Once again, the Canadian cannabis industry is making waves. Last week we heard about the potential Aurora Cannabis dual listing. Today, we've heard that Golden Leaf Holdings acquires sales license from Health Canada.
Not a bad few days, right?
Golden Leaf Holdings Acquires Sales License
On Monday, September 24th, Golden Leaf Holdings (CSE:GLH) announced that its subsidiary, Medical Marijuana Group, was granted its sales license from Health Canada.
Why is this important? Well, now that GLH and Medical Marijuana Group have a sales license, the companies can start shipping high-quality products to buyers.
The Reactions
Cannabis investors are calling this a milestone achievement (hence the more than 15% GLH stock jump today). But it's not just investors reacting positively to the Golden Leaf Holdings sales license; the entire team is optimistic.
According to Phillip Millar, the President of the GLH subsidiary, now "product in inventory will move" to buyers, giving the potential to contribute roughly $900,000 USD to Q3 Golden Leaf Holdings revenue. As a result, Millar said the team is "thrilled with the news."
William Simpson, CEO of Golden Leaf Holdings, agreed with Millar, saying this news will "contribute to our third quarter revenue numbers," as well as encourage more "investor confidence in our company."
The GLH Share Price
According to Yahoo Finance, as of 12:40 p.m. EDT, Golden Leaf Holdings was trading at $0.295, which puts GLH up 25.53%.
Considering it's relatively early in the trading day, can this cannabis stock shoot up more than 30%? Maybe; and even if it doesn't, is it still a trending cannabis stock of the day? Definitely. There aren't other cannabis penny stocks competing at its level today, except for maybe Namaste Technologies, which is currently up 10.85%.
The Takeaway
With the hype this news made today, and with the GLH team saying this sales license will do good things for Q3 numbers, it will be interesting to see how things play out during the next month or so.
What do you think will happen?
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