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 June 2021 with net revenues of $1.8M and a gross margin of 56.2%. These results represent a 63.1% year-over-year increase in monthly revenue and 8.9% increase in gross margin.
CLS Nevada June 2021 Financial and Operational Highlights
Retail subsidiary, Oasis Cannabis, achieved a 48.9% increase in monthly net revenue year-over-year, alongside a 36.8% increase in the number of transactions processed. Branded wholesale division, City Trees, recorded a 110.7% increase in monthly year-over-year net revenue. Combined monthly revenue for both divisions increased by 63.1% over June 2020, and by 88.2% over June 2019. CLS continues to improve gross margin with an 8.9% increase compared to June 2020 and a 16.9% increase compared to June 2019. Despite the extremely competitive market, the company’s results have outpaced the state average. The Company announced its limited endorsement of UFC welterweight fighter, Sasha Palatnikov, through its City Trees brand.
“This first month of our fiscal year was full of incredible opportunities for our company’s growth,” noted Company President & COO Andrew Glashow. “Oasis is buzzing with consistent local and tourist traffic, and our City Trees brand has maintained huge year-over-year sales increases each month for the last year. We’re optimistic that our successes with City Trees and Oasis will enable us to grow our portfolio of brands significantly over the coming months.”
Retail dispensary Oasis Cannabis achieved a 48.9% year-over-year increase in revenue with a 36.8% increase in the number of transactions and 8.8% increase in average ticket total. June results also represented an 86.1% increase in net revenue