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Golden Leaf Holdings LTD (GLDFF)
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7/16/2018 9:17:58 AM
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GOLDEN LEAF HOLDINGS
A GOLDEN OPPORTUNITY
Cannacord Genuity Initiates Coverage on 2/12/2018
SPECULATIVE BUY PRICE TARGET C$0.60
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.
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.
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.
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. ·
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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07/16/18 09:17:58 AM
I guess another drop in price
07/10/18 11:27:51 AM
I’m out...but if so that’s prettttty cool
07/09/18 09:57:13 AM
Golden Leaf Holdings Appoints Rick Miller as Chairman
07/09/18 09:06:56 AM
Are we now with canopy?
07/04/18 07:10:00 PM
Lol me too and throw into Namaste tech
06/29/18 10:29:10 AM
Really thinking about dumping this POS
06/29/18 09:49:52 AM
Looks like this pos is going out
06/27/18 02:54:54 PM
06/27/18 08:47:14 AM
Gold Leaf is been a redheaded step child
06/26/18 07:41:40 AM
06/23/18 09:43:04 AM
Sold 1500 shares Thursday. Got annual report.
06/23/18 03:26:46 AM
06/21/18 07:40:54 PM
Look at GLH, same stock here in Canada.
06/21/18 05:52:24 PM
Market Makers holding this one back
06/21/18 03:18:08 PM
$GLDFF 162 "buys" without hardly a "sell" all
06/21/18 01:49:41 PM
What's it like in the united states of ammeric?
06/20/18 11:13:15 AM
here strong NEWS for canad. MJ stocks https://news.vice.com/en_ca/article/7xmjgg
06/20/18 06:40:40 AM
great NEWS booom today Canadian Pot Bill Passes:
06/20/18 03:26:04 AM
06/18/18 06:15:24 PM
This POS should be at $0.01
06/18/18 02:50:13 PM
All buys today!!!
06/18/18 09:51:49 AM
06/18/18 09:38:09 AM
Maybe one of the big Canadian MJ
06/13/18 02:04:27 PM
Golden Leaf Holdings Presentation Now Available for On-Demand
06/11/18 06:36:30 PM
Senate Approves Cannabis Bill C-45 3rd Reading https://twitter.com/SenateCA/status/10048933367953203
06/09/18 07:10:23 PM
News radio talking about chalice farms today and
06/08/18 11:16:10 AM
Canadian Senate Approves Cannabis Legalization Bill https://plus.google.com/u/0/+WeedWarrior/posts/X
06/07/18 10:38:54 PM
Waiting for the pop it will come need
06/05/18 12:21:42 AM
Scroll down to press releases for today's news.
06/04/18 11:40:28 PM
Need some news!
06/04/18 10:22:13 AM
Golden Leaf reports 1st quarter.
05/31/18 01:04:45 PM
This is turning into a POS
05/31/18 12:39:01 PM
Golden Leaf: U.S. Cannabis Portfolio Holding Company
05/28/18 08:17:18 AM
Golden Leaf Holdings Hires Ryan Purdy as Vice
05/24/18 04:16:52 PM
Golden Leaf Holdings Jame West Interview with
05/23/18 06:36:29 PM
Lots of action today. The Canadian markets
05/21/18 11:53:14 AM
05/21/18 10:36:54 AM
05/21/18 10:17:49 AM
They are on a Mission,IMO will be #1,once
05/19/18 03:44:31 PM
05/17/18 03:30:41 PM
05/17/18 08:54:41 AM
US Supreme Court Sets a Great Precedent for
05/16/18 08:44:43 PM
Sports Betting Decision May Empower States https://plus.google.com/u/0/+WeedWarr
05/16/18 08:43:32 PM
US Weed Industry Bolstered by Supreme Court's Gambling
05/16/18 08:43:01 PM
Bit pricey right now for my liking
05/14/18 09:27:28 AM
Ianthus is a better buy for this space.
05/13/18 11:34:01 PM
Threw in a limit order for 17 cents
05/11/18 12:54:36 PM
I would assume this would POP with more
05/11/18 10:31:53 AM
I bought more a couple weeks ago to
05/11/18 10:24:00 AM
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