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Golden Leaf Holdings Ltd. (GLH.CN)

Canadian Sec - Canadian Sec Real Time Price. Currency in CAD
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0.0250+0.0050 (+25.00%)
At close: 3:36PM EDT
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Previous Close0.0200
Open0.0250
Bid0.0200 x 0
Ask0.0250 x 0
Day's Range0.0200 - 0.0250
52 Week Range0.0100 - 0.0300
Volume220,766
Avg. Volume895,367
Market Cap21.547M
Beta (5Y Monthly)0.36
PE Ratio (TTM)N/A
EPS (TTM)-0.0560
Earnings DateAug. 19, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est1.58
  • GlobeNewswire

    Strong operating performance continues as Golden Leaf Holdings expects to report a successive record revenue quarter and positive cash flow from operations

    Q3 2020 Selected Year-to-date resultsTORONTO, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) (“Golden Leaf” or the “Company”), a premier, consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, today announces expected unaudited results for the three months ended September 30, 2020. The Company anticipates final unaudited revenues for the three months ended September 30, 2020 will be approximately $6.1M with an expected gross margin of 35%. This is the first time in the Company’s history that revenue will exceed $6.0M and represents growth of 13% over the previous quarter and growth of 41% compared to continuing operations from the same quarter in 2019. These results are driven by continued growth in the Company’s Oregon, California and Washington businesses. The Company also expects to report positive cash flow from operations for the first time in its history, a milestone signaling sustainable operations which allows for investment towards expansion and organic growth.“We have maintained focus on our core operations in Oregon and regained momentum in third party toll processing while also gaining traction in California and Washington,” stated Jeff Yapp, Chief Executive Officer of Golden Leaf. “We believe this marks a turning point for GLH as we continue to grow our business while overcoming all the challenges 2020 has thrown at us.”About Golden Leaf HoldingsGolden Leaf Holdings is a premier consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, with 7 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.Investor Relations:John Varghese Executive Chairman Golden Leaf Holdings Ltd. 971-371-2685 ir@goldenleafholdings.comNeither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.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.

  • GlobeNewswire

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

    Announces Andrew Marchington as New Chief Financial OfficerTORONTO, 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.comDisclaimer: 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.Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

