TORONTO, Nov. 25, 2019 (GLOBE NEWSWIRE) — Golden Leaf Holdings Ltd. (“Golden Leaf” or the “Company”) (CSE:GLH) (GLDFF), a pioneer cannabis oil solutions company and dispensary operator built around recognized brands, today announced financial results for the fiscal third quarter ended September 30, 2019, and a general business update.
Recent Business and Financial Highlights (USD, unless otherwise stated)
Year-to-date revenues of $13.1M are up 9% compared to the same period of $12.0M in 2018.
Revenues of $4.5M for the third quarter of 2019 increased from the second quarter of 2019 and compared favorably with the third quarter of 2018 (excluding one-time product sale in Canada of $0.6M in Q3 2018).
Material improvement in gross profit to 36% of revenue in Q3 2019, compared with 9% of revenue in Q3 2018.
Adjusted EBITDA loss decreased dramatically to $1.8M in Q3 2019 compared with $2.9M in Q3 2018.
Overwhelming approval of extraordinary resolutions by debenture holders approving acceleration of maturity date to August 23, 2019 and conversion of all principal in the amount of CDN$13.0M and accrued interest of CDN$0.2M into Company stock at a conversion price of CDN$.06 per share.
Extension of $9.5M ($5M in cash and $4.5M in stock) Chalice Earn-Out payment to May 22, 2022.
Significantly strengthened and revamped the senior management team with the following appointments: John Varghese – Executive Chairman Jeffrey Yapp – CEO Stan Grissinger – President Kate Koustareva – Interim Chief Financial Officer Erin Hills – Senior Vice President, Operations
Expansion into California through launch of cannabis-infused fruit chews with premier co-packer Micro Buddery and distributor C4 Distro & Trading.
The Company has developed better manufacturing processes with the expectation that this will continue to improve and produce better gross margins.
Store-on-store sales through the Company’s Chalice Farms retail locations have been increasing in
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