GLH Provides Progress Update for Medical Marijuana Grouphttps://www.nasdaq.com/press-release/golden-leaf-holdings-provides-progress-update-for-medical-marijuana-group-20180719-00712
Canadian subsidiary secures first cannabis harvest and submits application to Health Canada for final sales license inspection
TORONTO, July 19, 2018 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. ("Golden Leaf" or the "Company") (CSE:GLH) (OTCQB:GLDFF), a cannabis company with cultivation, production and retail operations built around recognized brands, is pleased to provide a progress update for Medical Marijuana Group ("MMG"), its Canadian subsidiary.
Cultivation Activities Update
In November 2017, MMG was granted a cultivation license from Health Canada for its state-of-the-art grow facility in Ontario and commenced cultivation activities in early 2018. Since then, it has cultivated four complementary strains of cannabis that span some of the most desired products in the medical and adult-use market. In early July, the Company harvested its first crops, which had yields that were 30% greater than originally forecasted, mirroring yields from Canada's premier cannabis companies. Furthermore, biological tests carried out by MMG showed low microbial amounts, not requiring irradiation, which in turn maintains the cannabis terpene profile and produces a higher quality product. These strong results are expected to support the Company's rapid go-to-market strategy, and MMG has secured buyers to take delivery of the product as soon as the Company receives its final sales license.
Phillip Millar, President of Medical Marijuana Group, commented, "The Medical Marijuana Group has made significant progress over the last six months, realized by the recent crops harvested which produced very strong biological test results and impressive yields. The short time period between the initial granting of the cultivation license and our first harvest proves the efficacy of our grow systems and we look forward to commercializing these products."
Sales strategy update
After the extensive testing demonstrated positive test results last week, MMG requested the final sales license inspection required under Health Canada. The request is currently pending. Upon receipt of the sales license, MMG will have considerable product ready for immediate sale, thus completing the build out of the sales cycle. Historically, licenses have taken anywhere from two weeks to two months to receive approval, and the Company has sought as expeditious a process as possible.
William Simpson, Golden Leaf Holdings' CEO, commented, "We are pleased that MMG has added strength and value to Golden Leaf Holdings' Canadian expansion strategy. We are confident in our ability to establish MMG as a provider of high quality cannabis oils and edibles to the Canadian market and are pleased with our progress as Canada approaches adult-use legalization on October 17th."
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About Golden Leaf Holdings
Golden Leaf Holdings Ltd., a Canadian company operating in multiple jurisdictions, including Oregon, Nevada and Canada, with cultivation, production and retail operations built around recognized brands. Golden Leaf distributes its products through its branded Chalice Farms retail dispensaries, as well as through third party dispensaries. Golden Leaf's cannabis retail operations and products are designed with the customer in mind, focused on superlative in-store experience and quality products. Visit goldenleafholdings.com to learn more.
Investor Relations:
Phil Carlson
KCSA Strategic Communications
GLH@kcsa.com