Leef Brands is a vertically integrated cannabis extraction and manufacturing company based in California. Leef's core business is producing bulk cannabis concentrates — distillate oils, live resin, and rosin — and selling them wholesale to licensed cannabis brands in California and New York, which use these concentrates as inputs for finished consumer products like vape cartridges and edibles. Leef operates three extraction lines: ethanol, hydrocarbon, and solventless. The company also owns one retail location in Palm Desert, California, though it is not a meaningful revenue contributor. Revenue is driven by concentrate volume sold and average selling price. The primary cost driver is cannabis biomass, which Leef previously sourced entirely from third-party farms. Leef is building out cultivation at its Salisbury Canyon Ranch, a 1,900-acre property in Santa Barbara County with 179.9 acres licensed for outdoor cannabis cultivation. Leef planted its first 57 canopy acres in 2025 and targets full cultivation of all licensed acres by fall 2026. When fully operational, the ranch is expected to supply roughly 80–90% of Leef's biomass needs, with Leef estimating in-house cultivation cuts biomass costs by 40–60%. Leef also expanded extraction capacity across all three lines in early 2025. Beyond California, Leef entered New York via a processing license and began limited production in Q4 2025, with a longer-term goal of becoming a multi-state operator. Leef's effective tax rate is elevated because federal cannabis scheduling prevents ordinary business expense deductions under Section 280E.