In January 2021, CLS Holdings USA Inc (OTCMKTS:CLSH) reports revenues of $1.48 million (up 28.5% YoY) from its subsidiaries based in North Las Vegas.
Makes new strides in sales growth
CLS is expanding its operations by developing a new division and introducing innovative products at City Trees. The company also improved sales at its Oasis Cannabis. All these initiatives helped the company to make new strides in its sales growth in January 2021.
Rolls out toll processing division
CLS inaugurated a toll processing division for its City Trees called Trichome Harvest Company on January 26, 2021. Trichome specializes in hydrocarbon and ethanol extraction services for third parties. City Trees introduced innovative vape products in February 2021.
In 2020, City Trees held 5th position in the vapes segment in Nevada. It also commands the number one slot in the production of tinctures. COO of CLS, Andrew Glashow, said the company focuses on providing diverse products at affordable rates at Oasis and City Trees. It also serves the local customers through its extraction facility. The company expects to see great momentum in the coming months.
The current market penetration of City Trees in Nevada is over 70%. City Trees manufactured nine distillate varieties, which are available in syringes, vape pens, and cartridges. Nevada-based dispensaries bought 11,378 units as of February 2021.
Inducts a new director
CLS added a new director – Ross Silver, to its director board. CEO of CLS, Jeffrey Binder, said he is excited to welcome Ross into the director board. Ross is a perfect fit into the company with his previous experience as an analyst, advisor, and leader. He is an invaluable asset to support the growth of CLS going forward.
With a finance background, Ross established an investment advisor company – Sylva International, in 2016 in Oregon. He also established Vista Partners, an independent equity research company, and a hedge fund.
Ross said CLS positions itself as a leading player in cannabis retail and production. He is pleased to join the CLS team, which is making consistent strides in growth and posting improvement in revenues YoY. CLS is yearning to expand its presence in the cannabis industry of Nevada.