Digital marketing agency 420MEDIA and the Marijuana Business Association (MJBA) have joined forces to create a series highlighting entrepreneurs trailblazing the cannabis scene. Each week, we profile a noteworthy business pioneer, and ask each 5 questions. This week’s featured trailblazer is Jeff Binder, CEO and Chairman of CLS Holdings USA Inc.
1. Tell us about your Company
CLS Holdings USA, Inc. is a diversified cannabis company that, subject to receipt of certain anticipated license approvals, acts as an integrated cannabis producer and retailer in Nevada and plans to expand to other states. CLS stands for “Cannabis Life Sciences,” in recognition of the company’s patented method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. Our business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services.
2. Why did you choose the cannabis/hemp business?
I may have to thank McDonalds for the inspiration! I have a juris doctorate degree from the National Law Center, George Washington University School of Law. I practiced law in Chicago. Five years after joining the firm, l had the good fortune of representing one of the firm’s clients, Ray Kroc, the founder of McDonald’s. Ray instilled in me good business practices and he helped me open my eyes to the world of entrepreneurship. I entered this industry very early and that is why CLS is well positioned to seek and act on opportunities of an industry in its infancy. We understand the challenge and responsibility that goes with such an undertaking with my experience.
3. What change will your firm address in the industry? Does it address an unmet need?
With new states enacting new legislation on both medicinal and recreational adult use in cannabis, our company intends on becoming an active participant in the ever-expanding marketplace by making strategic acquisitions along with continued organic growth of our existing platform in Las Vegas. We are particularly intrigued by states like Massachusetts, who are on the cusp of implementing a robust adult use marketplace. We are also actively pursuing opportunities for our patented proprietary processing technology and have started the build-out of our first facility at our Nevada location and are entering dialogue and discussion with many of the prominent players in Canada.
4. What has been the market reaction?
We understand that this is a marketplace that requires knowledge and the ability to rapidly access the capital markets to be in a position to win and/or execute on some of these unique opportunities. It’s our view at CLS that we are in the very beginning stages of a rapidly developing legal cannabis marketplace with new rules and regulations, which are becoming more favorable. CLS should be able to rapidly grow its existing business along with making substantial accretive acquisitions. It is our goal in the coming years to create and maximize shareholder value by generating revenues with fundamental support.
5. Are there any upcoming milestones for your company?
We just announced that CLS has executed two Letters of Intent (LOIs) to enter the rapidly growing Massachusetts market, which has been operating as a legalized medical jurisdiction since 2015 and has approved legalized recreational use. We agreed to loan $5 million to In Good Health, a licensed medical dispensary in Brockton, Massachusetts. Along with the loan, CLS will have an option to acquire it. The Brockton dispensary was the second licensed dispensary in the state and has been operational since September 2015 and is currently servicing 17,000 registered patients and delivering to 1,700 homes with key product offerings of flower, concentrates, vapes, edibles, pre-rolls and tinctures.
We continue to be enthusiastic about Oasis Cannabis in Las Vegas. The opportunity that we saw two years ago is developing along the lines that we anticipated. We have a strong team in place that has substantial knowledge of the cannabis marketplace in Las Vegas and the US. We are also incredibly excited about the prospects of our City Trees Brand. We currently have distribution in 25+ dispensaries in the Las Vegas marketplace are working on making it one of Las Vegas most recognizable cannabis brands.
Where can readers learn more?
Readers can visit our page for our dispensary by visiting https://oasiscannabis.com/
For additional information on CLS, please visit: http://www.clsholdingsinc.com