Business
Golden Leaf Holdings Issues Letter to Shareholders
Golden Leaf Holdings Issues Letter to Shareholders.
About this update from Chalice Brands Ltd.
[{"type":"text","content":"\n TORONTO, Aug. 20, 2019 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. (“GLH” or the “Company”) (CSE:GLH) (OTCQB:GLDFF) today issued a letter to shareholders: Dear Golden Leaf Holdings Shareholder, I want to share some context regarding the recent (exciting!) news out of Oregon regarding the three pieces of legislation that will help evolve the infrastructure of the Oregon cannabis market. The following will provide a brief overview of the new legislation signed by Governor Kate Brown, as well as what the legislation could mean for the future of Golden Leaf Holdings (CSE:GLH) (OTCQB:GLDFF), and its standing within the Oregon marketplace. Please note that this is only a summary of the new legislation. We encourage you to read the full legislative language. New Legislation On June 17th, Governor Brown signed two significant pieces of legislation relating to the cannabis industry that will help stabilize the Oregon marketplace and combat over-saturation of cannabis in the state. H.B. 2098 was introduced in January 2019 with the intention of making a number of technical changes to the recreational cannabis statutes, including adding laboratory licenses to certain statutes, correcting citations and raising the maximum fine for violations of rules, up to $10,000. In addition, the measure gives the Oregon Liquor Control Commission (OLCC) the authority to revoke marijuana retailer licenses for failure to pay retail taxes or failure to file a return twice in any four consecutive quarters.S.B. 218 authorizes the OLCC to refuse to issue new marijuana production licenses based on market demand and other relevant factors including oversupply. Prior to the passage of this legislation, over-saturation of the retail market was not considered grounds for OLCC to refuse to issue a production license to a qualified applicant.S.B. 582 authorizes the Governor to make agreements regarding coordination and enforcement of licensed marijuana-related businesses with other states and allows for the transportation and delivery of marijuana across state lines by authorized marijuana producers, wholesalers, and researchers. These agreements may only be made after federal law allows interstate transfer of cannabis, or the U.S. Department of Justice issues an opinion or memorandum allowing or tolerating the interstate transfer of ...