Still Rolling Strong: CLS Holdings USA, Inc. Announces July Results with Substantial Year-Over-Year Revenue Growth

Rhea-AI Summary

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.

Positive

• Net revenues of $1.9M in July 2021, a 40.9% increase year-over-year.
• Gross margin achieved 50.4%, consistent with company goals.
• 18.8% increase in transactions at Oasis Cannabis compared to last year.
• City Trees brand revenue rose by 160.9% year-over-year.

Negative

• Gross margin decreased slightly from 51.5% in July 2020 to 50.4% in July 2021.

LAS VEGAS, NV / ACCESSWIRE / August 17, 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 financial and operational results for its Nevada wholly owned subsidiaries for the month of July 2021 with net revenues of $1.9M and a gross margin of 50.4%. These results represent a 40.9% year-over-year increase in monthly revenue, and a 104.1% increase in revenue when compared to July 2019.

CLS Nevada July 2021 Financial and Operational Highlights

• July 2021 net revenue increased by 40.9% year-over-year, and by 104.1% over July 2019. The Company met its gross margin goals, achieving 50.4% for the month, compared to 51.5% during July 2020.
• The number of transactions processed at Oasis Cannabis increased by 18.8% year-over-year with an average order value of $58.14 during July 2021.
• The Company's branded division, City Trees, achieved a 160.9% increase in year-over-year revenue.
• The Company adapted quickly to revised COVID-19 restrictions set in place by the state of Nevada without interruption to the businesses.

"Throughout the summer, our teams at Oasis and City Trees have continued to prove their adaptability," noted Company President & COO Andrew Glashow. "We had our best July to date, and any adjustments we've encountered have been seamless. We're optimistic that our businesses will continue their trajectory, especially coming out of the heat and into the harvest season."

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 uncertainties associated with the continued spread of COVID-19 and the timing of vaccinations, 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/659707/Still-Rolling-Strong-CLS-Holdings-USA-Inc-Announces-July-Results-with-Substantial-Year-Over-Year-Revenue-Growth

FAQ

What were CLS Holdings USA's revenues for July 2021?

CLS Holdings USA reported net revenues of $1.9 million for July 2021.

How much did CLS Holdings USA's revenue increase year-over-year in July 2021?

The company experienced a 40.9% increase in revenue year-over-year for July 2021.

What is the gross margin for CLS Holdings USA in July 2021?

The gross margin for July 2021 was 50.4%.

What was the increase in transactions at Oasis Cannabis for July 2021?

Oasis Cannabis saw an 18.8% increase in transactions year-over-year in July 2021.

How did City Trees perform in July 2021?

City Trees achieved a 160.9% increase in revenue compared to the previous year.