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CLS Holdings USA, Inc. reports developments tied to its diversified cannabis business operating as Cannabis Life Sciences. Company news centers on the City Trees brand, cannabis vape and concentrate products, the Oasis Cannabis Dispensary in Las Vegas, licensing-based market expansion, and partnerships involving solventless extraction technology and sustainable retail packaging.
Recurring updates also cover quarterly performance commentary, Nevada cannabis operations, out-of-state brand activity in New Mexico and New York, debt retirement, share repurchases, reverse stock split actions, and exchange-status matters. The company’s announcements commonly connect product development and dispensary activity with capital-structure and public-company governance decisions.
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CLS Holdings USA reported a successful 420 celebration at Oasis Cannabis Dispensary in Las Vegas on April 20, 2023. The event attracted 2,700 attendees who spent an average of $70, despite wait times exceeding one hour. The dispensary showcased a curated menu from 20 top Nevada cultivators, emphasizing its commitment to customer service and community engagement. The company's City Trees division also reached record shipment levels to over 80 stores, reinforcing its position as Nevada's leading cannabis brand. CEO Andrew Glashow expressed gratitude towards staff and vendors for their contributions to the event's success. However, the company also acknowledged potential risks, including the impact of COVID-19 on operations and financial performance, alongside general economic uncertainties.
CLS Holdings USA, Inc. (CLSH) reported its Q3 2023 financial results, showing net revenue of $5.437 million, a 3% decrease year over year. Dispensary revenue rose by 6% to $3.529 million, while production revenue fell by 15% to $1.908 million. Gross profit stood at $3.019 million, representing a 56% gross margin. However, the company reported a net loss of $1.030 million, which marks a 3% increase in losses compared to Q3 2022. EBITDA improved to $505,000, a remarkable 402% increase from the previous year. Looking ahead, CLS continues to pursue growth while navigating challenges posed by the cannabis market.
CLS Holdings USA, Inc. (CLSH) reported that its wholesale division, City Trees, was the number one concentrate brand in Nevada by units sold for 2022. With $21.2 million in retail sales and 1.1 million units sold, City Trees achieved a 6.5% share in the vape category, marking a 43% year-over-year growth. Among the top 20 selling vape products in Nevada, City Trees brands secured seven spots. New additions, PUF cartridges and Naked City pre-rolls, contributed to a 9.8% market share. The company continues to attract price-sensitive customers through competitive pricing while maintaining distribution across over 80 dispensaries in Nevada.
CLS Holdings USA, Inc. (OTCQB:CLSH) announced that its product division, City Trees, ranked as the number one concentrate brand by units sold in Nevada for January to August 2022, with over 452,000 units sold, generating approximately $10.9 million in sales, according to BDS Analytics. City Trees offers a variety of products and is available in over 78 dispensaries across Nevada. CEO Andrew Glashow highlighted continued customer loyalty amid macroeconomic challenges and emphasized their recent successful harvest through a joint venture with local tribes.
CLS Holdings USA, Inc. (CLSH) reported strong year-over-year revenue growth of 10% for Q1 2023, achieving total revenues of $6.0 million. Dispensary revenue rose 4% to $3.9 million, while production revenue surged 23% to $2.2 million. The gross profit margin remained steady at 50%, totaling $3 million, despite a net loss of $1.3 million. Newly appointed CEO Andrew Glashow emphasized efforts to streamline expenses and enhance profitability. A joint venture with the Fort McDermitt Paiute and Shoshone Tribe yielded a successful first harvest, expected to bolster revenue growth.
CLS Holdings USA has announced amendments to its existing US$13.2 million convertible debentures, including reducing the conversion price to $0.07125 for certain holders. The company plans a 1-for-4 reverse stock split effective September 21, 2022, reducing authorized shares from 750 million to 187.5 million. This move aims to enhance stock price stability and facilitate future financing. The debenture amendments and reverse split are subject to regulatory approvals and may impact common stock dilution and financial performance.
CLS Holdings USA, Inc. has announced the resignation of CEO and Chairman Jeff Binder and appointed Andrew Glashow as the new CEO. Glashow, who retains his role as President, has over 20 years of experience in capital markets and cannabis. The company also welcomed David Zelinger to the Board of Directors, bringing significant financial and cannabis industry expertise. This leadership change comes after record-breaking sales for the City Trees division, which is now the top-selling brand in Nevada's concentrate category.
CLS Holdings USA, Inc. (CLSH) announced that its brand, City Trees, has become Nevada's top-selling concentrate brand, achieving over 190K units sold from January to May 2022. The brand holds over 6% market share and saw retail sales of $5.22 million, a 16% increase year-over-year. Despite a 12% decline in Nevada's cannabis market, City Trees grew by 43.5% year-over-year. The brand is expanding its presence as tourism in Nevada rebounds, emphasizing quality and customer loyalty.