Nevada. Las Vegas-based Oasis Cannabis' (http://oasiscannabis.com) operations include a grow, extraction and conversion processing and a retail dispensary. CLS has executed a definitive agreement to acquire Oasis. The closing of the transaction, which is subject to the satisfaction of a number of conditions, is expected to occur in the second quarter of 2018.
About Oasis Cannabis (http://oasiscannabis.com)
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. The company recently commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products in August 2017. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the second half of 2018.
About CLS Holdings USA (
CLS Holdings USA, Inc. (OTCQB: CLSH) plans to become a diversified cannabis company and is shifting its corporate strategy to becoming a fully licensed integrated cannabis producer and retailer in Nevada and other states.
CLS stands for "Cannabis Life Sciences," in recognition of the Company's patent pending 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.
For additional information, please visit: http://www.clsholdingsinc.com
CLS has executed a definitive agreement to acquire the Oasis Cannabis companies from Alternative Solutions, LLC. The closing of the transaction is subject to the satisfaction of a number of conditions including our ability to raise cash, and as a result, there can be no assurance that we will be able to close the Oasis Acquisition. See CLS Holdings USA's filings with the SEC for additional details.
Forward Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. These forward-looking statements include, but are not limited to, statements relating to whether certain transactions will be completed, the terms of such transactions, the descriptions of the companies and the business that any potential target companies could bring to CLS Holdings. 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 and we cannot guaranty that the proposed transactions described in this press release will occur. 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. CLS Holdings USA has entered into a definitive agreement to acquire Oasis Cannabis, which is expected to close in the second quarter of 2018. See CLS Holdings USA filing with the SEC for additional details.
Source: CLS Holdings USA, Inc.
Released April 3, 2018