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Golden Leaf Holdings LTD (GLDFF)

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Last Post: 3/27/2020 10:46:12 AM - Followers: 77 - 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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GLDFF News: Puration Inc (OTCMKTS:PURA) Pursues Acquisition Of Smaller Cannabis Infusion Companies 02/04/2020 02:20:47 PM
#3570   another good day, wow this stock is on fire OD3 03/27/20 10:46:12 AM
#3569   This is the end OD3 03/26/20 10:32:57 PM
#3568   another positive day OD3 03/26/20 06:12:57 PM
#3567   don’t forget to buckle up OD3 03/26/20 11:28:18 AM
#3566   solid company here ladies, SP should sky rocket OD3 03/26/20 11:27:48 AM
#3560   all of their 15 deliveries, gonna need a OD3 03/25/20 12:07:16 PM
#3559   Home delivery. G-OiL-D 03/24/20 11:42:58 AM
#3558   https://www.chalicefarms.com/ G-OiL-D 03/17/20 09:10:12 PM
#3557   Do you have a vested interest in your batguanno 03/17/20 02:55:35 PM
#3556   after quarterly numbers SP should settle in right OD3 03/17/20 02:08:43 PM
#3555   after quarterly numbers SP should settle in right OD3 03/17/20 02:08:43 PM
#3553   GLH made one of the best decisions in Brooklyn Bloke 03/17/20 01:27:54 PM
#3552   MJ stocks about to rebound... Volume picking up... Ronin 03/17/20 12:58:21 PM
#3551   What is the deal, pps dropped to. 007? Anyone? AlexanderTheWiseOne 03/17/20 11:01:59 AM
#3550   I just wish OD3 would have some useful JimofRidge 03/16/20 06:37:23 PM
#3549   buckle up OD3 03/16/20 12:38:41 PM
#3548   12312 SE CAPPS RD shark300feet 03/13/20 12:22:40 AM
#3547   You got JimofRidge's number. batguanno 03/12/20 08:31:59 PM
#3546   You don't own shares. You're not fooling anybody. batguanno 03/12/20 08:30:34 PM
#3545   I just like bashing this company that I OD3 03/12/20 04:23:58 PM
#3544   Tozmoz I wonder what all u can eat OD3 03/12/20 04:19:53 PM
#3543   Do we not lose millions every quarter?? OD3 03/12/20 04:15:56 PM
#3542   What’s my agenda buddy? OD3 03/12/20 04:15:11 PM
#3541   You have zero information since the company has JimofRidge 03/12/20 03:47:19 PM
#3540   same thing for 2 years running OD3 03/12/20 03:36:52 PM
#3539   1st Q result is pretty darn easy to OD3 03/12/20 03:26:33 PM
#3538   Until the Financials and 1st Qt results are JimofRidge 03/12/20 02:59:12 PM
#3537   .005 coming soon OD3 03/11/20 11:33:45 PM
#3536   RIP OD3 03/11/20 05:04:04 PM
#3535   What a joke OD3 03/11/20 01:12:56 PM
#3534   Why are you saying "we will"? You couldn't batguanno 03/09/20 05:44:05 PM
#3533   Another down month on tap OD3 03/08/20 08:55:44 PM
#3532   Who left the toilet seat up? Look at JimofRidge 03/06/20 05:12:55 PM
#3528   Tozmoz is a joke of a company OD3 03/06/20 11:07:00 AM
#3526   How many million did we lose last year? OD3 03/06/20 10:52:10 AM
#3525   Q4 end of year will report a loss OD3 03/06/20 10:50:17 AM
#3523   Read CNN Business Report about Canopy Growth closing JimofRidge 03/06/20 05:53:31 AM
#3522   Q4 end of year will report a loss OD3 03/06/20 01:46:52 AM
#3520   This is a very accurate analysis of Golden JimofRidge 03/05/20 07:24:49 PM
#3519   https://www.bnnbloomberg.ca/investing/video/bruce-campbell-discusses-golden-leaf Hello Benjamin 03/05/20 10:59:23 AM
#3518   this company needs more than selling a couple OD3 03/04/20 06:53:05 PM
#3517   guaranteed next quarterly report we lose millions and OD3 03/04/20 06:46:15 PM
#3513   if prostitution was legal doesn’t mean fat ugly OD3 03/04/20 10:31:57 AM
#3512   One fact to note regarding yesterday's Dem Primary. JimofRidge 03/04/20 06:29:43 AM
#3511   I've been checking the TozMoz website for the G-OiL-D 03/03/20 08:13:00 PM
#3510   easy Ronin just take a couple breaths read OD3 03/03/20 07:23:11 PM
#3509   It's old news, published a month ago. G-OiL-D 03/03/20 11:29:00 AM
#3508   Here's the news... Ronin 03/03/20 09:37:28 AM
#3507   And where did you get this information? batguanno 03/03/20 09:34:00 AM
#3506   Major news coming soon! Merger should be announced Ronin 03/03/20 07:50:13 AM