Golden Leaf Holdings’ Subsidiary, Medical Marijuana Group Corp, Acquires Sales License from Health Canada
TORONTO – September 24, 2018 – 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 its 100 percent-owned Canadian subsidiary Medical Marijuana Group Corporation (“MMG”), a Licensed Producer in St Thomas, Ontario received its Sales License from Health Canada on Friday September 21, 2018. The news is a significant milestone for the Canadian LP.
Asked for comment, President of MMG Phillip Millar said, “We are thrilled with the news. All of our product in inventory will move immediately to buyers and could contribute approximately US$900,000 to third quarter GLH revenue. All 2018 product we can grow is already pre-sold under very favourable wholesale pricing. Our plan for 2019 is to secure direct-to-customer licensing and supply the profitable medical patients’ market with the assistance of our sister company MMC, also 100 percent-owned by GLH, which currently has patient lists that can account for 100 percent of our production capacity. We expect the complete value chain of seed to consumer will result in high profit margins.
Today, we have one of Canada's most advanced indoor grow operations with exceptional yields and preeminent cannabis products. Now that the sales license has been approved, we are able to ship our top-quality product to a waiting wholesale buyer. Numerous new orders are now being received on a daily basis. We want to leverage this momentum to stay focused on achieving profitability and creating value for shareholders.”
William Simpson, CEO of Golden Leaf Holdings, commented, “We anticipate this news to contribute to our third quarter revenue numbers and foster increased investor confidence in our company. With recreational cannabis becoming legal in Canada in the fourth quarter of 2018, we are well situated to take advantage of anticipated product demand in an exciting market. This accomplishment is the first of many steps that establishes us as an international cannabis company.”
When asked about next steps, Mr. Millar replied, “MMG has submitted Building Permit applications with the St. Thomas Municipality for expanded space to allow for cannabis oil and edibles production. Indications are that the Canadian Government will approve the production and sale of such products about a year from now. MMG expects to be able to leverage Golden Leaf’s existing capabilities with these products that it currently produces and sells on the west coast of the United States.”
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About Golden Leaf Holdings
Golden Leaf Holdings Ltd. is a Canadian company with operations in multiple jurisdictions including Oregon, Nevada and Canada, with cultivation, production and retail operations built around recognized brands. Golden Leaf distributes its products through its branded Chalice Farms retail dispensaries, as well as through third-party dispensaries. Golden Leaf’s cannabis retail operations and products are designed with the customer in mind, focused on superlative in-store experience and quality products. Visit goldenleafholdings.com to learn more.