LAS VEGAS, NV / ACCESSWIRE / December 15, 2020 / 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 November 2020 with net revenues of $1.5M and Gross Margin of 54.3%. These results represent a strong position for CLS in the fourth quarter of 2020 in light of enhanced restrictions in the communities in which CLS operates and the challenging economic conditions facing Nevada.
CLS Nevada November 2020 Financial and Operational Highlights
November 2020 net revenue increased by 38.9% over November 2019, while Gross Margin increased by 8.1% over the same time period. These results also represent a 112% increase in net revenue over November 2018.
The average order size at Oasis Cannabis increased by 47.1% over November 2019, from $37.35 to $54.93 in November 2020.
Oasis Cannabis saw a 27% year over year increase in single day sales on Black Friday compared to 2019.
CLS wholesale division, City Trees, released a new limited edition concentrate product with renowned regional cultivator, State Flower.
Continued Strength in a Limited Market
Despite ongoing and enhanced restrictions on business operations in Nevada implemented in November, CLS subsidiaries in the state saw strong results for the month. Net revenue increased by 38.9% over November 2019 and by 112% over November 2018. Gross margin for the Company increased from 46.3% in November 2019 to 54.3% in 2020. While tourism in Nevada remains stifled, retail division, Oasis Cannabis, and wholesale division, City Trees, have focused their efforts on catering to the local community and providing significant promotional pricing in response to their community’s challenged economic conditions.