via NEWMEDIAWIRE -- CLS Holdings USA, Inc. (OTCQB: CLSH, CSE:
CLSH.CN) (“CLS” or the ''Company''), a diversified cannabis company
operating as Cannabis Life Sciences, is pleased to announce that In
Good Health, a licensed medical dispensary, which the Company has
the exclusive right to acquire in January 2020, was granted on
Friday, September 13, 2019 a final license for recreational use at
its current location in Brockton, MA.
Started in September 2015, In Good Health operates a large
medical cannabis dispensary business consisting of over 25,000
registered patients, delivery to 2,800 patients per month and
maintains an 18,000 square foot grow with capacity to produce 9,000
pounds of finished flower per year. At today’s retail price of
$7,000 per pound this fully built out operation is capable of
generating $60 million in annual revenue and gross profit of $ 35
million. In Good Health has developed high-quality
branded products from its headquarters in Brockton, Massachusetts
located roughly 25 miles south of Boston. As a result of this
approval, In Good Health becomes one of the first 30 dispensaries
in the state of Massachusetts to offer both THC and CBD based
cannabis products for recreational use. In Good Health anticipates
a grand opening event in the coming weeks. Please stay tuned for
future announcements.
Jeff Binder, Chairman and CEO of CLS, added, “This is tremendous
news for our good friends at In Good Health and speaks to the high
integrity of their entire team, from their extremely knowledgeable
staff of bud tenders to their management group. To be among the
first medical dispensaries in the state to navigate the rigorous
gauntlet of regulatory oversight to obtain recreational or “adult
use” status is a major accomplishment, especially in light of some
of the growing pains experienced in the state as they add
recreational cannabis sales to the existing medical only cannabis
industry. As of early October, we expect the granting of only about
27 recreational cannabis retail dispensary licenses by the state’s
Cannabis Control Commission (CCC)* and we congratulate and commend
the entire team at In Good Health on their steadfast commitment to
join the ranks of recreational use sites.”
Andrew Glashow, President and COO of CLS, commented, “What’s
great about the In Good Health location is the large parking lot
connected to their dispensary, capable of accommodating 150 cars,
which will allow for increased customer traffic especially during
peak hours. This should prevent it from having to limit access and
require customers to make advanced appointments, like we have seen
happen at some of the other newly awarded adult use dispensaries in
the state. Just as In Good Health has been so successful in
building one of the largest medical use customer bases in the area
with a wide variety of top quality in-house and popular branded
products coupled with easy customer access and close proximity to
the large Boston metropolitan area, we expect that In Good Health
will quickly build a large and loyal customer base in the
recreational cannabis market and become one of the larger
recreational use dispensaries in the state. We look forward with
great anticipation to adding this fantastic team and solidly built
business to the CLS family.”
David Noble, President of In Good Health, commented, “We
are extremely pleased with this final license approval to open up
shortly for adult use sales from the Cannabis Control Commission of
the great state of Massachusetts. We especially appreciate all the
time and effort put forth on our behalf by our late Mayor, Bill
Carpenter, the City Council of Brockton and the local community at
large as we know that without their vote of confidence this
approval would not have been possible. In anticipation of this
major event, we have been busily preparing our facility to handle
what we expect to be a major increase in daily customers. To this
end, we have expanded both floor space and checkout infrastructure
allowing In Good Health to comfortably service as many as
1,500 customers per day. More importantly, with our recently added
cultivation space to produce up to 9,000 pounds of finished
cannabis flower annually, kitchen and our secondary processing
equipment onsite, we are well positioned to be able to keep our
shelves fully stocked with one of the best selections of both
in-house and leading brands of leaf, vape and oil based THC/CBD
products in the state.
We realize that this approval comes with great responsibility
and trust in our ability to operate in full compliance with the
standards set forth in the Massachusetts state charter for adult
use sales. Therefore, we plan to operate our adult use business
with the same high standards, integrity and attention to detail we
have practiced with our medical cannabis business and have
dedicated ourselves to building an adult use store that the city of
Brockton will be proud to have in the region while at the same time
servicing the recreational cannabis needs of our local
community.”
CLS anticipates that it will complete the
acquisition of In Good Health in January 2020, subject to
satisfaction of applicable closing conditions. The purchase of In
Good Health fits with the Company’s stated goal of becoming a
multi-state-operator (MSO) adding the vertically integrated
business of In Good Health to the Company’s Nevada operations,
consisting of the Company’s 100% owned Oasis dispensary just off
the Las Vegas strip, its City Trees line of THC/CBD and bulk flower
products, its exclusive distribution license of CENTR brands CBD
infused beverages for the state of Nevada and its patented
proprietary process for extracting delta-9 THC from raw cannabis
flower.
*source: www.boston.comand www.commonwealthmagazine.org
About CLS Holdings USA, Inc.
CLS Holdings USA, Inc. (CLSH) is a diversified
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. CLS stands for ''Cannabis Life
Sciences,'' in recognition of the Company's patented 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.
http://www.clsholdingsinc.com
Twitter: @CLSHusa
About Oasis Cannabis
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. In February 2019, it was
named ''Best Dispensary for Pot Pros'' by Desert Companion
Magazine. In August 2017, the company commenced wholesale offerings
of cannabis in Nevada with the launch of its City Trees brand of
cannabis concentrates and cannabis-infused products.
http://oasiscannabis.com
About City Trees
Founded in 2017, City Trees is a Nevada-based
cannabis cultivation, production and distribution company. Offering
a wide variety of products with consistent results, City Trees is
one the fastest growing wholesale companies in the industry. Its
products are now available at 44 dispensaries.
https://citytrees.com
About In Good Health
In Good Health is located 25 miles south of
downtown Boston and is one of the 48 licensed dispensaries in the
state. In Good Health operates a dispensary that was the second
licensed medical dispensary in the state and has been operational
since September 2015. In Good Health is currently servicing 18,000
registered patients and delivering to 1,700 homes with key product
offerings of flower, concentrates, vapes, edibles, pre-rolls and
tinctures.
Disclaimer – In Good Health Closing
Conditions
The Company has the exclusive right to acquire In
Good Health, subject to the satisfaction of certain conditions
contained in the applicable agreements, and the Company’s receipt
of financing to pay the cash portion of the purchase
price. The transaction is expected to close in January
2020.
Forward Looking Statements
This press release contains certain
''forward-looking information'' within the meaning of applicable
Canadian securities legislation and ''forward-looking statements''
as that term is defined in the Private Securities Litigation Reform
Act of 1995 (collectively, the ''forward-looking statements'').
These statements relate to anticipated future events, future
results of operations or future financial performance of CLS and In
Good Health, and anticipated growth of CLS and In Good Health.
These forward looking statements include, but are not limited to,
statements relating to whether and when certain transactions will
be completed, including the proposed In Good Health
acquisition. 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.
See CLS Holdings USA filings with the SEC and on its SEDAR profile
at www.sedar.com for additional details.
Contact Information
Corporate:
Chairman and CEO
Jeff Binder
jeff@clsholdingsinc.com
888-438-9132
Investor Relations:
Torrey Hills Capital
Clay Chase
cc@sdthc.com
858-456-7300
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