Business
Golden Leaf Holdings Reports Fiscal Third Quarter 2018 Results
Golden Leaf Holdings Reports Fiscal Third Quarter 2018 Results.
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[{"type":"text","content":"\nTORONTO, Nov. 05, 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 financial results for the fiscal third quarter ended September 30, 2018.\n Recent Business and Financial Highlights Record quarterly revenues of US$5.1 million for Q3 2018, compared to US$3.1 million for Q3 2017Acquired Canadian Sales License from Health Canada via Medical Marijuana Group (“MMG”), its Canadian SubsidiaryHired Jeff Yapp as Chief Marketing and Sales Officer Subsequent Events: Announced non-binding letter of intent to merge with Terra Tech Corp.Announced launch of Golden Fruit Chews into the Nevada marketAcquired cultivation license for its Bald Peak, Oregon facility from the Oregon Liquor Control CommissionIntroduced new Green Apple Flavor CBD Infused Fruit Chews into the Oregon market Mr. William Simpson, Chief Executive Officer of Golden Leaf Holdings, commented, “Our third quarter revenue reached yet another record, achieving US$5.1 million, primarily driven by sale of flower in Canada after we received our Canadian Sales license from Health Canada, and seasonal improvements in our Oregon Retail revenue and the addition of two new Retail stores in Oregon when compared to the third quarter 2017. Adjusted EBITDA for the third quarter of 2018 was a loss of US$2.9 million primarily driven by production costs and operating expenses. “Combined with the recent legalization of cannabis in Canada and our ever expanding North American footprint in cultivation, wholesale and retail, we have set the stage for a stronger 2019. We continue our efforts to build our wholesale and retail brands, enhancing trust with our customers, and expanding market share. We are also investing in people and processes as we recognize the importance of a strong, dedicated workforce to support the market growth in the jurisdictions in which we operate,” said Mr. Simpson. Fiscal Third Quarter Ended September 30, 2018 Financial Results For the quarter ended September 30, 2018 (“Q3 2018”), net revenue was US$5.1 million as compared to US$3.1 million for the same three-month period in 2017 (“Q3 2017”). The 63% year-over-year incr...