CLS Holdings USA, Inc. Closed Friday at $0.2999 (+199.9%)
June 30, 2017 / CLS Holdings USA, Inc. (OTCQB: CLSH) (“CLS Holdings” or the “Company,”) a diversified cannabis company operating as Cannabis Life Sciences, announced today that it has entered into a non-binding letter of intent with privately owned Pure Harvest Cannabis Producers, Inc. of Las Vegas, Nevada.
Pure Harvest (www.PureHarvestCannabis.com) is a science-based medical cannabis company led by a team of respected veterans in business and in the cannabis industry. Pure Harvest plans to become a licensed vertically integrated cannabis business involved in all aspects of the cannabis cycle including plant science, cultivation, production, medical and recreational dispensaries, and delivery.
Pure Harvest intends to accomplish this through an active acquisition strategy combined with greenfield development. Pure Harvest has recently signed non-binding letters of intent to acquire two high potential cannabis verticals that operate in Nevada. The CEO of Pure Harvest, David Lamadrid, is expected to join CLS Holdings as the new CEO if and when the transaction is closed.
Upon closing, CLS Holdings is expected to relocate to Las Vegas, Nevada and change its name to “Pure Harvest Cannabis Group, Inc.” The letter of intent is subject to a number of conditions and contingencies, including due diligence to be performed by both parties.
Jeffery Binder, the Chairman of CLS Holdings, who is expected to remain on the combined company’s board of directors stated, “We have been seeking a value add transaction with a company involved in the production and/or distribution of cannabis and are pleased and excited about the potential the Pure Harvest transaction offers our shareholders. We believe that Pure Harvest has an experienced team with strong potential to emerge as one of the most dominant cannabis operators in the Western US.”
About Pure Harvest Cannabis Producers, Inc.:
Pure Harvest is an emerging privately owned development-stage company formed to become a licensed cannabis producer and distributor of high quality cannabis products to support patient wellness and healthy living. Initial target markets include Nevada, Oregon, and California. Pure Harvest has negotiated general business acquisition terms for two Nevada-based cannabis vertical operators under respective non-binding letters of intent. The founders and management team of Pure Harvest are veterans in business and the US cannabis industry with a combined 25 years of experience (www.PureHarvestCannabis.com).
About CLS Holdings:
CLS Holdings USA, Inc. (OTCQB: CLSH) plans to become a diversified cannabis company, specializing in the extraction and conversion of cannabinoids. CLS stands for “Cannabis Life Sciences,” in recognition of the Company’s patent pending proprietary method of extracting various cannabinoids from the marijuana plant and converting them into a higher quality and quantity of products. The Company’s business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services.
Disclosure: The authors/owners of PSInvestor.com do not own any shares of CLSH, nor were they compensated for the mentioning of this news article.