Vancouver, British Columbia--(Newsfile Corp. - January 12, 2017) - Golden Leaf Holdings (CSE: GLH) (OTCQB: GLDFF), a leading
cannabis oil and solutions provider company, has been granted licenses in the State of Oregon. The Oregon Liquor Control Commission
granted the company recreational processor and wholesaler licenses for its leased Portland-based facility in Multnomah County,
along with its recreational retailer license for the Left Coast Connection dispensary.
InvestmentPitch Media has produced a "video
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viewing on YouTube (click here).
In order to extract and sell under a processor license, the company requires additional approval from the City of Portland,
which is conditional upon first receiving the Liquor Control Commission licenses. The company expects to receive the City of
Portland approval within the next two months.
The wholesaler license allows the company to source products from licensed recreational growers and processors and distribute
them to dispensaries licensed to operate in the recreational market. Golden Leaf is working with a licensed recreational contract
manufacturer to produce cannabis oil, which it will package and distribute as newly branded oil products, into the recreational
market, as soon as possible.
The company is also exploring a potential opportunity to obtain a license to begin manufacturing edibles, in connection with
leasing space from a currently licensed recreational edibles kitchen.
The company previously released numbers for its 3rd quarter, which ended in September 2016. Revenues for the third quarter of
2016 were US$2.5 million, which declined by eleven percent on a year-over-year basis, but increased by seven percent for the
nine-month period compared to 2015.
At the time, Don Robinson, CEO, stated: "During the third quarter of this year, our revenues were impacted by cash
constraints, which affected our ability to purchase raw materials and fully utilize our manufacturing capabilities which resulted
in limited product supply. However, because we had previously implemented cost-cutting initiatives to reduce our operating
expenses, the impact to our bottom line was reduced. With the recently announced CAD$12 million capital raise, we are well
capitalized to move into a period of renewed growth which is anticipated in the new year."
The shares are currently trading at $0.39, and with 100.3 million shares outstanding, the company is capitalized at $39.1
million.
For more information, please visit the company's website www.goldenleafholdings.com, or contact Eugene Hill CFO, at ghill@goldenxtrx.com.
For investor relations, Paul Searle at 778-240-7724 or email psearle@goldenleafholdings.com. Investor relations in the U.S. is handled by Harrison
Phillips of Viridian Capital Advisors, who can be reached at 212-485-0284, or by email at hphillips@viridianca.com.
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