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CLS Holdings USA, Inc. focuses on the extraction and conversion of cannabinoids in the United States. The company extracts various cannabinoids from cannabis plants and converts them into concentrates, including oils, waxes, edibles, and shatters. These concentrates find applications in vaporization for electronic cigarettes, pharmaceuticals, and other purposes. Additionally, the company offers consulting services to cannabis-related businesses such as growers, dispensaries, and laboratories. Established in 2014 and headquartered in Miami, Florida, CLS Holdings USA, Inc. operates as Cannabis Life Sciences.
CLS Holdings USA, Inc. is a diversified cannabis company that comprises integrated cannabis producer and retailer segments through its Oasis Dispensary and City Trees subsidiaries operating in Nevada, with plans for expansion into other states. The company, known as CLS, stands for "Cannabis Life Sciences," which reflects its cutting-edge scientific methodology for extracting cannabinoids from the cannabis plant, resulting in products of superior quality and consistency. Its business model encompasses licensing operations, processing operations, processing facilities, product sales, brand development, and consulting services.
CLS Holdings USA (OTCQB:CLSH) reported September 2021 revenues of $1.7M with a gross margin of 50%. The company's branded division, City Trees, saw a 22% year-over-year revenue increase and 66% growth from 2019. Oasis Cannabis, their retail division, maintained an average order size of $54. A new joint venture will produce 200,000+ pre-rolls monthly. City Trees remains a market leader in tinctures and dabbable concentrates in Nevada, showcasing strong operational performance amid a competitive landscape.
CLS Holdings USA reported its first profitable quarter in history for Q1 FY2022, ending August 31, 2021. The company achieved a net income of $427,599, a significant turnaround from a net loss of $1,145,036 in Q1 FY2021. Revenue grew by 45.5% year-over-year, while SG&A expenses were reduced from 63.6% to 52.6% of revenue. Oasis Cannabis and City Trees divisions reported net income increases of 21.39% and 152.41%, respectively. The company anticipates continued growth through new joint ventures and innovative product launches.
CLS Holdings USA (OTCQB:CLSH) announced a 50/50 joint venture with RANSON SHEPHERD to manufacture pre-rolls, which represented 11% of Nevada's cannabis sales in 2020. The venture aims to produce over 200,000 pre-rolls per month post-start-up, leveraging the company's 22,500 sq ft manufacturing facility. The average wholesale price of pre-rolls in Nevada is approximately $3 per unit. This collaboration is expected to enhance profitability and create jobs within the community, positioning CLS as a competitive player in the cannabis market.
CLS Holdings USA (OTCQB:CLSH) reported strong financial results for August 2021, achieving net revenues of $1.8M and a gross margin of 51.9%. This marks a 24.8% increase year-over-year and a 50.7% rise compared to August 2019. The retail outlet, Oasis Cannabis, was operational for 29 days due to staff appreciation activities. A 4.95% increase in transaction volume and a 90.9% revenue growth for its branded division, City Trees, were also noted. The company continues to expand its workforce, reflecting its ongoing growth.
CLS Holdings USA, Inc. (CLSH) reported record financial results for the fiscal year ended May 31, 2021, achieving total revenues of $19,292,087, a 61.9% increase from FY 2020. The fourth quarter revenues reached $6,264,960, marking a 107.9% increase year-over-year. Gross margins improved to 50% for both FY 2021 and FY 2020. The net loss decreased significantly to $15,890,514 from $30,657,973 in the prior year. Adjusted EBITDA improved to ($123,617), up from ($1,732,557).
CLS Holdings USA (OTCQB:CLSH) announced strong financial results for July 2021, with net revenues of $1.9 million and a gross margin of 50.4%. This marks a 40.9% year-over-year increase in revenue and a 104.1% increase compared to July 2019. Key highlights include an 18.8% increase in transactions at Oasis Cannabis and a 160.9% rise in revenue for the City Trees brand. The company successfully adapted to COVID-19 restrictions, ensuring uninterrupted operations.
CLS Holdings USA, Inc. (CLSH) reported strong performance for its brand City Trees in June 2021, achieving a 153.2% increase in concentrate units sold year-over-year. City Trees ranked as the 3rd highest sold brand in Nevada's concentrate market, contributing to approximately $18 million in total retail sales. Additionally, it maintained its status as the number 1 tincture brand in Nevada, capturing 13.2% of the tincture market share. The company aims to expand its production capacity and product range in upcoming quarters.
CLS Holdings USA, Inc. (CLSH) reported robust financial results for June 2021, with net revenues of $1.8M and a gross margin of 56.2%, marking a 63.1% year-over-year increase in revenue and an 8.9% rise in gross margin. The retail subsidiary, Oasis Cannabis, achieved a 48.9% revenue increase, while the wholesale division, City Trees, saw a remarkable 110.7% revenue surge. CLS's growth has outpaced the state average despite stiff competition, and they announced an endorsement with UFC fighter Sasha Palatnikov.
CLS Holdings USA (OTCQB:CLSH) reported robust financial results for May 2021, achieving $1.9M in net revenues, an 87.7% increase year-over-year. The gross margin stood at 53.6%, reflecting an 8.7% rise compared to last year. Oasis Cannabis, its retail subsidiary, saw a 59.41% jump in revenue, while the City Trees division experienced a 231.6% revenue surge. Operations expanded into New Mexico, enhancing production capabilities. The company anticipates continued growth amid rising tourism in Las Vegas.
CLS Holdings USA, Inc. (CLSH) has secured its first UFC endorsement deal through its City Trees brand with welterweight fighter Sasha Palatnikov. This partnership follows the UFC's updated cannabis policy, which no longer penalizes fighters for THC use. Palatnikov expressed enthusiasm about the collaboration, highlighting City Trees' commitment to quality products that assist athletes. CLS aims to leverage this partnership to innovate within the cannabis wellness sector, anticipating further changes in sports organizations' cannabis testing regulations.
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