BOULDER, CO / ACCESSWIRE / April 19, 2017 / CLS Holdings USA, Inc. (OTCQB: CLSH) (or the "Company"), a diversified cannabis company, is pleased to provide a Company update.
Denver, CO Processing Facility Update:
The Company's processing facility in Colorado under its Licensing Agreement and Equipment lease from Picture Rock Holdings ("PRH") is not yet operational. CLS Holdings USA has been advised that the solutions to be used in its proprietary conversion process are not yet included in Colorado's list of designated solutions that may be used for cannabis extraction. The Company has advised the state that the solutions will be used in the conversion, not the extraction, process. The matter has been referred to the Colorado authorities for consideration. The construction of the processing facility cannot be completed until this matter is resolved. The Company's internal review found that similar requirements relating to either extraction or processing do not exist in other relevant states. If this issue is resolved favorably to CLS Holdings USA, it would anticipate completion of its Colorado processing facility and the commencement of operations by PRH within six months after such resolution.
Other Opportunities for CLS Holdings USA:
CLS Holdings USA is not solely focused on Colorado as it waits for approvals. The Company is looking at entering states that do not have the same requirements as Colorado, and, as more progress is made, will make announcements. Twenty-eight states and the District of Columbia currently have laws legalizing cannabis in some form. Most recently, California, Massachusetts, Maine, and Nevada all passed measures in November legalizing recreational cannabis.
Additionally, CLS Holdings USA is evaluating a number of potential acquisition opportunities, all which are revenue-generating entities that are complimentary to the Company's business model.
About CLS Holdings USA, Inc.
CLS Holdings USA, Inc. (OTCQB: CLSH) plans to be a diversified cannabis company, specializing in the extraction and conversion of cannabinoids. CLS stands for "Cannabis Life Sciences," as it maintains a proprietary method of extracting various cannabinoids from the marijuana plant and converting them into higher quality and quantity. CLS Holdings USA business model includes licensing operations, processing revenue, processing facilities, sale of products and brand creation and consulting services.
Forward-Looking Statements
Forward-Looking Statements. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's most recent Form 10-K filed as of May 31, 2016, including but not limited to the discussion under "Risk Factors" therein, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.
Contact Information
Corporate:
Chairman and CEO
Jeff Binder
[email protected]
888-438-9132
Investors:
Hayden IR
Brett Maas, Managing Partner
[email protected]
646-536-7331
SOURCE: CLS Holdings USA, Inc.