Golden Leaf Holdings shows positive growth through 2019

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The cannabis company was able to stay strong as the cannabis industry fluctuated

Another cannabis venture is reporting record sales and huge growth from last year. Golden Leaf Holdings Ltd. is one of the pioneer cannabis companies and dispensary operators, and its proprietary brand, Chalice Farms, is well-recognized in the market. The company has recently presented its latest financial results for the fourth quarter and fiscal year ending on December 31, 2019, showing extremely positive results.

Among the most relevant highlights, the company broke its record in total revenue reported at $15.8 million, which represents a year-over-year increase of 7% – the previous year reported $14.7 million in total revenue. Besides that, the gross profit rose to $4.3 million with a 27% margin, while the previous year saw $0.9 million. The adjusted EBITDA is still reporting losses, however, at almost half of that seen the previous year – $8.8 million in 2019 compared to $14.4 million in 2018. The last quarter reported less revenue than the previous quarter, which could have been due to the vaping crisis in the country during the final months of 2019.

Jeff Yapp, CEO of Golden Leaf, was appointed last year, which the company considers a win since he has been able to form a world-class management team gathering a unique experience from both the cannabis and retail industries. “The potential revenue impact resulting from the Vape ban in the fall of 2019 was a turning point for the Company. By harnessing the new team’s agility, product and market ingenuity, we were able to quickly pivot, recover and demonstrate market leadership in Oregon,” said Yapp.