May 12, 2016 08:00 ET
Golden Leaf Holdings Ltd. Provides Update on Aurora Site
TORONTO, ON--(Marketwired - May 12, 2016) - Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE: GLH) is pleased to announce that the build out and development of GLH's main campus and production center in Aurora, Oregon (the "Aurora Site") continues on schedule. The Aurora Site will allow GLH to continue leading the field in various forms of extraction and enable further development of the Company's branded products targeting relevant consumer segments in the recreational (adult use) and medical markets.
The Aurora Site is a newly consolidated extraction and refinement center, running five supercritical fluid extractors and two BHO extractors. GLH recently acquired a Pope Fractional Distillation machine for making solvent-free products that are currently in the new product development pipeline. The machine will allow the Company to complete further research and development in the refining of cannabis oil, in order to maximize its purity, potency and consistency.
The Aurora Site also houses new bubble-hash equipment for production of GLH's new, premium bubble hash and rosin products. The first run of bubble hash just launched into the medicinal market, targets cannabis connoisseurs.
The Company has implemented an all-new quality control, testing and analytics lab at the Aurora Site and construction is underway on new office space at the main building to house all GLH employees. GLH is continuing development on a small cultivation center focused on innovative flower research and development.
The Company expects that its continued efforts to build out the Aurora Site facilitates will lower costs and create economies of scale in production. The Company expects this will provide it with a competitive advantage as the extraction industry evolves.
Don Robinson, CEO of GLH stated; "Having all of Golden Leaf's staff centered in one location, will not only save on costs but also greatly increase productivity and efficiency. We are delighted at how the Aurora Site has turned out and I am confident that it will continue to get better."
The Aurora site is presently limited to operations covered by the medical marijuana program, since the county in which it is located (Marion County) "opted out" of the recreational (adult use) program that will be deployed in Q4 2016. Fortunately, the "opt out" has been referred to the voters for the November 2016 election and based upon a public opinion survey commissioned by the Company to determine how much support there is for cannabis, management believes the public opinion is very much in the Company's favor and the initiative to prohibit recreational (adult use) cannabis businesses is anticipated to fail. At the very least, regardless of the referendum's outcome, the Company expects that Aurora should be able to be utilized as a medical grow site, although it would be subject to a substantial plant restriction under present law. |
