Twitter Facebook LinkedIn YouTube

Golden Leaf Holdings (CSE: GLH) has been granted licenses in the State of Oregon

Video Platform Video Management Video Solutions Video Player

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.

Additional Information:

Company: Golden Leaf Holdings
Website: http://www.goldenleafholdings.com
Stock Symbol: CSE: GLH
Date Published: Jan 11, 2017
Transcript: Available

Video Transcript:

I’m Samantha Deutscher for InvestmentPitch media

Golden Leaf Holdings, 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.

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.

The company has buy recommendations from a couple of investment firms.

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.

I’m Samantha Deutscher for InvestmentPitch media