Sales Increased 60% from Prior Year's Sales of Alternative Solutions
LAS VEGAS, NV , May 14, 2019 /CNW/ - CLS Holdings USA , Inc. (CLSH.CN) (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 April, 2019 with record revenue of $1,141,574.50 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 April 2019 revenue of $652,500 , an increase of 56% from April 2018
- The dispensary serviced a record 15,040 customers in the month
- City Trees, the Company's branded product division, saw a revenue increase from $236,456 in April 2018 to $489,074 in April 2019 , a 52% increase.
- Gross margin increased from the 37% gross margin of Alternative Solutions in 2018 to 44% for the Company in 2019
- City Trees increased its customer base from 17 in April 2018 to 32 in April 2019 a 47% increase
As previously announced, the Oasis Cannabis Dispensary completed a renovation along with vibrant new signage in March 2019 and the results to date have been outstanding. Oasis is able to process many more daily orders with greater efficiency.
City Trees continues to gain market share and now services 78% of total dispensaries in Nevada .
The City of Las Vegas recently approved Social Use Venues aka Consumption Lounges, In anticipation of this approval, the Company leases 5000 square feet of space in front of its existing dispensary. The Company believes as a result of this that it is in a unique position to capitalize on another significant revenue stream.
"Many of the initiatives management has put in place since the beginning of 2019 are starting to show significant results. The team in Las Vegas is functioning at a high level and although we are less than halfway through May we continue to see improved results in all categories. The combined operating divisions are operating profitably, and we will continue to work hard improving results with a focus on providing exceptional customer service to all our highly valued customers." 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 of the 60 licensed dispensaries in Nevada .
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. 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.
SOURCE CLS Holdings USA Inc
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