Strong operating performance continues as Golden Leaf Holdings expects to report a successive record revenue quarter and positive cash flow from operations
September 30th, 2020
News, Top News
Q3 2020 Selected Year-to-date results
TORONTO, Sept. 29, 2020 (GLOBE NEWSWIRE) — Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) (“Golden Leaf” or the “Company”), a premier, consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, today announces expected unaudited results for the three months ended September 30, 2020.
The Company anticipates final unaudited revenues for the three months ended September 30, 2020 will be approximately $6.1M with an expected gross margin of 35%. This is the first time in the Company’s history that revenue will exceed $6.0M and represents growth of 13% over the previous quarter and growth of 41% compared to continuing operations from the same quarter in 2019. These results are driven by continued growth in the Company’s Oregon, California and Washington businesses. The Company also expects to report positive cash flow from operations for the first time in its history, a milestone signaling sustainable operations which allows for investment towards expansion and organic growth.
“We have maintained focus on our core operations in Oregon and regained momentum in third party toll processing while also gaining traction in California and Washington,” stated Jeff Yapp, Chief Executive Officer of Golden Leaf. “We believe this marks a turning point for GLH as we continue to grow our business while overcoming all the challenges 2020 has thrown at us.”
Golden Leaf Holdings is a premier consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, with 7 dispensaries in Portland, Oregon. The Company is committed to developing a dynamic portfolio built around the recognized brands of Chalice Farms, with a focus on health and wellness. Markets served include Oregon, California, Nevada and Washington. Visit glhmonthly.com for regular updates.
Golden Leaf Holdings Ltd.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 operations, 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. These risks include but are not limited to general business, economic and competitive uncertainties, regulatory risks, market risks, risks inherent in manufacturing and retail operations such as unforeseen costs and production shutdowns, difficulties in maintaining brand loyalty, 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.
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