GLH.C - Golden Leaf Holdings

Voici tout ce dont vous avez besoin pour en savoir plus sur Golden Leaf:

Petite biographie du CEO:

Mr. Robinson became CARA’s President and Chief Executive Officer in February 2006 after initially joining CARA’s Board of Directors in 2000. His extensive 30 year career in general management and marketing began at Nabisco Brands which led to a 24 year career with Mars, Inc., one of the largest family-owned companies in the world and the owner of well-known confectionary, food product and pet food brands. Mr. Robinson’s tenure with Mars, Inc. included extensive service outside of Canada, including in Latin America, Asia Pacific, Australia and the U.S. Mr. Robinson is the past Chairman of the Board of the Confectionery Manufacturers Association of Canada and an Executive Director of The Food & Consumer Products of Canada, the largest industry association in Canada representing the food and consumer products industry. He is also an active member of various academic councils, including Ryerson University - Ted Rogers School of Management Advisory Council, University of Guelph School of Hospitality & Tourism Management Policy Advisory Board and the Queen’s University School of Business Advisory Board. He has a Bachelor of Commerce from the University of Guelph.

Entrevue sur BNN:

Article dans le National Post:

Analyse de Goldman Research et prix cible à 5$:

Entrevue de Midas Newsletter:

Golden Leaf Holdings Inc. (CNSX:GLH) CEO Don Robinson talks about why his company’s strategy of operating in Oregon and other states where marijuana is approved for sale on a recreational basis is going to deliver big returns to investors. He expects his company to be selling over $3 million per month of cannabis resin by next year, with margins well above seventy percent. Compare that performance to companies like Canopy Growth Inc. (TSX.V:CGC) (OTCMKTS:TWMJF), Bedrocan Cannabis Corp (TSX.V:BED) (OTCMKTS:BNRDF), OrganiGram Holdings Inc. (TSX.V:OGI) (OTCMKTS:OGRMF), T-Bird Pharma Inc. (TSX.V:TPI) or Mettrum Health Corp (TSX.V:MT) .

Full Transcript of Interview

James West: Hey Don, thanks for joining us today.

Don Robinson: Happy to do so.

James West: Don, why don’t you give us an overview of the value proposition for investors in Golden Leaf Holdings?

Don Robinson: We think it’s a very differentiated story, starting with, we have a very different business model than the other marijuana companies currently available, particularly the LPs in Canada. We are a manufacturing business. We extract oils, refine oils, and then make our oils available in a wide variety of delivery systems, including edibles, versus a marijuana growing business, which the LPs in Canada are.

James West: So you don’t grow marijuana, but you extract cannabis resins from marijuana, and you are a Canadian listed company?

Don Robinson: With operations in the US, where the market is much, much larger. So for example, there’s 25,000 patients in Canada, and roughly 25 licensed producers competing for them. In Oregon, now that we’ve gone legal recreationally, we have almost 500,000 consumers, which is 25 times the size of the Canadian market, and we went recreationally legal as of October 1st, and the market’s gone from roughly 140 million to close to 800 million. Is that occurring? We have one dispensary, and our customer count used to be about 100 a day, pre-recreational; it’s now 400 a day. So we’re seeing there’s a lot going on right now in Oregon, because the recreational market has come on.

We also think we’re quite a differentiated play. Our approach, we think, is quite different. Our approach is about a couple of things: one, we think there are two factors that are critical for success, we think, in the industry: the first is the marriage between industry experts – this industry’s been around for a long time – combined with corporate, gray haired, adult supervision. That marriage of those two components, we think, is critical, and the other thing is, ready access to capital.

What we’re really trying to do is, cannabis is going to be a very big industry; 58 percent of Americans think it should be legalized, that’s up from30 percent 2002. A big change. 83 percent think doctors should be prescribing it. And you know, if you talk to people in Washington, DC, in the know, they see Federal de-regulation in as short a time period as three, but certainly within, five years. That’s forward-looking; that’s not a prediction, I’m just suggesting that’s kind of the way it’s going.

There’s 23 states in some form of cannabis legalization.

James West: So you’re catering to both recreational and medical users, exclusively in Oregon, exclusively extracts in the form of resins, and you’re selling through a single dispensary location?

Don Robinson: And our products are sold, there’s 250 or so dispensaries in Oregon and we have a sales force of 10 people who sell our products to those dispensaries. We do grow and intend to grow marijuana, but it is only so we are self-sufficient on our raw material trim, and we want to do that, because we want to be organic. We don’t want to use pesticides, and we don’t want to pay – right now, the trim market in Oregon is about $400/lb, and by being self-sufficient, it’s much less expensive, then our margins go from 45 to close to 80 percent. That’s forward-looking, but that’s what’s in the projection. And we have a company in Israel; the Israelis are everything best practice about marijuana, globally, they’re world leaders, so we’re importing best practice in terms of greenhouse growing, breeding, and greenhouse operation.

