TORONTO, Sept. 24, 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, today announced its 100 percent-owned
Canadian subsidiary Medical Marijuana Group Corporation (“MMG”), a Licensed Producer in St Thomas, Ontario received its Sales
License from Health Canada on Friday September 21, 2018. The news is a significant milestone for the Canadian LP.
Asked for comment, President of MMG Phillip Millar said, “We are thrilled with the news. All of our product in inventory
will move immediately to buyers and could contribute approximately US$900,000 to third quarter GLH revenue. All 2018 product we can
grow is already pre-sold under very favourable wholesale pricing. Our plan for 2019 is to secure direct-to-customer licensing
and supply the profitable medical patients’ market with the assistance of our sister company MMC, also 100 percent-owned by
GLH, which currently has patient lists that can account for 100 percent of our production capacity. We expect the complete
value chain of seed to consumer will result in high profit margins.
Today, we have one of Canada's most advanced indoor grow operations with exceptional yields and preeminent cannabis products.
Now that the sales license has been approved, we are able to ship our top-quality product to a waiting wholesale buyer. Numerous
new orders are now being received on a daily basis. We want to leverage this momentum to stay focused on achieving profitability
and creating value for shareholders.”
William Simpson, CEO of Golden Leaf Holdings, commented, “We anticipate this news to contribute to our third quarter
revenue numbers and foster increased investor confidence in our company. With recreational cannabis becoming legal in Canada
in the fourth quarter of 2018, we are well situated to take advantage of anticipated product demand in an exciting
market. This accomplishment is the first of many steps that establishes us as an international cannabis company. ”
When asked about next steps, Mr. Millar replied, “MMG has submitted Building Permit applications with the St. Thomas
Municipality for expanded space to allow for cannabis oil and edibles production. Indications are that the Canadian Government will
approve the production and sale of such products about a year from now. MMG expects to be able to leverage Golden Leaf’s existing
capabilities with these products that it currently produces and sells on the west coast of the United States.”
To be added to the distribution list please email ir@goldenxtrx.com with “GLH” in the subject line.
About Golden Leaf Holdings
Golden Leaf Holdings Ltd. is a Canadian company with operations 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:
Craig Eastwood
Chief Financial Officer
Golden Leaf Holdings Ltd.
503-201-0659
ir@goldenxtrx.com
Media Relations:
Anne Donohoe / Nick Opich
KCSA Strategic Communications
adonohoe@kcsa.com/nopich@kcsa.com
212-896-1265 / 212-896-1206
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 operations, the establishment of, and the future scope and scale of, the Chalice Farms retail system, the level of
funding needed to establish the Chalice Farms franchise model, that the Chalice Farms franchise model will be successful and
generate positive cash flows, 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, difficulties of establishing a successful franchise
model 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. This press release does not constitute an offer of securities for sale in the
United States, and such securities may not be offered or sold in the United States absent registration or an exemption from
registration or an exemption from registration.