New York-based cannabis-focused institutional fund Navy Capital Green International Ltd. invested $3 million of equity into Nevada-based Oasis Cannabis. Oasis is an integrated cannabis producer and retailer in Nevada. It is also a subsidiary of CLS Holdings USA Inc., which operates as Cannabis Life Sciences.
Navy Capital said that it has an extreme interest in the CLS patented extraction and processing technology. According to the company statement, Navy Capital or select others may invest an additional two million with a 15% overallotment for a total of up to $5,750,000 by August 15, 2018.
“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,” said John Kaden, Managing Partner and Chief Investment Officer of Navy Capital.
With this investment, 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.
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.”
Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. The company recently commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products in August 2017.