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Golden Leaf Holdings LTD (GLDFF)

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Last Post: 7/16/2018 9:17:58 AM - Followers: 62 - Board type: Free - Posts Today: 0


Cannacord Genuity Initiates Coverage on 2/12/2018
We are initiating coverage of Golden Leaf Holdings Ltd. with a SPECULATIVE BUY rating and a target price of C$0.60. Golden Leaf is an Oregon-based, vertically integrated cannabis company, which benefits from operating in all areas of the value chain; including, cultivation, extraction, product manufacturing, and sales to retail customers through its branded dispensaries. This is of particular importance as the cultivation of cannabis alone continues to become commoditized in maturing markets, and we believe brands will eventually emerge as the winners in the industry.

   The company has already launched an established portfolio of award-winning brands in the Oregon market; and, based on our site visits to multiple legalized US regions, we believe its Chalice Farms dispensary brand is one of the more impressive operations we have toured to date, from its design, product selection and attention to quality.
Golden Leaf currently trades at ~8.0x its two-year fwd EV/EBITDA, compared to its US peers at 8.7x.

More importantly, we note that US companies trade at steep discount to the leading Canadian Licensed Producers (at ~24.2x), likely due to marijuana’s continued classification as a Schedule I narcotic in the US. As a result, we believe Golden Leaf is another prime example of the relative valuation gap between US and Canadian cannabis exposure, and the company could see a significant valuation re-rating as US sentiment continues to improve. Investment Highlights & Risks · US recreational exposure drives our forecasts.
With an existing presence in Oregon, a first mover in Nevada’s recently implemented rec market, Canadian exposure, and optionality in Washington State, we forecast that Golden Leaf will realize ~US$27M of revenues in FY2018, increasing by a 42% CAGR to US$110M by FY2022, resulting in EBITDA of US$37M and Free Cash Flow of US$25M at that time. · An expanding geographic footprint. The company has recently added to its geographic diversification by securing a first-mover advantage in Nevada’s recently legalized rec market (with production and distribution licenses already in hand), and through its acquisition of a Canadian Licensed Producer, GLH could have a valuable inroad to launching its brands into the soon-to-be legalized Canadian rec market. ·
Rescission of Cole Memo represents modest overhang. Earlier this year, US Attorney General Jeff Sessions rescinded the Cole Memo, which provided guidance for US cannabis companies to operate without federal interference. Although clearly a headwind, we believe this more of a ‘headline risk’ (lack of federal budget, infringement on state’s rights, removal of significant tax revenues); and, as sentiment in the US continues to improve, this overhang (that could dissipate over the medium term) is also responsible for what we believe to be an attractive valuation entry point. 



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#947   $GLDFF NEWS flemsnopes 07/16/18 09:17:58 AM
#946   I guess another drop in price garym 07/10/18 11:27:51 AM
#945   I’m out...but if so that’s prettttty cool rprimo 07/09/18 09:57:13 AM
#944   Golden Leaf Holdings Appoints Rick Miller as Chairman PotterBanker 07/09/18 09:06:56 AM
#943   Are we now with canopy? garym 07/04/18 07:10:00 PM
#942   Lol me too and throw into Namaste tech rprimo 06/29/18 10:29:10 AM
#941   Really thinking about dumping this POS garym 06/29/18 09:49:52 AM
#940   Looks like this pos is going out garym 06/27/18 02:54:54 PM
#939 rprimo 06/27/18 08:47:14 AM
#938   Gold Leaf is been a redheaded step child Marillionaire 06/26/18 07:41:40 AM
#937   Agreed. garym 06/23/18 09:43:04 AM
#936   Sold 1500 shares Thursday. Got annual report. Turtleread 06/23/18 03:26:46 AM
#935   wow 3-Stooges-Nyuk-Nyuk-Nyuk 06/21/18 07:40:54 PM
#934   Look at GLH, same stock here in Canada. steve0k 06/21/18 05:52:24 PM
#933   Market Makers holding this one back mcord 06/21/18 03:18:08 PM
#932   $GLDFF 162 "buys" without hardly a "sell" all DWD_PBC 06/21/18 01:49:41 PM
#930   What's it like in the united states of ammeric? garym 06/20/18 11:13:15 AM
#929   here strong NEWS for canad. MJ stocks knrorrel 06/20/18 06:40:40 AM
#928   great NEWS booom today Canadian Pot Bill Passes: knrorrel 06/20/18 03:26:04 AM
#927   Why rprimo 06/18/18 06:15:24 PM
#926   This POS should be at $0.01 Cosa 06/18/18 02:50:13 PM
#925   All buys today!!! rprimo 06/18/18 09:51:49 AM
#924 rprimo 06/18/18 09:38:09 AM
#923   Maybe one of the big Canadian MJ G-OiL-D 06/13/18 02:04:27 PM
#922   Golden Leaf Holdings Presentation Now Available for On-Demand Marillionaire 06/11/18 06:36:30 PM
#921   Senate Approves Cannabis Bill C-45 3rd Reading WeedWarrior 06/09/18 07:10:23 PM
#920   News radio talking about chalice farms today and heatguy 06/08/18 11:16:10 AM
#919   Canadian Senate Approves Cannabis Legalization Bill WeedWarrior 06/07/18 10:38:54 PM
#918   Waiting for the pop it will come need rprimo 06/05/18 12:21:42 AM
#917   Scroll down to press releases for today's news. G-OiL-D 06/04/18 11:40:28 PM
#916   Need some news! rprimo 06/04/18 10:22:13 AM
#915   Golden Leaf reports 1st quarter. G-OiL-D 05/31/18 01:04:45 PM
#914   This is turning into a POS garym 05/31/18 12:39:01 PM
#913   Golden Leaf: U.S. Cannabis Portfolio Holding Company Marillionaire 05/28/18 08:17:18 AM
#912   Golden Leaf Holdings Hires Ryan Purdy as Vice jcamp212 05/24/18 04:16:52 PM
#911   Golden Leaf Holdings Jame West Interview with Marillionaire 05/23/18 06:36:29 PM
#910   Lots of action today. The Canadian markets G-OiL-D 05/21/18 11:53:14 AM
#909   Reversal ! MisterEnzo 05/21/18 10:36:54 AM
#908   Letsssss go rprimo 05/21/18 10:17:49 AM
#907   They are on a Mission,IMO will be #1,once Hemp4Ever 05/19/18 03:44:31 PM
#906 mcord 05/17/18 03:30:41 PM
#905 rprimo 05/17/18 08:54:41 AM
#904   US Supreme Court Sets a Great Precedent for WeedWarrior 05/16/18 08:44:43 PM
#903   Sports Betting Decision May Empower States WeedWarrior 05/16/18 08:43:32 PM
#902   US Weed Industry Bolstered by Supreme Court's Gambling WeedWarrior 05/16/18 08:43:01 PM
#901   Bit pricey right now for my liking rprimo 05/14/18 09:27:28 AM
#900   Ianthus is a better buy for this space. Sunblazers 05/13/18 11:34:01 PM
#899   Threw in a limit order for 17 cents rprimo 05/11/18 12:54:36 PM
#898   I would assume this would POP with more rprimo 05/11/18 10:31:53 AM
#897   I bought more a couple weeks ago to MisterEnzo 05/11/18 10:24:00 AM