James West: Great. So how much marijuana resin do you sell currently?

Don Robinson: Our revenue, the history of it, in September ’14, 150,000 a month. By April ’15, it was over $1 million a month in revenue, and we’ve been over a million since April, so for the last six months. We’ve been capacity constrained, but we’re doubling the number of the machines we have between now and the end of the year, so we will be in an over-capacity situation, we hope, but it’s difficult, because it’s hard to understand what the demand really is. So we can sell everything we can make, so we’re adding machines until we’re over-capacity.

James West: So you do a million a month now, and you’re going to be over $3 million a month by the time you get up to capacity by adding new extracting equipment?

Don Robinson: More. At the end of the year, we’ll have a run rate of, if we can sell everything we can make, of close to 3 million a month.

James West: So my understanding is, you currently sell all that you can possibly make.

Don Robinson: That’s right, yeah.

James West: And you sell it all within the state of Oregon?

Don Robinson: Yes.

James West: Okay, do you have any plans to expand into the other states?

Don Robinson: Well, there’s a point of tension within the business. Our goal has always been to perfect our business model in the state of Oregon and, at the same time, look for other states. We’re currently in discussions, we have a memo of understanding, a potential partner in Washington, and Washington, in terms of the market, is twice as big as Oregon. Washington is completely legalized as well. So if you put Washington and Oregon together, you’ve got a market of about 2.5 billion, with almost 1.4 million consumers. And we’re looking at other jurisdictions as well.

James West: Okay. So how much capital markets equity have you raised to date, and how much more are you going to need to get to your 3 million per month in the next 12-18 months?

Don Robinson: We raised first round 5 million, second round 12 million. So that’s how much we’ve raised. We don’t see ourselves having to raise any more money until end of first quarter, early second quarter next year, and at that stage, I think we’ll be trying to, based on proven results, we’ll be trying to raise quite a lot of capital, so that we can – we’re getting streamlined with opportunities every day, some of them good, some of them bad, but we’d like to be in a position where we have the capital to be able to capitalize on the opportunities as they come forward.

James West: Sure. So how many competitors do you have in the state of Oregon, also producing cannabis resin?

Don Robinson: Three, four? They’re not of our size. We have first mover advantage, and we’re going to try to hang onto it. They don’t have the same – what we’re doing is importing business best practice from other industries and applying it to cannabis. Our competitors don’t, at this stage, have that approach.

James West: So you have superiorities in terms of methodology, management, access to capital, first mover advantage…so you don’t really, at this point, consider your competitors a serious threat in terms of your current market share?

Don Robinson: No. we’re very respectful of them, and applaud them for being in the industry with us, and we’re always paranoid to make sure that we do stay in that first mover advantage position, but at the moment, we don’t see a threat in them.

James West: Okay. So competitors not really a threat, you’re planning to grow your revenue from $1 million to $3 million per month in a best case scenario, you’re going to improve your margins dramatically from 45 percent as a result of growing your own marijuana. How soon till you start producing your own marijuana?

Don Robinson: We have a harvest on right now of close to 400 plants. Our long term plan calls for the harvesting of 2,000 plants a month, and we would be growing in one hectare sized greenhouses because we’re importing that technology from Israel.

James West: Sure. So then is Golden Leaf’s plan to stay in the US market, or do you envision coming into the Canadian medical marijuana market at any point?

Don Robinson: We’re certainly very interested in Canada, given we’ve got a lot of Canadian investors, and we are a Canadian company. At this stage, we think the Canadian market is in stall, and it needs to become bigger for it to become interesting, and for that to happen, there needs to be recreational. You need to do away with the two citizens of medicinal, and end up with one, and also legalize recreational use. At that point, Canada would be of great interest to me.

James West: Yeah sure, why bother with Canada when your market in the United States is 10 times the size.

Don Robinson: James, you said that, I didn’t say that. But again, I did give you the numbers.

James West: Sure, and everybody understands that this is a forward-looking statement kind of environment. So then Don, let me ask you, what are the big bottlenecks between you getting from $1 million a month to over $3 million a month in revenue? I mean, is there any serious threat of a major American corporation with deeper pockets and bigger reach coming in and setting up shop next to you guys to try to muscle in on the revenue territory that you guys have carved out for yourself at this point? Or do you see that as not too much of a threat at this point?

