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Golden Leaf Holdings Reports $4.3M In Q2 Revenue

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Golden Leaf Holdings Reports $4.3M In Q2 Revenue

Cannabis oil solutions company Golden Leaf Holdings Ltd. (CSE:GLH) (OTC: GLDFF) reported second-quarter revenue of $4.3 million Monday, up from $3.7 million in the same quarter of 2018.

The company said in the report that the 17% quarter-over-quarter increase is mainly thanks to its wholesale revenue streams in Oregon and flower sales from its Canadian operations.

Gross profits accounted for 40% of the total revenue at $1.7 million, versus $900,000 or 26% of the total revenue in the same period one year ago. 

The company's adjusted EBITDA loss fell from a loss of $3.5 million to $1.5 million year-over-year.

Golden Leaf Holdings’s net loss for the second quarter was $3.4 million or 1 cent per share per share versus a net gain of 1 cent per share, or $3.2 million, one year ago. 

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“The strong gross margin run-rate in the first six months of 2019 is primarily due to significant cost reductions and utilization of improved inventory controls and processes,” interim CEO John Varghese said in a statement.

“Our increased focus on operational excellence and building out our executive team is starting to show results that we believe are sustainable for growth in the coming quarters.”

The company said it signed an agreement last month with The Micro Buddery, Inc. to manufacture Chalice Farms-branded cannabis fruit chews in California.

Golden Leaf recently obtained Standard Processing and Medical Sales licenses from Health Canada. 

The stock was trading higher by 2.12% at just under 4 cents at the time of publication Monday. 

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