LEEF Brands 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.
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.
"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, founder of Mindset Capital. "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."
For more information:
Leef Brands
www.leefca.com
