CLS Holdings USA, Inc. (OTCQB:CLSH)
LAS VEGAS, NV, UNITED STATES, May 18, 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 updated category performance metrics for its manufacturing division, City Trees, along with details of its growing production capacity. In recently reported data from BDS Analytics, the brand’s cannabis vape and concentrate products saw substantial year-over-year growth in both dollar and unit sales for the first quarter of 2021.
The most recent data published by BDS Analytics, a leading provider of retail metrics for the cannabis industry, shows that City Trees vape products maintained the #7 highest selling vape brand in Nevada by dollars sold, and #6 by units sold in the first quarter of 2021. While overall ranking remained similar year-over-year for this period, retail sales of City Trees vape products increased by 48.25% with a 136% increase in the number of units sold. City Trees is the first company listed among best-selling vape brands to operate exclusively in the state of Nevada for the reporting period.
The brand has also significantly grown its market share in the “dabbable concentrates” category. City Trees has primarily focused on producing high quality live resin products, and has seen the most substantial growth in this subcategory, rapidly rising to become the #10 best selling live resin concentrate brand in Nevada for the first quarter of 2021, driven by an 895% increase in retail dollars sold year-over-year. The brand maintained its position as the #1 selling tincture producer statewide.
These advances in category performance, driven by consumer demand, have led to substantial increases in production at the Company’s extraction and conversion facility in North Las Vegas. When extraction began in earnest at the facility in April 2020, approximately 18,000 grams of THC distillate were produced monthly for third party transactions. Due to increasing order size and frequency among both City Trees branded products and toll transactions, the facility is currently producing approximately 30,000 grams of THC distillate monthly, processing an average of 500 pounds of trim material, 50-80 pounds of cured flower material, and 120 pounds of live flower material. Extraction efficiency has also gradually improved over time for the facility, now achieving up to 17% yield per batch of biomass intended for distillate production. These increases are reflected in recent revenue results, with the Company achieving successive record-breaking months in March and April 2021. As the Company further refines its processes and grows its subsidiaries’ footprint in the Southwest, output is expected to continue increasing to meet demand.
About CLS Holdings USA, Inc.
CLS Holdings USA, Inc. (CLSH) is a diversified cannabis company that acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada and plans to expand to other states. CLS stands for "Cannabis Life Sciences," in recognition of the Company's patented proprietary method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. The Company's business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services. https://www.clsholdingsinc.com/
Founded in 2017, City Trees is a Nevada-based cannabis cultivation, production and distribution company. Offering a wide variety of products with consistent results, City Trees products are available in numerous dispensaries throughout the state of Nevada. https://citytrees.com
Forward Looking Statements
This press release contains certain ''forward-looking information'' within the meaning of applicable Canadian securities legislation and ''forward-looking statements'' as that term is defined in the Private Securities Litigation Reform Act of 1995 (collectively, the ''forward-looking statements''). These statements relate to, among other things, the impact of the COVID-19 virus on our business, the results of our initiatives to retain our employees and strengthen our relationships with our customers and community during the pandemic, the effect of our initiatives to expand market share and achieve growth during and following the pandemic, results of operations and financial performance, anticipated future events, and the effectiveness of our business practices during the pandemic. The continued spread of COVID-19 could have, and in some cases already has had, an adverse impact on our business, operations and financial results, including through disruptions in our cultivation and processing activities, supply chains and sales channels, and retail dispensary operations as well as a deterioration of general economic conditions including a possible national or global recession. Due to the uncertainties associated with the continued spread of COVID-19 and the timing of vaccinations, it is not possible to estimate its impact on our business, operations or financial results; however, the impact could be material. In some cases, you can identify forward looking statements by terminology such as ''may,'' ''might,'' ''will,'' ''should,'' ''intends,'' ''expects,'' ''plans,'' ''goals,'' ''projects,'' ''anticipates,'' ''believes,'' ''estimates,'' ''predicts,'' ''potential,'' or ''continue'' or the negative of these terms or other comparable terminology. These forward-looking statements are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. We cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date that they were made. These cautionary statements should be considered together with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, we do not intend to update any of the forward-looking statements to conform these statements to reflect actual results, later events or circumstances or to reflect the occurrence of unanticipated events. See CLS Holdings USA filings with the SEC and on its SEDAR profile at www.sedar.com for additional details.
Chairman and CEO
President and COO
Source: CLS Holdings USA, Inc.
Source: EIN Presswire