LEEF Brands Announces US$4.5M Initial Closing of Up to US$8M Financing Led by Mindset Capital; Appoints Jamie Mendola to Board of Directors
VANCOUVER, British Columbia, March 12, 2026 (GLOBE NEWSWIRE) -- LEEF Brands, Inc. (CSE: LEEF) (OTCQB: LEEEF) (“LEEF” or the "Company"), a rapidly growing multi-state operator, today announced a US$4.5 million initial closing of an up to US$8 million financing led by Mindset Capital and its founder, Aaron Edelheit, along with the appointment of Jamie Mendola to the Company’s Board of Directors.
LEEF intends to complete two concurrent non-brokered private placements. LEEF will offer units ("LEEF Units") at CAD $0.25 per unit, each consisting of one common share and one warrant. Each warrant entitles the holder to acquire one additional common share at CAD $0.30 for a period of two years from the date of issuance. In addition, LEEF will also offer Preferred Shares carrying a 15% annual dividend paid quarterly (10% in cash, 5% paid-in-kind), with a conversion price of CAD $0.38 per share.
LEEF expects to raise up to US$8 million in aggregate through the concurrent offerings, including the US$4.5 million initial closing announced today. With the full amount expected to be raised, the financing would result in the issuance of approximately 21,868,800 common shares and approximately 14,579,200 preferred shares. In connection with the initial US$4.5 million closing, the Company issued approximately 8,200,800 common shares and 10,934,400 preferred shares. The Company expects additional subscriptions and anticipates completing the remaining financing within approximately 45 days. The securities issued pursuant to the financing will be subject to a statutory hold period of four months from the date of issuance in accordance with applicable Canadian securities laws.
Proceeds from the financing will primarily support the expansion of Salisbury Canyon Ranch, LEEF’s flagship California cultivation asset designed to supply biomass for its concentrate production. Expected to be completed in the fall of 2026, Salisbury Canyon Ranch is projected to be one of the largest licensed cannabis farms in California. Increased internal supply is anticipated to improve operating margins and product quality over time. As noted in the Company’s previously reported Q3 financial results, initial production from Salisbury Canyon Ranch contributed to improved margins; however, actual results may differ depending on market conditions, pricing dynamics, and other factors.
Aaron Edelheit, founder of Mindset Capital, is a value-oriented investment manager focused on high-growth opportunities and was an early investor in successful cannabis growth stories.
“Our research has led us to believe there is a shortage of low-cost, high-quality cannabis concentrates that are free of pesticides and heavy metals,” said Aaron Edelheit. “We believe that by fully developing Salisbury Canyon Ranch, LEEF can become one of the low-cost producers of high-quality cannabis inputs. As federal reform progresses, we expect what LEEF is building will become increasingly valuable—not only for what the company has created in California, but especially once LEEF is able to supply markets across the country and internationally.”
“This investment is a major step forward, enabling us to expand Salisbury Canyon Ranch to its full 180-acre permit size,” said Micah Anderson, Chief Executive Officer of LEEF Brands. “Completing this flagship asset in 2026 will provide a consistent supply of our own low-cost, clean biomass for extraction. The resulting self-supply is expected to support higher margins and improved product consistency, although actual results may vary depending on market conditions and other factors. We plan to commence construction this spring and currently anticipate completing the full expansion by year-end.”
In connection with the financing, the Company has appointed Jamie Mendola to its Board of Directors. Mr. Mendola is a seasoned investor, operator, and advisor with more than two decades of experience across capital markets, private equity, and scaling cannabis businesses.
He is currently the Founder and Chief Executive Officer of Pacific Grove Advisors, where he advises founders, boards, family offices, and investment funds on growth strategy, capital deployment, and operational scaling. Previously, Mr. Mendola served as Chief Revenue Officer and Chief Business Development Officer at AYR Wellness and co-founded Mercer Park Brand Acquisition Corp., a cannabis-focused SPAC that merged with Glass House Group. He also served on the Board of Directors of Glass House Brands.
“We are pleased to welcome Jamie Mendola to our Board of Directors,” Anderson continued. “Jamie’s experience as both an investor and operator will be very valuable as we continue positioning LEEF for its next phase of growth.”
“I’m excited to join the LEEF Board and partner with a team that has built a genuinely differentiated business,” said Jamie Mendola. “LEEF’s low-cost cultivation model at Salisbury Canyon Ranch, powered by a strong commitment to product safety, produces high-quality oils and extracts that meet strict testing standards, fueling many of the industry’s leading brands¹. I look forward to contributing my experience scaling operators and navigating a dynamic regulatory landscape to help drive the next chapter of LEEF’s growth.”
About LEEF Brands, Inc.
LEEF Brands, Inc. is a leading California and New York-based extraction and manufacturing cannabis company. With a comprehensive supply chain, innovative manufacturing processes, and a dynamic bulk concentrate portfolio, LEEF powers some of the largest cannabis brands in the United States. For more information, visit www.LeefBrands.com.
Forward-Looking Statements
This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively, “forward-looking statements”), including, but not limited to, statements regarding the Company’s future financial condition, operations, and objectives.
Forward-looking statements reflect current expectations or beliefs regarding future events or the Company’s future performance or financial results. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. All forward-looking statements, including those herein, are qualified by this cautionary statement.
Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements.
There are certain factors that could cause actual results to differ materially from those in the forward-looking information, including, but not limited to, the risks disclosed in the Company’s public filings on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking statements.
For more information on the Company, investors are encouraged to review the Company’s public filings on SEDAR+ at www.sedarplus.ca.
Not for distribution to United States newswire services or for dissemination in the United States.
LEEF Brands, Inc.
Per: Jesse Redmond
Chief Strategy & Investor Relations Officer
Phone: +1 (805) 717-9327
Email: ir@leefca.com
¹ See LEEF Brands Investor Presentation dated February 17, 2026, available at https://leefbrands.com/wp-content/uploads/2026/02/LEEF-Brands-Presentation-02.17.26-1.pdf.
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