Form 10K Filed With SEC
LAS VEGAS, NV, Aug. 29, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — CLS Holdings USA, Inc. (OTCQB: CLSH, CSE: CLSH.CN) (“CLS” or the ”Company”), a diversified cannabis company operating as Cannabis Life Sciences, is pleased to report its consolidated financial results for the fourth quarter and fiscal year ended May 31, 2019.
● Completed the acquisition of Oasis Cannabis (“Oasis”) in Las Vegas, Nevada, a fully integrated cannabis operation.
● Consolidated fourth quarter and annual revenue of $2.9 million and $8.5 million, respectively.
● Acquisition of Massachusetts dispensary, In Good Health, anticipated to close in Q1 of calendar 2020.
● Launch of the Company’s proprietary extraction and conversion processing facility expected in Q1 of calendar 2020.
“Since the acquisition of our Oasis Cannabis dispensary in June 2018, we have been incredibly focused on improving its operations, which efforts we believe are starting to pay off,” commented Mr. Jeff Binder, Chairman and CEO. “For fiscal 2019, we achieved record annual revenue of $8.5 million, more than one third of which stemmed from the fourth quarter. In addition to the acquisition of Oasis, 2019 was full of successes, including Oasis’ grand reopening, locking up the planned acquisition of In Good Health, and the expansion of City Trees, our branded products and bulk flower division. Significantly, we were awarded a non-provisional, US utility patent for our leading-edge cannabidiol extraction and conversion process. We are excited about the potential competitive advantage and additional revenue streams that this technology is expected to represent.”
● Q4 2019 consolidated revenue of $2.9 million, an increase of $0.6 million or 23.5% over Q3 2019.
● Fiscal year 2019 consolidated revenue of $8.5 million, including $5.5 million from Oasis and $3.0 million from City Trees.
● As of May 31, 2019, total assets were $46.5 million, including cash and cash equivalents of $10.5 million. Total debt was $18.5 million.
● In June 2018, CLS