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CLS Holdings USA, Inc. Highlights Q3 Fiscal 2019 Results
LAS VEGAS, NV, April 16, 2019
CLS Holdings USA Inc. (OTCQB:CLSH) (CSE:CLSH.U), the “Company” or “CLS”, a diversified cannabis company operating as Cannabis Life Sciences, today highlighted its financial and operational results for the third quarter of fiscal 2019, ended February 28, 2019.
The Company generated revenues of approximately $2.4 million during the third quarter, which is an improvement of 25% over the revenues of Alternative Solutions, LLC, which was a privately held company during the comparable quarter of the previous year. Alternative Solutions was acquired by CLS Holdings USA, Inc. in June 2018. The Oasis Dispensary located in Las Vegas, Nevada generated approximately $1.4 million of this amount, up 10% when compared to the revenues it generated for Alternative Solutions, LLC during the comparable period of the previous year. Gross margin at the Oasis Dispensary for the quarter finished at 39.0%, up from 22.3% when compared to the gross margin for Alternative Solutions, LLC for the same quarter of the prior year.
Strong systemwide retail revenue for the quarter is primarily attributable to the right-sizing of the Oasis Dispensary. Management has been working to increase sales through customer focused initiatives and analyzing sales data to maximize returns on investment. While there have been one-time costs associated with reorganizing the internal structure at Oasis Dispensary, management is extremely satisfied with the team, product selection, and purchasing process that is now in place.
The City Trees brand contributed significantly to CLS’s top-line revenue growth in the quarter, generating approximately $1.0 in revenues compared to approximately $567,000 for Alternative Solutions, LLC during the comparable quarter of fiscal 2018, an 84% improvement. Gross margin for this segment also improved to 39% for the third quarter of fiscal 2019 from a gross margin for Alternative Solutions, LLC of 32.8% for the same period during the prior year. City Trees’ products are now available in 44 locations across the state of Nevada and it is becoming a well-recognized consumer brand.
Jeffrey Binder, Chairman and CEO of CLS Holdings USA, Inc. stated: “I want to thank all of the Company’s employees who made it possible for these improved results since CLS acquired Alternative Solutions (Oasis and City Trees).”
The following information was filed by Cls Holdings Usa, Inc. (CLSH) on Tuesday, April 16, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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