  • GlobeNewswire

    Business is Budding for Golden Leaf Holdings

    Company Reports Record Fiscal Second Quarter 2020TORONTO, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. (CSE:GLH) (OTCQB:GLDFF) (“Golden Leaf” or the “Company”), a premier consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, today announced financial results for the second quarter ended June 30, 2020. All financial results are stated in US dollars, unless otherwise noted. “Management believes that GLH is substantially undervalued compared to its peers. We have demonstrated the ability to achieve significant growth while navigating the COVID-19 crisis, and its impact on the market as well as our partners in each jurisdiction,” stated Jeff Yapp, Chief Executive Officer of GLH.The Company focused on growing sales in Oregon, a tactical decision made to offset unexpected shut-down related losses in Nevada, and slower than expected growth in its other markets.“We brought a laser focus to the areas that we believed provided the greatest opportunity for growth,” continued Yapp. “And we did it everywhere. The team’s disciplined approach to the Company’s front lines helped us drive innovation, maximize results, and further distinguish us from the competition, despite challenges facing the world and the industry. We believe we are turning the corner and can comfortably put past missteps behind us. GLH remains laser-focused on operational excellence.”Q2 Financial Highlights: * Record quarterly revenues from continuing operations of $5.5M, an increase of 40% compared to the second quarter of 2019 and 16% greater than the first quarter of 2020. This increase was led by record second quarter Chalice Farms retail revenues of $3.7M. * Retail growth was driven by an increase in total tickets of 16% and average ticket size of 16% compared to the second quarter of 2019. * Record year to date revenues from continuing operations of $10.2M, an increase of 40% compared to the first half of 2019, driven by Chalice Farms retail revenues and Oregon wholesale revenues. * Same store sales growth in the Chalice Farms network of 34% versus the three months ended June 30, 2019 and 25% for the six months ended June 30, 2020. * Oregon wholesale revenues up 96% year over year driven by improved supply chain and forecasting resulting in stabilization of inventory levels. * Lowest quarterly cash used in operations in Company history of $137,000. * Adjusted EBITDA loss (non-IFRS) was $0.7M for the three months ended June 30, 2020, off $0.1M sequentially due primarily to the shortfall in third party toll processing revenues. Adjusted EBITDA is a non-IFRS measure, which the Company considers important in assessing operations. For a reconciliation of Adjusted EBITDA (non-IFRS) to income (loss) before income taxes, please see below. * Adjusted EBITDA loss (non-IFRS) was $1.4M for the six months ended June 30, 2020, an improvement of $2.5M or 64% compared to the six months ended June 30, 2019 driven by operational efficiencies, increased revenues and reduced G&A expenses and savings related to headcount. Adjusted EBITDA is a non-IFRS measure, which the Company considers important in assessing operations. For a reconciliation of Adjusted EBITDA (non-IFRS) to income (loss) before income taxes, please see below. * Gross profit before fair value items was $1.5M, flat compared to the same period a year ago and down compared to the first quarter due to the unexpected shutdown and related losses in Nevada as well as the shortfall in third party toll processing revenues in Oregon and the reversal of an audit related adjustment in the first quarter of 2020. * Gross profit margin excluding fair value items of $(0.2)M and adjusted for extraordinary circumstances in Nevada $(0.2) and the write-off of inventory deposits in California $(0.1) was $1.8M (non-IFRS), equal to a gross margin rate (after these adjustments) of 33% which is favorable versus the average gross profit margin rate during Fiscal 2019 and only slightly off from 37% in the first quarter 2020, due to the shortfall of third-party revenues as mentioned previously. * Lowered operating expenses to $3.1M, a reduction of $0.7M compared to the same quarter of 2019 and $0.2M compared to the first quarter of 2020. Year to date for the six months ended June 30, 2020 operating expenses are down 22% compared to the same period of 2019. * In early July, the Company obtained approval from its debenture holders to pay all interest in shares, allowing for continued cash preservation as the Company continues the pursuit of becoming cash flow positive operationally. * The Company has sufficient cash on hand to meet its short-term obligations and has strong support from all stakeholders to continue to navigate this period of extraordinary growth, while contemplating various non-dilutive capital opportunities to invest further in the Company’s established retail network.