CLS Holdings USA Inc (OTCMKTS:CLSH) is excited to post higher revenues of $1.49 million YoY from its wholly-owned subsidiaries in Nevada. It expects to continue improved growth going forward.
Operational updates of CLS Holdings
In February 2021, City Trees introduced innovative vape products and recorded sales of more than 11,700 units. Its net revenues surged by 29.8% YoY in February 2021. City Trees added 25 SKUs at the end of January 2021 to its wholesale menu.
City Trees market penetration improved by more than 70% in Nevada. The retail division expanded its product catalog with the addition of 5 blends in early February 2021. Before this release, the division added 9 distillate varieties in vape pens, cartridges, and syringes.
Oasis Cannabis reported a growth of 46.1% YoY in average ticket sales in February 2021. Its net revenues improved by 27.7% YoY in February 2021. The retail division’s average order book increased to $53.95 (up 46.04% YoY).
Lissa Lawatsch, General Manager of Oasis Cannabis, said the retail division witnessed a difficult phase in 2020. It introduced products at affordable rates after the holiday season for the communities. This strategy worked and improves the fortunes in early 2021.
Oasis offered significant discounts for several in-demand products besides offering promotional offers for frontline healthcare professionals in February 2021.
Third-party sales improve revenues
Third-party sales improved revenues at City Trees to $364,764.69 (up 51.39% YoY) in February 2021. It is on the backdrop of surging interest in its expanded product catalog. The wholesale division added 5 innovative distillate oil blends in a variety of formats.
Trichome Harvest Company, the toll processing division of CLS Holdings, executed multiple transactions mainly for its extraction brands across various states. COO of CLS Holdings, Andrew Glashow, said CLS Holdings witnessed a growing interest in its business operations with City Trees expanded product catalog, continued growth at Oasis, and the addition of Trichome Harvest.
Includes Ross Silver in its director board
CLS Holdings inducted Ross Silver into its board of directors. Commenting on his appointment, Jeffrey Binder, CEO of CLS Holdings, said the company is excited to add Silver to its director board. With a proven track record in leadership and advisory roles, Silver is a perfect fit for CLS Holdings team.
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