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Golden Leaf Holdings LTD (GLDFF)

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Last Post: 4/20/2018 8:52:49 AM - Followers: 56 - Board type: Free - Posts Today: 0

GOLDEN LEAF HOLDINGS
GLDFF

http://goldenleafholdings.com
A GOLDEN OPPORTUNITY 

Cannacord Genuity Initiates Coverage on 2/12/2018
SPECULATIVE BUY PRICE TARGET C$0.60
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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GLDFF News: Standout Canadian Players Foster ‘the Cannabis Lifestyle’ 01/17/2018 08:45:00 AM
GLDFF News: Fertile Ground for Canadian Cannabis Producers 01/16/2018 08:45:00 AM
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#874   Happy 420 to all the GLDFF longs we Marillionaire 04/20/18 08:52:49 AM
#873   Golden Leaf Holdings Conference Call G-OiL-D 04/19/18 04:42:05 PM
#872   GO TIME on GLDFF ....GWPH just got a Marillionaire 04/19/18 12:19:25 PM
#871   A Golden opportunity ,Canaccord Genuity analyst's initiate coverage Marillionaire 04/19/18 05:51:11 AM
#870   LOL you can praise when the laws change. 3-Stooges-Nyuk-Nyuk-Nyuk 04/19/18 05:37:18 AM
#869   The GLDFF pot train is leaving the station Marillionaire 04/17/18 08:55:36 PM
#868   Rohrabacher Praises President’s Decision to Respect State Pot Marillionaire 04/16/18 05:07:57 PM
#867   Its gonna be a great week in cannabis Marillionaire 04/15/18 06:34:40 PM
#866   We will likely see 3 million in volume MisterEnzo 04/15/18 12:48:45 PM
#865   Need a reverse split. The OS is too high Cosa 04/13/18 04:58:36 PM
#864   Hugeee for our golden chips MisterEnzo 04/13/18 03:47:16 PM
#863   It will be a great boost for this G-OiL-D 04/13/18 02:32:30 PM
#862   BREAKING NEWS: Trump Supports States Rights for Cannabis Regulationhttps://www.n Parttimetrader 04/13/18 02:10:00 PM
#860   amazing to read , thx // i hold knrorrel 04/10/18 09:07:55 AM
#859   It'll be interesting to observe. I've heard greenwillow 04/09/18 11:25:26 PM
#858   I doubt that GLDFF will have any G-OiL-D 04/09/18 11:22:40 PM
#857   Curious how many inquiries golden leaf has had greenwillow 04/09/18 09:27:47 PM
#856   Some good news. G-OiL-D 04/09/18 12:23:31 PM
#855   GREAT INFO - a very interesting stock and knrorrel 04/06/18 01:43:56 AM
#854   My State has already awarded the medical lic Marillionaire 04/02/18 04:59:44 PM
#853   Are you buying into a franchise opportunity? greenwillow 04/01/18 01:00:20 PM
#852   Chalice Farms Franchising Plans and Potential Franchisee Marillionaire 04/01/18 10:47:39 AM
#851   Golden Leaf Holdings Cannacord Genuity recommends Initiation of Marillionaire 03/29/18 07:38:13 AM
#850   Am I reading this right gldff on gets MADDSTACKER 03/27/18 07:29:25 PM
#849   Nice buys coming in taubytaub 03/27/18 03:02:48 PM
#848   Some big news. A few bought franchises will Jacks1234 03/27/18 02:07:24 PM
#847   Golden Leaf Holdings Signs Letter of Intent with greenwillow 03/27/18 01:56:51 PM
#846   What franchise? Jacks1234 03/27/18 01:45:36 PM
#845   Who wants in on the franchise? greenwillow 03/27/18 01:08:58 PM
#844   That's what I was trying to figure out. heatguy 03/26/18 11:44:48 AM
#843   Don't think Goldleaf is Golden Leaf. Aaron27527 03/25/18 09:35:20 PM
#842   Does AOI own piece of this? Looks like heatguy 03/25/18 09:30:49 PM
#841   its based in Canada, but does some business 3-Stooges-Nyuk-Nyuk-Nyuk 03/25/18 07:41:23 AM
#840   Question, is this Canadian or American? garym 03/24/18 10:49:04 AM
#839   GLDFF loading up at these levels Their business mcord 03/21/18 11:17:17 AM
#838   Currently they are green with little leaves on heatguy 03/20/18 03:26:40 PM
#837   U.S. government admits.... G-OiL-D 03/19/18 03:43:22 PM
#836   Golden Announces New Line of Cannabis Infused Fruit greenwillow 03/08/18 09:20:34 AM
#835   A little spark in the MJ sectors..GLDFF IS heatguy 03/07/18 09:13:03 PM
#834   The updated on those clones or seeds would Jacks1234 03/01/18 10:28:46 AM
#833   Its a steal at .23 Cents With Marillionaire 03/01/18 06:10:27 AM
#832   What is going on with this company? heatguy 02/26/18 06:02:11 PM
#831   Quiet board............ GonzoinHD 02/14/18 07:30:47 PM
#830   I am tracking down a good RSI alert system. JohnCM 02/06/18 09:28:15 AM
#829   Pretty much every cannabis chart I've looked at skidoo31 02/06/18 08:46:56 AM
#828   It is a shame that the world markets JohnCM 02/06/18 08:42:55 AM
#827   Thanks John !! I do have my eyes skidoo31 02/06/18 08:32:50 AM
#826   Marijuana's Double-Whammy JohnCM 02/06/18 08:23:22 AM
#825   Fair enough, and yes I'm a member of skidoo31 02/06/18 08:21:55 AM
#824   After dabbling a bit here and there with JohnCM 02/06/18 08:19:34 AM
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