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CLS HOLDINGS USA, INC.

(CLSH)
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CLS HOLDINGS USA, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

10/26/2021 | 04:08pm EST

Item 1.01 Entry into a Material Definitive Agreement.

On October 20, 2021, CLS Holdings USA, Inc. ("CLS" or the "Company") entered into a Management Services Agreement through a joint venture entity, Kealii Okamalu, LLC, a Nevada limited liability company ("Kealii Okamalu"), with CSI Health MCD LLC ("CSI") and a commission established by the authority of the Tribal Council of the Fort McDermitt Paiute and Shoshone Tribe ("Tribe"). CLS owns half of Kealii Okamalu.

Pursuant to the Management Services Agreement, Kealii Okamalu will lease approximately 30 acres of the Tribe's land located along the Quinn River and manage the design, finance and construction of a cannabis cultivation facility on such tribal lands ("the Cultivation Facility"). Kealii Okamalu will also manage the ongoing operations of the Cultivation Facility and related business, including, but not limited to, cultivation of cannabis crops, personnel staffing, product packaging, testing, marketing and sales. Packaged products will be branded as "Quinn River Farms." CLS and its joint venture partner in Kealii Okamalu will each contribute $3 million towards the construction of the Cultivation Facility and the working capital for the business. CLS is entitled to receive 16.67% of the net profit of the business together with the return of its $3 million investment, which will be repaid over two years.

Under the Management Services Agreement, CLS has the right to purchase cannabis flower and the business's cannabis trim.

The foregoing description of the Management Services Agreement is a summary description of the material terms thereof and is qualified in its entirety by reference to the full text of the Management Services Agreement attached hereto and filed as Exhibit 10.1 to this Current Report on Form 8-K.


Item 9.01     Financial Statements and Exhibits.



(d)      Exhibits



Exhibit No.   Description

10.1*           Management Services Agreement dated October 20, 2021, by and among
              Kealii Okamalu, LLC, CSI Health MCD LLC, and the Fort McDermitt
              Cannabis Commission.
104           Cover Page Interactive Data File (formatted as Inline XBRL)



* Certain confidential information contained in this agreement has been omitted because it is not material and is the type that the registrant treats as private or confidential.

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© Edgar Online, source Glimpses

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