CLS Holdings USA, Inc.’s Acquisition Target "In Good Health" Announces Opening Day for Recreational Cannabis Sales
LAS VEGAS, NV, Nov. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – CLS Holdings USA, Inc. (OTCQB: CLSH, CSE: CLSH) (“CLS” or the ''Company''), a diversified cannabis company operating as Cannabis Life Sciences, is pleased to announce that “In Good Health”, a licensed medical dispensary, will commence the sale of recreational cannabis (also known as “adult sales”) today, November 5, 2019, from its current retail location in Brockton, MA.
Started in September 2015, In Good Health, or IGH, operates a large medical cannabis dispensary business serving over 25,000 registered patients, maintains a 20,000 square foot cultivation operation with capacity to produce 10,000 pounds of finished flower per year, and operates a conversion and extraction facility along with a kitchen. IGH has developed a high-quality branded products division from its headquarters in Brockton, Massachusetts. The fully complete and operational 52,000 square foot facility will be capable of generating $70 million of revenue and gross profit margins of 60%.
Located 25 miles south of Boston, IGH’s closest competitor is 23 miles away. In addition, IGH has 80 dedicated customer parking spaces. With a population of 425,000 people located within a 20-mile radius of its dispensary, IGH is zoned to operate 7 days a week from 8AM to 8PM.
Jeff Binder, Chairman and CEO, commented, “This is tremendous news and we couldn’t be happier for everyone on the In Good Health team as they look forward to this momentous occasion. We know that a lot of hard work and long hours went into garnering this highly sought after adult use cannabis license. Further, we know IGH feels immense pride being one of only 30 dispensaries in the entire State to achieve this status. Based on the close relationship we have developed with the In Good Health group, I know that this will be an adult use cannabis establishment that the Brockton community at large and their civic leaders will be proud to have in their city.”
Andrew Glashow, President and COO, commented, “We have found David Noble and his team to be professionals committed to achieving excellence. The facility in Brockton is outstanding and we look forward to sharing the knowledge we have gained from operating a profitable rapidly growing operation in Las Vegas, NV. We see many similarities in the Massachusetts and Nevada market ,and are eager to apply our operational learnings to this already well oiled machine at In Good Health.”
David Noble, President of In Good Health, commented, “We have been looking forward to this major milestone for quite some time and on behalf of all our valued employees, I want to let everyone in the community know that we are ready to serve our adult use community. In addition to expanding floor space and checkout infrastructure, allowing us to comfortably service as many as 2,000 customers per day, we have added 35 full time employees to our team. Most importantly, our recently added cultivation space allows us to produce up to 10,000 pounds of finished cannabis flower annually, ensuring that no matter how busy we get, we will be able to keep our shelves fully stocked with one of the best selections of products in the state.
“Over the past 5 years, we have built one of the largest medical use cannabis dispensaries in the state. We have accomplished this by providing world class service along with one of the widest selections of top quality in-house and popular branded products. Now that we are opening our doors to recreational cannabis sales, we plan to build a much larger loyal customer base and become one of, if not the largest recreational use dispensaries in the state - possibly even the Country. If you live in the area or are planning to visit the Boston/Brockton area in the future, please come in and see our store and try out the In Good Health buying experience for yourself.”
The planned purchase of In Good Health fits with the Company’s stated goal of becoming a multi-state-operator (MSO) adding the vertically integrated business of In Good Health to the Company’s “seed to sale” integrated Nevada business (dispensaries, cultivation and branded products), consisting of the Company’s 100% owned Oasis dispensary just off the Las Vegas strip, and its City Trees line of THC/CBD and bulk flower products.
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 In Good Health
In Good Health is located 25 miles south of downtown Boston and is one of the 48 licensed dispensaries in the state. In Good Health operates a dispensary that was the second licensed medical dispensary in the state and has been operational since September 2015. In Good Health is currently servicing 18,000 registered patients and delivering to 1,700 homes with key product offerings of flower, concentrates, vapes, edibles, pre-rolls and tinctures.
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 of 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 completion and timing of the expansion of In Good Health’s operations and the amount of revenue and gross margin its operation may be capable of generating in the future. 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.
Contact Information Corporate: Chairman and CEO Jeff Binder email@example.com 888-438-9132 Investor Relations: Torrey Hills Capital Clay Chase firstname.lastname@example.org 858-456-7300
Released November 5, 2019