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Golden Leaf Holdings LTD (GLDFF)

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Last Post: 5/22/2019 11:45:53 AM - Followers: 81 - 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: ALYI Rated BULLISH With Trend Reversal Starting Toward Potential Near Term Double On $20 Million Contract Prospects 05/06/2019 09:33:10 AM
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#2708   Probably not. Just typical business dealings IMO. G-OiL-D 05/22/19 11:45:53 AM
#2707   Is this bad? steve0k 05/21/19 10:33:43 PM
#2706   https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00033830 G-OiL-D 05/21/19 07:51:45 PM
#2705   Employed a new IR firm and just letting ThirdSyte 05/21/19 05:09:15 PM
#2704   A positive article on CBD. G-OiL-D 05/17/19 05:37:22 PM
#2703   Recently posted increased sales and profits. Real assets, batguanno 05/17/19 11:18:24 AM
#2702   Maybe people are starting to catch on. batguanno 05/16/19 03:23:38 PM
#2701   Nice loading going on on L2 @ the mcord 05/16/19 12:57:03 PM
#2700   https://www.portlandmercury.com/blogtown/2019/05/15/26486230/oregon-bill-allowin Jwilson623 05/16/19 08:42:25 AM
#2699   Total nonsense. batguanno 05/15/19 01:56:34 PM
#2696   William Simpson was not able to see how JimofRidge 05/15/19 11:32:05 AM
#2694   And the company KNEW it was a bad deal. ThirdSyte 05/15/19 09:54:26 AM
#2693   As this 8 cent pig circles the drain. ap17 05/15/19 09:44:29 AM
#2692   Reading where the company that tried to merge JimofRidge 05/15/19 09:28:34 AM
#2691   Nice video but Federal legalization of Cannabis is JimofRidge 05/15/19 08:55:50 AM
#2690   I had the same issue with the former JimofRidge 05/15/19 08:37:59 AM
#2689   the ship is moving in the right direction Hello Benjamin 05/14/19 11:47:52 PM
#2688   Lots of positives on latest earnings release, positive Marillionaire 05/14/19 09:10:25 PM
#2687   This is the most undervalued stock I've seen. batguanno 05/13/19 12:41:13 PM
#2686   Absolutely true. Thanks for the post! batguanno 05/13/19 09:04:13 AM
#2685   You’ve got a point. Thanks for the info. Djdjdjdj 05/13/19 12:17:52 AM
#2684   Golden Leaf's total 2018 revenue was US16.5 million. BlueGreenPower 05/12/19 11:57:50 PM
#2683   Nonsense. batguanno 05/12/19 09:38:01 PM
#2681   Exactly. With the new head of investor batguanno 05/12/19 08:37:49 PM
#2680   Exactly!! Company proved they couldn't make it in ap17 05/12/19 10:23:50 AM
#2679   Up until now Golden Leaf has done a BlueGreenPower 05/12/19 10:05:20 AM
#2678   $48,000,000 market cap not exactly a steal here. Djdjdjdj 05/11/19 08:52:48 PM
#2677   Aurora would be busy diluting and gobbling up Etailer 05/10/19 06:13:39 PM
#2676   Including Aurora. G-OiL-D 05/10/19 01:54:21 PM
#2675   With all the assets and licenses this company batguanno 05/10/19 01:43:58 PM
#2674   Agree. CC was absent any enthusiasm. Looking forward to ThirdSyte 05/10/19 12:17:08 PM
#2673   Remember: EVERY POST has an agenda. Stick with filings ThirdSyte 05/10/19 11:12:59 AM
#2672   Worse CC ever! Lackluster, no guidance, no enthusiasm Ronin 05/10/19 10:31:58 AM
#2671   2 CEO's within 6 months? And new CFO Ronin 05/10/19 10:18:08 AM
#2670   The 10k reported "expansion" had been underway. I'm ThirdSyte 05/09/19 06:06:54 PM
#2669   With its numerous assets, new leadership, recent posting batguanno 05/09/19 01:43:43 PM
#2668   Wicks show all. Bottom is repeatedly rejected. Resentful bears attempting ThirdSyte 05/08/19 10:29:51 PM
#2666   You bet it's ridiculous. Revenue up 43%. batguanno 05/08/19 02:01:07 PM
#2665   R-I-D-I-C-U-L-O-U-S. ThirdSyte 05/08/19 12:19:10 PM
#2664   Q1 to be filed "by May 30th". ThirdSyte 05/08/19 09:53:26 AM
#2663   OTFL, ok. yup! ap17 05/07/19 09:42:47 PM
#2662   Be smart traders. There is NO DILUTION here...only ThirdSyte 05/07/19 09:05:10 PM
#2661   Wow you're really looking to buy shares at batguanno 05/07/19 08:38:00 PM
#2660   I guess the increasing volume isn't enough to ThirdSyte 05/07/19 07:49:17 PM
#2659   Nobody will touch this pig, that couldn't even ap17 05/07/19 04:54:45 PM
#2658   What nonsense. batguanno 05/07/19 04:33:50 PM
#2657   What nonsense. batguanno 05/07/19 04:33:42 PM
#2656   LOLOL. Not even close. ThirdSyte 05/07/19 01:50:05 PM
#2655   Exactly, now this dog circles the drain. Anyone ap17 05/07/19 01:47:23 PM
#2654   Q1 to be posted "by May 30th. ThirdSyte 05/07/19 11:44:57 AM