TORONTO, ON--(Marketwired - December 05, 2016) - Golden Leaf Holdings Ltd. ("GLH"
or the "Company") (CSE: GLH) (OTCQB: GLDFF), a leading cannabis oil
solutions company built around recognized brands, announced today that it has agreed to settle outstanding indebtedness of
C$50,000 owed to a consultant retained by the Company to secure funding through the issuance of 150,000 common shares of the
Company at a deemed price of C$0.333 per common share (the "Debt Settlement"). The common shares to be issued in connection with
the Debt Settlement are subject to a four month hold period. The consultant is at arm's length to the Company.
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 extracting, refining and selling cannabis oil.
Disclaimer: This press release contains "forward-looking information" within the meaning of applicable securities
legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company's future
business operation, expectations of gross sales, the opinions or beliefs of management, and future business goals. 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
Company's participation in the Adult Use market, 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.