CLS Holdings USA Inc (OTCMKTS:CLSH) Posts A Growth Of 30% In Revenues In Q1 2021

CLS Holdings USA Inc (OTCMKTS:CLSH) reported YoY growth of 30% to $3.78 million in revenues in Q1 2021.

COO of CLS, Andrew Glashow, said the company is pleased to post better growth in Q1 2021 because of local communities’ support. Renewed excitement for its City Trees, wholesale brand, and continuing growth at Oasis helped the company to lead the great momentum into this fall.

Posts record growth at the retail subsidiary

CLS achieved a record growth at its retail subsidiary based in Nevada in Q1 2021. It also experienced an improvement in revenues in September 2020, at its whole production unit.

Adopts curbside pickup services

The wholesale and retail subsidiaries of CLS are operating under stringent capacity and safety constraints in Q1 2021. It maintains curbside pickup and delivery services established in March 2020.

Its Oasis subsidiary processed daily transactions of 595 in Q1 2021, despite a reduction in operating hours by 30% and a drop in in-store capacity. Oasis posted an increase of 32% in revenues because of implementing a new website and enhanced e-commerce.

City Trees

City Trees, the wholesale division of CLS, readied for the rebrand in September. It also improved sustainability efforts and curated the product catalog along with its redefined and updated criteria. After a successful relaunch in September 2020, the company expects to report better than expected preliminary results in October 2020.

Introduces a new platform for advertising

CLS inaugurated a new platform at its retail subsidiary in Nevada for its partners to post their ads. It also unveiled sustainable packaging. The continued MoM growth at its Nevada subsidiaries opened up additional opportunities to achieve growth.

Establishment of a new billboard

On September 16, 2020, CLS installed a new billboard close to its storefront at its retail subsidiary in Nevada to promote growth. The vendors can use these billboards to place their targeted ads and attract the real audience. It also acts as a venue for vendors to expand their alliance with Oasis.

CLS will take part in the Canaccord Genuity presented Virtual US Cannabis Symposium on September 30, 2020. Through the virtual conference, Andrew will be present at this venue to showcase the expertise of CLS in strategic growth and cannabis innovation.

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