Sales Increased 60% from Prior Year's Results of Alternative Solutions
LAS VEGAS, April 24, 2019 /CNW/ - CLS Holdings USA Inc. (OTCQB: CLSH) (CSE: CLSH.U), the ''Company'' or ''CLS'', a diversified cannabis company operating as Cannabis Life Sciences, today highlighted its financial and operational results for the 4/20 weekend in Las Vegas, NV. The term "420" began as a counterculture code for consuming cannabis and eventually evolved into the legal industry's unofficial holiday celebrating the end of cannabis prohibition. It has historically been the largest single sales day in the legal cannabis industry.
CLS Holding's Oasis dispensary saw record 4/20 weekend sales of $104,454.00 up 60% from last year's results of Alternative Solutions, LLC
The dispensary serviced a record 924 customers on April 20, 2019
Revenue on April 20, 2019 of $46,000.00 vs Revenue on April 20, 2018 of Alternative Solutions, LLC of $30,000.00
Gross margin over the three days increased from 40% for Alternative Solutions, LLC in 2018 to 50% in 2019
Customer Count over this time period increased from 1,295 in 2018 to 2,147 in 2019
CLS' Oasis Cannabis Dispensary generated revenues of $104,454 during the 3-day period, which is an improvement of 59.7% over the revenues of Alternative Solutions, LLC, which was a privately held company during the comparable 3-day period of the previous year. Alternative Solutions was acquired by CLS Holdings USA, Inc. in June 2018. The Oasis Cannabis Dispensary, located in Las Vegas, Nevada, recently completed a renovation and grand reopening, just in time for the 4/20 "holiday." This allowed the dispensary to accommodate more customers without significantly impacting wait times. The medical and retail cannabis store in Las Vegas serviced 924 customers on April 20th, 2019, a new record that surpassed even the number of customers on July 1, 2017, the day legal cannabis sales began in Nevada.
Gross Margin also improved by 25% compared with the previous year's results for Alternative Solutions, LLC. CLS attributes this gain to improved purchasing power and the implementation of strategic supply-chain management. "The company has been working to solidify supplier relationships and leverage its purchasing power to provide great value for our customers, while boosting the bottom line at the same time," said Andrew Glashow, President and COO
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.
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.
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 the fastest growing wholesale companies in the industry. Its products are now available at 44 of the 60 licensed dispensaries in Nevada.
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. 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 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.
SOURCE CLS Holdings USA Inc
For further information: Corporate: Chairman and CEO, Jeff Binder, [email protected], 888-438-9132; Investors:Deborah Honig, Adelaide Capital Markets, 647-203-8793, [email protected]