PORTLAND, Ore., March 09, 2021 (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 it plans to change its corporate name to Chalice Brands Ltd. at its Annual and Special Meeting (“AGM”) which will be held virtually, May 10, 2021. At the AGM, the Company also plans on seeking approval for a share consolidation with the goal to bring the common shares outstanding to approximately 65 million post the consolidation. Details of these proposals will be included in the management information circular to be mailed later this month. The name change and share consolidation is subject to approval at the Company’s AGM, however the Company expects overwhelming support.
“Throughout this turnaround over the last 18 months we continue to gather momentum and galvanize management behind the Chalice brand,” stated Jeff Yapp, Chief Executive Officer of Golden Leaf. “Our Chalice Farms stores and our Chalice chews are the pride of our business. As we put the Golden Leaf era behind us, this name change serves to symbolize our resurgence as a relevant contender in the US cannabis industry, driven by leadership in our home market of Oregon.”
The Company also announces that during February there were conversion of principal amounts to equity of its convertible debentures due November 16, 2022 totaling C$3,675,000 plus accrued interest. “Over 80% of the same debenture holders participated in first close of the equity raise announced March 4, 2021. This further vote of confidence in management supports the transition of GLH into a growth story. As our operational performance translates into improved shareholder value, we anticipate full conversion of these debentures before maturity, further strengthening our balance sheet” noted John Varghese, Executive Chairman.
The Company anticipates the release of its first quarter 2021 earnings report on or around May 21st, 2021 and will announce a final date and time for this conference call and filings when timing is more certain.
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.