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Golden Leaf Holdings Ltd. (CNSX:GLH.CN) (OTCQB:GLDFF) (“Golden Leaf” of the “Company”), a cannabis company with cultivation, production and retail operations built around recognized brands announced today that it has hired William Kulczycki as its new CEO and President. Former CEO and President William Simpson will remain with Golden Leaf on a full-time basis to assist Mr. Kulczycki and the Board with strategic and day-to-day activities of Golden Leaf in his capacities as “Founder” and a Board observer.

Mr. Kulczycki brings over 40 years of experience to Golden Leaf as an executive with public and private companies involved in the outdoor industry, where he has successfully built strong management teams, improved profitability, and provided support and advice on acquisitions as well as distribution strategies. Mr. Kulczycki’s experience includes 28 years as Vice President of Patagonia Inc./Lost Arrow Corp.; four years as CEO/President of C.C. Filson of Seattle; four years as Brand President of Gregory Mountain Products, and V.P. of Black Diamond Inc., a publicly traded outdoor company; and two years as Executive Director of Mountain Khakis of Jackson, WY. While at Patagonia, Mr. Kulczycki was responsible for Global Sales and Marketing, as well as Product Development.

Mr. Simpson commented, “We are fortunate and privileged to have a man of William Kulczycki’s track record, experience and talent join Golden Leaf. As Golden Leaf has matured, its operations have become increasingly complex as its business evolves and the Company expands its geographic footprint. Now, more than ever, the Company needs a leader with a proven, successful background in international retail and distribution business operations. I look forward to working with Bill to achieve the goal of attaining Golden Leaf’s full potential.”

Mr. Kulczycki stated, “I am looking forward to both the challenges and opportunities that Golden Leaf presents. I intend to build on the Company’s positive attributes and address its deficiencies. I believe that my background and experience is well suited for leading a strong management team, improving the Company’s business operations, and implementing a profitable, sustainable business model.”

To be added to the distribution list please email ir@goldenxtrx.com with “GLH” in the subject line.

About Golden Leaf Holdings

Golden Leaf Holdings Ltd. is a Canadian company with operations in multiple jurisdictions including Oregon, Nevada, and Canada, with cultivation, production and retail operations built around recognized brands. Golden Leaf distributes its products through its branded Chalice Farms retail dispensaries, as well as through third-party dispensaries. Golden Leaf’s cannabis retail operations and products are designed with the customer in mind, focused on superlative in-store experience and quality products. Visit goldenleafholdings.com to learn more.

Investor Relations:

Craig Eastwood, Chief Financial Officer

Golden Leaf Holdings Ltd.

503-201-0659

ir@goldenxtrx.com

Media Relations:

Anne Donohoe / Nick Opich

KCSA Strategic Communications

adonohoe@kcsa.com/nopich@kcsa.com

212-896-1265 / 212-896-1206

Disclaimer: This press release contains “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s future business operations, the establishment of, and the future scope and scale of, the Chalice Farms retail system, the level of funding needed to establish the Chalice Farms franchise model, that the Chalice Farms franchise model will be successful and generate positive cash flows, the opinions or beliefs of management and future business goals. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to general business, economic and competitive uncertainties, regulatory risks including risks related to the expected timing of the Company’s participation in the adult use market, market risks, risks inherent in manufacturing operations, difficulties of establishing a successful franchise model and other risks of the cannabis industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. Forward-looking information is provided herein for the purpose of presenting information about management’s current expectations relating to the future and readers are cautioned that such information may not be appropriate for other purpose. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. This press release does not constitute an offer of securities for sale in the United States, and such securities may not be offered or sold in the United States absent registration or an exemption from registration or an exemption from registration.

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