Golden Leaf Holdings Ltd Announces Resignation of Chief Financial Officer

CANADA: Golden Leaf Holdings Ltd., a leading cannabis oil solutions company built around recognized brands, today announced that the Company’s Chief Financial Officer, Brian Gentry, for personal reasons is resigning.

For the indefinite future, Mr. Gentry will continue to serve GLH in a financial consulting role to ensure a smooth transition. The Company has commenced a search for a new Chief Financial Officer.

Don Robinson, GLH’s Chief Executive Officer, said, “We appreciate Brian’s contributions to GLH over the past year in helping us build our business. We wish him well in the future as he pursues other opportunities.”

Golden Leaf Holdings Announces Preliminary Results for July 2016

 Oregon and Washington State Brands Report 15% Combined Monthly Sales Growth

WASHINGTON: Golden Leaf Holdings, a leading cannabis oil solutions company built around recognized brands, today announced preliminary revenue results for July 2016 for the respective brands of the Company in Oregon and strategic partner, BMF Washington.

 Oregon and Washington State Brand Revenue Update

 Preliminary results show that combined brand sales for GLH and BMF in Oregon and Washington were estimated at US$1.6 million in unaudited revenue for July 2016, as compared to unaudited revenue of US$1.4 million for June 2016, representing a month-over-month increase of 14%.

 GLH posted preliminary results for July 2016 showing US$914,000 in estimated and unaudited revenue as compared to US$891,000 (updated and revised from previously published number of US$923,000) in June 2016, representing a month-over-month increase of 2.6%.  BMF’s July 2016 unaudited and estimated revenue in Washington State was US$728,665, a month-over-month increase of 35% from June 2016’s revenue of US$537,880.

 GLH Contract Grow Update

 In connection with the Company’s successful contract trim buying strategy, the first contract cannabis grow is underway and the harvest is anticipated to commence in October of 2016.  GLH will leverage the supply agreement that dictates guidelines for grow conditions and strain types to obtain flower and trim for its portfolio of branded products.  This strategic approach to sourcing raw materials reinforces the Company’s position as a leader in the industry and provides a cost effective method to support higher product margins and consistent, high quality supply to meet the market demand.

Don Robinson, GLH CEO commented, “We are looking forward to October 2016 and harvesting plants from our first contract grow.  This strategic supply agreement is expected to help support our raw material requirements while ensuring only the highest level of quality and variety demanded by our consumers.”