Welcome to our dedicated page for CLS HOLDINGS USA news (Ticker: CLSH), a resource for investors and traders seeking the latest updates and insights on CLS HOLDINGS USA stock.
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) continues to expand its presence in Nevada's cannabis market, driven by its manufacturing division, City Trees, which has become a top seller in key product categories. Following a September rebranding, City Trees recorded a year-over-year revenue increase of 70.3%, surpassing the state’s 43% growth. Selling over 37,142 units, City Trees led the tincture subcategory with approximately $1.7 million in sales, holding a 22.4% average market share. The company is focused on growth through innovation and enhanced extraction capabilities.
CLS Holdings USA, Inc. (CLSH) reported robust financial results for October 2020, achieving net revenues of $1.787 million, a 74.24% increase from October 2019, and a 4.85% increase from September 2020. This marks the fourth consecutive record revenue month for the company, with a gross margin of 50.12%, up 1.56% from the prior year. The average order size grew by 56.19% to $57.79. The company also launched a revamped website, enhancing its digital presence.
CLS Holdings USA, Inc. (OTCQB: CLSH) has launched a newly redesigned website aimed at enhancing user experience and showcasing its operations. This website is part of a broader digital redesign strategy, marking the third digital asset launched by the company in 2020, following updates to its Oasis Cannabis and City Trees platforms. The new site integrates e-commerce capabilities and aligns with the company’s branding efforts. The updates come alongside new delivery options and promotional activities, reflecting CLSH's commitment to improving customer engagement.
CLS Holdings USA, Inc. (CLSH) reported impressive financial results for September 2020, achieving a net revenue of $1.7M, marking a 70.3% increase year-over-year and a 21.2% rise from August 2020. The gross margin improved to 50.9%, up from 50.4% in August. This month represents the company's third consecutive record month of revenue. Traffic and transactions at its Oasis Cannabis retail location increased significantly, indicating strong market demand. The company also successfully rebranded its wholesale subsidiary, City Trees, enhancing brand recognition.
CLS Holdings USA (OTCQB:CLSH) presented at the Canaccord Genuity Virtual Cannabis Symposium, showcasing the company's recent operational advancements. President and COO Andrew Glashow highlighted significant progress post-acquisition of Nevada retail and manufacturing subsidiaries. The presentation emphasized the company’s integrated cannabis model, focusing on quality and consistency in product extraction. CLS operates Oasis Cannabis, a leading dispensary in Las Vegas, and plans to expand its market presence. The company also noted potential impacts of COVID-19 on operations and financial results.
CLS Holdings USA reported record financial results for Q1 fiscal 2021, ending August 31, 2020. Total revenues increased by over 30% to $3,780,869, up from $2,859,015 in Q1 2019. The gross margin rose to 53%, a 2% improvement year-over-year. The average transaction value at retail increased by 41.6%, reaching $56.34. Despite operational challenges, the company managed a minimal net cash decrease of $(38,466), a significant improvement from $(4,617,892) in the previous year.
CLS Holdings USA (OTCQB:CLSH) will participate in the 2020 Virtual US Cannabis Symposium on September 30, 2020. President and COO Andrew Glashow is scheduled to present at 2:00 PM EDT, discussing the company's strides in cannabis innovation and sustainability amid COVID-19 challenges. CLS has sustained growth through its Oasis Cannabis subsidiary in Nevada, emphasizing a 'People Power Profits' approach. The company aims to expand its integrated cannabis operations, utilizing proprietary extraction methods for high-quality products.
CLS Holdings USA, Inc. (OTCQB:CLSH) announced a new advertising platform for vendor partners at its Nevada retail subsidiary, Oasis Cannabis, successfully installing billboard spaces to enhance revenue opportunities. All nine billboard spaces are filled for 2020. Additionally, the company introduced sustainable packaging at its City Trees wholesale division, featuring recycled materials and soy-based inks. City Trees also received the ‘Best Syringe’ award at the Las Vegas Cannabis Awards, marking its third industry accolade in a year. The company aims to lead in sustainability within the craft cannabis sector.
CLS Holdings USA, Inc. (CLSH) reported record financial results for August 2020, achieving net revenues of $1.4M with a gross margin of 50.41%. This reflects a 20.76% increase compared to August 2019 and a 1.73% increase over July 2020. Their Nevada subsidiary, City Trees, launched a refreshed brand identity and products, anticipating growth through innovative collaborations. The company's retail subsidiary, Oasis Cannabis, contributed to sustained growth despite the challenges posed by COVID-19, outperforming the Nevada cannabis market average.
CLS Holdings USA reported a 41% increase in revenues, reaching $11,917,629 for fiscal year 2020, up from $8,459,048 in 2019.
The gross margin expanded to 50% from 43%, indicating a 16% improvement. Customer base increased by 70.48% to 228,458.
However, the company faced a net loss of $30,657,973, largely due to a $25,185,003 non-cash goodwill impairment. Adjusted EBITDA improved, totaling ($2,082,338), compared to ($22,882,678) in the prior year.
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