Golden Leaf Holdings Ltd (OTCMKTS:GLDFF) has announced that it would be releasing its 3Q2016 financial results, on November 28, 2016. In addition to this, the company would also hold a conference call to discuss the results, the very next day, at 4:30 pm, ET. Golden Leaf has requested shareholders to forward their queries to the company, ahead of the call.
GLDFF recently filed a press release, providing an update on the current state of the cannabis industry in Oregon and the changes being observed in the market. The company noted that the market for recreational cannabis products, in the state, exceeded $160 million, during the first three quarters of the year and is expected to reach $200 million, by year end. Golden Leaf also pointed out that oversight of the industry is now being passed to the Liquor Control Commission, in the state, which would decrease sales tax from 25% to 17%. Moreover, it would also result in an increase in customer purchase limits.
The company stated that it was working to apply for the required licenses, in order to take advantage of this situation and expand its market presence in the region. However, GLDFF also noted that the Marion County in Oregon, has voted against the use of marijuana for recreational or medical purposes. As such, the company has decided to shift its focus on expanding through a facility based in Portland, to be used for recreational production. Golden Leaf is currently working to apply for a wholesale distribution and recreational processing licenses, for the region.
GLDFF announced that it expects to receive the said licenses, within this month. This would then clear the way for the company to buy and sell flower and oil from processors, in the region. However, Golden Leaf would be unable to extract and refine its own cannabis oil at the location, until it receives a recreational processors license. The company expects to have this done, within the next 2-months, subject to regulatory approval.
Golden Leaf Holdings Ltd (OTCMKTS:GLDFF) had a trade volume of 313,802, during the November 16 trading session, to close at $0.354 per share, 13.62% higher than the session before.