PORTLAND, Ore., May 14, 2021 -- Golden Leaf Holdings Ltd. (CSE:GLH) (OTCQB:GLDFF) (“Golden Leaf” or the “Company”), operating as Chalice Brands, a premier, consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, today announces it will report its first quarter 2021 results before market open on Tuesday, May 25th, 2021.
Investor Conference Call
Golden Leaf management, led by Mr. John Varghese, Executive Chairman, and Mr. Jeff Yapp, Chief Executive Officer, will hold a conference call on Tuesday, May 25th at 5.00 PM EDT to report its financial results for first quarter 2021.
REGISTRATION: Please visit click here to register and stream the conference call, or use the following dial-in information as follows:
Program Title: Golden Leaf Holdings – First Quarter 2021 Earnings Call
Canada & US: 1-877-407-0784
Once dialed in, participants must request the “Golden Leaf Holdings - First Quarter 2021 Earnings Call”.
A replay of the audio webcast will be available online on the Company’s website at www.goldenleafholdings.com where it will be archived for one year. A replay of the conference call will also be available at 7:30 PM EDT on May 25, 2021 and will be accessible until June 8th, 2021. For access to replay:
Conference PIN: 13719831
The Company is pleased to announce that it had a record 412,089,878 shares voted at this year’s Annual General Meeting and that we received over whelming support, in excess of 95% on all of the motions contained within its management information circular. Included in the approved motions approved was changing the name to "Chalice Brands Ltd." and to affect a 23 for 1 share consolidation. The Company anticipates setting the date for the share consolidation and name change shortly.
The Company also announces that it has signed a settlement agreement (the “Settlement Agreement”) with Peter Saladino and settled the lawsuit the Company filed against him on June 19, 2020. The case has now been dismissed with prejudice. The Company filed a lawsuit captioned GL Management, Inc. et al. v. BMF Washington LLC and Peter Saladino, in the United States District Court Western District of Washington at Tacoma ("Court"), Court Case No. 3:20-cv-05434-MAT, which was later amended to GL Management, Inc. and Golden Leaf Holdings Ltd. v. Peter Saladino ("Lawsuit"). The claims asserted in the Lawsuit originated from a transaction that closed on or about January 20, 2016, among Golden Leaf Holdings, Ltd.; GL Management, Inc.; Saladino; Liberty Reach LLC; and BMF Washington LLC (the “Transaction”). Pursuant to the terms of the Settlement Agreement, Saladino waived his right to pursue counterclaims against the Company stemming from the Transaction. The Company and Saladino have also released all claims against each other and mutually agreed that neither party would be pay any monetary consideration to the other.
The Company also wishes to share preliminary unaudited first quarter 2021 results of US$5.5 million revenues and gross profit of US$2.5 million or 45% gross margin and adjusted EBITDA1 was positive for the quarter.
The Company has agreed to issue, on a non-brokered basis, an aggregate of 34,205,336 common shares, at C$0.06 per share, to certain executives and directors, being 5,041,238 to Executive Chairman John Varghese and 4,941,238 to CEO Jeff Yapp, and 24,222,860 to Lead Director Rick Miller. The issuance is being assisted through a loan from a subsidiary of the Company. Each of Messrs. Varghese and Yapp had previously acquired common shares on an assisted basis will, upon issuance, hold 31,722,860 and 31,622,860 shares respectively through these arrangements. All common shares to be acquired do not have any vesting condition, and all shares previously acquired that had vesting conditions, will have such conditions waived. The purpose of the issuances is to provide the executives with a more significant financial stake in the success of the Company. The issuances have been approved by the independent directors of the Company outside of Mr. Varghese and Mr. Yapp.2
About Golden Leaf Holdings
Golden Leaf Holdings, operating as Chalice Brands, is a premier consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, with seven 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. GLH operates nationally through Fifth and Root and has operations in Oregon and California. Visit http://www.glhmonthly.com for regular updates.