Golden Leaf Receives Approval for Extraction Facility, Stock Surges

Golden Leaf Holdings Portland extraction facility

Persistence is key. Golden Leaf Holdings is a perfect example of this: after months of jumping over regulatory hurdles, the cannabis company announced that the Oregon Liquor Control Commission has given it state licensure, allowing the company to operate the Golden Leaf Holdings Portland extraction facility, effective July 19th. And since the news was released yesterday, Golden Leaf Holdings has found itself trading in the green, and in double digits.

Good things come to those who wait, right?

Golden Leaf Holdings Portland Extraction Facility: It’s a Go

It wasn’t an easy journey getting here. For months Golden Leaf Holdings was consumed by licensing and permitting processes, but on July 25th all of that changed.

Initially, the Portland, Oregon-based extraction facility required modifications. However, with everything finished, Golden Leaf Holdings can start using the facility to “perform advanced research and development in cannabis extraction,” William Simpson, CEO, said.

Capitalize off Cannabis
Sign up now to start receiving our investing insights for FREE!

 

The facility has a footprint of nearly 7,000 square feet, and the equipment in the extraction facility is extremely complex.

Simpson added that it will enable the company to introduce “new and exciting products into the marketplace.”

Now What?

What happens next is something likely being discussed heavily in the cannabis industry. Now that the facility has been approved to extract cannabis oil, GLH is in line to receive final permitting from Portland.

The Golden Leaf Holdings Stock (CSE:GLH)

So you can see why yesterday’s news is so important for the company, both in terms of the present and the future. With this sort of news, you wouldn’t expect the stock to fall. Which it didn’t.

According to Google Finance, at 3:54 p.m. EDT, the GLH stock was trading at $0.20, which puts it up 7.89%. Earlier in the day, the stock was up around 11%.

The Takeaway

What do you think about the news of the Golden Leaf Holdings Portland extraction facility receiving approval?

>> Medical Marijuana Set to Become Available By Prescription in UK

Featured Image: Twitter