Gold Leaf Holding Ltd. (OTCMKTS:GLDFF) has announced the election of new Board of Directors during the annual shareholder meeting held on June 25, 2019. The cannabis company that focuses on cultivation production, as well as retail operations of recognized brands, elected Rick Miller, Alex Winch, Bob McKnight, Larry Martin, Gary Zipfel, and John Varghese.

Election of the new board of directors

During a Board of Directors meeting held after the shareholders meeting the board elected Rick Miller to be the Chairman of the Gold Leaf Holdings Board. The election came days after the Board of Directors appointed Join Varghese as the Interim President and CEO of Gold Leaf holdings following the departure of Ms. Barsa. The search for a new CFO and CEO is currently ongoing. Varghese will lead the company through the transition and corporate assessment process.

Debentures meeting to amend the term of debenture indenture

During a meeting of the holders of those debentures that will be maturing in November 2, 2019 that was equally held on June 25, 2019 the holders approved an amendment to the term of the debenture indenture that allows Gold Leaf Holdings to transfer, sell or dispose its corporate assets that are estimated to have an aggregate value of around C$2 million in any 12-month duration.

However, this is subject to whether the assets will be determined to be in reasonably unproductive, not profitable and either strategically unnecessary to the company. Gold leaf Holdings requested for the amendment so that the company can be in a better position to quickly facilitate the disposition of all unproductive, strategically unnecessary as well as unprofitable assets.

Gold Leaf Holdings has multiple cannabis operations in various regions across Canada as well as Nevada and Oregon. The company focuses on cannabis cultivation, production as well as retailing of some of the recognized cannabis brands. The company supplies its cannabis products via its proprietary Chalice Farms retail dispensaries and other third-party dispensaries. The products and retail operations of the company are designed to offer amazing customer experiences by focusing on quality products and excellent in-store experience.