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LEEEF on OTC

Leef Brands Inc.

Leef Brands Inc. is a Canadian medicinal chemicals and botanical products company based in Vancouver.2 Its shares trade on OTC under the symbol LEEEF.2

$0.16 down 0.01 (4.24%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

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  • TickerLEEEF on OTC2
  • IndustryMedicinal Chemicals & Botanical Products2
  • HeadquartersVancouver, Canada2
  • Incorporated inBritish Columbia, Canada4
  • Business addressSuite 1500, 1055 West Georgia St., Vancouver4
  • Filer category, Emerging growth company4
  • Legal formCompany (includes community contribution company and unlimited liability company)2
  • LEI549300H0I7WS331TIS642
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressPark Place, 666 Burrard Street, V6C 2X8 Vancouver, Canada2
  • Registered withBC Registry Services, BC09203602

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“our” or the “Company”) is a vertically integrated cannabis extraction and manufacturing operator based in California.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

30.1%Gross margin6
-21.8%Operating margin6
-50.7%Net margin6
22.1%Revenue growth, 20256
-$978.9KFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue70¢$24.3M
  • Research and development0¢$19.7K
  • Other costs23¢$7.9M
  • Income tax7¢$2.5M

Out of $34.8M in revenue.6 The company lost money this year.

Financial statements

Revenue6$34.8M in 2025+22% since 2024
0$10.0M$20.0M$30.0M$40.0M2024: $28.5M$28.5M20242025: $34.8M$34.8M2025+22%
Gross profit6$10.5M in 2025+36% since 2024
0$5.0M$10.0M$15.0M2024: $7.7M$7.7M20242025: $10.5M$10.5M2025+36%
Operating income6-$7.6M in 2025−5% since 2024
-$8.0M-$6.0M-$4.0M-$2.0M02024: -$8.0M-$8.0M20242025: -$7.6M-$7.6M2025−5%
Net income6-$17.6M in 2025−28% since 2024
-$30.0M-$20.0M-$10.0M02024: -$24.6M-$24.6M20242025: -$17.6M-$17.6M2025−28%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Net revenue$34.8M$28.5M
Cost of sales$24.3M$20.8M
Gross profit$10.5M$7.7M
Advertising and promotion$273.0K$440.9K
Depreciation and amortization$1.3M$1.0M
Wages and salaries$7.5M$5.9M
Office and general expenses$3.1M$2.4M
Research and development expenses$19.7K$19.0K
Legal and professional fees$1.7M$1.4M
License and compliance$45.7K$51.9K
Insurance expenses$435.9K$435.1K
Excise and other taxes$300.0K$193.4K
Lease expenses$727.7K$716.1K
Loss on impairment of goodwill, intangible and long-lived assets$2.3M$2.7M
Other gains (losses)$2.0K$1.4K
Travel and business development$344.0K$459.8K
Total operating expenses$18.1M$15.7M
Loss from operations-$7.6M-$8.0M
Interest expense$2.4M$5.2M
Loss (gain) on extinguishment of debt$13.9M$2.9M
Change in fair value of contingent consideration-$855.0K
Change in fair value derivative liability-$8.9M$6.1M
Other expense (income)$210.3K-$20.4K
Total other expense$7.5M$13.3M
Loss before provision for income taxes-$15.1M-$21.3M
Provision for income taxes$2.5M$3.3M
Net loss and comprehensive loss-$17.6M-$24.6M
Foreign currency translation-$343$7.3K
Net loss and comprehensive loss attributable to shareholders of Leef Brands, Inc.-$17.6M-$24.6M
Earnings (loss) per common share - basic-$0.10-$0.17
Earnings (loss) per common share - diluted-$0.10-$0.17
Weighted average common shares outstanding - basic184.9M shares142.6M shares
Weighted average common shares outstanding - diluted184.9M shares142.6M shares

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Corporate structure

Leef Brands Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Leef Brands Inc.

