Golden Leaf cheers changes to Oregon cannabis policies
2016-03-24 16:08 ET - News Release
Shares issued 94,540,673
Mr. Don Robinson reports
OREGON CANNABIS REGULATOR, OREGON HEALTH AUTHORITY, CLARIFIES EXTRACTS POLICY POSITION
Golden Leaf Holdings Ltd. is updating shareholders on the recent favourable regulatory changes associated with the Oregon cannabis extract processor policies and expects it to have a positive effect on the company's operations.
The Oregon Health Authority (OHA), announced today its modified position on the production and sales of extracts. Effective April 1, 2016, a producer of extracts can submit an application to become a registered processor. Upon submission of a completed application to the OHA, the extractor will be authorized by the OHA to produce and sell all extract related products under its administrative rules. Dispensaries can also receive and sell extracts and edibles under this new ruling. This means that GLH will be in full operation under the new policies effective April 1, in both extraction and sales.
The GLH team partnered with other industry leaders to provide critical input to the OHA that eventually led to the change in the OHA's policies. This partnership allowed for a healthy dialogue involving various stakeholders. Don Robinson, chief executive officer of the company, commented: "These types of events will happen from time to time as the market evolves and matures. We want to thank both the legislators and the OHA for their responsiveness to the inputs of the industry."
GLH intends to immediately submit the processor application once the application process is open, which the company anticipates may contribute to its revenues and margins moving forward. The GLH compliance team anticipated that the OHA would modify its position, based on the team's analysis of Oregon statutory law and legislative intent.
Mr. Robinson added: "We welcome the clarification on the regulatory policies and practices. These changes in the administrative rules will align regulatory processes with the legislative and statutory intent. We see this as an incredibly positive step forward for the industry as a whole which will allow for the normalization of current industry operations."
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