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Golden Leaf Holdings LTD (GLDFF)

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Last Post: 11/14/2018 12:28:43 AM - Followers: 84 - Board type: Free - Posts Today: 1

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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PlusOneCoin Top Posts
#1595   And no surprise the nonsense continues with many IndustryParticipant 11/11/18 02:53:18 PM
#1567   I see the name thing was brought up BriarPatch 11/11/18 09:35:46 AM
#1333   I'm not sure how many are up on AC7880 11/07/18 07:07:54 AM
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#1447  Sticky Note But that's not the (whole) real story.....now is it? IndustryParticipant 11/09/18 02:37:41 AM
#1333  Sticky Note I'm not sure how many are up on AC7880 11/07/18 07:07:54 AM
#1689   Not quite yet. Glddf has to much G-OiL-D 11/14/18 12:28:43 AM
#1688   Time to play taps it sounds like 13strats 11/13/18 09:11:22 PM
#1687   More cannabis consolidation: Chalice Farms owner Golden Leaf DD8 11/13/18 08:45:05 PM
#1686   I have had the same experience. GLDFF had JimofRidge 11/13/18 07:15:39 PM
#1685   I'm totally new with trading. Just started whatnext 11/13/18 06:49:53 PM
#1684   My last post for today! I have 3 JimofRidge 11/13/18 05:53:05 PM
#1683   Just like yesterday at the close was a JimofRidge 11/13/18 05:11:05 PM
#1681   Has anyone else had gldff on their watch 13strats 11/13/18 03:55:37 PM
#1680   no prob, both analogies have a similar outcome. Etailer 11/13/18 12:33:19 PM
#1679   Shareholders could care less about fluctuations.They are selling JimofRidge 11/13/18 12:22:50 PM
#1678   Actually - no. Fluctuations come and go on AC7880 11/13/18 12:14:54 PM
#1677   You will know a lot quicker than that. JimofRidge 11/13/18 12:10:19 PM
#1676   Sorry, I wasn't clear in my meaning. I G-OiL-D 11/13/18 12:06:15 PM
#1675   I bought the sister stock TRTC $1.30s today. AC7880 11/13/18 11:41:19 AM
#1674   It appears that a lot of shareholders are Etailer 11/13/18 11:36:30 AM
#1673   I sent an email a couple of hours JimofRidge 11/13/18 11:26:56 AM
#1672   GLDFF needs to implement it's G-OiL-D 11/13/18 11:26:21 AM
#1671   Having a large grow operation and lots of Etailer 11/13/18 11:15:07 AM
#1670   They are killing shareholder value, this needs to Etailer 11/13/18 11:11:38 AM
#1669   I agree, until the cancellation of the merger Etailer 11/13/18 11:04:56 AM
#1668   There is no conversion rate that would ever JimofRidge 11/13/18 10:23:43 AM
#1667   As one can see the death spiral has Magnum7419 11/13/18 10:20:17 AM
#1666   When this merger is cancelled there will be JimofRidge 11/13/18 10:10:44 AM
#1665   Yeah. May be an omen that tda wouldnt 13strats 11/13/18 10:07:57 AM
#1664   This should no longer be a sell! Time JimofRidge 11/13/18 10:05:13 AM
#1663   Was it the holiday or are things quiet? JimofRidge 11/13/18 08:41:56 AM
#1662   A one liner of 140 million deficit in Magnum7419 11/13/18 08:26:43 AM
#1661   To All Sending Info to GLDFF. Make sure JimofRidge 11/13/18 07:09:19 AM
#1660   One further comment on those sales. I do JimofRidge 11/12/18 05:27:47 PM
#1659   Done! G-OiL-D 11/12/18 05:17:11 PM
#1658   Those sales at the end of the day JimofRidge 11/12/18 05:11:46 PM
#1657   The 60 were two sales of 30,000 plus JimofRidge 11/12/18 04:41:22 PM
#1656   OTC shows 60,000 shares closed end of day JimofRidge 11/12/18 04:38:58 PM
#1655   Looks like trades all day long. Light day JimofRidge 11/12/18 04:34:34 PM
#1654   Maybe but another poster mentioned it this morning. 13strats 11/12/18 04:31:32 PM
#1653   OTC does show trades so must be your account JimofRidge 11/12/18 04:29:37 PM
#1652   no 13strats 11/12/18 04:27:20 PM
#1651   Was it after hours? JimofRidge 11/12/18 04:25:03 PM
#1650   Please forward to GLDFF in case they do JimofRidge 11/12/18 04:22:55 PM
#1649   https://seekingalpha.com/article/4221394-terra-tech-another-marijuana-merger-rev G-OiL-D 11/12/18 04:05:13 PM
#1648   Well. I just tried to sell again. Enough 13strats 11/12/18 04:03:16 PM
#1647   The news of this merger is even having JimofRidge 11/12/18 02:04:29 PM
#1646   Not showing up right now. May show up 13strats 11/12/18 01:46:16 PM
#1645   That would be welcomed news Etailer 11/12/18 01:18:19 PM
#1644   Ticker is showing up on my Fidelity account. Etailer 11/12/18 01:17:17 PM
#1643   I trade with TD and do not see JimofRidge 11/12/18 01:16:54 PM
#1642   I will never tell you how to handle JimofRidge 11/12/18 12:56:33 PM
#1641   Hopefully a new offer in progress from G-OiL-D 11/12/18 12:40:27 PM
#1640   You are correct. Gldff is shut down right 13strats 11/12/18 12:08:59 PM
#1639   I'm taking the day off although I'm on Etailer 11/12/18 12:05:40 PM
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