Business
Golden Leaf Reports Fiscal Year 2018 Results
Golden Leaf Reports Fiscal Year 2018 Results.
About this update from Chalice Brands Ltd.
[{"type":"text","content":"\nTORONTO, April 30, 2019 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. (CSE:GLH) (OTCQB:GLDFF) (“Golden Leaf” or the “Company”), a leading cannabis company built around recognized brands for the wellness and recreational markets, today announced financial results for the fiscal year ended December 31, 2018, and a general business update.\n Recent Financial Highlights: Total revenue of US$16.5 million for FY 2018, a 43% year-over-year increase compared to $11.5 million for FY 2017.  Total revenue figures include Royalties and Consulting Revenue.Record global product sales of US$16.3 million for FY 2018, a 57% increase over FY 2017Comprehensive loss of US$4.4 million compared with a comprehensive loss of US$55.9 million for FY 2017The Company attracted net investment proceeds of US$25.0 million105% increase in cash balance to US$12.3 million at year-end 2018 Milestones: Garnered several licenses to expand and solidify the Company’s strategic position: License to open another Oregon dispensaryLicense to operate an extraction facility in OregonCultivation license in Oregon Opened the Company’s seventh dispensary in OregonSuccessfully introduced several new products: Award-winning, high-quality, vegan chews in Oregon and Nevada, including a CBD-only chewConcentrates in Nevada Garnered first harvest from the Company’s Canadian grow facilityNew leadership: experienced operator and brand-builder, William Kulczycki, joined the Company as CEO Subsequent Events: Added management and oversight talent:  Appointed Karyn Barsa as the Company’s CFO in February 2019Larry Martin joined the Company’s board of directors in March 2019  Declined to pursue closing of two previously-disclosed transactions: Terra Tech Corporation Tahoe Hydroponics Company LLC Initiated significant efficiency measures to improve financial performance, including reducing headcount by 19%Scheduled the Annual General Meeting of shareholders at the offices of Cassels Brock and Blackwell LLP in Toronto, Canada for June 25, 2019 Mr. William Kulczycki, Chief Executive Officer of Golden Leaf Holdings, commented, “We closed out 2018 on a strong note with record global product sales of US$16.3 million. Our results reflect the important steps we took to build long-term value in our business and develop...