CLS Holdings USA Closes Acquisition of Oasis Cannabis
Enters the Legalized Cannabis Market in Las Vegas, NV
Currently Generating Approximately $850,000 per Month in Revenue
LAS VEGAS, June 28, 2018 (GLOBE NEWSWIRE) — CLS Holdings USA, Inc. (OTCQB:CLSH) “CLS,” a diversified cannabis company operating as Cannabis Life Sciences, today announced the successful closing of its acquisition of Oasis Cannabis. CLS is now active in the legalized cannabis market in Las Vegas, NV, generating $850,000 in gross monthly revenue.
Oasis Cannabis is a fully integrated cannabis operation in Las Vegas, Nevada. Since 2017, Oasis has been involved in growing, extraction, conversion, processing and operating a dispensary. Its grow, extraction, conversion and processing facility had its best month ever last month in generating $200,000 in gross revenues. Due to increased demand and the additional capital that was just raised, CLS plans to triple the grow production capacity over the remainder of 2018. On the retail dispensary side, Oasis has steadily witnessed increased traffic over the past few months, is now up to 400 daily visitors, and is currently generating $650,000 of gross monthly revenue.
Oasis’s City Trees wholesale product line recently more than doubled its number of product SKUs offered to retail dispensary customers, and now covers a variety of concentrates, vape pens, and capsules, and tinctures including high CBD versions. The City Trees product line is now being sold in over 20 dispensaries in the Las Vegas and Reno markets.
CLS Chief Executive Jeff Binder, commented, “We are thrilled to have successfully completed the acquisition of Oasis Cannabis. We are thankful to our existing long-term shareholders for their patience and our new investors who share our enthusiasm and excitement for the Nevada market with Oasis and additional expansion opportunities as they evolve. We look forward to building out a significant and diversified cannabis operation with multiple locations. We believe this is just the beginning for CLS and anticipate great things to come.”
Ben Sillitoe, Co-Founder of Oasis Cannabis, commented, “This is an exciting time for the entire Oasis team. The closing of this transaction is a major milestone for our strategic growth plans. As we add new locations and expand our product manufacturing and cultivation facilities there will be more jobs created and additional opportunities for our existing team to advance in their careers. I’m personally honored by all of this. This is such a unique time in our country’s history and I’m very proud to be a part of the movement to end cannabis prohibition. Now that our entire Nevada operation is a wholly owned subsidiary of a publicly-traded company there is more opportunity for people to be a part of it.”
About CLS Holdings USA, Inc.
CLS Holdings USA, Inc. (CLSH) is a diversified cannabis company and is shifting its corporate strategy to becoming a fully licensed integrated cannabis producer and retailer in Nevada and other states.
CLS stands for “Cannabis Life Sciences,” in recognition of the Company’s patented method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. The Company’s business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services.
Oasis Cannabis (http://oasiscannabis.com) has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. The company recently commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products in August 2017. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the second half of 2018.
CLS has previously received Nevada regulatory approvals with respect to its beneficial ownership of a 10% interest in Oasis Cannabis and believes that its application to beneficially own all of the Oasis Cannabis companies will be approved in due course. However, the issuance of the additional membership interest in the Oasis Cannabis companies to CLS is subject to the receipt of such regulatory approvals.
For additional information, please visit: http://www.clsholdingsinc.com