Golden Leaf Holdings Announces Termination of Agreement to Acquire the Assets of Tahoe Hydroponics
17 January 2019 - 9:00AM
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 the Company and Tahoe Hydroponics Company
(“Tahoe”) have mutually agreed to terminate the definitive
agreement (“Agreement”) for the Company to acquire the assets of
both Tahoe and its related company, 11T, Inc., a California
corporation. The agreement was originally announced on August 13,
2018.
Bill Kulczycki, President and CEO of Golden Leaf
said “Concurrent with the start of my tenure at GLH, we kept
running into challenges and further delays in obtaining regulatory
approvals in Nevada. These delays and related impacts affected the
return profile and value proposition of the acquisition for GLH.
Both parties decided that committing the Company’s available
capital without a retail footprint changed the risk-return analysis
enough that the desired shareholder return would not be achieved.
While both parties are disappointed with this outcome, we are
parting ways with mutual respect intact.”
Bill also added “As the new President and CEO of
Golden Leaf, I want to ensure that the Company strategically
invests its available capital to achieve sustainable positive cash
flow and growth. We are currently looking at opportunities that fit
our strategic vision in an appropriate order of priority, balanced
between assessments of risk and cash flow returns that drive
shareholder value creation. My immediate focus for Golden Leaf is
one of disciplined growth with the goal of achieving profitability
in the near term.”
To be added to the 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 Communications
adonohoe@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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