RECEIVES APPROVALS FOR RECREATIONAL RETAILER, PROCESSOR AND WHOLESALER LICENSES
Golden Leaf Holdings Ltd. (GLH.C) has received its OLCC (Oregon Liquor Control Commission) recreational processor and wholesaler licences for its Portland-based facility leased in Multnomah county, and received approval for its recreational retailer licence for the Left Coast Connection dispensary. Approvals were received within the time frames discussed in previously issued company press releases.
Recreational licensing and product sales updates
GLH received its OLCC recreational processor licence for its Portland-based facility leased in Multnomah county. As previously announced, in order to extract and sell under a processor licence, the company has to receive a licence and regulatory approval from both the OLCC and the City of Portland. GLH is now waiting for the approval from the City of Portland, and is contingent upon receiving the required licensing and permits. The company expects to receive approval from the City of Portland within the next two months.
To move forward with launching branded oil products into the recreational market as soon as possible, GLH is working with a licensed recreational contract manufacturer to produce cannabis oil. The company will package and distribute this cannabis oil under its newly acquired recreational wholesaler licence approved by the OLCC and the City of Portland. The wholesaler licence allows GLH to source products from licensed recreational growers and processors, and distribute them to dispensaries licensed to operate in the recreational market. GLH anticipates beginning to sell these products next month.
The company also received approval for its recreational retailer licence from both the OLCC and City of Portland for the Left Coast Connection dispensary. This licence allows the dispensary to participate and sell in Oregon's recreational marketplace.
Edibles sales update
In addition, to compete in the cannabis-infused edibles market, GLH is exploring a potential opportunity to obtain an OLCC licence to begin manufacturing edibles in connection with leasing space from an already licensed recreational edibles kitchen. The objective is to leverage this commissary-style kitchen space with the expectation of launching branded edible products by second quarter 2017.
Industry leadership and regulatory change
GLH and other cannabis industry partners are taking the lead in working with state regulators to address continuing challenges with the full launch of the recreational retail market in Oregon, including the most stringent pesticide testing rules of any regulated cannabis market in the U.S. The company anticipates that many of the challenges confronted will be reviewed, and inputs from industry leaders evaluated during the Oregon Legislative Assembly session beginning in February, 2017.
About Golden Leaf Holdings
Golden Leaf Holdings is one of the largest cannabis oil and solution providers in North America. It's a leading cannabis products company in Oregon built around recognized brands. GLH leverages a strong management team with cannabis and food industry experience to complement its expertise in extracting, refining and selling cannabis oil.