  • Leef Brands Inc. Vancouver, British Columbia, Canada

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Leef Brands Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$35.0M6 Dec 31, 2025$34.1M6 Dec 31, 2024+2.6%
Accumulated depreciation$9.9M6 Dec 31, 2025$8.0M6 Dec 31, 2024+23.5%
Property and equipment, net$25.0M6 Dec 31, 2025$26.0M6 Dec 31, 2024−3.8%
Operating-lease assets (leased space)$1.7M6 Dec 31, 2025$2.4M6 Dec 31, 2024−31.2%

Real estate and locations

ItemLatestA year beforeChange
Area of land180 sq ft6 Mar 12, 2026

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.2M6 Dec 31, 2025$2.7M6 Dec 31, 2024−19.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$06 Dec 31, 2025$06 Dec 31, 2024
Intangible assets, net (excluding goodwill)$1.1M6 Dec 31, 2025$2.2M6 Dec 31, 2024−49.7%
Accumulated amortization-$351.8K6 Dec 31, 2025-$678.0K6 Dec 31, 2024+48.1%
Finite-lived intangibles, net$641.2K6 Dec 31, 2025

Inventory

ItemLatestA year beforeChange
Inventory, total$3.4M6 Dec 31, 2025$4.2M6 Dec 31, 2024−20.6%
Work in process$1.1M6 Dec 31, 2025$1.2M6 Dec 31, 2024−10.4%
Finished goods$1.3M6 Dec 31, 2025$1.6M6 Dec 31, 2024−17.4%

Properties, in its own words

Our principal physical properties include:

1. · Mendocino County, California – Cannabis manufacturing facility (leased), used for ethanol, hydrocarbon, and solventless extraction operations.

The rest of Item 2

2. · Hobart, New York – Cannabis manufacturing facility (leased), under construction for bulk concentrate production.

3. · Santa Barbara County, California – Salisbury Canyon Ranch, a 1,900-acre property with a 179.9-acre permitted outdoor cannabis cultivation site. The ranch is owned by the Company.

4. · Palm Desert, California – Licensed retail dispensary location (leased).

We own the Salisbury Canyon Ranch through Anderson Development SB, LLC, subject to a seller-financed first-priority deed of trust to Salisbury Canyon Ranch LLC for $4,200,000 and a second-priority deed of trust in favor of Arbor Ranch SB, LLC securing a loan of up to $7,000,000, the repayment terms of which were amended in February 2026. All tangible personal property used in our operations on the Ranch Land is also pledged as collateral under a separate all assets security agreement with Arbor Ranch SB, LLC. The property is further subject to recorded easements for roadway, general access, and utilities benefiting parcels retained by the prior owner. Our other operating facilities are leased under standard commercial lease agreements with terms we consider customary for our industry.

Item 2 of the 10-K filed Mar 26, 2026.5

Leadership

Who has led Leef Brands Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Micah Payne Anderson2026–now

Chief financial officer

  1. Kevin John Wilson2026–now
Board members and other officers (5)

Former names

  • Icanic Brands Co Inc.May 11, 2021 to May 11, 20214
  • INTEGRATED CANNABIS COMPANY, INC.Sep 10, 2019 to Sep 17, 20194
  • CNRP MINING INC.Jul 21, 2017 to Jul 21, 20174

Timeline

  1. Oct 2, 20268-K Executive or director change; Regulation FD disclosure13
  2. Aug 3, 20268-K Entered a material agreement; Unregistered sale of shares; Other events14
  3. Jun 2, 20268-K Unregistered sale of shares15
  4. May 5, 20268-K Completed an acquisition or sale; Unregistered sale of shares; Other events16
  5. Apr 20, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares17
  6. Apr 8, 2026New chief executive Micah Payne Anderson becomes CEO9
  7. Sep 15, 2011Founded Leef Brands Inc. is founded2

