CLS Holdings USA, Inc. today announced the financial and operational results for its Nevada wholly owned subsidiaries for the month of May 2021.
CLS Holdings USA, Inc. (OTCQB:CLSH)
LAS VEGAS, NV, UNITED STATES, June 15, 2021 /EINPresswire.com/ — CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH), the ”Company” or ”CLS”, a diversified cannabis company operating as Cannabis Life Sciences, today announced the financial and operational results for its Nevada wholly owned subsidiaries for the month of May 2021 with net revenues of $1.9M and a gross margin of 53.6%. These results represent a 87.7% year-over-year increase in revenue and 8.7% increase in gross margin. The Company also began production of City Trees products in New Mexico through its partnership with local producer, Herbal Edibles, in the month of May.
CLS Nevada May 2021 Financial and Operational Highlights
-Retail subsidiary, Oasis Cannabis, achieved a 59.41% increase in monthly net revenue year-over-year, alongside a 59.9% increase in the number of transactions processed. Gross margin for the dispensary was 50.4%.
-Branded wholesale division, City Trees, recorded a 231.6% increase in year-over-year net revenue and a gross margin of 61.5% for May 2021.
-Combined revenue for both divisions increased by 87.% over May 2020, and by 91.8% over May 2019.
-Production of the Company’s best-selling tincture products began in New Mexico through its collaborative partnership with Albuquerque-based Herbal Edibles Inc.
-On May 11, 2021, the Company presented at the Canaccord Genuity 2021 Virtual Cannabis conference.
-On May 17, 2021, the Company announced its availability for trading on Canadian investment management platform, WealthSimple.
Year-over-year revenue increases for May 2021 at Oasis were driven largely by a substantial increase in order volume. The dispensary processed 22,576 transactions in the month of May 2021 – a 59.9% increase over May 2020. As operating restrictions due to COVID-19 were steadily loosened throughout the month,