CLS Holdings Announces November Financial Results
December 11 2019 - 9:48AM
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 report unaudited
consolidated revenue of $1.08 million for the month of November
2019.
November 2019 Financial Highlights
- Consolidated revenue from Oasis Cannabis and City Trees
of $1.08 million compared to $0.71 million
in November 2018, an increase
of 52.8%. Consolidated gross margin
of 48.5% compared to 43.5% in November 2018.
- Record revenue from the Company’s Oasis Cannabis
dispensary of $797,877, a 71.9% increase
over November 2018 dispensary revenue of $464,243.
- A 106.9% increase in dispensary customers,
from 10,299 (343 average per day)
in November 2018 to a
record 21,310 (775 average per day)
in November 2019.
- Revenue per SF of $426 compared to $265 per SF in
November 2018, an increase of 60.4%.
- November 2019 dispensary gross margin of 49.0%, up from
40.8% in November 2018.
- Revenue from City Trees, the Company's branded products
and bulk flower division, of $283,428, a 16.5% increase over
November 2018 City Trees revenue of $243,241.
- November 2019 City Trees gross margin of 47.1% compared
to 48.5% in November 2018.
Andrew Glashow, President and COO of CLS Holdings,
stated: “Our records continue to accumulate. Despite closing for
two and a half days during expansion construction, November 2019
was another record month at our Oasis Cannabis dispensary in terms
of customers and revenue. With more than 1,000
customers, Black Friday has emerged as our biggest single day
across those same categories, eclipsing our previous single biggest
days on Halloween and April 20th of this year.
“Also in November, we completed the first phase of
our buildout and licensing of our new, state-of-the-art extraction
and production facility. This facility allows us to
produce our own THC oil for use in all City Trees branded products
sold through more than 40 dispensaries throughout Nevada. We also
anticipate partnering with 3rd party organizations interested in
having their products manufactured at our newly licensed state of
the art facility.”
Operational Highlights
● For two and a
half days in November, Oasis Cannabis was closed in order to
complete its third expansion of the year, highlights of which
include the following:
o Available retail space
increased from 1,750 square feet to 2,000 square feet.
o Number of point of sale systems
increased from four to ten.
o A dedicated express checkout
line was added.
o Reopened in time for Black
Friday, our single biggest day ever with more than 1,000
customers.
● In November
2019, the Company completed phase 1 of the buildout and licensing
of its conversion and extraction facilities in North Las Vegas,
Nevada. As a result, the Company is now in a position to
manufacture its own THC oil in house for City Trees and other
customers.
MJBizCon
- On December 11-13, 2019, the Company will be presenting
at the MJBizCon, the largest gathering of cannabis business
professionals in the world with more than 35,000
attendees. Please visit our City Trees booth C8649 at
the conference.
- Before, during, and after the MJBizCon, the Company will
host a series of open houses at its Oasis Cannabis dispensary, the
purpose of which is to showcase its newly remodeled
storefront.
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.
http://www.clsholdingsinc.com
Twitter: @CLSHusa
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.
http://oasiscannabis.com
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.
https://citytrees.com
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.
Contact Information
Corporate:
Chairman and CEO
Jeff Binder
jeff@clsholdingsinc.com
888-438-9132
Investor Relations:
Torrey Hills Capital
Clay Chase
cc@sdthc.com
858-456-7300
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