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Private company

CLS Holdings USA, Inc.

CLS Holdings USA, Inc. is an American retail-miscellaneous retail company based in Miami.2

Last updated Oct 21, 2026.

Overview

$20.0MRevenue, fiscal 20243
-$4.5MNet income, fiscal 20243
  • IndustryRetail-Miscellaneous Retail2
  • HeadquartersMiami, United States2
  • Incorporated inNV4
  • Business address516 S. 4Th Street, Las Vegas, Nv 891014
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • LEI549300OVDBHMFQ3K3T042
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O Paracorp Incorporated, 89701 Carson City, United States2
  • Registered withBusiness Center (Secretary of State), E0182752011-52

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We were originally incorporated as Adelt Design, Inc. on March 31, 2011 to manufacture and market carpet binding art. Production and marketing of carpet binding art never commenced. After CLS Labs, Inc. (“CLS Labs”) acquired 55.6% of the outstanding shares of common stock of the Company, Jeffrey Binder, the Chairman, President and Chief Executive Officer of CLS Labs, was appointed Chairman, President and Chief Executive Officer of the Company. Subsequently, we adopted amended and restated articles of incorporation, thereby changing our name to CLS Holdings USA, Inc.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

42.7%Gross margin3
-10.0%Operating margin3
-22.5%Net margin3
-13.7%Revenue growth, 20243
$660.6KFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue57¢$11.4M
  • Research and development0¢$4.2K
  • Other costs32¢$6.4M
  • Income tax11¢$2.1M

Out of $20.0M in revenue.3 The company lost money this year.

Where each dollar of operating cash went, fiscal 2024

  • Capital spending18¢$148.1K
  • Kept or used elsewhere82¢$660.6K

Out of $808.7K of cash from operations.3

Financial statements

Revenue7891011123$20.0M in 2024
0$10.0M$20.0M$30.0M2017: $0$020172018: $0$020182019: $8.5M$8.5M20192020: $11.9M$11.9M2020+41%2021: $19.3M$19.3M2021+62%2022: $22.7M$22.7M2022+17%2023: $23.1M$23.1M2023+2%2024: $20.0M$20.0M2024−14%
Gross profit7891011123$8.5M in 2024
0$5.0M$10.0M$15.0M2017: $0$020172018: $0$020182019: $3.6M$3.6M20192020: $6.0M$6.0M2020+64%2021: $9.6M$9.6M2021+62%2022: $10.5M$10.5M2022+9%2023: $10.6M$10.6M2023+1%2024: $8.5M$8.5M2024−19%
Operating income7891011123-$2.0M in 2024+24% since 2017
-$30.0M-$20.0M-$10.0M02017: -$1.6M-$1.6M20172018: -$3.1M-$3.1M2018+93%2019: -$22.8M-$22.8M2019+633%2020: -$28.0M-$28.0M2020+23%2021: -$3.7M-$3.7M2021−87%2022: -$877.9K-$877.9K2022−76%2023: -$3.8M-$3.8M2023+328%2024: -$2.0M-$2.0M2024−47%
Net income13891011123-$4.5M in 2024−53% since 2017
-$40.0M-$30.0M-$20.0M-$10.0M02017: -$9.6M-$9.6M20172018: -$9.6M-$9.6M2018+0%2019: -$27.6M-$27.6M2019+188%2020: -$30.7M-$30.7M2020+11%2021: -$15.9M-$15.9M2021−48%2022: -$2.3M-$2.3M2022−85%2023: -$13.8M-$13.8M2023+489%2024: -$4.5M-$4.5M2024−67%
Fiscal year20172018201920202021202220232024
Revenue$07$08$8.5M9$11.9M10$19.3M11$22.7M12$23.1M3$20.0M3
Cost of revenue$07$08$4.8M9$6.0M10$9.6M11$12.2M12$12.6M3$11.4M3
Gross profit$07$08$3.6M9$6.0M10$9.6M11$10.5M12$10.6M3$8.5M3
Research and development$07$08$09$010$37.1K11$17.4K12$8093$4.2K3
Operating expenses$11.4M12$14.3M3$10.5M3
Operating income-$1.6M7-$3.1M8-$22.8M9-$28.0M10-$3.7M11-$877.9K12-$3.8M3-$2.0M3
Interest$2.6M7$4.7M8$4.4M9$2.9M10$3.7M11$2.1M12$2.7M12
Income before tax-$398.9K12-$12.6M3-$2.3M3
Income tax$07$08$09$010$2.5M11$2.0M12$2.2M3$2.1M3
Net income-$9.6M13-$9.6M8-$27.6M9-$30.7M10-$15.9M11-$2.3M12-$13.8M3-$4.5M3
Earnings per share-$0.237-$0.248-$0.279-$0.2410-$0.1311-$0.0812-$0.233-$0.053
Earnings per share (diluted)-$0.2317-$0.248-$0.279-$0.2410-$0.1311-$0.0812-$0.233-$0.053
Shares (weighted, basic)32.0M shares1260.7M shares398.9M shares3
Shares (weighted, diluted)32.0M shares1260.7M shares398.9M shares3

