LEEF Brands Announces Completion of Salisbury Canyon Ranch Construction and First Crop in 2025

LEEF Brands Inc.
LEEF Brands Inc.

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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.