CLS Holdings USA, Inc. Manufacturing Arm Sees Strong Movement of New Products, Continues Toll Processing Transactions

Rhea-AI Summary

CLS Holdings USA (CLSH) announced growth at its North Las Vegas extraction facility, adding 25 SKUs to its wholesale menus. The subsidiary City Trees, with a market penetration over 70% in Nevada, sold 11,378 units of new products by February 17. Additionally, the newly launched Trichome Harvest Company completed toll processing for several multi-state operators, enhancing product quality. These developments position City Trees as a leading innovator in the cannabis industry.

Positive

• 25 SKUs added to City Trees' wholesale menu, expanding product offerings.
• City Trees achieved over 70% market penetration in Nevada.
• Sold 11,378 units of new products in dispensaries as of February 17.
• Successful launch of Trichome Harvest Company, enhancing processing capabilities.

Negative

• None.

LAS VEGAS, NV / ACCESSWIRE / February 23, 2021 / CLS Holdings USA, Inc. (OTCQB:CLSH)(CSE:CLSH), the ''Company'' or ''CLS'', a diversified cannabis company operating as Cannabis Life Sciences, today announced the continued growth of operations at its North Las Vegas extraction facility. Through its branded product subsidiary, City Trees, the Company has seen significant movement of its new products with the addition of 25 SKUs to its wholesale menus at the end of January. The Company has also now completed toll processing transactions with several multi-state cannabis producers under its new Trichome Harvest Company division.

City Trees, whose current market penetration in Nevada is over 70%, continued growing its product catalog with 5 additional blends made available to consumers in the first week of February 2021. Prior to this release, the brand produced 9 varieties of distillate, available in cartridges, vape pens, and syringes. Since the addition of these new products to City Trees' wholesale menus this month, the brand has sold 11,378 units of these items into dispensaries across Nevada as of February 17. The addition of these new products has accelerated the growth of the brand and positions City Trees as a leading innovator in the industry.

Alongside these new product releases, City Trees also unveiled its new toll processing division, Trichome Harvest Company, in January. This division has now completed services for several multi-state operators, including the production of ethanol-extracted cannabis distillate and hydrocarbon extracted concentrate products at a higher level of quality and consistency. As City Trees products continue to gain prestige in the marketplace, the Company anticipates that additional partners will express interest in utilizing its state-of-the-art facility.

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. https://www.clsholdingsinc.com/.

Twitter: @CLSHoldingsUSA

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.

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 products are available in numerous dispensaries throughout the state of Nevada. 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, among other things, the impact of the COVID-19 virus on our business, the results of our initiatives to retain our employees and strengthen our relationships with our customers and community during the pandemic, the effect of our initiatives to expand market share and achieve growth during and following the pandemic, results of operations and financial performance, anticipated future events, and the effectiveness of our business practices during the pandemic. The continued spread of COVID-19 could have, and in some cases already has had, an adverse impact on our business, operations and financial results, including through disruptions in our cultivation and processing activities, supply chains and sales channels, and retail dispensary operations as well as a deterioration of general economic conditions including a possible national or global recession. Due to the speed with which the COVID-19 situation is developing and the uncertainty of its magnitude, outcome and duration, it is not possible to estimate its impact on our business, operations or financial results; however, the impact could be material. 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. 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
President and COO
Andrew Glashow
888-438-9132

Investor Relations:
investors@clsholdingsinc.com

SOURCE: CLS Holdings USA, Inc.

View source version on accesswire.com:
https://www.accesswire.com/630910/CLS-Holdings-USA-Inc-Manufacturing-Arm-Sees-Strong-Movement-of-New-Products-Continues-Toll-Processing-Transactions

FAQ

What recent developments has CLS Holdings USA (CLSH) announced?

CLS Holdings USA announced the expansion of its product offerings and market penetration through City Trees, as well as the successful launch of its new processing division, Trichome Harvest Company.

How many new SKUs did City Trees add to its product line?

City Trees added 25 new SKUs to its wholesale menu at the end of January 2021.

What is the market penetration of City Trees in Nevada?

City Trees has achieved over 70% market penetration in Nevada.

How many units of new products did City Trees sell by February 17?

City Trees sold 11,378 units of new products into dispensaries across Nevada as of February 17, 2021.

What is the focus of the Trichome Harvest Company launched by CLS Holdings?

Trichome Harvest Company focuses on toll processing for multi-state cannabis operators, producing high-quality cannabis extracts.