CLS Holdings USA Licensing Partner to Open Cannabis Processing Facility in Denver, Colorado
Picture Rock Holdings Targets Q1 2016 Opening
BOULDER, CO / ACCESSWIRE / July 29, 2015 / CLS Holdings USA, Inc. (OTC Markets: CLSH), a diversified cannabis company, is pleased to announce that its licensing partner, Picture Rock Holdings, in Colorado, has made significant construction and planning progress and expects to open its Denver, Colorado cannabis processing facility in the first quarter of 2016. CLS's licensing partner, Picture Rock Holdings, is a Colorado limited liability company licensed by the State of Colorado as a marijuana infused product manufacturer and retailer. Please see below for updated construction pictures as of July 1, 2015.
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.
The CLS Colorado Arrangement with Picture Rock Holdings encompasses a licensing agreement, lease and sublease and equipment lease, whereby CLS will provide its proprietary technology, methods and processes. CLS granted to its licensing partner an exclusive license for the State of Colorado of certain proprietary inventions and formulas relating to the extraction from, separation and processing of marijuana to produce certain marijuana-infused products, including edibles, e-liquids, waxes and shatter, and to practice and use the process in conjunction with the manufacture, production, sale, and distribution of the products.
In connection with The CLS Colorado Arrangement, the Company leased and then subleased 14,392 square feet of warehouse and office space in a building in Denver, Colorado where certain intended activities, including growing, extraction, conversion, assembly and packaging of cannabis and other plant materials, are permitted by and in compliance with state, city and local laws, rules, ordinances and regulations.
Additionally, CLS agreed to commence building a fully equipped lab at the leased real property, including purchasing all equipment necessary to extract, convert and provide quality control of all cannabis products.
Jeff Binder, Chairman, President and Chief Executive Officer of CLS Holdings USA, stated, "This is a very exciting time for CLS, as we have secured a licensing partner in Colorado and are now transitioning from an agreement to building an operational facility. Our licensing partner expects this facility to open in the first quarter of 2016, utilizing our proprietary technology, methods and processes. We believe this licensing partner will further validate our value-add and positioning in the legalized cannabis industry and drive revenue growth in 2016."
Denver, Colorado construction progress as of July 1, 2015:
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
SOURCE: CLS Holdings USA, Inc.
Released July 29, 2015