Golden Leaf Holdings (CSE:GLH) announced its Canadian licensed producer (LP) subsidiary Medical Marijuana Group obtained a sales license from Health Canada.
As quoted in the press release:
President of MMG Phillip Millar said, “We are thrilled with the news. All of our product in inventory will move immediately to buyers and could contribute approximately US$900,000 to third quarter GLH revenue. All 2018 product we can grow is already pre-sold under very favourable wholesale pricing. Our plan for 2019 is to secure direct-to-customer licensing and supply the profitable medical patients’ market with the assistance of our sister company MMC, also 100 percent-owned by GLH, which currently has patient lists that can account for 100 percent of our production capacity. We expect the complete value chain of seed to consumer will result in high profit margins.
William Simpson, CEO of Golden Leaf Holdings, commented, “We anticipate this news to contribute to our third quarter revenue numbers and foster increased investor confidence in our company. With recreational cannabis becoming legal in Canada in the fourth quarter of 2018, we are well situated to take advantage of anticipated product demand in an exciting market. This accomplishment is the first of many steps that establishes us as an international cannabis company. ”