SOURCE: Golden Leaf Holdings Inc.

May 02, 2016 08:30 ET

Early Recreational Sales of Extracts and Edibles to Commence June 2, 2016 in Oregon

TORONTO, ON--(Marketwired - May 02, 2016) - Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE: GLH) is pleased to announce that the Oregon Health Authority (OHA), Oregon Department of Revenue and the Oregon Liquor Control Commission (OLCC) have announced that commencing June 2, 2016, medical dispensaries that are already participating in the early start program will also be allowed to sell single serving low dose edibles, single receptacles of extract, and topicals to retail consumers.

Currently only flowers are authorized for retail sales to recreational customers in 339 medical dispensaries via the OHA early start program. This change allows for the addition of extracts and edibles to the earlier "Adult Use" sales of cannabis products through the Oregon Medical Marijuana Dispensary Program (OMMDP). The OHA will publish a revised set of temporary administrative rules later this week that will outline the regulatory compliance details.

Once these rules are enacted, Golden Leaf Holdings will be able to sell GoldenXTRX brand CO2 cannabis oil products, Proper brand BHO cannabis oil products and other cannabis based extracts and edibles to adult users.

The long awaited announcement is a welcomed development by the Oregon Cannabis Industry and represents a significant expansion of the retail cannabis market. As when early flowers sales commenced, GLH expects to see another sizable increase in overall cannabis sales. At the time of this announcement, the OLCC also stated that they are on track to roll out the formal recreational, "Adult Use" program in October. This will replace the early start program.

Don Robinson, CEO, stated, "This is absolutely fantastic news for GLH. It will allow us to service a significant portion of the retail market, that, to date, has been left out of the early sales program. We have the opportunity to increase revenue and resume our growth. The environment is finally starting to settle now that we have greater regulatory clarity."

About Golden Leaf Holdings:

Golden Leaf Holdings Ltd. is one of the largest cannabis oil and solution providers in North America. It's a leading cannabis products company in Oregon built around recognized brands. GLH leverages a strong management team with cannabis and food industry experience to complement its expertise in extracting, refining and selling cannabis oil.

Disclaimer: This press release contains "forward-looking information" within the meaning of applicable Canadian 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. 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 early roll out of oils and edibles, 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.

Contact Information

  • For further information, please contact:
    Golden Leaf Holdings Ltd. Investor Relations:
    John Aird
    T: 416.725.6458
    E: jaird@goldenleafholdings.com