Golden Leaf Holdings (GLH) Announces New Partnership

Spotlight Companies |

Golden Leaf Holdings (GLH), a leading provider of cannabis oil and solutions for North America, announced a new agreement in Washington state in a press release. The partnership is with BMF Washington, a leading cannabis company in Washington, and includes the acquisition of assets in addition to the provision of goods and services, though none will require a license from the Washington Board of Liquor and Cannabis.

The deal includes $15 million going from Golden Leaf to BMF Washington, $3 million in cash and $12 million in Golden Leaf stock, within 45 days as well 300,000 warrants exercisable for two years.

"Washington, in addition to being double the size of Oregon, has a more settled regulatory environment,” said Don Robinson, CEO of Golden Leaf Holdings. “Through this strategic relationship, GLH has aligned itself with an established producer/processor with an experienced management team that currently enjoys a significant market share of what continues to be a very immature and fragmented oil and derivatives market."

The deal is anticipated to bolster the bottom line for Golden Leaf by being EBITA accretive. The state of Washington has a residency requirement for licensed operators and individual owners, so the deal will license intellectual property to BMF as well as providing service and non-cannabis materials, lease equipment and property, and lease employees.

Washington’s cannabis market represents a $1.3 billion opportunity, so the chance for growth presented to Golden Leaf Holdings by a toehold there could be very large.

Update of Oregon Operation Included As Well

The press release also included an update on Golden Leaf’s continued expansion of its Oregon. With the completion and implementation of recreational regulations there, expected on October 1, 2016, that growth is expected to increase exponentially. However, even prior to that, Golden Leaf’s success in the medicinal market is considerable.

The company already intends to launch an expanded brand portfolio in the first half of 2016, one that’s poised to make 2016 and beyond very lucrative for Golden Leaf.

"GLH remains very excited about the long-term opportunity in Oregon and is extremely well-positioned to take advantage of the recreational market,” said Robinson. “We are adjusting our business plan accordingly, ensuring we are in a position to maximize the short and long term growth potential in both the medicinal and recreational markets."

Included in the new line of products are High THC, Solvent-Free Cannabis Oil Vaporizer Cartridges, High CBD C02 Hemp Oil Vaporizer Cartridges, Artisan Edibles by GoldenXTRX, and Manufacturing and distribution of Dixie Elixir and Edibles product lines. The company’s also delving into marijuana flower products with its XTRX Farms Marijuana Flower, XTRX Farms Pre-Rolled Marijuana Joints, and Marijuana Cigarettes.

"We have tremendous confidence that GLH represents the leading Cannabis model in North America,” added Robinson. “We believe that continued growth in Oregon, refinements in general and administrative costs, and our strategic relationship in Washington will help accelerate the economic realization."

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