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Posted On: 04/15/2021 9:12:21 AM
Post# of 12195
$CLSH Key Q3 Financial & Operational Accomplishments
CLS continues to outperform operationally, achieving a 44.7% increase in total revenue in the first nine months of fiscal 2021 compared to the comparable period of fiscal 2020.
The Company achieved total revenue of $4,544,082 for the quarter ended February 28, 2021 - a 40.9% increase over the quarter ended February 29, 2020.
Gross margin for the quarter was 45.2%, and 51% for the nine month period ended February 28, 2021 compared to gross margin of 52.3% and 50.4% respectively, for the comparable period during fiscal 2020.
In January 2021, the Company began formally offering toll-processing extraction services to cultivators and brands currently operating in, or considering licensure in, Nevada through its Trichome Harvest Company division of City Trees.
City Trees, the Company's branded product division, added an additional five blends of cannabis distillate oil to its offerings, developed over the course of the quarter through extensive research and development. Total revenue for the third quarter of fiscal 2021 rose by 97.5% for this division compared to the same period in fiscal 2020. Gross margin for the third quarter of fiscal 2021 was 45.2% compared to 52.3% during the comparable quarter of fiscal 2020.
The Company added Mr. Ross Silver to its Board of Directors in February 2021.
CLS continues to outperform operationally, achieving a 44.7% increase in total revenue in the first nine months of fiscal 2021 compared to the comparable period of fiscal 2020.
The Company achieved total revenue of $4,544,082 for the quarter ended February 28, 2021 - a 40.9% increase over the quarter ended February 29, 2020.
Gross margin for the quarter was 45.2%, and 51% for the nine month period ended February 28, 2021 compared to gross margin of 52.3% and 50.4% respectively, for the comparable period during fiscal 2020.
In January 2021, the Company began formally offering toll-processing extraction services to cultivators and brands currently operating in, or considering licensure in, Nevada through its Trichome Harvest Company division of City Trees.
City Trees, the Company's branded product division, added an additional five blends of cannabis distillate oil to its offerings, developed over the course of the quarter through extensive research and development. Total revenue for the third quarter of fiscal 2021 rose by 97.5% for this division compared to the same period in fiscal 2020. Gross margin for the third quarter of fiscal 2021 was 45.2% compared to 52.3% during the comparable quarter of fiscal 2020.
The Company added Mr. Ross Silver to its Board of Directors in February 2021.
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