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Cannabis company Golden Leaf Holdings sees revenue boost in 3Q as flower sales increase

The cannabis company recently entered into a non-binding letter of intent to merge with cannabis-focused agriculture company Terra Tech
Cannabis plant in the sunlight
Golden Leaf has cultivation, production and retail operations in Canada, Oregon and Nevada

Cannabis company Golden Leaf Holdings Ltd (CSE:GLH, OTCQB:GLDFF) saw a revenue boost in its fiscal third-quarter results, driven by flower sales.

The cannabis company reported a net loss of US$0.01 per share on revenue of US$5.1 million compared with a net loss of US$0.01 on revenue of US$3.1 million in the previous year’s third quarter.

The Toronto-based company recently received its Canadian Sales License from Health Canada.

“Combined with the recent legalization of cannabis in Canada and our ever expanding North American footprint in cultivation, wholesale and retail, we have set the stage for a stronger 2019,” said CEO William Simpson in the company’s press release.

READ: Terra Tech invests $5 million in Hydrofarm Holdings Group

Golden Leaf ended the quarter with US$20.1 million in assets, nearly double the US$11.6 million as of December 31, 2017.

The company recently entered into a non-binding letter of intent to merge with cannabis-focused agriculture company Terra Tech Corp (OTCQX:TRTC).

The Canadian company has cultivation, production and retail operations in Canada as well as in Oregon and Nevada.

Its Golden brand recently launched a line of cannabis-infused fruit chews to the Nevada market after seeing success in Oregon. Flavors include tangerine, tropical fruit, kiwi strawberry and acai berry.

Shares of Golden Leaf were flat at $0.17 per share in Monday morning trading.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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