Welcome to our dedicated page for Leef Brands news (Ticker: LEEEF), a resource for investors and traders seeking the latest updates and insights on Leef Brands stock.
LEEF Brands Inc. is a premier vertical cannabis operator based in California, known for its large-scale vertical integration and innovative manufacturing processes. The company recently announced a strategic partnership with AG Advisors LLC to oversee cultivation operations on its 1,900-acre ranch in Santa Barbara County. This collaboration aims to optimize cultivation processes and ensure the highest quality raw material for extraction. Additionally, LEEF Brands has ventured into nursery operations with Lifted Organics to enhance genetic offerings and reduce costs, catering to customer acquisition and retention. The company's commitment to sustainable growth is showcased through its ongoing Salisbury Canyon Ranch project, a significant development set to improve supply chain efficiencies, reduce costs, and sustain financial health.
LEEF Brands announces its groundbreaking move to adopt Bitcoin as a treasury reserve asset, becoming one of the first publicly traded cannabis companies to take this step. The company has entered into an agreement with Canaccord Genuity for a US$5 million convertible debenture offering, with potential for an additional US$750,000 through an Over-Allotment Option.
The debentures, due in 2030, will bear 10% annual interest and be convertible to common shares at US$0.18 per share. They will be secured by Bitcoin holdings, making them the company's first lien debt obligations regarding Bitcoin assets. LEEF has already acquired 3.937 Bitcoin at an average cost of US$88,255.17, stored in a multi-signature cold wallet.
LEEF Brands Inc. (CSE: LEEF, OTC: LEEEF) reported its Q2 2024 financial results, showing net sales of $7.9M for the quarter and $15.8M year-to-date. The company achieved a gross profit of $2.7M for Q2 and $5.9M for H1 2024, with gross margins of 34.0% and 37.3% respectively. Adjusted EBITDA stood at $437K for Q2 and $2.2M for H1 2024.
LEEF reported an 81% YOY increase in unit sales in California, despite a decrease in average price per gram. The company maintained positive cash flow from operations for the third consecutive quarter. However, LEEF also reported a net loss of $3.9M for Q2 2024, compared to a $20.3M loss in Q2 2023.
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