Golden Leaf Holdings (CSE:GLH) released its fiscal Q2 2018 financial report and shared a general update with shareholders.
As quoted in the press release:
Recent Business and Financial Highlights
- Record quarterly revenues of US$3.7 million for Q2 2018, compared to US$2.1 million for Q2 2017
- Opened Chalice Farms dispensary, located in Happy Valley, Oregon
- Signed letter of intent to acquire cannabis dispensary operation in Northern California
- Signed letter of intent to acquire two large cannabis cultivation facilities, one in Northern Nevada and another in Northern California
- Hired Ryan Purdy as Vice President of Operations
- Appointed Rick Miller to Board of Directors and to serve as its Chair
- Announced election of John Varghese and Michael Crooke to the Board of Directors
Mr. William Simpson, Chief Executive Officer of Golden Leaf Holdings, commented, “We posted strong year-over-year revenue growth of 76% for the second quarter of 2018 to reach record revenues of US$3.7 million, primarily driven by the acquisition of our Chalice Farms retail operations, when compared to the second quarter of 2017. Adjusted EBITDA for the second quarter of 2018 was a loss of US$3.2M, primarily driven by transaction costs and corporate expenses. During the quarter, we opened our sixth Chalice Farms location in Happy Valley, Oregon, which is now our second highest-grossing Chalice Farms location. In addition to retail operations, revenues from the Company’s medical consulting division, as well as its Nevada wholesale operations and sales of our new Fruit Chews line in Oregon, continued to support our top line growth.