“The Company continues to drive top line growth out of Oregon, while gaining momentum in California and Washington. Discipline, rationalizing head count, optimizing inventory and scrutinizing payables turnover will continue to fuel our growth” further added Yapp.Preliminary July Financial ResultsRecord revenues continued in July 2020. The Company produced preliminary unaudited estimated revenues of $2.0M at an estimated gross margin of 33%, led by Chalice Farms retail revenues of $1.4M and Oregon wholesale revenues of $0.5M.“The Company’s Crawl, Walk, Run strategy helped us build the momentum needed for a great Q1 and Q2,” said Yapp. “Delivery, online ordering and driving innovation in customer experience has led to really solid growth in retail. We are maximizing service to our customers with new products, education and humanity. Our teams have shown up for our customers and continue to perform above our expectations.”As of June 30, 2020, the Company offers, directly and through its partners, over 145 SKUs across 23 product lines all under Chalice brands, in four jurisdictions: Oregon, California, Nevada and Washington.Disclaimer Regarding Preliminary Financial InformationThe financial information presented in this news release for July 2020 is based on preliminary, unaudited financial statements prepared by management. Accordingly, such financial information may be subject to change. Such financial information is qualified in its entirety with reference to the Company's unaudited financial statements for the third quarter ended September 30, 2020, which will be filed on SEDAR (www.sedar.com) in November 2020. While the Company does not expect there to be any material changes to the July 2020 financial information presented in this news release, to the extent that it is inconsistent with the information contained in the Company's unaudited financial statements for the third quarter ended September 30, 2020, the financial information contained in this news release shall be deemed to be modified or superseded by the Company's unaudited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.Investor Conference Call Golden Leaf Holdings – 2020 Second Quarter Earnings Call Golden Leaf management, led by Mr. John Varghese, Executive Chairman and Mr. Jeff Yapp, Chief Executive Officer, will hold a conference call on Tuesday, August 18, 2020 at 5:00pm ET, to report its financial results for Q2 ended June 30, 2020. Please click here to register and stream the call, or use the following phone numbers:Toll Free: 1-877-407-0784 Toll/International: 1-201-689-8560 Conference ID: 13707968A live audio webcast will be available online on the Company’s website at www.goldenleafholdings.com where it will be archived for one year.An audio replay of the conference call will be available through midnight Tuesday, September 1, 2020 by dialing 1-844-512-2921 from the US or Canada, or 1-412-317-6671 from international locations. The conference ID is: 13707968.Q2 2020 Virtual Webinar GLH will host a Virtual Webinar for shareholders providing a corporate update and a summary of the second quarter. The webinar will be on Wednesday August 19th, at 5:00pm ET. Participants are asked to join approximately 10 minutes before the start of the Webinar. See below for the link to the live webinar.Register for the Webinar by visiting the following link: Q2 2020 Virtual WebinarWebcast ReplayA replay will be available approximately one hour after the Webinar ends by following the registration link: Q2 2020 Virtual Webinar ReplayAbout 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.Investor Relations:John Varghese Executive Chairman Golden Leaf Holdings Ltd. 971-371-2685 ir@goldenleafholdings.comDisclaimer: 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 cultivation, 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.   GOLDEN LEAF HOLDINGS LTD.    Interim Condensed Consolidated Statement of Financial Position (Unaudited)    As at June 30, 2020 and December 31, 2019     (Expressed in U.S. dollars)             June 30, 2020 December 31, 2019       ASSETS     CURRENT     Cash $1,143,787  $3,531,202  Accounts receivableNote 5 212,036   167,178  Other receivablesNote 5 and 11 1,005,984   447,901  Income tax recoverable  -   74,034  Sales tax recoverable  327,168   271,866  Biological assetsNote 7 233,508   88,078  InventoryNote 7 2,989,032   2,965,304  Prepaid expenses and deposits  432,301   325,329  Total current assets  6,343,816   7,870,892        Property, plant and equipmentNote 8 2,831,237   3,723,489  Notes receivableNote 6 919,488   919,488  Right-of-use assets, netNote 9 4,089,643   4,333,064  Intangible assetsNote 10 10,737,423   10,737,423  GoodwillNote 10 4,056,172   4,056,172  Total assets  28,977,779   31,640,528        LIABILITIES     CURRENT     Accounts payable and accrued liabilities  2,547,900   1,564,982  Interest payable  