CLS Holdings USA, Inc. Announces May Systemwide Results
LAS VEGAS, NV, June 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH.CN), the ''Company'' or ''CLS'', a diversified cannabis company operating as Cannabis Life Sciences, today highlighted its financial and operational results for the month of May, 2019 with revenue of $1,058,867 USD. Results are compared to those of Alternative Solutions, LLC, the entity CLS acquired in June 2018 that operates Oasis and City Trees.
- CLS Holdings' Oasis dispensary saw record May 2019 revenue of $684,500, an increase of 55% from May 2018
- The dispensary serviced a record 16,008 customers in the month, a 70% increase from May 2018
- City Trees, the Company's branded product division, saw a 189% revenue increase to $374,440 from $129,665 in May 2018
- Gross margin increased from the 39% gross margin of Alternative Solutions in 2018 to 45% for the Company in 2019
- City Trees increased its active customer base from 10 in May 2018 to 46 in May 2019
Oasis Cannabis Dispensary continues to increase foot traffic from 9,400 on May of 2018 to 16,000 in May of 2019, an increase of more than 6,600 customers served or 70%.
Major roadway improvements are now complete along Industrial Road, providing enhanced accessibility and convenience for visitors to the area. The improvements combined with the recently completed renovation and vibrant new signage at Oasis are helping to fuel the continued customer growth.
City Trees continues to gain market share and now services approximately 80% of the Dispensary market in Las Vegas
"May was a great month for CLS. Both Operating divisions experienced growth in revenue and margin expansion. The team continues to execute at a high level and the combined operating divisions experienced another profitable month. The first 5 months of calendar year 2019 have provided a strong foundation for continued strong performance.
“Our City Trees division led by Don Decatur is operating at a high level and continues to expand its product line. We anticipate launching a CBD line of products in the near future. We are also now under construction and anticipate completion in October of our proprietary extraction and conversion production facility.
“Our Oasis dispensary led by Samantha Schaefer continues to experience terrific results and we expect these results will continue throughout the balance of Calendar year 2019,” said Andrew Glashow, President and COO of the Company.
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.
About Oasis Cannabis
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.
About City Trees
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 is one the fastest growing wholesale companies in the industry. Its products are now available at 44 dispensaries.
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 anticipated future events, future results of operations or future financial performance, and anticipated growth, including the timing of anticipated construction and implementation of our expansion plan. 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. See CLS Holdings USA filings with the SEC and on its SEDAR profile at www.sedar.com for additional details.
Chairman and CEO
Adelaide Capital Markets
Deborah@adelaidecapital.caSource: CLS Holdings USA, Inc.
Released June 5, 2019