CLS Holdings USA (OTCMKTS:CLSH) continues to move lower on Tuesday. Will the stock rebound?
Market Action
As of 10:02, CLSH stock is down by 8.15% at $0.1837. The stock has traded 24K shares compared to its average volume of 115k shares. The stock opened at $0.2042 and moved in a range of $0.1837 – 0.2042.
Major Trigger:
CLS Holdings USA, Inc. Achieves Substantial Year-Over-Year Results for May 2021
Key Highlights:
- CLSH announced the financial and operational results for its Nevada wholly owned subsidiaries for the month of May 2021 with net revenues of $1.9M and a gross margin of 53.6%. These results represent a 87.7% year-over-year increase in revenue and 8.7% increase in gross margin. The Company also began production of City Trees products in New Mexico through its partnership with local producer, Herbal Edibles, in the month of May.
- Retail subsidiary, Oasis Cannabis, achieved a 59.41% increase in monthly net revenue year-over-year, alongside a 59.9% increase in the number of transactions processed. Gross margin for the dispensary was 50.4%.
- Branded wholesale division, City Trees, recorded a 231.6% increase in year-over-year net revenue and a gross margin of 61.5% for May 2021.
- Combined revenue for both divisions increased by 87.% over May 2020, and by 91.8% over May 2019. At the Company’s production division, City Trees, monthly revenue for May 2021 increased by 231.6% year-over-year, and by 80.6% over May 2019. Gross margin for this division was 61.5%. In May 2021, the Company also announced the brand’s expansion into New Mexico’s medical cannabis market with its award-winning agave-based tinctures, which currently hold the #1 position in the tincture category in Nevada.
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