Cannabis
CLS Holdings Announces October Financial Results
CLS Holdings USA, Inc. (OTCQB: CLSH, CSE: CLSH) (“CLS” or the ”Company”), a diversified cannabis company operating as Cannabis Life Sciences, is pleased to report unaudited consolidated revenue of $1.025 million for the month of October 2019.
October 2019 Financial Highlights
- Consolidated revenue from Oasis Cannabis and City Trees of $1.025 million compared to $0.8 million in October 2018, an increase of 34.7%. Consolidated gross margin of 50.3% compared to 42.4% in October 2018.
- Record revenue from the Company’s Oasis Cannabis dispensary of $776,791, a 61.2% increase over October 2018 dispensary revenue of $481,817.
- A 95.2% increase in dispensary customers, from 10,728 (346 per day average) in October 2018 to a record 20,940 (675 per day average) in October 2019.
- Record revenue per SF of $444 compared to $275 per SF in October 2018, an increase of 61.2%.
- Record October 2019 dispensary gross margin of 52.3%, up from 41.6% in October 2018.
- Revenue from City Trees, the Company’s branded products and bulk flower division, of $248,854, an 11.0% decrease over October 2018 City Trees revenue of $279,703.
- October 2019 City Trees gross margin of 44.3%, up from 43.7% in October 2018.
Andrew Glashow President and COO of CLS holdings stated “October was another record month for our Oasis Cannabis dispensary, in terms of customers served, revenue and gross margin. Halloween saw the largest single day for the dispensary eclipsing 4/20 of this year. We continue to see our operating divisions operating profitably.
While the results are a complete team effort, Andrea Carter, head of marketing since March 2019, successfully took on the challenge of implementing a strategy to align our marketing efforts to meet the demands of our growing dispensary customer base. During this period of time we have experienced dramatic growth in revenue and customer visits. We are now able to offer products and targeted offerings to meet the demands of our rapidly growing customer base.”
“City Trees reported slightly lower revenue compared to October 2018. The decrease was the result of receiving some orders late in the month that are being shipped in November. Additionally, City Trees is transitioning from its current 1100 square foot operations into a brand-new $3 million 9000 square foot foot state-of-the-art manufacturing facility. This is a remarkable event for us as it will increase our ability to manufacture our own branded products, is expected to increase profitability and will allow us to manufacture for third-party brands what we believe will be the safest high-quality cannabis products in the Nevada marketplace”.
“As part of our continuing commitment to safety, we have recently taken the added step of testing our City Trees products for vitamin E acetate, which according to published reports is believed to have caused an outbreak of lung related illnesses across the country. These lung related illnesses were reported as we were obtaining third-party Certificates of Analysis that we intend to provide to our customers as transparent evidence demonstrating that our City Trees products are made using only the finest ingredients. We will never waiver from our commitment to provide the market with products that are accurately labeled and safe.”
“Finally, we’ve also added Dominick Monaco, a recognized leader in overseeing, building and running conversion and extraction facilities throughout the United States, to our team”.
Operational Highlights
- On November 11, 2019, Oasis Cannabis broke ground on its third expansion this year, highlights of which include the following:
- An increase in available retail space from 1,750 square feet to 2,000 square feet.
- An increase in the number of point-of-sale systems from four to ten.
- The addition of a dedicated express checkout line.
- The ability to more efficiently engage with our valued customers.
- The addition of new products:
- In October 2019, City Trees entered into a premier program partnership with Planet 13 in Las Vegas, a cannabis superstore, the initial results from which have been better than expected.
- In December 2019, City Trees is expected to transition into its new state of the art production facility.
MJBizCon
- On December 11-13, 2019, the Company will be presenting at the MJBizCon, the largest gathering of cannabis business professionals in the world with more than 35,000 attendees.
- Before, during, and after the MJBizCon, the Company will host a series of open houses at its Oasis Cannabis dispensary and its brand-new state of the art manufacturing facility.
SOURCE CLS Holdings USA Inc
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