PHOENIX, AZ / ACCESSWIRE / April 17, 2019 / Uptick Newswire Stock Day Podcast welcomed CLS Holdings USA, Inc. (OTCQB: CLSH) (“the Company”), 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. President and COO, Andrew Glashow, joined Stock Day host, Everett Jolly.
To begin the interview, Jolly asked Glashow to provide further insight on the Company’s revenue growth since 2018. Glashow explained that the Company’s operating divisions, City Trees and Oasis Cannabis, have seen revenue increases of 25% for the quarter ended February 28, 2019, compared to the same quarter of 2018. In addition, their gross margin has experienced an increase of 56% compared to the same quarter of 2018. With this growth, the Company also increased its overall cash flow.
Jolly then asked how the Company has achieved such steady growth. “People, process, and purchasing”, shared Glashow. He expanded by stating that the Company has a great operating team in place that is following an effective process. “We’re really proud of the results we’re seeing”, stated Glashow.
Glashow shared that the Company produced $2.4 million in revenue and 39% gross margins during the quarter ended 2/28/19, versus the quarter ended 2/28/18 which saw revenue of $1.9 million and Gross margins of 29%.
Glashow then explained that the Company has been implementing a few key changes in terms of their process, including the addition of a new sign package for their Las Vegas dispensary and a completely new remodel of the interior. These changes have already led to increased daily customer count and revenue.
Glashow also gave listeners an update on City Trees, the Company’s wholesale division. Over the past year, this segment of the Company has grown to service 70% of all of the dispensaries in Nevada along with substantial revenue growth.
Jolly asked about the Company’s Massachusetts expansion, which includes a cultivation opportunity and a medical dispensary. Glashow shared that the Company expects to close on the CannAssist cultivation opportunity in June, meanwhile, the medical dispensary is due to close in November of 2019. The Company has also invested substantial funds into the medical dispensary, In Good Health Inc., which has allowed for its expansion and improved development. Both sites represent exponential revenue potential, especially given their location in Massachusetts. Glashow adds that currently, the Company expects revenues from these projects to be reflected in November of 2019.
Glashow then explained that the Company has been able to raise $18 million in the last quarter, which has allowed them to remain in a positive position for expansion and the necessary investments needed to improve their assets. “We’re in a pretty good position from a balance sheet perspective”, stated Glashow.
To close the interview, Glashow shared his excitement for the Company’s current strategy, which includes an efficient growth plan and the improvement of their current operations. He also shared that the Company’s current buildout of their North Las Vegas cultivation center, which specializes in their proprietary conversion and extraction methodology is a perfect example of their strategic process.
To hear Andrew Glashow’s entire interview, follow the link to the podcast here: https://upticknewswire.com/featured-interview-coo-andrew-glashow-of-cls-holdings-usa-inc-otcqb-clsh-2/.
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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.
About Oasis Cannabis
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.
About City Trees
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 is one of the fastest growing wholesale companies in the industry. Its products are now available at 33 dispensaries.
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 anticipated future events, future results of operations or future financial performance, and anticipated growth, including the timing of anticipated construction and implementation of our expansion plan. These forward-looking statements include, but are not limited to, statements relating to whether and when certain transactions will be completed, including the proposed In Good Health acquisition and the CannAssist joint venture. 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, including, but not limited to, the risk that the conditions precedent contained in the agreements for the acquisition of In Good Health and CannAssist are not satisfied. We cannot guarantee future results, levels of activity or performance and we cannot guaranty that the proposed transactions described in this press release will occur. 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.
Chairman and CEO
Adelaide Capital Markets
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SOURCE: Uptick Newswire
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