LAS VEGAS, NV / ACCESSWIRE / March 31, 2020 / CLS Holdings USA, Inc. (CLSH)(CLSH)(“CLS” or “the Company”), a diversified, integrated cannabis producer and retailer, announced that the February 2020 gross profit of its Nevada operations increased by approximately 24% from last year, jumping from over $928,000 in February 2019 to $1.1 million in February 2020. Additionally, the Company’s Oasis subsidiary experienced a 129% increase in the number of customers served from 10,420 in February 2019 to 23,878 last month. CLS increased its gross profit by almost 64% and its gross margin by 32.2%, from 38.50% in February 2019 to 50.91% in February 2020.
“CLS’ Nevada operations are in solid financial standing and our revenue is growing at a pace that allows us to continue all of our initiatives without the need for any additional capital infusion,” said Jeffrey Binder, Chairman/CEO “Our retail and manufacturing teams have taken painstaking measures to provide high-quality cannabis products to our customers and I am delighted to see these efforts reflected in this month’s financial report.”
Last week, CLS transitioned its entire Oasis Cannabis brick and mortar retail operations to a streamlined online delivery-only platform to accommodate the state’s updated COVID-19 business regulations. The dispensary has already experienced a surge in the number of delivery orders and an influx of customers directly reaching out for product inquiries and budtender consultations. Additionally, the City Trees manufacturing facility converted a portion of its THC processing resources to manufacture bottles of hand sanitizer under the guidance of its Head of Manufacturing, Dominic Monaco, PharmD. Customers who place orders directly from Oasis will receive a complimentary bottle of its in-house hand sanitizer with every purchase of $75 or more.
“Given the current conditions where certain supplies are in higher demand and traditional channels are not able to meet the needs of