Don Robinson: There isn’t another current cannabis company that has our business model, that we imagine would be doing that from another state. We do know, I mean, I think – how we see the industry evolving is that there will be the development of state-based businesses. You can’t cross state lines. Like us, we’ll be able to export our corporate expertise in partnership with our local partners, but it’s really when Federal deregulation comes, that’s when we’ll see the massive change. At that point, we could either be a consolidator, or be consolidated. Don’t know, and the Big Tobacco, Big Food, Big Soft Drink, Big Pharma, and Big Alcohol all have their eyes on this space. Why wouldn’t you, it’s the end of Prohibition all over again. That’s how we kind of see the industry playing out: build a really strong business right now, on a state by state basis, and then when Federal deregulation comes, there will be massive change.

James West: Right. Okay, so are you guys sort of looking at the landscape and anticipating positioning yourselves for more states becoming recreational? Or have all the states that are going to go recreational, already become recreational?

Don Robinson: No, no, no. so there’s four states recreationally and medicinally legal right now. There are 23 states in some form of deregulation, and there are 9 states that have it on the ballot in 2016. So it’s coming at us like a freight train. It just keeps stopping – I mean, keeps, every day. So around us, it’ll be on the ballot in California; Colorado is legal, Arizona is talking about it, and Nevada is in the beginnings of legalizing. Michigan.

James West: Michigan, too. Okay. So you guys are looking at a run rate of $12 million a year, 45 percent margin, call it 5.4 million EBITDA roughly, for other expenses, and so, is that –

Don Robinson: We close out the year higher than that. Our sales at this point are expected to close the year at close to 16 million.

James West: 16 million, wow, that’s impressive.

Don Robinson: We’re going to have a very strong fourth quarter, as we add capacity, and as we sell. You know, we have a harvest of 400 plants that we’ve grown ourselves.

James West: Right. So your cost of those plants is probably almost negligible.

Don Robinson: Yeah.

James West: Great. So your margins are going to go up, your production is going to go up – sounds like a great story, Don. We’re going to leave it there for now and come back to you in a couple quarters’ time, and see how you’re making out. I’d like to thank you so much for joining us.

Don Robinson: Thank you, James. Anytime.

Video de l’entreprise:

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On pourrait bien voir 1.50$ aujourd’hui pour finir la semaine ou sinon Lundi. À suivre !

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Le titre a été repoussé 2 fois au haut 52 semaines et a retraité. Ce matin est une belle occasion d’embarquer à rabais. Extrêmement sous-évalué par rapport à son compétiteur CGC

Une comparaison rapide:

CGC a présentement 600K$ de revenus par mois pour un market cap de 234M$
GLH a présentement 1.5M$ de revenus par mois en route vers 3M$ par mois d’ici la fin de l’année avec un market cap de seulement 69M$. EBITDA prévu de 15M$+ pour l’année 2016.

Merci d’avoir rassemblé cette info pour le bénéfice de tous. Tu as une idée de la structure des actions/warrants? Quelle proportion des actions possèdent les gestionnaire? Le rapport d’analyse mentionne qu’il y aurait $15.3m de warrant, tu connais le prix de ces warrants? Je continue ma DD de mon côté…

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Tu trouveras réponse à toutes tes questions dans ce document de 265 pages :smile:

CGC rendu à 300M$ de market cap et GLH à seulement 75M$. GLH est probablement une des plus grosses aubaines que je connaisse actuallement

Hier c’est OGI.V organigram holding qui a fait un bon de 37.7%

Je suis d’accord que c’est une aubaine par rapport aux revenus projetés pour 2016. Par contre, 32M de warrants (pour 61M d’actions actuellement), dont 24M à des prix sous la barres des $0.50, vont exercer une pression sur l’action pour les trois prochaines années. Sans compter la dilution que cela représente…

Tu as raison sur ce que tu avances, cependant je pence que cette situation est généralisé dans ce secteur.

Ca sera absorbé par le marché sans problème. Regarde CGC ont fermé leur bought deal à 2.05$ il y a 2 semaines et on est rendu à 3.23$ pour une valorisation de 323M$. La ride est belle et il faut en profiter

La question n’est pas de savoir si le marché va pouvoir absorber ces actions, le marché absorbe toujours tout! La question est de savoir quel effet cela aura sur le prix. Le prix des actions des compagnies ayant émis des warrant récemment (ex: MBX, HTL, AKR) est redescendu au prix d’émission des warrant à la date d’expiration. La dilution est le pire ennemi de l’investisseur…

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Ce que je voulais dire par le marché va absorber les warrants est que le prix ne sera pas affecté à la baisse. Il va monter. On parle de dilution quand la compagnie a besoin de $$$ simplement pour pouvoir garder les lumières allumées. Quand tu emets des actions pour doubler ta production et donc tes revenus, c’est de la bonne ‘dilution’ dans mon livre à moi. De plus, la comparaison avec les titres que tu as mentionné est un peu boiteuse. Tu compares des titres avec très peu d’intérêt de la part de la communauté d’investisseurs présentement pour différentes raisons. Donc évidement quand les gens exercent leur warrants qui sont ‘in the money’ ils vont les ‘casher in’ à n’importe quel prix supérieur au prix d’exercice. Si ils croyaient en l’appréciation de l’action ( pourquoi vendre pour quelques cennes de profit? ) et qu’il y avait suffisement de volume d’acheteurs pour les absorber, le prix de l’action ne serait pas affecté à la baisse.

