Golden Leaf Archives - Page 2 of 2 - Green Market Report

StaffApril 24, 2018


Here is today’s Daily Hit of cannabis news for April 24, 2018:

On The Site:

OrganiGram Holdings Inc.

Ontario-based medical marijuana company OrganiGram Holdings Inc. (OGRMF) reported second-quarter results with record gross sales of C$3.2 million, a 123% increase over the same time period in 2017. The company also delivered net income in the second quarter of C$1.0 million over last year’s loss of C$5.7 million. The company also turned a corner on the earnings per share with the second-quarter delivery of diluted C$0.008 over last year’s loss per share of C$0.059.

Golden Leaf Holdings 

Golden Leaf Holdings (GLH) announced that is has signed a letter of intent (LOI) to acquire a cannabis dispensary in northern California. Included in this transaction are all of the dispensary’s assets; such as licenses and permits for cannabis cultivation, production, manufacturing, distribution, and retail. Under the agreement, Golden Leaf will pay $1.25 USD million upfront in cash, an additional $500,000 in stock, and earn-out payments of up to $8 million based on future revenue thresholds. This transaction will mark Golden Leaf’s first entry into the U.S. market.

Cannabis Strategic Ventures, Inc.

Also announcing a major acquisition today is Cannabis Strategic Ventures, Inc., which just completed the definitive agreement to acquire Worldwide Staffing Group, Inc. The company will acquire 100% of Worldwide’s issued and authorized shares and begin recognizing Worldwide’s revenue, which reached $1.5 million in 2017, upon the closing of the transaction.

In Other News

Cleartronic, Inc.,

Cleartronic, Inc., (CLRI) announced today its subsidiary VoiceInterop, Inc. have signed a “Definitive Agreement” for the acquisition of the assets and intellectual property of CanniPlus Global, Inc., a Florida based medical CBD company.   According to the company statement, the closing of the Asset Purchase Agreement is conditioned on VoiceInterop’s business being spun-off from Cleartronic in the second or third quarter of fiscal 2018. VoiceInterop will file a Form S-1 registration statement with the SEC to register the shares being distributed to Cleartronic shareholders and the shares being issued to the shareholders of Canopus Global, Inc. VoiceInterop also intends to register its common stock under the Exchange Act.


Cannabis customer-loyalty and communications solutions company for dispensaries and Cannabis Retailers. Springbig announced today a new partnership with Cova a leader in Cannabis technology software.  springbig, which uses SMS, loyalty marketing, and other tools to encourage repeat business for cannabis retailers, will integrate its technology with Cova’s point-of-sale (POS) and compliance platform to allow retailers that use Cova to easily implement customer loyalty and retention programs.

With this integration, springbig’s incentive tools will be immediately available to additional hundreds of Cannabis retailers in North America and signals springbig’s global expansion into Canada, with Cova’s impressive Canadian footprint.


Denver-based marketing firm Cannabrand announced a merger with Voyage Business Resources. After working together for over a year, they have created joint ventures to establish themselves as a full-service cannabis marketing, business consulting, and brokerage firm.  Cannabrand now provides its clients with end-to-end business consulting and brokerage services.

“When I launched the company in 2013, I recognized the need for a more sophisticated approach to cannabis marketing and branding,” says Cannabrand Founder and CEO Olivia Mannix. “Over the past 5 years, we have been part of creating some of the most well recognized and respected brands in the US, Canada, and overseas.  Now, we have identified a new need in the Cannabis industry — for the addition of Consulting, Real Estate, and brokerage services.”  

Jay Spencer, a Partner at Cannabrand, confirms, “There is a growing interest in cannabis investment opportunities, but among banks and investors there is still a lot of hesitancy to do business. At Cannabrand, we serve legitimate companies to overcome common operations and marketing challenges, to make them efficient, profitable, and stand out in the marketplace for the best chances of success. With our background in Real Estate and Brokerage we are excited to buy and sell cannabis businesses for our partners.” Spencer is licensed broker and a US Army Veteran.

William SumnerApril 24, 2018


The world of mergers and acquisitions is heating up in the state of California as two cannabis companies today announced a pair of high priced acquisitions.

First, Golden Leaf Holdings (GLH) announced that is has signed a letter of intent (LOI) to acquire a cannabis dispensary in northern California. Included in this transaction are all of the dispensary’s assets; such as licenses and permits for cannabis cultivation, production, manufacturing, distribution, and retail. Under the agreement, Golden Leaf will pay $1.25 USD million upfront in cash, an additional $500,000 in stock, and earn-out payments of up to $8 million based on future revenue thresholds. This transaction will mark Golden Leaf’s first entry into the U.S. market.

“Signing this LOI is another key strategic step forward for Golden Leaf, as we continue to execute on our plan to introduce our retail brand-focused model to the largest growth markets, both in the U.S. and internationally,” commented William Simpson, CEO of Golden Leaf, in a statement.

Also announcing a major acquisition today is Cannabis Strategic Ventures, Inc., which just completed the definitive agreement to acquire Worldwide Staffing Group, Inc. The company will acquire 100% of Worldwide’s issued and authorized shares and begin recognizing Worldwide’s revenue, which reached $1.5 million in 2017, upon the closing of the transaction.

Worldwide will continue to operate as an independent wholly owned subsidiary, providing employment and staffing services that are not related to the cannabis industry. However, the company will use Worldwide’s experience to eventually expand into cannabis industry staffing, particularly in the California market.

