CLS Holdings USA (CLSH.C) announced today the development of Trichome Harvest Company, a new division within their manufacturing arm, City Trees, according to a press release.
Trichome Harvest’s specialization will be in toll processing for both regional and national cannabis brands in Nevada. Their extraction facility became operational in April 2020, and has contributed to the City Trees brand successes to date, and the company intends on expanding their services to build the concentrate category in the state.
“We have a beautiful, clean, state-of-the-art facility here in Las Vegas, and we want to share it with trusted partners to raise the bar for concentrates and vape products in the state. We hold ourselves to the highest standards and are always looking to innovate, and we encourage other cultivators and producers to take a look at our facility to see how they can do the same,” said Andrew Glashow, president and COO of CLS.
CLS Holdings USA is a former equity guru client and cannabis company operating as a producer and retailer through its Oasis Cannabis subsidiaries in Nevada, and it intends on moving into other states. CLS stands for Cannabis Life Sciences, due to their patented extraction methods involving various cannabinoids from the cannabis plant and converting them into products with a higher level of quality and consistency. Their business model involves licensing, processing operations and facilities, product sales, branding and consulting.
As the new year turned, the company had processed close to 2,000 pounds of plant material and nearly 18,000 grams of crude cannabis oil for third party brands, and an extra 4,000 pounds waiting to be processed under existing agreements and partnerships. These agreements also landed the company with enough raw material the company could use for its own branding efforts with approximately 4,500 pounds already having been processed and 6,500 pounds more anticipated.
CLSH is up 11% on the news, and closed today at $0.20.