Revenons à GLH, ils ont une grosse news en chemin qui va propulser l’action d’après moi. Mon target à moi est de 3$+.

Faites vos devoirs

Tu sors ça d’où? Peux-tu expliquer tes raisons?

Il suffit de regarder le volume. Présentement, si un vendeur veut liquider une grande quantité d’actions, il n’y a pas assez d’acheteurs pour ne pas affecter le prix à la baisse.

GLH.c est halted!! :smile:

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Oregon-based cannabis oils rocket Golden Leaf Holdings (CSE:GLH, Forum) has announced a big deal in the marijuana world, entering into a definitive and exclusive agreement to distribute Dixie edibles, tinctures and topicals in Oregon.

Having started in Colorado back in 2010, Dixie is one of the stonking great boss monsters of the US marijuana world, and recently announced intentions to expand into new US states with local partners.

The deal will see Golden Leaf creating Dixie products under license in Oregon, and distributing them on a wholesale basis across the state. While the deal not only brings GLH significant profit potential, it also legitimizes them as a big time player in the space, and opens the possibility of sending products back the other way through Dixie distribution channels.

“Today marks an important milestone for Dixie Brands,” said CEO Tripp Keber in a news release. “The partnership between our organizations, and the complementary nature of our brands will bring great alternatives to Oregon patients and dispensaries.”

Golden Leaf debuted on the CSE in mid-October at $0.45, and quickly jumped to the $1.25 range in a matter of weeks. Today’s news saw profit taking that rolled it back to $1.15, putting the firm at a $70.4m market cap.

Oregon lawmakers moved the state to recreational marijuana use in October, expanding the potential user base of Golden Leaf products by hundreds of thousands.

To hear an interview with Golden Leaf CEO Don Robinson, click here.

–Chris Parry

FULL DISCLOSURE: Golden Leaf is a Stockhouse Publishing marketing client. The author is a consultant to the company and owns GLH shares.

Et voilà :smile:

Golden Leaf Holdings (CSE: GLH, Forum) celebrated today as the company released its preliminary financial results for its calendar Q3 with revenue estimated to represent a 900% year-on-year increase at approximately US$3.0 million.

According to the news release, the company’s first proprietary flower harvest carried out in October was well beyond expectations with yields appearing to be more than 2 pounds of high grade flower per plant. This abundance is anticipated to add at least US$1.0 million in sales during Q4.

The fourth quarter saw the company operating seven extraction machines compared to the one machine the company started with a year earlier. Each machine has a daily capacity of one pound of oil extract.

The 96 acre Aurora campus has become more efficient, producing consistently higher yields, due to the approximate US$500,000 investment made by Golden Leaf up to October 31, 2015. As a result, the company’s first harvest at Aurora produced approximately 270 plants in October with each plant yielding more than two pounds of flower and two pounds of trim.

Company CEO, Don Robinson, commented, “Demand for our products remains very strong. We have increased our direct sales force to 10 professionals and consolidated our leading position within the Oregon medical market. All of our stock on hand continues to sell quickly. Despite the 8 to 1 scaling in production capacity, demand for our product continues to outstrip capacity. We expect this dynamic to continue having substantially increased our sales force.”

The release went on to note that Golden Leaf continued to look for strategic acquisition opportunities and commercial relationships. Robinson illustrated, “We have started due diligence on acquisitions in Washington State. The market for oil extract products in Washington is double the size of Oregon. Washington allows oil extract products and edibles to be sold recreationally.”

The company expects the Dixie transaction announced earlier this month to further facilitate its entry into the US$600 million Oregon market with proven technology, expertise and Colorado’s top edible brand.

Golden Leaf Holdings made headlines recently when the Toronto-based company announced less than a week ago that it was preparing to list on QTCQB Exchange.

Shares were up 11.70% on the news to $1.05 per share.

Currently there are 61.2m outstanding shares with a market cap of $64.3 million.

La montée se poursuit, les résultats devraient sortir sous peu

Les résultats du Q3 sont sortis:

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Très solide! 3M$ USD en revenus pour le quart! Ca va ouvrir fort demain

Je ne connais pas vraiment la compagnie mais c’est la première fois que je vois un actionnaire heureux d’une perte de 3M$ sur un revenue de 2.9M$. Intéressant pour une compagnie de +60M$.