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

LAS VEGAS, NV / ACCESSWIRE / 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 dateNet 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 numbersThe company saw an 11% reduction in SG&A dropping from 63.6% of revenue in Q1 FY21 to 52.6% in Q1 FY22CLS 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 2021Oasis Cannabis, CLS’ retail division, saw a continual increase in transactions processed YOY for the months making up Q1 FY22City Trees, the Company’s branded product division, saw a number of successes this quarter:Recorded a continued increase in monthly year-over-year net revenue from June to August 2021Continued to hold its standing as the number one selling tincture brand in the state of NevadaAchieved a ranking of third for the most units sold in Nevada for the entire concentrate category including dabbable concentrates and vapes for the quarter. This was an increase of 291.65% over the previous year’s quarterBecame the number one selling brand in Nevada in units sold in the dabbable concentrate category for August 2021Both divisions saw a YOY increase in net

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