CLS Holdings USA Inc (OTCMKTS: CLSH) Gets $3 Million Investment From Navy Capital
CLS Holdings USA Inc (OTCMKTS: CLSH) receives a $3 million investment from Navy Capital Green International Ltd. The latter is an institutional fund based in New York that focuses on cannabis.
Navy Capital invested the said amount in Oasis Cannabis, which is a subsidiary of CLS Holdings (Cannabis Life Sciences). The subsidiary firm, which is based in Nevada is an integrated producer of marijuana as well as a retailer in its home region.
Interested in CLS patent
The investment firm revealed that it was extremely interested in the extraction as well as the processing technology that is currently patented by CLS. Accordingly, other selected companies including Navy Capital have been given an opportunity to invest another $2 million. The additional overallotment may exceed 15% to a total of $5,750,000.
Navy Capital’s Chief Investment Officer, John Kaden, stated that they believed that CLS holdings possess the leading supply chain of marijuana business in the Nevada region. He hoped that it will combine that with its advanced scientific developments as well as its networks in other U.S states. Kaden was optimistic that if it did, it will become a leading company in the growing cannabis market in the U.S.
Complete Las Vegas facility
CLS Holdings will utilize the funds to finish building its Las Vegas facility meant for cultivation as well as production. A part of the funds will be used to update its marijuana dispensary location and enhance its signage.
Oasis Cannabis has managed a marijuana dispensary in Las Vegas ever since dispensaries were opened in Nevada from 2015. The CEO of CLS, Jeff Binder expressed his excitement with his company getting a new partner.
Meanwhile, CLS issued a statement to its partners, shareholders as well as its stakeholders on August 14, 2018. Through the statement, Binder revealed that the last few months were both busy and productive for the company. Consequently, the company is now capable of creating a long-term value for its shareholders.
In addition to receiving funding in the U.S from Navy Capital, CLS also got a funding of CAN $13 million from the Canadian round. Binder, who is also the Chairman said that Navy Capital has a large network in the cannabis sector.
CLS also appointed a new Chief Financial Officer, Frank Tarantino. He is an expert in public accounting as well as private and public financial and management fields.