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CLS Holding USA Inc. (OTCMKTS: CLSH) Announces 10% Revenue Growth in Q2 2022 As It Tops Concentrate Sales In Nevada

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CLS Holding USA Inc. (OTCMKTS: CLSH), which operates as Cannabis Life Sciences, has announced its financial and operational results for Q2 2022 for the quarter ending November 30, 2021. 

CLS Holding reported 10% revenue in Q2 2022

The company achieved significant revenue growth in the period ended November 30, 2021, with a 10% increase in revenue over the quarter that ended November 30, 2020. When compared to last year’s Q2 figures, revenue growth at City Trees was tremendous, with a 55 percent gain. City Trees’ positive trend continued in fiscal 2022, with a sequentially 4 percent growth in revenue. CLS met its aim of achieving a gross margin of 50% or higher for the quarter.

CLS’s retail division, Oasis Cannabis, saw an average spending per customer of more than $55, comparable with the previous year’s quarter.

The company’s branded product division, City Trees, saw several successes during the quarter, including reporting sustained monthly YoY net revenue growth and being named the top-performing brand in Nevada for November based on analytic and data from different categories, regions, and states. Additionally, the division was recognized as being among the fastest and top-selling THC distillate within the concentrate category in Leaflink’s 2021 list.

City Trees sold close to $1 million 1g cartridges 

Also, City Trees hit a milestone of selling more than $1 million of 1 gram cartridges during the quarter. In addition, it ranked first in the concentrated category in Nevada in Q2 2022 by selling more than 125,00 units and maintained the top spot as the leading tincture brand in the state. 

COO and President Andrew Glashow said, “Despite a downturn in the legal cannabis market, we have seen a solid increase in City Trees’ numbers. This is a testament to the traction the brand has gained over the past year and its loyal customer base. Our ability to offer a consistently reputable and reliable product at an affordable price has been our strong suit and the brand’s continued growth is a powerful indication of its resonance with consumers.”

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