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“With our Innovation Lab producing what we believe is the best quality product in the state of Nevada, an increasing number of consumers continue to purchase trees in the city and come to our OASIS dispensary, we are ready for continued growth in 22 â€, President and Chief Operating Officer Andrew Glashow said
CLS Holdings USA, Inc said its wholly-owned subsidiaries in Nevada generated net sales of $ 1.8 million and a record gross margin of 56% in November.
The Las Vegas, Nevada-based cannabis company said this represented a significant monthly gross margin increase of 20% year-on-year and 66% from 2019, as well as the largest gross margin on record. by the Society.
City Trees’ wholesale division remained dynamic with monthly net revenue growth of 91% year-over-year and 132% from 2019.
READ: CLS Holdings USA enlists cannabis veteran Dani Baranowski to help grow its City Trees products division
“It’s been an exciting year 2021,” President and COO Andrew Glashow said in a statement.
“We’re all systems in place at this point. With our Innovation Lab producing what we believe to be the best quality product in the state of Nevada, an increasing number of consumers continue to purchase trees in the city and come to our OASIS dispensary. ready for continued growth in 22 â€, he added.
CLS said its retail division, Oasis Cannabis, continued to exceed its goal of an average order size above $ 50, with average orders of $ 54 in November.
City Trees continued to outperform the market and recorded a 91% year-over-year increase in revenue and a 132% increase from 2019.
City Trees also continued to maintain its position as the number one dye brand in the state of Nevada, the company added.
The company noted that figures from market information firm BDS Analytics reflected that City Trees was the number one brand for the entire category of unit concentrates sold in the state of Nevada in October, with more of 46,000 units sold.
Starting in January 2022, CLS announced that it will switch from a monthly report to a quarterly report and organize quarterly calls to investors.
CLS, or Cannabis Life Sciences, is a diverse 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.
Contact the author at stephen.gunnion@proactiveinvestors.com
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