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Golden Leaf Holdings LTD (GLDFF)

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Last Post: 10/22/2019 6:48:13 AM - Followers: 80 - 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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GLDFF News: ALYI Rated BULLISH With Trend Reversal Starting Toward Potential Near Term Double On $20 Million Contract Prospects 05/06/2019 09:33:10 AM
#2846  Sticky Note https://goldenleafholdings.com/golden-leaf-holdings-announces-meeting-of-debentu G-OiL-D 07/23/19 12:02:58 PM
#3319   Must be nice being out for awhile! JimofRidge 10/22/19 06:48:13 AM
#3318   Must be nice being out for awhile! JimofRidge 10/22/19 06:48:11 AM
#3317   If you are unhappy with the company sell JimofRidge 10/22/19 06:24:58 AM
#3316   This company will be an episode on American/Canadian Greed. OD3 10/21/19 01:27:16 PM
#3313   What happened to your boy running show in OD3 10/21/19 01:10:36 PM
#3312   ROI comes from the smoke and mirrors?????straight wool OD3 10/21/19 01:06:11 PM
#3311   Bro if everyone could break even here they OD3 10/21/19 12:59:36 PM
#3310   So what the hell was Patagonia guy doing OD3 10/21/19 12:50:59 PM
#3308   ROI has nothing to do with share price! JimofRidge 10/21/19 12:40:53 PM
#3307   Good experienced people do not join organizations that JimofRidge 10/21/19 12:38:00 PM
#3306   What is really a disgrace is for so JimofRidge 10/21/19 12:36:09 PM
#3303   Lol chief people officer. I give her 5 OD3 10/21/19 12:20:59 PM
#3302   Lol ROI,, nobody will ever see that unless OD3 10/21/19 12:14:13 PM
#3301   Jane Sullivan Joins Golden Leaf Holdings as Chief Marillionaire 10/21/19 09:47:05 AM
#3300   I noticed you also post on the failed JimofRidge 10/21/19 08:48:57 AM
#3299   Pure stupidity and for some reason an agenda JimofRidge 10/21/19 08:02:29 AM
#3297   Investors of Golden Leaf can see how well JimofRidge 10/19/19 07:18:10 AM
#3296   Either way, I'm still a strong supporter of G-OiL-D 10/18/19 07:50:35 PM
#3295   I do not believe a buyout is in JimofRidge 10/18/19 06:58:21 PM
#3294   60 shares traded at .0195? What a joke. G-OiL-D 10/18/19 01:59:40 PM
#3293   I disagree. The shares being sold are still JimofRidge 10/18/19 09:09:17 AM
#3292   I did purchase when the share price dropped JimofRidge 10/18/19 08:39:30 AM
#3291   Company and all involved with the dilution is Djdjdjdj 10/17/19 07:08:50 PM
#3290   It's a terrific presentation. "Undervalued" being the batguanno 10/17/19 04:24:07 PM
#3289   smoke and mirrors OD3 10/17/19 12:11:11 PM
#3288   https://tradebrains.in/buy-when-theres-blood-in-the-streets/ G-OiL-D 10/17/19 11:48:07 AM
#3287   I think the reason is they issued all Marillionaire 10/17/19 09:04:47 AM
#3286   Its hard to understand why Golden Leaf share JimofRidge 10/17/19 07:08:28 AM
#3285   When you see the assets 70 mil versus JimofRidge 10/16/19 04:24:18 PM
#3284   R.I.P. gldff OD3 10/16/19 03:45:58 PM
#3283   This drop is the ex Ceo William Simpson Marillionaire 10/16/19 01:05:50 PM
#3282   This is old news but the 1st ive Marillionaire 10/15/19 04:28:11 PM
#3281   https://chalicefarms.com/chalice-tv/ G-OiL-D 10/15/19 12:14:01 PM
#3280   Some interesting info on the Oct. 7 presentation. G-OiL-D 10/15/19 11:41:58 AM
#3279   That's terrific! Thanks for posting. batguanno 10/15/19 11:13:30 AM
#3278   https://goldenleafholdings.com/golden-leaf-holdings-launches-chalice-tv/ G-OiL-D 10/15/19 11:07:19 AM
#3277   Thanks received the same info. Always wish it JimofRidge 10/15/19 06:31:08 AM
#3276   IR says by November 29th. G-OiL-D 10/15/19 01:22:03 AM
#3275   Any idea on when 3Q being made available? JimofRidge 10/14/19 06:16:04 PM
#3274   The two times I’ve put money into this Djdjdjdj 10/11/19 12:07:05 AM
#3273   Time to load up. batguanno 10/07/19 09:56:33 AM
#3272   I just spent two solid days of buying JimofRidge 10/04/19 04:01:31 PM
#3271   Hard to explain this share price. The last batguanno 10/04/19 12:56:23 PM
#3270   That may be true but also its a JimofRidge 10/03/19 01:00:21 PM
#3269   https://www.medmg.ca/ They fired the president and John Vargheese will Marillionaire 10/03/19 09:58:55 AM
#3268   Tomorrow back to paradise until end of January. OD3 10/02/19 10:59:48 AM
#3267   Golden Leaf Holding's extensive experience producing quality CBD JimofRidge 10/01/19 08:16:06 AM
#3266   If you read the announcement the Chalice Farm JimofRidge 10/01/19 07:28:52 AM
#3265   IMHO poster's parents were cousins. Another nice JimofRidge 09/30/19 06:26:20 PM
#3264   Every stock is down sector wide, your opinion Marillionaire 09/30/19 02:28:31 PM