Golden Leaf Holdings adds seasoned, Cannabis-industry lens to financial forecasting and strategic planning

Announces Andrew Marchington as New Chief Financial Officer

TORONTO, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) (“Golden Leaf” or the “Company”), a pioneering cannabis solutions company and dispensary operator built around the recognized brands of Chalice Farms, today announced that Andrew Marchington has joined the Company as Chief Financial Officer effective September 07, 2020, reporting to Jeff Yapp, CEO. Andrew replaces Stanley (“Stan”) Grissinger, President, who stepped in as Interim CFO on January 31, 2020.

Andrew has served on the senior leadership team as a full-time contract finance consultant since November 2019. Since that time, he led the fiscal 2019 audit to great success and efficiency, stabilized turnover in the finance team and has added a seasoned, industry lens to financial forecasting and strategic planning. Andrew previously worked with GLH from October 2015, shortly after listing on the CSE, until July of 2018 and progressed to the role of Corporate Controller during that time.

“I've had the opportunity to work closely with Andrew since he rejoined the Company,” shared CEO, Jeff Yapp. “It quickly became obvious to me that he was perfectly suited to assume this role. His historical knowledge of GLH, focus on compliance and disclosure, leadership presence, business acumen and contributions to the Senior Leadership Team made him the natural choice to round out our team. I also want to thank Stan for taking on the added role of CFO for the past seven months,” added Yapp.

Andrew is a driven finance leader with experience in professional services, start up and enterprise level organizations as well as five years of experience in the cannabis industry. Focused on lean, high-output teams, Andrew brings a practical blend of best practices and priorities in finance, accounting, strategy, and management. Andrew started his career in public accounting with Moss Adams and Deloitte, followed by experience in the software industry and the healthcare innovation space with Cambia Health Solutions. He brings nearly five years of progressive experience as a finance and accounting leader in the Cannabis industry. First with Golden Leaf and then with C21 Investments. Andrew has had significant exposure to working capital management, supply chain, cost accounting, treasury, tax compliance, M&A and financing transactions along with continued excellence in public company external reporting compliance. Andrew received a B.S. in Accounting from the University of Oregon and is a licensed CPA in Oregon.

“The challenges we faced during my first tenure in Golden 1.0 was largely formative to my career and I am pleased to be able to rejoin and finish the story,” stated Andrew. “We have learned from our past, responded strategically to survive, and plan to thrive in the current climate of the U.S. Cannabis industry. I believe this is one of the best management teams in the industry and by far the best in Golden Leaf’s history. I am blessed to have this opportunity to be part of the Golden 2.0 story.”

About Golden Leaf Holdings
Golden Leaf Holdings is a premier consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, with seven dispensaries in Portland, Oregon. The Company is committed to developing a dynamic portfolio built around the recognized brands of Chalice Farms, with a focus on health and wellness. Markets served include Oregon, California, Nevada and Washington. Visit glhmonthly.com for regular updates. Visit goldenleafholdings.com to learn more.

Investor Relations:
John Varghese
Executive Chairman
Golden Leaf Holdings Ltd.
971-371-2685
ir@goldenleafholdings.com

Disclaimer: This press release contains “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These risks include but are not limited to general business, economic and competitive uncertainties, regulatory risks, market risks, risks inherent in manufacturing and retail operations such as unforeseen costs and production shutdowns, difficulties in maintaining brand loyalty, and other risks of the cannabis industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. Forward-looking information is provided herein for the purpose of presenting information about management’s current expectations relating to the future and readers are cautioned that such information may not be appropriate for other purpose. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. This press release does not constitute an offer of securities for sale in the United States, and such securities may not be offered or sold in the United States absent registration or an exemption from registration or an exemption from registration.

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