The Stock Day Podcast welcomed CLS Holdings USA, Inc. (OTCQB:CLSH)(CSE:CLSH), the ''Company'' or ''CLS'', a diversified cannabis company that acts as an integrated cannabis producer and retailer through its Oasis Cannabis and City Trees subsidiaries in Nevada and plans to expand to other states. President and COO of the Company, Andrew Glashow, joined Stock Day host Everett Jolly on April 5, 2021.
Jolly began the interview by asking about the Company's revenue model, as well as its new products. Glashow remarked that the Company's wholesale division, City Trees, had its strongest revenue month ever this past March. Glashow expanded, noting that new products released in February had gained significant traction throughout Nevada, and that rapid sell-through has reaffirmed the market's response to the brand's quality and accessible price point. "We entered this month of April with a backlog of orders," shared Glashow.
Jolly and Glashow also discussed the reopening of businesses in Las Vegas and its impact on the Company's operations. "We essentially went from having roughly 45 million visitors per year that come to Nevada, specifically Las Vegas, to having zero. That is now starting to ramp up and we think that will have a positive effect on our business," said Glashow. "The vast majority [of our business] has always been locals," he explained. "Now those locals that have been out of work for an extended period of time in the casinos, entertainment venues, and all the great places that make Vegas, Vegas, are all starting to go back to work," continued Glashow. "So, now our customers are going to have more money, more disposable income, [and] we should start to see a little bit of lift in the tourist business."
"We're in a much better position to be able to handle that influx of traffic than we were a year or a year and a half ago, which is exciting. It is also a big opportunity for us to continue to build our wholesale brand, City Trees, which is in about 70% of the market," said Glashow.
When asked about the impact of cannabis legalization in other states, Mr. Glashow noted that "It validates cannabis as a mainstream product, as a product that can be used by many people for many reasons, and the stigma continues to be removed from cannabis as we know it. It's good for us in a tourist community like Vegas because now you have more and more people that have the opportunity in their home states to be able participate and consume cannabis in a legal, regulated, safe environment. That is a big win."
"Where do you see the company going in the next two to three quarters?", asked Jolly. "I think that we will be able to announce this month an expansion into another state with our City Trees brand," shared Glashow. "We're working very hard on that," he added. "As far as dispensaries go in Nevada, we are talking to a couple of folks that would like to get together with us and if in fact it makes sense, we definitely will do so," continued Glashow. "Although we are small, we have been growing a management team that is capable of doing substantially more than what they're doing." said Glashow. "I believe now we have the best team that we've had in place at the company, ever."
In closing, Mr. Glashow shared that the Company has grown the business substantially over the past two and a half years. "We think that we have a substantial amount of room to grow," shared Glashow. "Hopefully, we will continue to execute and continue to service our customers with really good products, and we will be able to show shareholders today and in the future that we're capable of growing, running, and operating a compliant cannabis asset."
To hear Andrew Glashow's entire interview, follow the link to the podcast here
About CLS Holdings USA, Inc.
CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH) is a diversified cannabis company that acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada and plans to expand to other states. CLS stands for "Cannabis Life Sciences," in recognition of the Company's patented proprietary 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. https://www.clsholdingsinc.com/
Oasis Cannabis 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. In February 2019, it was named "Best Dispensary for Pot Pros" by Desert Companion Magazine. In August 2017, the company commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products. http://oasiscannabis.com
Founded in 2017, City Trees is a Nevada-based cannabis cultivation, production and distribution company. Offering a wide variety of products with consistent results, City Trees products are available in numerous dispensaries throughout the state of Nevada. https://citytrees.com
Forward Looking Statements
This press release contains certain ''forward-looking information'' within the meaning of applicable Canadian securities legislation and ''forward-looking statements'' as that term is defined in the Private Securities Litigation Reform Act of 1995 (collectively, the ''forward-looking statements''). These statements relate to, among other things, the impact of the COVID-19 virus on our business, the results of our initiatives to retain our employees and strengthen our relationships with our customers and community during the pandemic, the effect of our initiatives to expand market share and achieve growth during and following the pandemic, results of operations and financial performance, anticipated future events, and the effectiveness of our business practices during the pandemic. The continued spread of COVID-19 could have, and in some cases already has had, an adverse impact on our business, operations and financial results, including through disruptions in our cultivation and processing activities, supply chains and sales channels, and retail dispensary operations as well as a deterioration of general economic conditions including a possible national or global recession. Due to the speed with which the COVID-19 situation is developing and the uncertainty of its magnitude, outcome and duration, it is not possible to estimate its impact on our business, operations or financial results; however, the impact could be material. In some cases, you can identify forward looking statements by terminology such as ''may,'' ''might,'' ''will,'' ''should,'' ''intends,'' ''expects,'' ''plans,'' ''goals,'' ''projects,'' ''anticipates,'' ''believes,'' ''estimates,'' ''predicts,'' ''potential,'' or ''continue'' or the negative of these terms or other comparable terminology. These forward-looking statements are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. We cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date that they were made. These cautionary statements should be considered together with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, we do not intend to update any of the forward-looking statements to conform these statements to reflect actual results, later events or circumstances or to reflect the occurrence of unanticipated events. See CLS Holdings USA filings with the SEC and on its SEDAR profile at www.sedar.com for additional details.
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