CLS Holdings USA, Inc. (OTCQB: CLSH) “CLS,” a diversified cannabis company operating as Cannabis Life Sciences and an integrated cannabis producer and retailer in Nevada through its Oasis Cannabis subsidiary, today announced the closing of a $3 million equity investment from Navy Capital Green International, Ltd., a cannabis-focused institutional fund based in New York City. Under the terms of the agreement, Navy Capital and or select others may invest an additional $2 million, with a 15% overallotment, for a total of up to $5,750,000.00 by August 15, 2018.
Navy Capital has a vast network of relationships in the cannabis industry and is extremely interested in the CLS patented extraction and processing technology.
CLS now has all the funds in place to complete its build out of its Las Vegas cultivation and production facility. In addition, CLS will utilize a portion of the proceeds to update its existing Oasis Cannabis dispensary location and improve its signage.
John Kaden, Managing Partner and Chief Investment Officer of Navy Capital, stated, “We believe CLS Holdings possesses the premier vertically integrated cannabis business in Nevada and when combined with the company’s opportunities in other major U.S. states and its cutting-edge scientific developments, we expect that CLS quickly will establish itself as one of the top companies in the emerging U.S. cannabis market.”
Jeff Binder, Chief Executive Officer of CLS, commented, “We look forward to the added value that Navy Capital brings to CLS. It is a terrific corporate development to have an additional partner, of Navy Capital’s stature, and we are excited by the expertise they bring to CLS.”
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