Golden Leaf Reports First Quarter 2017 Results, Shareholder Update Call, and New Board Slate for Annual General Meeting

TORONTO, ON--(Marketwired - May 29, 2017) - Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE: GLH) (CSE: GLH.CN) (CNSX: GLH) (OTCQB: GLDFF), a leading cannabis oil solutions company built around recognized brands, today announced its unaudited financial results for the first quarter ended March 31, 2017 ("Q1 2017"). Please click here to access the Company's filings on the SEDAR website.

GLH will hold a shareholder update call on Tuesday, May 30 at 4:15 pm ET to discuss the results. The dial-in numbers for the financial overview and shareholder update call are as follows:

Canada & U.S.: [phone]
International: [phone]

Passcode: 43038

Renewed Revenue Growth in 2017: Achieving Strategic Acquisition Objectives, Capital Raise Completion and New Board Member Slate Announced

Despite facing significant regulatory challenges in Oregon's cannabis industry in 2016 as previously communicated, the Company overcame obstacles and positioned itself in 2017 for renewed revenue growth and success. Unaudited Q1 2017 sales of GLH's brands in Oregon and Washington state of nearly $6M CAD showed a 33% increase versus Q1 2016, and more than a 70% increase versus the fourth quarter of 2016 ("Q4 2016"). Furthermore, the Company expects quarterly revenue to increase significantly after the close of the four strategic acquisitions.

While many competitors failed to survive in Q4 2016 because of regulatory upheaval, GLH's management team developed a strategy to become the leading consolidator of high-value cannabis brands. The Company began executing on this targeted acquisition strategy aimed at future success by signing four binding Letters of Agreement with Chalice LLC, a leading vertically integrated cannabis company in Oregon, the vape company JuJu Joints, Canadian based Medical Marihuana Group Corporation which has a pending application to become a licensed producer and NevWa, LLC the owner of cultivation and extraction licenses in Nevada. In connection with executing on this strategy, the Company has negotiated to fund the Company's acquisitions and existing operations.