Filings

41 filings to the SEC since October 2021: 1 annual reports, 2 quarterly reports, 5 major events, 18 insider forms, 2 large holders, 13 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 2, 20264 EDGAR
  4. Oct 2, 20264 EDGAR
  5. Oct 2, 20264 EDGAR
  6. Oct 2, 20264 EDGAR
  7. Oct 2, 20264 EDGAR
  8. Oct 2, 20263 EDGAR
  9. Oct 2, 20268-K EDGAR
  10. Oct 2, 20264 EDGAR
  11. Oct 2, 20263 EDGAR
  12. Oct 2, 20264 EDGAR
  13. Aug 6, 202610-Q EDGAR
  14. Aug 3, 20268-K EDGAR
  15. Jul 24, 2026EFFECT EDGAR
  16. Jul 24, 2026424B3 EDGAR
  17. Jul 22, 2026CORRESP EDGAR
  18. Jul 15, 2026UPLOAD EDGAR
  19. Jul 9, 2026S-1 EDGAR
  20. Jun 16, 20264 EDGAR

The 41 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 3 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 15, 2026Wilson Kevin JohnChief Financial OfficerBuy464,197$0.23$106.8KForm 4
May 18, 2026Wilson Kevin JohnChief Financial OfficerBuy54,348$0.25$13.6KForm 4
May 18, 2026Anderson Micah PayneChief Executive OfficerBuy135,870$0.25$34.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Leef Brands Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLeef Brands Inc.1
  • CIK0001711141
  • Employer ID (EIN)98-16536335
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company5
  • Incorporated inA15
  • Fiscal year endsDecember 311
  • Industry code (SIC)2833 Medicinal Chemicals & Botanical Products1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business addressSuite 1500, 1055 West Georgia St., Vancouver, British Columbia, Canada1
  • Phone40830793661
  • Shares outstanding305,556,473 as of Aug 6, 20267
  • Public float$25.8M as of Jun 30, 20255
  • AuditorM&K CPAS, PLLC, Woodlands, TX PCAOB ID 2738; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJul 21, 20171
  • Filings45 in all: 4 (12), 3 (6), 8-K (5), D (4), 10-Q (2), CORRESP (2), S-1 (2), S-1/A (2)1
    All 18 form types

    10-12G (1), 10-12G/A (1), 10-K (1), 424B3 (1), EFFECT (1), RW (1), SCHEDULE 13D (1), SCHEDULE 13G (1), SEC STAFF ACTION (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Latest 8-K (8-K) Oct 2, 2026

Risk factors and legal proceedings

The risks Leef Brands Inc. names in Item 1A of its 10-K filed Mar 26, 2026: 61 risks under these headings, as written.5

