Cannabis Life Sciences Touts Strong Financial Results From Nevada Operations, $1.75M In Revenues In January

Loading...
Loading...

CLS Holdings USA, Inc. CLSH CLSH, a cannabis company which operates as Cannabis Life Sciences, announced the financial and operational results for its Nevada wholly owned subsidiaries for the month of January 2022 with net revenues of $1.75 million and a gross margin of 55%, maintaining the its goal of achieving a greater than 50% gross margin.

Net revenue for the company's wholesale branded division at City Trees continued to rise with monthly net revenue growth of 127% year over year and 191% over 2020.

CLS Nevada January 2022 Financial & Operational Highlights

  • The company's monthly net revenues grew year over year by 18% while achieving a gross margin of 55%.
  • The company's branded division, City Trees, continued to outperform the market and achieved a 127% increase in year-over-year net revenue and a 191% increase from 2020.
  • City Trees continued to maintain its position as the number one selling tincture brand in the state of Nevada, as reported by BDS Analytics.
  • City Trees was the number one brand for the entire concentrate category in units sold in the state of Nevada during December 2021, selling over 44,000 units, according to BDS Analytics.
  • City Trees sold over $1 million of concentrates at retail during December 2021, according to BDS Analytics.
  • The company signed two significant manufacturing deals in the month of January.
  • The company began exclusively producing live resin concentrates for renowned brand Sauced in Nevada.
  • The company signed on to produce live and cured resin concentrates, live resin vape cartridges and pods, distillate vape cartridges and pods and tinctures for a notable celebrity brand set to release in Nevada in April.

"2022 is off to a great start," Andrew Glashow, the company’s president & COO, said."We are committed to reinvesting in our growth and made a number of significant hires to bolster our strong core team.  Additionally, we are investing in our facility to ramp up greater production to keep up with our current sales trends.“

Photo: Courtesy of Towfiqu barbhuiya on Unsplash

Loading...
Loading...
Market News and Data brought to you by Benzinga APIs
Posted In: CannabisNewsPenny StocksMarketsAndrew Glashowearnings reportquarterly results
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...