Market Herald logo


Be the first with the news that moves the market
  • CLS Holdings USA (CLSH) has announced record financial results for January 2020
  • The month saw C$1.15 million in unaudited revenue – an increase of 49 per cent over January 2019
  • Consolidated gross margins have also increased to 59 per cent over the last 12 months
  • Shares in CLS Holdings are currently down 2.38 per cent to 20.5 cents, with a market cap of C$30.27 million

Diversified cannabis company, CLS Holdings USA (CLSH), has reported record financial results for January.

The first month of 2020 has seen C$1.15 million in unaudited consolidated revenue – an increase of 49 per cent from January 2019’s posting of C$0.73 million.

Consolidated gross margins are also up 33 per cent over the 12-month period to 59 per cent.

“The month of January represented the best overall month to date for our operating divisions. We continued our positive momentum from CY19 into CY20,” said CLS Holdings President and COO, Andrew Glashow.

“While January of 2019 saw a drop-off in revenue after the holiday period, we saw a continued acceleration in revenue and customer growth this January.”

CLS Holdings also reported a 136 per cent increase in the total number of dispensary customers, from 10,908 in January 2019 to 25,776 in January 2020.

The company says that this increase is due in part to the installation of a new point of sale system, which has streamlined checkout times and allowed for more engaged interactions with customers.

In addition to promising financial results, CLS Holdings has engaged in several third-party wholesale manufacturing agreements at its North Las Vegas facility. 

“Moving forward in 2020, we expect to see substantial revenue and margin expansion from our newly built conversion and extraction facility in North Las Vegas, Nevada,” added Mr. Glashow. 

“We have begun to manufacture for a number of third parties and are creating an entire new line of effect-based products to be launched soon. These products will be unique and differentiated in the Nevada cannabis market.” 

Shares in CLS Holdings are currently down 2.38 per cent to 20.5 cents, with a market cap of C$30.27 million.

More From The Market Herald
Pure Extracts Technologies - CEO, Ben Nikolaevsky.

" Pure Extracts (CSE:PULL) signs supplier agreement with Shoppers Drug Mart

Pure Extracts (PULL) has signed a cannabis supplier agreement with Shoppers Drug Mart.

" Tilray (TSX:TLRY) expands medical cannabis products in the UK

Tilray Brands’ (TLRY) medical cannabis division, Tilray Medical, has expanded its medical cannabis offerings in the United Kingdom.

" The Gummy Project (CSE:GUMY) announces partnership with Strong’s Market

The Gummy Project (GUMY) has partnered with Stong’s Market to launch its Watermelon Sharks and Peachy Bees in the Canadian retail market.

" Sugarbud (TSXV:SUGR) announces shares for services arrangements

Sugarbud Craft Growers (SUGR) has entered into shares for services agreements with certain service providers.