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TORONTO, ON--(Marketwired - May 04, 2016) - Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE: GLH) announces that it has
been granted a management cease trade order against the Company's CEO and CFO ("MCTO") by its principal regulator, the Ontario
Securities Commission. The MCTO prohibits trading in the Corporation's securities by the Company's CEO and CFO until the Company
files the Required Filings and the MCTO is revoked, but will not affect the ability of Golden Leaf's shareholders to trade in the
Company's securities.
As previously announced in the Company's press release dated April 27, 2016 (the "Prior Press Release"), the application for the
MCTO was made by the Company in respect of the late filing of the Company's 2015 annual audited financial statements, its related
management's discussion and analysis, CEO and CFO certifications, and Ontario Form 13-502F1 (collectively, the "Required Filings"),
which were required to be filed on or before April 29, 2016. The Company and its auditor are in the process of completing the
Required Filings and the associated audit work, which were delayed for the reasons discussed in the Prior Press Release. The
Corporation anticipates that the Required Filings will be completed on or before May 30, 2016.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in section
4.3 and 4.4 of National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults for so long as
it remains in default of the requirement to file the Required Filings. The Company has not taken any steps towards any insolvency
proceeding and the Company has no material information to release to the public. The Company has made the foregoing representations
in accordance with the requirements of applicable securities laws.
About Golden Leaf Holdings:
Golden Leaf Holdings Ltd. is one of the largest cannabis oil and solution providers in North America. It's a leading cannabis
products company in Oregon built around recognized brands. GLH leverages a strong management team with cannabis and food industry
experience to complement its expertise in growing, extracting, refining and selling cannabis oil.
Disclaimer: This press release contains "forward-looking information" within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the to filing of
the Required Filings. Generally, forward looking information can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates"
or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or implied by such forward-looking information, including but not
limited to general business, economic and competitive uncertainties, regulatory risks including risks related to the expected
timing of the early roll out of oils and edibles, market risks, risks inherent in manufacturing operations and other risks of the
cannabis industry. Although the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward-looking information, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Forward-looking information is provided herein for the purpose of presenting information
about management's current expectations relating to the future and readers are cautioned that such information may not be
appropriate for other purpose. The Company does not undertake to update any forward-looking information, except in accordance with
applicable securities laws.
For further information, please contact:
Golden Leaf Holdings Ltd. Investor Relations:
John Aird
Investor Relations, Golden Leaf Holdings Ltd.
T: 416.725.6458
E:jaird@goldenleafholdings.com