(Oasis Cannabis Dispensary. Las Vegas, NV. Image via CLS Holdings.)
Nevada’s cannabis industry is booming. Deemed an essential service in response to the COVID-19 pandemic, companies operating in this marketplace have seen impressive growth this year and many are preparing to capitalize on further success to come ….
Diversified cannabis Company CLS Holdings USA, Inc. (CSE: CLSH, OTCQB: CLSH, Forum) acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada and plans to expand to other states.
The Company’s name CLS stands for “Cannabis Life Sciences”, in reference to its patented proprietary method of extracting various cannabinoids from the marijuana plant and converting them into products that boast a higher level of quality and consistency.
2020 has been a good year for CLS, which is not something you hear a company often claim and they managed to remain open for business to the public the entire time. This summer had seen some of the greatest success in the Company’s history.
(Chart via CLS Holdings.)
In July, its most successful month to date, CLS earned revenues of $1.3 million (USD) and gross margins of 52%, the Company had increased its July 2020 net revenue by 44.8% compared to July 2019 and 138% over July 2018.
In August, it reported total revenues of $11.9 million for its fiscal year-end, rising from $8.4 million recorded for fiscal year 2019. Its customer base also increased 70% in that time.
There are many facets that allow CLS to function. Its patented proprietary method of extracting various cannabinoids from the marijuana plant and converts them into products with a higher level of quality and consistency.
Located within walking distance to the Las Vegas Strip and Downtown Las Vegas is Oasis Cannabis, which has been in business since dispensaries opened in 2015 and is considered one of the top marijuana retailers