Las Vegas, NV -- February 08, 2018 -- InvestorsHub
NewsWire -- CLS Holdings USA, Inc. (OTCQB: CLSH) “CLS,” a
development stage diversified cannabis company operating as
Cannabis Life Science, today announced it has made its second
payment of $1.8 million to Alternative Solutions, Ltd dba Oasis
Cannabis in connection with its planned acquisition of the
companies.
The Oasis Cannabis (“Oasis”) retail dispensary and
conversion and extraction facility generated $750,000 in gross
revenues in December, their strongest combined results to-date. The
CityTrees wholesale product line has more than doubled its number
of product SKUs offered to retail dispensary customers, and now
covers a variety of concentrates, vape pens, and capsules,
including high CBD versions. The City Trees product line is now
being sold in over 20 dispensaries in the Las Vegas and Reno
markets.
The Company anticipates that it will close on the purchase of
the balance of the equity interests in the Oasis Cannabis companies
within 90 days, subject to regulatory approvals.
Oasis Cannabis is a fully integrated cannabis operation in
Nevada. Las Vegas-based Oasis Cannabis’ (http://oasiscannabis.com)
operations include a grow, extraction, conversion and processing
facility, and a retail dispensary. CLS has now executed a
definitive agreement to acquire the Oasis Cannabis companies. A
non-refundable cash deposit has been paid by CLS. The closing of
the transaction, which is subject to the satisfaction of
conditions, is expected to occur in the first quarter of 2018.
About Oasis
Cannabis (http://oasiscannabis.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. The company recently commenced wholesale
offerings of cannabis in Nevada with the launch of its City Trees
brand of cannabis concentrates and cannabis-infused products in
August 2017. An expansion of its cultivation and production
facility is currently underway and is expected to be completed
during the second quarter of 2018.
Disclaimer
CLS Holdings USA has entered into a definitive agreement to
acquire Oasis Cannabis, which is expected to close in the second
quarter of 2018. See CLS Holdings USA’s filings with the SEC for
additional details.
About CLS Holdings USA
CLS Holdings USA, Inc. (OTCQB: CLSH) plans to become a
diversified cannabis company and is shifting its corporate strategy
to becoming a fully licensed integrated cannabis producer and
retailer in Nevada and other western states. Its strategy and
business model will be similar to Canopy Growth (WEED.TO), Aurora
Cannabis and GB Sciences.
CLS stands for "Cannabis Life Sciences," in recognition of the
Company's patent pending 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.
Twitter: @CLSHusa
Forward Looking Statements
This press release contains forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. These statements relate to anticipated future events, future
results of operations or future financial performance. These
forward-looking statements include, but are not limited to,
statements relating to whether certain transactions will be
completed, the terms of such transactions, the descriptions of the
companies and the business that any potential target companies
could bring to CLS Holdings. 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 and we cannot guaranty that the proposed
transactions described in this press release will occur. 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.
CLS Holdings USA has entered into a definitive agreement to acquire
Oasis Cannabis, which is expected to close in the first quarter of
2018. See CLS Holdings USA filing with the SEC for additional
details.
Contact InformationCorporate: Chairman and CEO Jeff Binderjeff@clsholdingsinc.com888-438-9132