LAS VEGAS, Jan. 16, 2019 /CNW/ - CLS Holdings USA, Inc. "CLS", a diversified cannabis company operating as Cannabis Life Sciences, is pleased to announce that it has entered into an option (the "Agreement") to acquire In Good Health, in accordance with the previously excuted letter of intent. In Good Health is a licensed medical dispensary in Brockton, Massachusetts.
Subject to the terms and conditions of the Agreement, the parties have agreed upon all of the documents necessary to complete the acquisition. The completion of the acquisition of In Good Health remains subject to a number of conditions as set out in the Agreement.
In Good Health is located 25 miles south of downtown Boston and is one of the 48 licensed dispensaries in the state. In Good Health operates a dispensary that was the second licensed medical dispensary in the state and has been operational since September 2015. In Good Health is currently servicing 18,000 registered patients and delivering to 1,700 homes with key product offerings of flower, concentrates, vapes, edibles, pre-rolls and tinctures.
Massachusetts has a population of 6.9 million people as compared to 5.6 million people in Colorado. Massachusetts is also centrally located to the dense population of New England with a less than 100-mile drive from Rhode Island, Connecticut, New York, New Hampshire and Vermont. In 2017, Colorado generated $1.5 billion in legalized marijuana sales and had over 500 licensed dispensaries and over 700 licensed cultivation facilities. Massachusetts currently has issued only 48 licensees.
About In Good Health
In Good Health is a for-profit corporation which holds a Certification of Registration to operate a registered marijuana dispensary in Massachussets. In Good Health was one of eleven original applicants awarded a Certificate of Registration from the Department of Public Health, and was the second to open in the state. In Good Health successfully operated its co-located marijuana cultivation and dispensary facility in Brockton, Massachusetts in September, 2015.
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.
For additional information, please visit: http://www.clsholdingsinc.com
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 "forward-looking statements"). These statements relate to anticipated future events, future results of operations or future financial performance. 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. 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 Agreement for the acquisition of In Good Health 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.
SOURCE CLS Holdings USA, Inc.
For further information: Contact Information; Corporate: Chairman and CEO, Jeff Binder, [email protected], 888-438-9132; Investors: Adelaide Capital Markets, Jackie Kelly, [email protected], 416-301-2949