FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “CLS Holdings USA Inc.’s Nevada Subsidiaries Set New Record for Monthly Revenue, Exceeding USD $1,000,000”.
The Oasis Cannabis dispensary in Las Vegas, Nevada, and the City Trees brand, both of which are fully owned and operated by CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE: CLSH.U), have set a new record for the most revenue in a single month, with total combined net revenue in Nevada exceeding USD $1 Million in March, 2019.
CLS Holdings USA, Inc. 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.
Recently, Walgreens Boot Alliance decided to add cannabidiol, or CBD-based products to its stores following CVS Health in the addition. The two pharmaceutical chains plan to sell various CBD health products such as creams, patches, and sprays. Walgreens plans to sell such products in 1,500 store locations across nine different states. The decision to add CBD products to their stores signifies how rapidly the CBD industry has grown, cannabis and its derivatives were illegal on both state and federal levels within the U.S. Now 33 states and the District of Columbia have legalized medical use. Among those states, 10 states, as well as the District of Columbia have legalized recreational use. The proliferation of cannabis legalization within the U.S. is further propelling the overall cannabis industry because the U.S. is the main market driver. According to data compiled by Zion Market Research, the global legal marijuana market was valued at approximately USD 16.71 Billion in 2017 and is expected to generate revenues of USD 62.96 Billion by the end of 2024. Furthermore, the market is projected to accelerate at a CAGR of 21% from 2018 to 2024.
Walgreens and CVS both intend to sell CBD products as healthcare-associated products. However, under the U.S. Food and Drug Administration’s regulations, CBD is still prohibited within food products. Despite the FDA’s ruling, the administration still approved its first cannabis-based drug, Epidiolex. Meanwhile, cannabis is having a more pronounced globally widespread impact as more countries begin to legalize cannabis for medicinal use. Countries such as Argentina, Australia, Chile, Columbia, Germany, Italy, the Netherlands, and South Korea have all legalized cannabis for certain medical applications. The medical sector accounts for majority of the cannabis market’s share, however, as the recreational market has also begun to mature within regions like the U.S. and Canada, the latter market is expected to be the biggest industry driver. On the other hand, the medical cannabis sector is expected to be more widely and readily available for consumers around the world. “We need to derive more value for the market. Given the hundreds of compounds the plant’s genetics produce, and our relative lack of knowledge about them and their interactions, there is huge potential for growth in condition-specific treatments and functional delivery,” says Liam McGreevy, Chief Executive Officer of Ethnopharm, “The hope is to produce more effective medicines for the patients looking for solutions to their conditions.”
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