Golden Leaf Holdings Acquires Cultivation License for Bald Peak Facility in Oregon

PORTLAND, Ore., Oct. 30, 2018 (GLOBE NEWSWIRE) — 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 that it received its cultivation license from the Oregon Liquor Control Commission “OLCC” for its much anticipated Bald Peak facility in Oregon. Construction of the facility is substantially complete, with the build-out of an adjacent shop and nursery scheduled for completion by the end of Q1-2019 and Q2-2019 respectively.

Located in the heart of Oregon’s wine country, up in the Chelahem Mountains, this premier facility has 10,000 sq.ft of flowering canopy space with an estimated annual yield of 2,000 Lbs of cannabis flower. Transfer of plant stock will commence in early November and the Company expects its first harvest by the third quarter of 2019, at which time it will be at full flowering capacity. At over 1,600 ft elevation, this expertly designed and superb location offers seclusion from urban and farm pollution, has abundant airflow and sunshine with high water quality, and is above the valley fog line. The facility has high levels of automation, monitoring and control, inspired by a mix of best practice and proprietary cultivation methods that help prevent cross contamination with minimal labor and maximum efficiency.

Chief Executive Officer, William Simpson said, “I am delighted with the opening of Bald Peak. Given its location, the facility is purpose-built to house our unique hand-picked strains, which I personally oversaw and which were curated and preserved for over a decade. With the expertise of our Director of Cultivation, we will be able to produce consistent top-quality A-grade cannabis featuring premium strains that will principally be available at our 6 premier Chalice Farms stores. Being true to our strategy, we are fulfilling our seed-to-sale philosophy of being able to offer our craft, small-batch offering of Chalice-branded flower in our retail stores, complementing the top-quality cannabis we already buy from other premier Oregon farms. This completes a significant portion of our infrastructure goals in Oregon with boutique cultivation southwest of Portland, a top-quality edibles and extractions facility in the City of Portland, and our award-winning Chalice Farms stores in and around the Portland metro area. Flower from this cultivation facility will help improve our retail margins in Oregon. We remain focused on advancing this strategy in major US jurisdictions as well as Canada. It’s about building our trusted brands and offering safe, high-quality products, as well as educating our customers about cannabis.”