TORONTO, Jan. 25, 2018 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. (“GLH” or the “Company”) (CSE:GLH) (OTC:GLDFF), a leading cannabis oil solutions company built around recognized brands, today announced that its subsdiary, Medical Marijuana Group (“MMG”), recently received its first shipment of genetics at its St. Thomas, Ontario facility, marking the production facility’s transition to a functioning and plant-growing unit.
GLH’s leadership team oversaw the arrival of the first plants at the facility, which have acclimated well and are expected to be ready for cultivation in three months. The Company anticipates additional shipments in order to maintain a steady product flow once the “mothers” are ready. MMG has concurrent applications for oil extraction and wholesale licenses submitted to Health Canada and expects to receive its sales license by May.
“We are excited to have achieved this key milestone so soon after receiving MMG’s cultivation license during the fourth quarter of 2017. We believe that the quality and technology of the production facility are unlike anything currently available in the U.S. and that the on-site control mechanisms that are designed to affect almost every aspect of the grow will ensure production of high-quality product,” commented William Simpson, CEO of the Company. “MMG Canada has bold expansion plans for 2018 as it prepares for the commencement of adult-use market sales in Canada in mid-2018, and to adequately address the ever-increasing medical segment opportunity.”
MMG's genetic portfolio includes a strain that holds the highest CBD concentrations in Canada. MMG President, Phillip Millar, added, "This genetic is extremely valuable in the medical market and also holds tremendous potential for European export. We are encouraged by the strong demand for our high-quality THC strains that we expect will provide a strong platform for dynamic growth across Canada.”
To be added to the distribution list please email GLH@kcsa.com with “GLH” in the subject line.
About Golden Leaf Holdings
Golden Leaf Holdings Ltd., a Canadian company with operations in multiple jurisdictions including Oregon, Nevada and Canada, is one of the largest cannabis oil and solution providers in North America, and a leading cannabis products company built around recognized brands. Golden Leaf Holdings cultivates, extracts and manufactures and distributes its products through its branded Chalice Farm retail dispensaries, as well as through third party dispensaries. Golden Leaf leverages a strong management team with cannabis and food industry experience to complement its expertise in extracting, refining and selling cannabis oil.
Visit http://goldenleafholdings.com/ to learn more.
Steve Silver / Phil Carlson
212-896-1220 / 212-896-1233
Anne Donohoe / Anne Szustek
KCSA Strategic Communications
212-896-1265 / 212-896-1210
Chief Executive Officer
Golden Leaf Holdings Ltd.
Disclaimer: This press release contains "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s future business operation, expectations of gross sales, the opinions or beliefs of management and future business goals, statements regarding the timing for the beginning of cultivation at the St. Thomas facility, expectations of additional shipments of plants, the expected timing of the commencement of adult-use market sales in Canada, and the expected timing for receipt of the Company’s sales license from Health Canada. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to general business, economic and competitive uncertainties, regulatory risks including risks related to the expected timing of the Company’s participation in the adult use market, market risks, risks inherent in manufacturing operations and other risks of the cannabis industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. Forward-looking information is provided herein for the purpose of presenting information about management’s current expectations relating to the future and readers are cautioned that such information may not be appropriate for other purpose. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. This press release does not constitute an offer of securities for sale in the United States, and such securities may not be offered or sold in the United States absent registration or an exemption from registration or an exemption from registration.