TORONTO, ON--(Marketwired - March 24, 2016) - Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE: GLH), is pleased to update shareholders on the recent favorable regulatory changes associated with the Oregon cannabis extract processor policies and expects it to have a positive effect on the Company's operations.
The Oregon Health Authority ("OHA"), announced today their modified position on the production and sales of extracts. Effective April 1, 2016, a producer of extracts can submit an application to become a registered processor. Upon submission of a completed application to the OHA, the extractor will be authorized by the OHA to produce and sell all extract related products under their administrative rules. Dispensaries can also receive and sell extracts and edibles under this new ruling. This means that GLH will be in full operation under the new policies effective April 1st, in both extraction and sales.
The GLH team partnered with other industry leaders to provide critical input to the OHA that eventually led to the change in the OHA's policies. This partnership allowed for a healthy dialogue involving various stakeholders. Don Robinson, CEO of the Company, commented, "These types of events will happen from time to time as the market evolves and matures. We want to thank both the legislators and the OHA for their responsiveness to the inputs of the industry."
GLH intends to immediately submit the processor application once the application process is open, which the Company anticipates may contribute to its revenues and margins moving forward. The GLH compliance team anticipated that the OHA would modify its position, based on the team's analysis of Oregon statutory law and legislative intent.
Robinson added, "We welcome the clarification on the regulatory policies and practices. These changes in the administrative rules will align regulatory processes with the legislative and statutory intent. We see this as an incredibly positive step forward for the industry as a whole which will allow for the normalization of current industry operations."
About Golden Leaf Holdings:
Golden Leaf Holdings 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, leveraging a world class management team with cannabis and food industry experience to complement its expertise in extracting, refining and retailing cannabis oils and other derivative products.
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 Corporation'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 Corporation 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, market risks, risks inherent in manufacturing operations and other risks of the cannabis industry. Although the Corporation 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 Corporation does not undertake to update any forward-looking information, except in accordance with applicable securities laws.