Golden Leaf Holdings Ltd. (“Golden Leaf” or the “Company”)
(CSE:GLH) (OTCQB:GLDFF), a cannabis company with cultivation,
production and retail operations built around recognized brands,
today announced financial results for the fiscal third quarter
ended September 30, 2018.
Recent Business and Financial
Highlights
- Record quarterly revenues of US$5.1 million for Q3 2018,
compared to US$3.1 million for Q3 2017
- Acquired Canadian Sales License from Health Canada via Medical
Marijuana Group (“MMG”), its Canadian Subsidiary
- Hired Jeff Yapp as Chief Marketing and Sales Officer
Subsequent Events:
- Announced non-binding letter of intent to merge with Terra Tech
Corp.
- Announced launch of Golden Fruit Chews into the Nevada
market
- Acquired cultivation license for its Bald Peak, Oregon facility
from the Oregon Liquor Control Commission
- Introduced new Green Apple Flavor CBD Infused Fruit Chews into
the Oregon market
Mr. William Simpson, Chief Executive Officer of
Golden Leaf Holdings, commented, “Our third quarter revenue reached
yet another record, achieving US$5.1 million, primarily driven by
sale of flower in Canada after we received our Canadian Sales
license from Health Canada, and seasonal improvements in our Oregon
Retail revenue and the addition of two new Retail stores in Oregon
when compared to the third quarter 2017. Adjusted EBITDA for the
third quarter of 2018 was a loss of US$2.9 million primarily driven
by production costs and operating expenses.
“Combined with the recent legalization of
cannabis in Canada and our ever expanding North American footprint
in cultivation, wholesale and retail, we have set the stage for a
stronger 2019. We continue our efforts to build our wholesale and
retail brands, enhancing trust with our customers, and expanding
market share. We are also investing in people and processes as we
recognize the importance of a strong, dedicated workforce to
support the market growth in the jurisdictions in which we
operate,” said Mr. Simpson.
Fiscal Third Quarter Ended September 30,
2018 Financial Results
For the quarter ended September 30, 2018 (“Q3
2018”), net revenue was US$5.1 million as compared to US$3.1
million for the same three-month period in 2017 (“Q3 2017”). The
63% year-over-year increase largely reflects the sale of flower
from our Canadian operations, seasonal improvements in Oregon
retail, and the addition of two new Chalice Farms stores in Oregon,
when compared to the same period in 2017.
Gross profit was US$0.4 million or 9% of net
revenue for Q3 2018, compared with US$0.7 million or 23% of net
revenue for Q3 2017. Q3 2018 gross margins decreased primarily due
to non-cash valuation of biological assets. As of September 30,
2018, biological assets were newly planted and on average 13%
complete.
Operating expenses were US$4.7 million USD for
Q3 2018, consistent with US$4.7 million in Q3 2017.
Adjusted EBITDA loss was US$2.9 million for Q3
2018, a slight improvement compared with a loss of US$3.0 million
for Q3 2017, primarily as a result of an increase in product sales
volume. Adjusted EBITDA is defined by the Company as earnings
before taxes, depreciation and amortization, less certain non-cash
equity compensation expenses, including impairments, one-time
transaction fees and all other non-cash items. The Company
considers Adjusted EBITDA an important operational measure for the
business.
Net loss for Q3 2018 was US$5.5 million or
US$0.01 per share loss, compared with a net loss of US$3.2 million
or US$0.01 per share loss, for Q3 2017. Net loss for Q3 2018
increased primarily attributed to the effect of the changes in fair
value of non-cash assets and debt, specifically, biological assets
and warrant liability.
As of September 30, 2018, the Company had
approximately US$20.1 million in current assets, compared with
US$11.6 million in current assets at December 31, 2017. The
increase is largely because of the bought deal financing which was
completed on January 31, 2018, in addition to proceeds from warrant
exercises. Total assets increased to US$84.2 million at September
30, 2018, compared to US$75.8 million at December 31, 2017, also
due primarily to the bought deal financing completed in
January.
Investor Conference Call
Golden Leaf, led by William Simpson, Chief
Executive Officer, will hold a conference call at 4:30 PM ET today,
Monday, November 5th, 2018, to report its financial results for the
third quarter ended September 30, 2018.
The dial-in information for the conference call
is as follows:
Program Title: Golden Leaf Holdings Third
Quarter 2018 Financial Results Call
Canada & U.S.: (877)
423-9813International: (201) 689-8573
Participants must request the Golden Leaf
Holdings Call.
A live audio webcast will be available online on Golden Leaf's
website at goldenleafholdings.com, where it will be archived for
two weeks.
An audio replay of the conference call will be
available through midnight November 19, 2018 by dialing +1 (844)
512-2921 from the U.S. or Canada, or +1 (412) 317-6671 from
international locations, Conference ID: 13684932
To be added to the Golden Leaf email
distribution list, please email IR@goldenxtrx.com with "GLH" in the
subject line.
About Golden Leaf
HoldingsGolden 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.
Investor Relations:Craig EastwoodChief Financial
OfficerGolden Leaf Holdings Ltd.503-201-0659ir@goldenxtrx.com |
Media Relations:Anne Donohoe / Nick OpichKCSA
Strategic
Communicationsadonohoe@kcsa.com/nopich@kcsa.com212-896-1265 /
212-896-1206 |
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 establishment of, and the future scope and
scale of, the Chalice Farms retail system, the level of funding
needed to establish the Chalice Farms franchise model, that the
Chalice Farms franchise model will be successful and generate
positive cash flows, 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, including but not
limited to general business, economic and competitive
uncertainties, regulatory risks including risks related to the
expected timing of the Company’s participation in the adult use
market, market risks, risks inherent in manufacturing operations,
difficulties of establishing a successful franchise model 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.
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