CLS Holdings USA Inc (OTCMKTS:CLSH) posted 41% YoY growth to $11.917 million in 2020. Its gross margin also rose to 50%. The company’s customer base also rose by 70.48% to 228,458 in 2020. It also operationalized the production lab in April 2020.
The Oasis dispensary of CLS Holdings achieved a record growth just at the beginning of the coronavirus pandemic. Adopting curbside pickup and expanded delivery helped the company to report robust growth during these uncertain times.
The improved customer experience at the storefront
CLS Holdings expanded the dispensary and completed the renovations to provide a better customer experience at the storefront. The company realized improved margins by implementing new processes and making enhancements in the inventory purchase. It also incorporated changes to the manufacturing facility.
COO of CLS Holdings, Andrew Glashow, said the company achieved significant progress in 2020. It is on the backdrop of implementing operational changes, expanding the dispensary, adding talented employees, and completing renovations.
Posts better earnings
Andrew said the company posted better revenues and increased profit margins amid a competitive environment in Nevada. The company provided a safe working environment for all the employees during the challenging times of coronavirus crises. CLS Holdings is proud to serve the local communities with safe cannabis products at economical rates.
Launch of City Trees Brand in September 2020
Andrew further said its manufacturing and marketing teams worked relentlessly in the last 4 months and revamped the City Trees Brand in all aspects. The company will introduce City Trees Brand, which is sustainable and environmentally friendly, in September 2020. It expects to report better earnings going forward.
CEO of CLS Holdings, Jeff Binder, said the company is forced to change its business model two times in three months to achieve growth in this challenging environment.
CLS Holdings reported $1.381 million in revenues in Q2 2020 from its auxiliary units based in Nevada. It is an increase of 44.8%.
The daily transactions at Oasis dispensary rose by 21.6% MoM in July 2020, mainly because of expanded delivery services and curbside pickup. Andrew said its Nevada-based subsidiaries adopted a cautious approach to ensure the customers’ and employees’ protection.