  • Risks Related to Our Financial Condition and Need for Additional Capital
  • We have incurred net losses and cannot assure you that we will achieve or maintain profitable operations.
  • We may need to raise additional capital to fund new products and further expand our existing operations.
  • Risks Related to Our Common Shares
  • The price of our common shares has been, and is likely to be, volatile, and you could lose all or part of your investment.
  • There is a limited trading market for our common shares.
  • We do not anticipate paying cash dividends, and accordingly, stockholders must rely on stock appreciation for any return on their investment.
  • If securities or industry analysts do not publish research or reports or publish inaccurate or unfavorable research or reports about our business, our share price and trading volume could decline.
  • We are an “emerging growth company,” and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common shares less attractive to investors.
  • Raising additional capital, including through future sales and issuances of our common shares, or warrants could result in additional dilution of the percentage ownership of our stockholders, could cause our share price to fall and could restrict our operations.
  • Our issuance of preferred shares could adversely affect the market value of our common shares.
  • Indemnification of our officers and directors may result in substantial expenditures by us.
The other 51 risks
  • Our reporting obligations will be limited under Section 15(d) of the Exchange Act, which may result in reduced transparency for investors.
  • Risks Related to the Industry and the Company’s Business
  • Cannabis continues to be a controlled substance under the CSA.
  • The approach to the enforcement of Regulated Cannabis laws may be subject to change or may not proceed as previously outlined.
  • FDA rulemaking related to Medical-Use Cannabis and the possible registration of facilities where Medical-Use Cannabis is grown could negatively affect the Medical-Use Cannabis industry, which would directly affect our financial condition.
  • U.S. state regulatory uncertainty may adversely impact the Company.
  • The Company may be subject to applicable anti-money laundering laws and regulations.
  • U.S. border officials could deny entry into the U.S. to employees of or investors in companies with cannabis operations in the United States.
  • The Company may have difficulty accessing the services of banks, which may make it difficult to operate its business.
  • The Company may have difficulty accessing public and private capital.
  • The Company may lack access to U.S. bankruptcy protections.
  • The Company’s operations in the U.S. cannabis market may be subject to heightened scrutiny by regulatory authorities.
  • Transactions for clearing and settlement of securities of issuers with cannabis-related activities in the United States.
  • The Company may be subject to the risk of civil asset forfeiture.
  • The laws and regulations affecting the cannabis industry are constantly changing.
  • The Company may be subject to the risks associated with governmental approvals, permits and compliance with applicable laws.
  • There may be a restriction on deduction of certain expenses.
  • There may be difficulty with the enforceability of contracts.
  • The ability to grow a business with ties to cannabis operations in the United States depends on state laws pertaining to the cannabis industry.
  • Political uncertainty may have an adverse impact on the Company s operating performance and results of operations.
  • Risks Related to the Company’s Products and Services
  • Unfavorable publicity or consumer perception may affect the success of the Company s business.
  • Social media may impact the Company s reputation.
  • Significant failure or deterioration of the Company’s quality control systems may adversely impact the Company.
  • Service providers could suspend or withdraw service, which could adversely affect the Company s business.
  • The Company may be subject to product liability claims.
  • The Company may be subject to product recalls.
  • The Company is subject to risks inherent in an agricultural business.
  • The Company may be vulnerable to rising energy costs.
  • The Company is reliant on key inputs.
  • The pricing of raw materials used in our products and some of our products can be extremely volatile, which may have a material adverse effect on our financial result.
  • Results of future clinical research may negatively impact the cannabis industry.
  • The Company faces competition from the illegal cannabis market.
  • Regulatory Risks
  • The Company may be subject to environmental regulations and risks.
  • The Company may be subject to constraints on the marketing of its products.
  • General Risks
  • Risks associated with recent or future acquisitions.
  • The Company may invest in cannabis companies, including pre-revenue companies, that may not be able to meet anticipated revenue targets in the future.
  • Financial projections may prove materially inaccurate or incorrect.
  • There can be no assurance that the Company’s current and future strategic alliances or expansions of scope of existing relationships will have a beneficial impact on the Company’s business, financial condition and results of operations.
  • Competition in the cannabis industry is intense and increased competition by larger and better-financed competitors could materially and adversely affect the business, financial condition and results of operations of the Company.
  • The Company is dependent on equipment and skilled labor.
  • The Company may be subject to intellectual property risks.
  • The Company s intellectual property rights may be invalid or unenforceable under applicable laws, and the Company may be unable to have issued or registered, and unable to enforce, its intellectual property rights.
  • The Company may be subject to the risks associated with fraudulent or illegal activity by its employees, contractors and consultants.
  • The Company may be subject to risks related to information technology systems, including cyber-attacks.
  • The Company may be subject to risks related to security breaches.
  • The Company’s operations may be affected by changes in the economic environment.
  • Management of growth may prove to be difficult.
  • The Company does not intend to pay dividends on the Common Shares, so any returns will be limited to increases, if any, in the value of the Common Shares. Your ability to achieve a return on your investment will depend on appreciation, if any, in the price of our Common Shares.
  • The Company’s officers and directors may be engaged in other business ventures resulting in conflicts of interest.
  • Certain remedies may be limited to the Company.
  • Past performance is not indicative of future results.
  • Changes in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters could significantly affect the Company’s reported financial results or financial condition.

Legal proceedings

The Company is subject to litigation claims arising in the ordinary course of business. The Company records litigation accruals for legal matters which are both probable and estimable and for related legal costs as incurred. The Company does not reduce these liabilities for potential insurance or third-party recoveries.

As of December 31, 2025 and December 31, 2024, respectively, the Company was not engaged in any litigation.

The opening of Item 3, Legal Proceedings.5

Sources

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