456,372   125,900  Income taxes payable  616,975   -  Deferred income tax payable  248,852   248,852  Sales tax payable  209,527   187,520  Current portion of long-term debtNote 12 99,894   82,404  Notes payableNote 11 208,817   -  Lease liabilityNote 12 887,070   843,238  Total current liabilities  5,275,407   3,052,896        Long term debtNote 12 -   29,952  Long term lease liabilityNote 12 4,084,551   4,090,806  Convertible debentures carried at fair valueNote 11 4,653,136   4,706,141  Consideration payable - cash portionNote 12 4,517,477   4,218,866  Consideration payable - equity portionNote 12 4,854,132   4,940,667  Total liabilities  23,384,703   21,039,328        SHAREHOLDERS' EQUITY     Share capitalNote 13 147,926,008   147,763,499  Warrant reserveNote 14 1,554,929   1,980,217  Share option reserveNote 15 3,843,938   4,181,350  Contributed surplus  59,940   59,940  Deficit  (147,791,739)  (143,383,806) Total shareholders' equity  5,593,076   10,601,200  Total liabilities and shareholders' equity $28,977,779  $31,640,528    GOLDEN LEAF HOLDINGS LTD.        Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)      For the three and six months ended June 30, 2020 and 2019         (Expressed in U.S. dollars)                     For the three months ended June 30, For the six months ended June 30,    2020   2019   2020   2019  Revenues         Product salesNote 20$5,312,655  $3,931,536   9,552,237  $7,660,495  Royalty and other revenueNote 20 204,078   8,286   634,800   210,356  Total Revenue  5,516,733   3,939,822   10,187,037   7,870,851  Inventory expensed to cost of salesNote 7, 20 4,041,207   2,465,737   7,005,399   4,981,167  Gross margin, excluding fair value items  1,475,526   1,474,085   3,181,638   2,889,684            Fair value changes in biological assets included in inventory soldNote 7, 20 (34,358)  -   (34,358)  -  Loss on changes in fair value of biological assetsNote 7, 20 216,870   -   196,156   -  Gross profit  1,293,014   1,474,085   3,019,840   2,889,684            Expenses:         General and administration  2,190,871   2,867,526   4,499,030   5,744,595  Share based compensationNote 15 93,697   (82,216)  223,276   329,710  Sales and marketing  539,028   377,427   1,074,054   1,006,112  Depreciation and amortizationNote 8, 9 230,278   560,571   535,738   1,076,501  Total expenses  3,053,874   3,723,308   6,332,098   8,156,918                    Loss before items noted below  (1,760,860)  (2,249,223)  (3,312,258)  (5,267,234) Interest expense  547,743   753,308   1,098,844   1,484,309  Transaction costs  41,051   2,114   41,051   8,222  Loss on disposal of assetsNote 8 310,017   109,856   317,839   92,911  Other (income) loss  (9,781)  124,240   (38,220)  (16,957) Gain on change in fair value of warrant liabilities  -   (82,101)  -   (581,763) Loss on change in fair value of convertible debenturesNote 11 -   155,446   -   119,277  Loss before income taxes  (2,649,890)  (3,312,086)  (4,731,772)  (6,373,233) Current income tax expense  304,932   4,300   663,216   15,924  Net loss from continuing operations  (2,954,822)  (3,316,386)  (5,394,988)  (6,389,157) Loss from discontinued operations  -   (123,195)  -   (96,469) Net loss  (2,954,822)  (3,439,582)  (5,394,988)  (6,485,625) Other comprehensive loss         Items that will be reclassified subsequently to profit or loss:         Cumulative translation adjustment  -   89,831   -   982,045  Comprehensive loss $(2,954,822) $(3,529,413) $(5,394,988) $(7,467,670) Basic and diluted loss per share from continuing operations $(0.00) $(0.01) $(0.01) $(0.01) Basic and diluted loss per share from discontinued operations $-  $(0.00) $-  $(0.00) Weighted average number of common shares outstanding  861,790,774   575,776,971   860,840,418   555,451,438            Adjusted EBITDA                  For the three months ended For the six months ended  June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019          Loss before income taxes$(2,649,890) $(3,312,086) $(4,731,772) $(6,373,233) Adjustments:        Net impact, fair value of biological assets 182,512   -   161,798   -  Depreciation and amortization 503,044   560,571   1,071,389   1,076,501  Fair value changes on debt and equity instruments -   73,345   -   (462,486) Share based compensation 93,697   (82,216)  223,276   329,710  Interest expense, net 547,743   753,308   1,098,844   1,484,309  Transaction costs 41,051   2,114   41,051   8,222  Start-up costs(1) -   -   119,196   -  Extraordinary losses(2)  236,000   -   236,000   -  Impairments and other (9,781)  124,240   86,780   (16,957) Loss on disposal 310,017   109,856   317,839   92,911  Adjusted EBITDA$(745,607) $(1,770,868) $(1,375,599) $(3,861,023) (1) Write-off of significant start up costs related to the Company's California business        (2) Losses experienced in Nevada due to unexpected shut down and facility abandonment due to COVID-19