Compare CLS Holdings USA, Inc. with another company

Corporate structure

CLS Holdings USA, Inc. sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CLS Holdings USA, Inc.

  • LEM Investments LLC Filed SCHEDULE 13D/A on CLS Holdings USA, Inc., latest Mar 21, 2025 (2 filings since Jan 3, 2025)
  • Ian Whitmore Filed SCHEDULE 13D/A on CLS Holdings USA, Inc., latest Dec 30, 2024 (2 filings since Feb 12, 2024)
  • Patrick Stibbs Haldan Filed SCHEDULE 13D/A on CLS Holdings USA, Inc., latest Dec 30, 2024 (2 filings since Feb 15, 2024)
  • Frank Koretsky Filed SC 13D on CLS Holdings USA, Inc., latest Oct 3, 2024
  • Navy Capital Green Management, LLC Filed SC 13D/A on CLS Holdings USA, Inc., latest Sep 12, 2024 (3 filings since Oct 3, 2022)
  • Tribeca Investment Partners Pty Ltd Filed SCHEDULE 13G/A on CLS Holdings USA, Inc., latest May 7, 2024 (2 filings since Oct 14, 2022)
  • Todd Swanson V. Filed SC 13G/A on CLS Holdings USA, Inc., latest Feb 14, 2022
  • CLS Holdings USA, Inc. Miami, Florida, United States
    • CLS HOLDINGS Subsidiary · United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What CLS Holdings USA, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$3.3M3 May 31, 2024$2.7M3 May 31, 2023+23.5%
Property and equipment, net$2.4M3 May 31, 2024$2.9M3 May 31, 2023−16.8%
Operating-lease assets (leased space)$1.5M3 May 31, 2024$1.6M3 May 31, 2023−10.1%

Real estate and locations

ItemLatestA year beforeChange
Area of real estate2,547 sq ft3 Oct 31, 2023

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$600.0K3 May 31, 2024$998.4K3 May 31, 2023−39.9%
Stakes in other companies (equity method)$03 May 31, 2023

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$557.9K3 May 31, 2024$557.9K3 May 31, 20230%
Intangible assets, net (excluding goodwill)$10.0K3 May 31, 2024$209.1K3 May 31, 2023−95.2%
Finite-lived intangibles, gross$358.0K3 May 31, 2024$1.7M3 May 31, 2023−78.5%
Accumulated amortization$348.0K3 May 31, 2024$588.2K3 May 31, 2023−40.8%
Finite-lived intangibles, net$10.0K3 May 31, 2024$209.1K3 May 31, 2023−95.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$2.0M3 May 31, 2024$3.0M3 May 31, 2023−34.7%
Raw materials$386.8K3 May 31, 2024$399.7K3 May 31, 2023−3.2%
Finished goods$1.6M3 May 31, 2024$2.6M3 May 31, 2023−39.5%

