Business
Golden Leaf Reports Third Quarter 2017 Results
Golden Leaf Reports Third Quarter 2017 Results.
About this update from Chalice Brands Ltd.
[{"type":"text","content":"\n\n TORONTO, Nov. 29, 2017 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. (“GLH” or the “Company”) (CSE:GLH) (OTCQB:GLDFF), a leading cannabis oil solutions company built around recognized brands, today announced its unaudited financial results for the third quarter ended September 30, 2017 (“Q3 2017”) and a general business update.\n Recent Business Highlights Received city license to sell cannabis in Las Vegas and other key Nevada jurisdictions;Secured $10.8 million USD in a debenture financing to pay off outstanding accounts payable and provide working capital;Completed the acquisition of Medical Marijuana Group Corporation (“MMGC”); andMMGC received a cultivation license from Health Canada for Ontario grow facility. Mr. William Simpson, Chief Executive Officer of Golden Leaf Holdings, commented, “Since joining the Company mid-year, the new senior leadership team at Golden Leaf has been executing on its strategy to build an efficient, sustainable business and to build value for its shareholders. Although it has been just a few months, we have made rapid progress, laying the foundation for several exciting accomplishments which the Company announced subsequent to quarter-end. “Our vision is to drive top - line growth by developing our retail brand across our target markets, starting with Portland, Oregon. To this end, we are constructing three new Chalice Farm retail dispensaries. Construction efforts have progressed faster than expected and we anticipate one new location to be operational before the end of 2017, with a second expected to be up and running in Q1 2018. We are also expanding our product lines, maintaining a focus on innovation, as evidenced by Chalice Farms’ recent launch of a new line of seasonal cannabis edibles, including the Pumpkin Spice Truffle, which was named Runner-Up for Best Sweet Edible at the Third Annual Oregon DOPE Cup. Our existing brands also gained traction, with our “Private Stash” in Mango Super Silver Haze by Golden named Best Distillate at DOPE Cup. We strive to continually enhance Golden Leaf’s high quality product portfolio as a core part of our future growth initiatives. “To expand beyond our home market of Oregon, we secured key city licenses that have enabled us to commence selling our proprietary...