Canaccord Genuity Thinks Golden Leaf Holdings’ Stock is Going to Recover

By Austin Angelo

Wall Street analyst has provided a review for the Healthcare company today, but retained the same rating on the stock. Golden Leaf Holdings (CNQX: GLH) received a Buy rating from Canaccord Genuity’s analyst Matt Bottomley, with a C$0.60 price target.

Bottomley said:

“We look forward to more updates during Golden Leaf’s FQ4/17 earnings call on Monday, April 30 at 4:30PM EST. Interested parties can dial in at (877) 423-9813 (Golden Leaf Holdings to Hold Conference Call to Review Fiscal Year 2017 Results). Investment Highlights California goes rec. After California passed a ballot initiative in November 2016 to legalize recreational cannabis, the state commenced implementing its adult use cannabis market earlier this year on January 1. Although we believe it will take time for the state to ramp up its legal infrastructure, we believe the California opportunity could represent an annual revenue opportunity in excess of US$10 billion at maturity. We believe brands and retail distribution will determine industry winners. Golden Leaf’s vertically integrated operations help it benefit from all areas of the value chain; including, cultivation, extraction, product manufacturing, and sales to retail customers.”

According to TipRanks.com, Bottomley is ranked #316 out of 4776 analysts.

Golden Leaf Holdings has an analyst consensus of Moderate Buy, with a price target consensus of C$0.60.

Based on Golden Leaf Holdings’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of C$3.92 million and GAAP net loss of C$3.96 million. In comparison, last year the company earned revenue of C$2.99 million and had a GAAP net loss of C$3.03 million.

Golden Leaf Holdings Ltd. is engaged in the development, processing, and distribution of medical cannabis products. It offers products under the Golden XTRX, Proper, and Left Coast Connection brands. The company was founded on April 13, 2011 and is headquartered in Toronto, Canada.