Leadership

Who has led CLS Holdings USA, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jeffrey I. Binder2015–2019
  2. Benjamin Sillitoe2018
  3. Andrew Glashow2022–2024

Chair

  1. Jeffrey I. Binder2015–2019
  2. Andrew Glashow2024

President

  1. Jeffrey I. Binder2015–2017
  2. David Lamadrid2017–2018
  3. Andrew Glashow2019–2023

Chief financial officer

  1. David Lamadrid2017–2018
  2. Frank J. Tarantino2018
  3. Gregg E. Carlson2019

Chief operating officer

  1. Alan Bonsett2016
  2. Don Decatur2018
  3. Andrew Glashow2019–2021
  4. Joseph Ramalho2024
20202025
Board members and other officers (7)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CLS HOLDINGS USA, INC.5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Adelt Design, Inc.Jun 3, 2011 to Nov 26, 20144

Timeline

  1. Aug 14, 20258-K Executive or director change37
  2. Aug 8, 20258-K Executive or director change38
  3. Jun 25, 20258-K Shareholder vote; Other events39
  4. Mar 3, 20258-K Entered a material agreement40
  5. Jan 8, 20258-K Executive or director change41
  6. Dec 31, 20248-K Entered a material agreement42
  7. Nov 8, 20248-K Shareholder vote43
  8. Sep 24, 20248-K Entered a material agreement; Unregistered sale of shares44
  9. Sep 11, 20248-K Entered a material agreement; Unregistered sale of shares45
  10. Jun 14, 20248-K Entered a material agreement; Executive or director change46
  11. May 14, 20248-K Executive or director change47
  12. May 3, 20248-K Other events48
  13. Oct 14, 2022New chief executive Andrew Glashow becomes CEO19
  14. Aug 3, 2018New chief executive Benjamin Sillitoe becomes CEO20
  15. Dec 29, 2015New chief executive Jeffrey I. Binder becomes CEO21

Calendar

When it reported results

  1. Apr 13, 2023Reported quarterly or annual results49
  2. Oct 12, 2021Reported quarterly or annual results50

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

123 filings to the SEC since October 2021: 4 annual reports, 12 quarterly reports, 39 major events, 25 insider forms, 13 large holders, 4 private raises, 26 other. The latest 20:

  1. Aug 14, 20258-K EDGAR
  2. Aug 8, 20258-K EDGAR
  3. Jun 26, 202515-12G EDGAR
  4. Jun 25, 2025SC 13E3/A EDGAR
  5. Jun 25, 20258-K EDGAR
  6. May 30, 2025SC 13E3/A EDGAR
  7. May 30, 2025DEF 14A EDGAR
  8. May 28, 2025CORRESP EDGAR
  9. May 28, 2025SC 13E3/A EDGAR
  10. May 28, 2025PRER14A EDGAR
  11. May 23, 2025UPLOAD EDGAR
  12. May 20, 2025CORRESP EDGAR
  13. May 20, 2025SC 13E3/A EDGAR
  14. May 20, 2025PRER14A EDGAR
  15. May 14, 2025UPLOAD EDGAR
  16. May 1, 2025SC 13E3 EDGAR
  17. May 1, 2025PRE 14A EDGAR
  18. Apr 16, 2025CORRESP EDGAR
  19. Apr 14, 202510-Q EDGAR
  20. Mar 21, 2025SCHEDULE 13D/A EDGAR

