VANCOUVER, British Columbia, Aug. 01, 2024 (GLOBE NEWSWIRE) -- LEEF Brands, Inc. ("LEEF" or the "Company") (CSE:LEEF, OTC:LEEEF), a premier vertical cannabis operator, today announced its financial results for the three and six months ended June 30, 2024. Unless otherwise noted, all currency references are in United States dollars. Financial Highlights: Net sales of $7.9M for the three months ended June 30, 2024 and $15.8M for the six months ended June 30, 2024. Gross Profit of $2.7M for the three months ended June 30, 2024 and $5.9M for the six months ended June 30, 2024. Gross Margin of 34.0% for the three months ended June 30, 2024 and 37.3% for the six months ended June 30, 2024. Adjusted EBITDA of $437K for the three months ended June 30, 2024 and $2.2M for the six months ended June 30, 2024. Management Commentary: "We are pleased with our financial performance this quarter, achieving sales of $7.9 million for the quarter and $15.8 million year to date" stated Micah Anderson, Chief Executive Officer. "I am super proud of the teams hard work so far this year. We have continued to gain market share in California and this is shown by the fact LEEF has increased YOY unit sales by 81%. We have seen a decrease in the average price per gram in 2024, however we have managed to increase our margins by 3.6%. Increased unit sales and higher margins are the direct result of LEEF building stronger relationships with the top brands, retail chains, and farming partnerships throughout the state. Our goal is the be the best concentrate provider in the state and we will achieve this by continuing to focus on customer service, putting out quality product, and maintaining the relentless pursuit of getting better everyday. With the comment period now closed for the rescheduling of cannabis, we are hopeful for favorable news in the coming months, which could significantly impact our operations and the broader industry." "Our financial results reflect a continued focus on operational efficiency and cost control." Stated Kevin Wilson, Chief Financial Officer. "We are proud to report that the company was cash flow positive from operations for the third consecutive quarter. Additionally, Adjusted EBITDA, which includes only the addition of stock compensation expense and the gain on the extinguishment of debt, remains positive, highlighting the profitability of our core business operations. Despite the ongoing challenges in the California cannabis market, we are confident in our strategic approach and committed to sustaining our financial momentum." Q2 2024 Financial Results Discussion: Investors are invited to access the financial results and analyses on the Company's investor relations website (https://www.leefbrands.com/investors) and SEDAR+ (www.sedarplus.ca). Unaudited Q2 2024 Financial and Operation Metrics:   Three Months Ended   Six Months Ended   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) Net Loss (IFRS) $ (3,939,204 )   $ (20,314,944 )   $ (5,404,209 )   $ (21,778,310 ) Depreciation and amortization   427,494       491,077       872,403       932,904   Interest expense   1,658,395