CLS Holdings USA Inc (OTCMKTS:CLSH) posted a growth of 5.35% YoY to $1.102 million in June 2020. Its earnings in April and May 2020 are $946,322 and $1.011 million.
The company showed resilience to the ongoing coronavirus and posted better results in June 2020. After experiencing a drop in revenues in April 2020, the team at CLS Holdings put in significant efforts to boost sales.
Better results begin in May 2020
COO of CLS Holdings, Andrew Glashow said its efforts are yielding better revenues. He said its branded products and wholesale division navigated successfully through the difficult situation caused by COVID-19 and started reaping better results beginning May 2020 from its City Trees clientele.
Implements curbside pickup
Oasis subsidiary of CLS Holdings is posting consistent an increase in earnings by 35% for each transaction despite a reduction in operating hours by 40% in the past three months. The company implemented in-store services and curbside pickup after the authorities allowed resuming operations in May 2020. It is also maintaining previous delivery services to satisfy the growing demand. CLS Holdings upsized its sales team and plan to introduce new products in response to growing demand in Nevada and its neighboring states.
Andrew said the company expects that sales will return to pre-COVID-19 levels and will launch innovative products.
Curaleaf acquires Grassroots
Curaleaf Holdings Inc (OTCMKTS:CURLF) took over GR Companies Inc (Grassroots) to become a multistate cannabis operator in the US. With this takeover, Curaleaf expanded its footprint to 23 states from 18 states. The company operates 88 dispensaries, 22 cultivation sites, and over 30 processing facilities.
The deal is valued at $875 million in July. Mitchell Kahn, CEO of Grassroots, said the firms will dominate the market with combined vision. CEO of Curaleaf, Joseph Lusardi, said the deal strengthens its leadership position.
The merged company will leverage the consumer brands of Curaleaf and strengthen its financial performance. Curaleaf operates in various states, including North Dakota, Vermont, Maine, Florida, and Arizona.
Curaleaf mobilizes funds of CAD 34.06 million
Curaleaf raised funds of CAD 34.06 million in two tranches. Under the initial tranche, the company issued 3.541 million subordinate voting shares and mobilized CAD 27.269 million. In the second tranche, Curaleaf raised funds of CAD 6.787 million through issuing 842,269 subordinate voting shares.
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