The 123 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

17 open-market trades by officers, directors and large owners since October 2021: 12 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 1, 2024Silver RossDirectorSale1,125,000$0.04$45.0KForm 4
Oct 28, 2024LEM Investments LLCSale750,000$0.04$30.0KForm 4
Oct 28, 2024Haldan Patrick StibbsSale750,000$0.04$30.0KForm 4
Sep 18, 2024Koretsky Frank10% ownerBuy56,847,545$0.04$2.3MForm 4
Sep 10, 2024Stiefel Sean10% ownerSale15,488,901$0.04$619.6KForm 4
Feb 22, 2024Tribeca Investment Partners Pty Ltd10% ownerSale13,174,402$0.05$658.7KForm 4
Jan 15, 2024Koretsky Frank10% ownerBuy10,810,811$0.03$324.3KForm 4
Feb 8, 2023Silver RossDirectorBuy20,000$0.09$1.8KForm 4
Feb 6, 2023GLASHOW ANDREWCEO and Chairman of the BoardBuy30,000$0.08$2.4KForm 4
Dec 15, 2022GLASHOW ANDREWCEO and Chairman of the BoardBuy4,987$0.07$347Form 4
Oct 21, 2022GLASHOW ANDREWCEO and Chairman of the BoardBuy9,000$0.16$1.5KForm 4
Oct 19, 2022GLASHOW ANDREWCEO and Chairman of the BoardBuy5,000$0.11$550Form 4
Oct 17, 2022GLASHOW ANDREWCEO and Chairman of the BoardBuy5,000$0.12$600Form 4
Oct 17, 2022Silver RossDirectorBuy11,333$0.11$1.2KForm 4
Oct 14, 2022Silver RossDirectorBuy13,767$0.10$1.3KForm 4
Oct 14, 2022GLASHOW ANDREWCEO and Chairman of the BoardBuy10,000$0.07$700Form 4
Oct 13, 2022GLASHOW ANDREWCEO and Chairman of the BoardBuy40,000$0.07$2.8KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$3.4M 2023–2024
Money received by yearMoney received by year, 2023–2024: $3.4M in all. Private raises (Form D) $3.4M.$0$1M$2M$3M2023 · Private raises (Form D): $960.0K20232024 · Private raises (Form D): $2.4M2024
Figures by year
YearPrivate raises (Form D)Total
2024$2.4M$2.4M
2023$960.0K$960.0K

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Feb 22, 2024Raised $1.4 million in a private offering of debt58 Form D: 4 investors so far Form D
  2. Jan 2, 2024Raised $1.1 million in a private offering of securities59 Form D: 4 investors so far Form D
  3. Nov 29, 2023Raised $960,000 in a private offering of securities60 Form D: 4 investors so far Form D
  4. Dec 23, 2021Filed a private offering of debt61 Form D: $4.5 million offered in all Form D

SEC filer profile

How CLS Holdings USA, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCLS Holdings USA, Inc.1
  • CIK0001522222
  • Filer statusNon-accelerated filer<br>smaller reporting company1
  • Incorporated inNevada1
  • Fiscal year endsMay 311
  • Industry code (SIC)5900 Retail-Miscellaneous Retail1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address516 S. 4Th Street, Las Vegas, NV 891011
  • Phone(416) 992-45391
  • Shares outstanding164,734,517 as of Apr 10, 202516
  • Public float$2.1M as of Nov 30, 20233
  • On EDGAR sinceJun 3, 20111
  • Filings413 in all: 8-K (130), 4 (59), 10-Q (36), 3 (21), CORRESP (18), S-1/A (17), UPLOAD (15), D (13)1
    All 32 form types

    10-K (11), SC 13D/A (11), S-1 (10), 424B3 (9), EFFECT (8), SC 13G (8), DEF 14A (7), SC 13D (6), DEFA14A (5), SC 13E3/A (4), SC 13G/A (4), 3/A (3), SCHEDULE 13D/A (3), 10-K/A (2), PRE 14A (2), PRER14A (2), RW (2), 15-12G (1), 8-A12G (1), 8-K/A (1), CT ORDER (1), SC 13E3 (1), SCHEDULE 13D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Aug 29, 2024
    Quarterly report (10-Q) Apr 14, 2025
    Proxy statement (DEF 14A) May 30, 2025
    Latest 8-K (8-K) Aug 14, 2025

Sources

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    SEC EDGAROther events
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