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Golden Leaf Holdings LTD (GLDFF)

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Last Post: 1/22/2019 7:19:24 PM - Followers: 85 - Board type: Free - Posts Today: 3



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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PlusOneCoin Top Posts
#2433   Can't pull off a merger with TRTC. Can't AC7880 01/16/19 06:48:33 PM
#2430   Tahoe deal is off. What a kick whatnext 01/16/19 06:29:29 PM
#2431   Golden Leaf Holdings Announces Termination of Agreement to whatnext 01/16/19 06:31:05 PM
#2328  Sticky Note Farm bill signed into law. AC7880 12/20/18 04:20:02 PM
#1784  Sticky Note I don't know WS seems like a reasonable BriarPatch 11/16/18 03:52:53 PM
#2476   Yes, it would seem so. But, Simpson whatnext 01/22/19 07:19:24 PM
#2475   CBD production is our best opportunity to make JimofRidge 01/22/19 06:41:39 PM
#2474   CBD news: G-OiL-D 01/22/19 01:22:10 PM
#2473   What is the point of acquiring Tahoe when JimofRidge 01/21/19 07:47:42 PM
#2472   Exactly. He should have said "no comment", whatnext 01/21/19 05:55:01 PM
#2471   Craig Eastwood could not disclose to me any JimofRidge 01/21/19 04:29:14 PM
#2470   Craig Eastwood, the same guy that told you whatnext 01/21/19 04:05:44 PM
#2469   It may be coming but not within the JimofRidge 01/21/19 03:53:52 PM
#2468   That's pretty optimistic, and unlikely, without the federal whatnext 01/21/19 03:46:11 PM
#2467   I appreciate your opinion. Of course the whatnext 01/21/19 02:15:42 PM
#2466   The # 1 reason you go into business JimofRidge 01/21/19 02:08:53 PM
#2465   It is unfortunate that some think legal pot JimofRidge 01/21/19 01:43:52 PM
#2464   Looks like we’re headed down again. Djdjdjdj 01/21/19 10:02:37 AM
#2462   Anyone calling for more studies is just trying whatnext 01/19/19 06:02:40 PM
#2461   Before it gets Federal approval there will be JimofRidge 01/19/19 02:59:34 PM
#2460   I Like the newest effort for the ceo Marillionaire 01/19/19 10:12:39 AM
#2459   OD3 You hit the nail on the head Marillionaire 01/19/19 07:47:15 AM
#2456   .07 to .14 with news of ceo.... OD3 01/18/19 04:50:10 PM
#2455   new ceo did his dd before excepting position OD3 01/18/19 04:47:21 PM
#2453   Does anyone have a quick count of the Marillionaire 01/18/19 04:29:34 PM
#2448   I completely agree. No way all of whatnext 01/17/19 06:25:02 PM
#2447   Cannabis will be legalized in the USA in 2019. AC7880 01/17/19 06:20:54 PM
#2446   I didn't appreciate it at all. I whatnext 01/17/19 06:16:35 PM
#2445  Restored LOL!! The Nevada deal was billed as GREAT for AC7880 01/17/19 04:36:34 PM
#2444   A failed deal is one that looses money JimofRidge 01/17/19 04:11:27 PM
#2443   No doubt in the world that this is ap17 01/17/19 02:32:34 PM
#2442   GLDFF down today. I guess investors don't appreciate AC7880 01/17/19 02:19:14 PM
#2440   No recreational Cannabis is worth producing since the JimofRidge 01/17/19 01:19:34 PM
#2439   Oregon is flooded with cheap weed. GLDFF just AC7880 01/17/19 12:24:39 PM
#2438   GLDFF has a new and well qualified CEO JimofRidge 01/17/19 12:22:31 PM
#2437   It was the right decision. William Simpson was JimofRidge 01/17/19 12:16:00 PM
#2436   GLDFF reminds me of an empty shell I AC7880 01/17/19 08:11:18 AM
#2435   Ya the resistance from those couple shareholders didn’t Nobuddy 01/17/19 03:24:22 AM
#2434   Thanks for inviting us back to the board. AC7880 01/16/19 09:42:28 PM
#2433   Can't pull off a merger with TRTC. Can't AC7880 01/16/19 06:48:33 PM
#2432   Excellent point, considering today's news. What a crock. whatnext 01/16/19 06:42:38 PM
#2431   Golden Leaf Holdings Announces Termination of Agreement to whatnext 01/16/19 06:31:05 PM
#2430   Tahoe deal is off. What a kick whatnext 01/16/19 06:29:29 PM
#2429   Yep, prices are plummeting. And the state is AC7880 01/16/19 05:48:05 PM
#2427   I too bought hemp company C### instead of AC7880 01/16/19 05:39:02 PM
#2426  Restored This GLD seems to be a fail here, ap17 01/16/19 05:23:59 PM
#2425   I had left this board, but am happy AC7880 01/16/19 05:19:51 PM
#2424   I was torn between this and canb. Bought ap17 01/16/19 04:52:13 PM
#2423   Another red day for this stock. New AC7880 01/16/19 04:20:47 PM
#2422   Isn't Eastwood the failed CEO that was just AC7880 01/16/19 04:03:17 PM
#2421   I guess the previous CEO of GLDFF was AC7880 01/16/19 04:01:30 PM
#2420   Others will follow right behind. Thanks for the AC7880 01/16/19 03:54:27 PM
#2419   I came back to this board, since others AC7880 01/16/19 03:53:34 PM
#2418   The Golden Leaf team. $GLDFF G-OiL-D 01/16/19 02:49:51 PM
#2417   Part of our new CEO's backround is his JimofRidge 01/11/19 05:49:30 PM