(MENAFN- GlobeNewsWire - Nasdaq) VANCOUVER, British Columbia, Oct. 02, 2024 (GLOBE NEWSWIRE) -- LEEF Brands, Inc. (“LEEF” or the“Company”) (CSE: LEEF) (OTC: LEEEF) is pleased to announce the completion of phase 1 construction and local permitting at Salisbury Canyon Ranch, the previously announced 1,900-acre property located in Santa Barbara County with a 187-acre Land Use Permit and business license for Cannabis cultivation. The company is excited to share that the first crop is expected for 2025, marking a significant milestone in the expansion of its cultivation operations.
As part of this project, over $7 million has been invested in the purchase of the real estate as well as key infrastructure projects including wells and irrigation systems, cameras and fencing, road improvements, engineered pads, and field preparation and related permits. Phase 1 has resulted in 65 acres of cannabis cultivation area, which helps satisfy the Company's significant supply chain needs.
“The completion of the first phase of Salisbury Canyon Ranch represents a major achievement for our team after a long road to get here,” said Micah Anderson, Chief Executive Officer of LEEF Brands.“This addition to our internal supply chain is expected to significantly drive revenue and margin growth in 2025, positioning us well for continued success.”
LEEF has also completed the licensing process for a hemp cultivation permit on the Salisbury Canyon Ranch allowing the company to further leverage the newly completed infrastructure as well as add new future revenue streams within the hemp industry. LEEF has been active in the hemp space since 2015 through its wellness brand, LEEF Organics. Management is playing close attention to the changing landscape between hemp and cannabis regulations with the goal to position the company to be able to expand in either, or both directions.
The Company also announces the closing of a $1,000,000 USD note payable. The one-year note carries an interest rate of 10%. The proceeds will be used to support ongoing operations and strategic initiatives aimed at enhancing product offerings and distribution capabilities.
Additionally, LEEF Brands has issued 27,425,208 common shares on August 20th 2024 related to a previously announced equity offering, through which the company raised $740,480 CAD. The funds will support ongoing operations and strategic initiatives.
Finally, the Company has issued 174,914,000 common shares on August 20th 2024 in relation to the previously disclosed earnout of Anderson Development SB, LLC. LEEF acquired Anderson Development SB, LLC in November 2021 which included the Land Use Permit and option to purchase the Salisbury Canyon Ranch. This issuance fulfills part of the acquisition agreement.
About LEEF Brands Inc.
LEEF Brands Inc. is a leading California-based extraction and manufacturing cannabis company, recognized for its large-scale vertical integration and as one of the state's most sophisticated operators. With a comprehensive supply chain, cutting-edge manufacturing processes, and a dynamic bulk concentrate portfolio, LEEF powers some of the largest brands in California. For more information, visit .
LEEF Brands Inc.
Per: "Kevin Wilson"
Chief Financial Officer
Forward-Looking Statements
This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements") including, but not limited to, the anticipated effects of the settlement of the Company's convertible debentures for equity and the extension of the maturity of the Company's convertible debentures; the anticipated rescheduling of cannabis under United States federal regulations and the anticipated effects thereof; and the anticipated closing of an equity offering and the anticipated use of proceeds therefrom. Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance or financial results. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. All forward-looking statements, including those herein are qualified by this cautionary statement. Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information, including financial and operational results not proving to be as expected or on the timelines expected; the Company not completing certain proposed acquisition or financing transactions at all, or on the timelines expected; the Company not achieving the synergies expected; and other risks disclosed in the Company's Annual Information Form and other public filings on SEDAR+ at . Accordingly, readers should not place undue reliance on forward-looking statements.
For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR+ at . The forward-looking statements and financial outlooks contained in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE LEEF Brands, Inc.
LEEF Brands, Inc., Micah Anderson, CEO, or Kevin Wilson, CFO, 707-703-4111, ...
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