Golden Leaf Holdings Reports Fiscal First Quarter 2020 Results – GlobeNewswire

TORONTO, May 21, 2020 (GLOBE NEWSWIRE) — Golden Leaf Holdings Ltd. (CSE:GLH) (OTCQB:GLDFF) (“Golden Leaf” or the “Company”), a premiere consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, today announced financial results for the first quarter ended March 31, 2020. All financial results are stated in US dollars, unless otherwise noted.
“The health crisis caused by COVID-19 that began during the first quarter of 2020 was one of many challenges the Company overcame this quarter,” stated Jeff Yapp, Chief Executive Officer of Golden Leaf. “I am proud of the team’s ability to pivot our operations, retail model, and product line, to help re-establish Golden Leaf as a market leader in Oregon and generate record revenues.”Q1 Financial Highlights:Record quarterly revenues from continuing operations of $4.7M, an increase of 21% compared to the first quarter of 2019 and 34% compared to the fourth quarter of 2019. This increase was led by record first quarter Chalice Farms retail revenues of $3.1M which was driven by an increase in total tickets of 19% compared to the first quarter of 2019 and 7% compared to the fourth quarter of 2019.Adjusted EBITDA loss of $0.9M, an improvement of $1.1M, or 55%, year-over-year, and an improvement of $1.3M, or 59%, compared to the 2019 run rate adjusted EBITDAGross profit of $1.7M was a 21% improvement from gross profit of $1.4M from same period 2019.Lowered operating expenses to $3.3M, a reduction of $1.2M, or 26% year over year“The Company continues to take a more disciplined approach to growth and working capital utilization, resulting in better supply chain control in purchasing, inventory management and production,” continued Yapp. “We have extended terms with vendors, dramatically improved warehouse efficiencies and collections, reduced receivables, and cut operating expenses.”Q1 Business Highlights:On January 8, 2020, the Company launched a full-spectrum version of

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