$CLSH ACCESSWIRE / November 17, 2020 / CLS Holding
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Posted On: 11/17/2020 2:06:24 PM
$CLSH ACCESSWIRE / November 17, 2020 / CLS Holdings USA, Inc. (OTCQB:CLSH) (CSE:CLSH), the ''Company'' or ''CLS'', a diversified cannabis company operating as Cannabis Life Sciences, continues to grow its foothold in Nevada, with recent data listing its manufacturing division, City Trees, as the top selling brand in select product categories. With the completion of its September rebrand, this division is poised for continued growth and innovation through the remainder of the year. CLS entities overall also outpaced the growth of the Nevada cannabis market in September. Statewide cannabis industry revenue growth reached a year over year increase of 43% for the month, while CLS' net revenue grew by 70.3%.
A Category and Industry Leader
According to figures generated by BDS Analytics, CLS' branded division, City Trees, produced the top-selling products in the tincture product subcategory in Nevada from January through September 2020. With a total of 37,142 units sold, these products generated over $1.7 million dollars in sales - approximately 44% more than the second best-selling brand in the subcategory. Of the top 10 products sold in the tincture subcategory in 2020 through September, 4 were produced by City Trees. Of the $7.7 million tincture market in Nevada through September 2020, encompassing 34 different brands, City Trees held an average market share of 22.4%. Although flower and concentrate categories represented a majority of the overall cannabis market in Nevada in 2020, innovative product development and clean, modern branding have propelled this division and opened the door for category expansion for the Company.
As a result of continued development and innovation in the ingestible category, City Trees is rising in Nevada's vape category. In the first three quarters of 2020, the brand has risen from the 7th to the 5th highest selling brand, with the greatest improvement occurring in the third quarter. In the ‘dabbable concentrate' product subcategory, unit sales rose by over 115% during the third quarter of 2020 compared to the same quarter in 2019. With a focus on quality, sustainability, and innovation, City Trees is showing brand growth across all of the products categories in which it currently operates. This division's growth is further driven by the expansion and utilization of its expanded and enhanced extraction and innovation facility, allowing for a variety of anticipated collaboration projects, new product launches, and growing capacity for extraction and toll processing.
The Company's combined retail and wholesale divisions outpaced the year over year growth of the Nevada cannabis market for September, with the state seeing a 43% revenue increase from September 2019 to September 2020, and CLS entities achieving a 70.3% revenue increase for the same periods. Month over month from August to September 2020, the Nevada cannabis market declined by 1% while CLS' entities increased revenue by 21.2%. These results are a testament to the measured, strategic approach the Company has taken to growing its businesses in ways that ensure the safety and comfort of its customers and employees while capturing new revenue streams that coincide with new market norms.
A Category and Industry Leader
According to figures generated by BDS Analytics, CLS' branded division, City Trees, produced the top-selling products in the tincture product subcategory in Nevada from January through September 2020. With a total of 37,142 units sold, these products generated over $1.7 million dollars in sales - approximately 44% more than the second best-selling brand in the subcategory. Of the top 10 products sold in the tincture subcategory in 2020 through September, 4 were produced by City Trees. Of the $7.7 million tincture market in Nevada through September 2020, encompassing 34 different brands, City Trees held an average market share of 22.4%. Although flower and concentrate categories represented a majority of the overall cannabis market in Nevada in 2020, innovative product development and clean, modern branding have propelled this division and opened the door for category expansion for the Company.
As a result of continued development and innovation in the ingestible category, City Trees is rising in Nevada's vape category. In the first three quarters of 2020, the brand has risen from the 7th to the 5th highest selling brand, with the greatest improvement occurring in the third quarter. In the ‘dabbable concentrate' product subcategory, unit sales rose by over 115% during the third quarter of 2020 compared to the same quarter in 2019. With a focus on quality, sustainability, and innovation, City Trees is showing brand growth across all of the products categories in which it currently operates. This division's growth is further driven by the expansion and utilization of its expanded and enhanced extraction and innovation facility, allowing for a variety of anticipated collaboration projects, new product launches, and growing capacity for extraction and toll processing.
The Company's combined retail and wholesale divisions outpaced the year over year growth of the Nevada cannabis market for September, with the state seeing a 43% revenue increase from September 2019 to September 2020, and CLS entities achieving a 70.3% revenue increase for the same periods. Month over month from August to September 2020, the Nevada cannabis market declined by 1% while CLS' entities increased revenue by 21.2%. These results are a testament to the measured, strategic approach the Company has taken to growing its businesses in ways that ensure the safety and comfort of its customers and employees while capturing new revenue streams that coincide with new market norms.
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