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TORONTO, ON--(Marketwired - January 09, 2017) - Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE: GLH) (OTCQB: GLDFF), a leading cannabis oil solutions company built around recognized brands, today announced that the Company received its OLCC (Oregon Liquor Control Commission) recreational processor and wholesaler licenses for its Portland-based facility leased in Multnomah County, and received approval for its recreational retailer license for the Left Coast Connection dispensary. Approvals were received within the time frames discussed in previously issued Company press releases.
Recreational Licensing and Product Sales Updates
GLH received its OLCC recreational processor license for its Portland-based facility leased in Multnomah County. As previously announced, in order to extract and sell under a processor license, the Company has to receive a license and regulatory approval from both the OLCC and the City of Portland. GLH is now waiting for the approval from the City of Portland and is contingent upon receiving the required licensing and permits. The Company expects to receive approval from the City of Portland within the next two months.
To move forward with launching branded oil products into the recreational market as soon as possible, GLH is working with a licensed recreational contract manufacturer to produce cannabis oil. The Company will package and distribute this cannabis oil under its newly acquired recreational wholesaler license approved by the OLCC and the City of Portland. The wholesaler license allows GLH to source products from licensed recreational growers and processors and distribute them to dispensaries licensed to operate in the recreational market. GLH anticipates beginning to sell these products next month.
The Company also received approval for its recreational retailer license from both the OLCC and City of Portland for the Left Coast Connection dispensary. This license allows the dispensary to participate and sell in Oregon's recreational marketplace.
Edibles Sales Update
In addition, to compete in the cannabis infused edibles market, GLH is exploring a potential opportunity to obtain an OLCC license to begin manufacturing edibles in connection with leasing space from an already licensed recreational edibles kitchen. The objective is to leverage this commissary style kitchen space with the expectation of launching branded edible products by Q2 2017.