CLS Holdings USA, Inc. announced that it has received $1.35 million in funding
February 21, 2024
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CLS Holdings USA, Inc. announced private placement of secured promissory note agreement for the aggregate gross proceeds of $1,350,000 on February 22, 2024. The company has issued $450,000 secured promissory note to FK Legacy Trust, $300,000 secured promissory note to Patrick Haldan, $350,000 secured promissory note to LEM Investments LLC and $250,000 secured promissory note to Ian Whitmore. All promissory notes carry interest rate of 12% calculated based on 360 day year. All notes mature on or before February 28, 2026. All notes are secured by all otherwise unencumbered assets of the company or its subsidiaries permitted to be pledged by law. The company issued the Notes pursuant to a private placement under Rule 506(b) of the Securities Act of 1933, as amended (the ?Act?). The purchasers of the Notes are all accredited investors, as defined in Rule 501(a) of the Act.
On March 7, 2024, the company announced that it has raised $1,350,000 in funding pursuant to exemption provided under Regulation D. The transaction included participation from 4 investors.
CLS Holdings USA, Inc. is a cannabis company that acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada. The Company's brands include City Trees and Oasis Cannabis. It owns 100% of Alternative Solutions, LLC, a holding company that owns three separate entities with licenses to operate cannabis businesses within the State of Nevada: Serenity Wellness Center, LLC doing business as (dba) Oasis Cannabis (Oasis); Serenity Wellness Growers, LLC dba City Trees Fresh Cannabis Cultivation Wholesale; and Serenity Wellness Products, LLC dba City Trees Fresh Cannabis Production Wholesale. Oasis operates a retail marijuana dispensary nearer to the Las Vegas Strip. The Company's other subsidiaries operate a small-scale cultivation facility, as well as a product manufacturing facility and a wholesale distribution operation in North Las Vegas. Oasis is a 5,000 square foot retail location offering personalized delivery, pick-up, and in-store experiences.