April 15, 2019 08:30 ET | Source: Golden Leaf Holdings Ltd.
TORONTO, April 15, 2019 (GLOBE NEWSWIRE) — Golden Leaf Holdings Ltd. (“GLH” or the “Company”) (CSE:GLH) (OTCQB:GLDFF), a leading cannabis company built around recognized brands for the wellness and recreational markets, is pleased to provide an update on corporate activities.
As announced in a press release dated December 27, 2018, William Simpson, former President and CEO of the Company, was replaced in those capacities by William Kulczycki. It was intended that Mr. Simpson continue with the Company in a full-time capacity as “Founder” and Board observer without responsibility for operations. Mr. Simpson has been on a sabbatical leave of indefinite duration since February 4.
Mr. Kulczycki has initiated significant efficiency measures intended to improve the financial performance of the Company, including reductions in compensation and other expenses. Through this process, in January, headcount was reduced by 19% throughout the Company. These measures were implemented to lower Company costs, improve cash flow and otherwise increase operational efficiency, with the objective of increasing shareholder value over the long term.
The Company’s audited financial statements for the fiscal year ended December 31, 2018 will be released no later than April 30, 2019. The Company had approximately USD$11 million of cash on hand at the end of 2018.
Finally, the Annual General Meeting of shareholders of the Company is scheduled to be held on Tuesday, June 25, 2019 at 10 a.m. EDT at the offices of Cassels Brock and Blackwell LLP in Toronto, Canada, for all Company shareholders of record on Thursday, May 9, 2019.
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About Golden Leaf Holdings
Golden Leaf Holdings Ltd. is a Canadian company with operations in multiple jurisdictions including Oregon, Nevada, and Canada, with cultivation, production and retail operations built around recognized brands. Golden Leaf distributes its products through its branded Chalice Farms retail dispensaries, as well as through third-party dispensaries. Golden Leaf’s cannabis retail operations and products are designed with the customer in mind, focused on superlative in-store experience and quality products. Visit goldenleafholdings.com to learn more.
Chief Financial Officer
Golden Leaf Holdings Ltd.
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.