The cannabis company behind Chalice Farms has delayed the release of its financial health amid the COVID-19 pandemic
One of the pioneering companies in cannabis solutions and dispensaries, Golden Leaf Holdings Ltd., has issued an update regarding its financial numbers. The company, which owns recognized brands such as Chalice Farms, will present its financial report for the fourth quarter of 2019, as well as the year-end financial statements, within the next week. The report, along with the management’s discussion and analysis, was originally scheduled for today.
The Canadian Securities Administrators published on March 23 a series of exemptions from certain regulatory filings, providing a 45-day extension with a deadline set to June 1, 2020. This exemption was issued to help issuers have more time to prepare the report due to any financial implications that the coronavirus pandemic can cause. Golden Leaf will rely on these exemptions, but respecting the annual filings. In the meantime, both managers, as well as other company’s insiders, are entering a black-out policy period, based on the what the section 9 of National Policy 11-20 Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions states.
This Canadian cannabis venture with operations in the US has reported some significant events since its last financial report. Back in December, Golden Leaf sold two of its subsidiaries, Medical Marihuana Group Corporation and Medical Marijuana Group Consulting Ltd., to Sensi Brands. On the other hand, in February, it announced the pending acquisition of the assets of Tozmoz, LLC. More recently, on April 20, Golden Leaf announced a new record in unaudited utilities for $4.7 million during its Q1 of the fiscal year 2020, with 40% estimated in gross margins.