“The job demands in the Cannabis Sector are expanding into other job functions beyond the traditional Bud Trimmers and Bud Tenders. This acquisition better prepares us to meet the growth we are expecting through the end of this year, into next, and beyond,” stated Simon Yu, CEO of Cannabis Strategic Ventures. “We welcome Worldwide Staffing into the Cannabis Strategic portfolio.”

William SumnerMarch 27, 2018


Cannabis oil solutions company Golden Leaf Holdings (GLH) announced today that it has signed a letter of intent (LOI) with BlackShire Capital Corp., a cannabis-based private equity firm, to start a  franchise model in the cannabis industry.

“BlackShire Capital has been invested in the legal cannabis space for several years. In Golden Leaf and Chalice Farms we have found a proven and progressive partner that believes in a premium customer experience,” said BlackShire Chairman and CEO, Kevin Reed, in a statement. “We look forward to working with our partner on a definitive agreement that takes this exceptional brand to markets in Canada, the U.S. and the world.”

Dubbed Chalice Farms, the franchise would operate in U.S., Canadian, and international markets. Gold Leaf and BlackShire are currently negotiating the final terms to form a management company. Jointly owned, the company would own the franchise and be responsible for running its day to day operations. Terms currently being considered include BlackShire providing $10 million CAD in initial funding for operations in the Canadian market and an additional $15 million CAD for U.S. Operations. Future funding would be borne by both Golden Leaf and BlackShire, in proportion to their equity stake in the management company.

“Signing the LOI validates our strategic franchising initiative and allows us to advance this potential franchising and management partnership with BlackShire Capital towards definitive agreements,” commented Golden Leaf CEO, William Simpson. “Franchising Chalice Farms represents an attractive vehicle to execute on our growth strategy of replicating the Chalice Farms operating model in new territories, which we plan to begin in Canada where and when permitted, and which we envision extending to additional permitted U.S. markets, beyond our current Portland, Oregon footprint.  In our view, Golden Leaf remains uniquely positioned to expand its retail brand-focused model and to build sustainable, long-term shareholder value.”

Golden Leaf has operations in multiple jurisdictions including Oregon, Nevada, and Canada is one of the largest cannabis oil and solution providers in North America. The company cultivates, extracts and manufactures and distributes its products through its branded Chalice Farm retail dispensaries, as well as through third-party dispensaries.

StaffNovember 30, 2017


Toronto-based Golden Leaf Holdings Ltd. (GLDFF) delivered its earnings for the third quarter ending September 30 with revenues rising, but losses rising as well. Net revenue was $3.1 million versus last year’s $2.4 million for the same time period. The quarter included $240,000 in non-recurring royalty revenue. The jump in revenue was largely attributed to the acquisition of Chalice Farms this past July, which offset supply problems with other key products.

Golden Leaf still reported a net loss of $3.2 million or one cent per share, versus last year’s $2.3 million which also caused a loss of one cent per share. The company currently has 726 million shares on a fully diluted basis. Adjusted EBITDA loss was $3.1 million which was much higher than last year’s  loss of $1.7 million during Q3 2016. The company said it was “primarily driven by increases in legal costs, salaries, wages, and rents, which offset higher margins that resulted from sales of inventory produced in prior periods, and an enhanced product mix.”

“Our vision is to drive top-line growth by developing our retail brand across our target markets, starting with Portland, Oregon,” said William Simpson, Chief Executive Officer of Golden Leaf Holdings. “To this end, we are constructing three new Chalice Farm retail dispensaries. Construction efforts have progressed faster than expected and we anticipate one new location to be operational before the end of 2017, with a second expected to be up and running in Q1 2018.”

Gross profits were $731,000 or 23.7% of net revenue, higher than last year’s 21.3% of net revenue in Q3 2016, and 19.2% of net revenue in the second quarter of 2017. The company said in a statement that gross margins benefitted from better utilization of production staff and consistent margins across product categories. The gross margins also improved as a result of acquired dispensaries and the higher margins associated with retail products. Operating expenses rose to $4.7 million over last year’s $2.3 million due to higher wages, consulting costs and legal costs. The company said it plans to reduce its corporate overhead.

The Plans For Golden Leaf

The expansion in Oregon is underway as a result of the Chalice Farms acquisition. Golden Leaf now has five retail dispensaries in operation, with an additional three under construction, one of which Golden Leaf expects to have opened by the end of 2017, and a second expected to open in the first quarter of 2018.

In Nevada, the company was granted business licenses by the city of Henderson and Washoe County, Sparks and Las Vegas to sell cannabis to the adult-use markets in these locations. Sales throughout the state have begun and Golden Leaf also signed an agreement with a distributor in Reno to generate sales. Simpson said, “Although at a very early commercial stage, we generated revenues of approximately $100,000 USD in the third quarter of 2017 from Nevada, and are pleased with this early stage traction. Nevada is one of the leading markets for the cannabis industry, due to its more than 40 million yearly visitors and its sizable domestic market, and we are excited about this opportunity.”

In Canada, Golden Leaf completed its acquisition of MMGC in early November, which is expected to enable the company to expand sales of its branded oils and flowers in that marketplace. MMGC was granted a cultivation license by Health Canada for its Ontario cannabis grow facility and Golden Leaf expects to launch retail operations in Canada in the third quarter of 2018.


As of September 30, 2017, the Company had approximately $634,000 USD in cash, compared with $3.9 million USD at December 31, 2016. In a statement, the company said, “Subsequent to the end of Q3 2017, Golden Leaf received approximately $10.8 million USD in net proceeds from a private placement transaction. The Company is using these proceeds for the payment of outstanding accounts payable, inventory purchasing and general corporate purposes.”

The stock is trading at 23 cents, which is a big drop from its 52-week high of 57 cents.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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