VANCOUVER, British Columbia, April 18, 2024 (GLOBE NEWSWIRE) -- LEEF Brands, Inc. ("LEEF" or the "Company") (CSE:LEEF, OTC:LEEEF), a premier vertical cannabis operator, today announced the release of its audited financial statements for the year ended 2023 along with the interim financial statements for the three months ended March 31, 2024. First Quarter 2024 Highlights Net sales of $7.9M, an increase of 35% from Q4 2023 Gross Profit of $3.2M, an increase of 26% from Q4 2023 Gross Margin of 40.6%, an increase of 25% from full year 2023 Adjusted EBITDA of $1.77M, an increase of 347% from Q4 2023 Full Year 2023 Highlights Net sales of $30.5M, an increase of 13% from full year 2022 Gross Profit of $9.9M, an increase of 4% from full year 2022 Adjusted EBITDA of $1.64M, an increase of 162% from full year 2022 Operational Highlights The Company had record gross margins of 40.6% in the first quarter of 2024. The Company had $1.77M in adjusted EBITDA in the first quarter of 2024. The Company had positive cash flow from operations in both full year 2023 and the first quarter of 2024. The Company reduced SG&A expenses by 36% in 2023 versus 2022. The Company is on track to plant the Salisbury Canyon Ranch in Q2 2024. The Company also provided an update to its previously announced cultivation project, the Salisbury Canyon Ranch, a 1,900-acre property located in Santa Barbara County with a 187-acre Land Use Permit for Cannabis cultivation. "We have made substantial progress in relation to the construction of the farm" stated Micah Anderson, Chief Executive Officer. "Our buildout is advancing steadily, and we are in close collaboration with county and state partners to ensure readiness for planting by late spring, targeting a fall harvest. This project will greatly improve upon our supply chain, reduce costs, enhance efficiencies, and align our strategic goals for sustainable growth." Management Commentary "I am proud of the team and their performance in the past year and specifically in this quarter" Anderson continued. "We've seen stronger margins and EBITDA in the first quarter of the year and believe ...