LAS VEGAS - CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH), (the 'Company' or 'CLS'), a diversified cannabis company operating as Cannabis Life Sciences, today announced its financial results for the fiscal year ending May 31, 2023 ('FY2023').

All amounts are expressed in U.S. dollars.

Net revenue for Q1 2023 was $23.1 million

Dispensary revenue remained flat, however, there was a 16% increase in the number of customers served. Our customers are looking for items with lower price points.

Production revenue grew 7% to $8.3 million

Gross profit for FY 2023 was $9.8 million, or 42% of net revenue due to a non-recurring adjustment of $1.2 million

Net loss attributable to CLS for FY 2023 was $13.8 million.

EBITDA for FY 2023 was -$7.9 million due to non-recurring losses and impairments

Adjusted EBITDA for FY 2023 was positive $693 thousand, a substantial increase of 2,678%

Net Operating Cashflow was positive for Q3 and Q4 of the fiscal year with an overall increase of 92.7% over the twelve months

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 expected development of our business and joint ventures, results of operations and financial performance, future liquidity, working capital and capital requirements. 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. 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.

Contact:

Andrew Glashow

Email: info@clsholdingsinc.com

Tel: 888-260-7775

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