Lighting It Up: CLS Holdings USA, Inc. Reports Third Quarter Results as Las Vegas Makes a Comeback
April 16, 2021 at 09:05 am EDT
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LAS VEGAS, NV - CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH), the 'Company' or 'CLS', a diversified cannabis company operating as Cannabis Life Sciences, today announced its operational and financial results for the third quarter of fiscal 2021, ended February 28, 2021.
Key Q3 Financial & Operational Accomplishments ? CLS continues to outperform operationally, achieving a 44.7% increase in total revenue in the first nine months of fiscal 2021 compared to the comparable period of fiscal 2020. ? The Company achieved total revenue of $4,544,082 for the quarter ended February 28, 2021 - a 40.9% increase over the quarter ended February 29, 2020. ? Gross margin for the quarter was 45.2%, and 51% for the nine month period ended February 28, 2021 compared to gross margin of 52.3% and 50.4% respectively, for the comparable period during fiscal 2020. ? In January 2021, the Company began formally offering toll-processing extraction services to cultivators and brands currently operating in, or considering licensure in, Nevada through its Trichome Harvest Company division of City Trees. ? City Trees, the Company's branded product division, added an additional five blends of cannabis distillate oil to its offerings, developed over the course of the quarter through extensive research and development. Total revenue for the third quarter of fiscal 2021 rose by 97.5% for this division compared to the same period in fiscal 2020. Gross margin for the third quarter of fiscal 2021 was 45.2% compared to 52.3% during the comparable quarter of fiscal 2020. ? The Company added Mr. Ross Silver to its Board of Directors in February 2021
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.
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 'forwardlooking 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.
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.
CLS HOLDINGS USA, INC. 
