CLS Holdings USA, Inc. (OTCQB:CLSH) (CSE: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
