A Positive Outlook : CLS Holdings USA, Inc. Reports Its First Ever Profitable Quarter with latest 10Q Results – Form 8-K – Marketscreener.com

A Positive Outlook : CLS Holdings USA, Inc. Reports Its First Ever Profitable Quarter with latest 10Q Results

LAS VEGAS, NV October 12, 2021 — CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH), the ”Company” or ”CLS”, a diversified cannabis company operating as Cannabis Life Sciences, today announced its operational and financial results for the first quarter of fiscal 2022, ended August 31, 2021.

Key Q1 Financial & Operational Accomplishments

The Company achieved a positive net profit for the first time in its history, making it the most profitable quarter to date

Net income for the quarter ended August 31, 2021 was $427,599, Net loss for the quarter ended August 31, 2020 was ($1,145,036)

Revenue growth proved to be significant with an increase of 45.5% compared to last year’s Q1 numbers

The company saw an 11% reduction in SG&A dropping from 63.6% of revenue in Q1 FY21 to 52.6% in Q1 FY22

CLS was able to maintain the same gross margin of 52.7% for the quarter, year-over-year (YOY), which allowed the Company to achieve its goal of being over 50%

The Company saw a 4.8% increase in its gross margin from three months ended in May 2021 to the quarter ended in August 2021

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