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Bruce Campbell (2)Canntrust Holdings Inc.TRST.TOHOLDJan 30, 2019

They are working on a US listing. It is a cannabis stock that is hoping to get better US multiples. He thinks they might be taken out going forward. They have international expansion and are growing in Canada. They trade at a discount to the larger peer group in the space. He owns it and thinks it goes higher.

Bruce Campbell (2)

Owned

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PAST TOP PICK

(A Top Pick Oct 04/18, Down 87%) A perfect example on staying atop your stocks. He sold around $9.88. Never fund to sell on a loss, and he did and that saved a lot of money.

COMMENT

It's been a volatile day with the price falling in the morning following auditors withdrawing endorsement of its 2018 statement. The stock rallied near closing. A surprise that the stock rose so much at the end of the day. Somebody thinks they know something.

COMMENT

He thinks there could be very serious legal ramifications for the management team if allegations prove to be true. He worries this may be going on in other companies as well. He thinks the lack of involvement in the space by Indigenous interests may also become an issue in the future.

SELL

Caught hiding illegal cannabis from Health Canada has shaken market faith. Sell? There's never one cockroach, so there may be troubles at other pot companies. Sell this and maybe buy it back when there is clarity. TRST could lose their license. They have lost credibility among analysts. When bad things happen, they last not for a week, but months.

BUY

He started researching the cannabis sector because he thought cannabis was a pump-and-dump play--and it's largely true. The ones who'll make lasting money in this space are the insiders who sold stock and their investment bankers. He's owned TRST the past 9 months. Research said that TRST tells the truth and is well-financed, and a low-cost operator with modern operations. Yes, it's been frustrating because TRST tells the truth and they do what they say they'll do. They're about to list in New York, but keep in mind who their investment bankers will be. This listing will attract Canadian coverage from banks, as well as from BAC and GS in the U.S. This will raise their profile and shareholder base a lot. A well-run company that wants to build sustainably for the long run.

WATCH

Frustrated by it. Still owns it. When they bought it they thought that they had a solid business case. They just hired a new CEO. The Member of the Board continue to sell stocks and that is not a good sign but the profits and financials are very strong. He thinks there are going to be joint ventures in the US and internationally. They reported real revenue growth. The company needs to make changes at the Board level.

BUY

A past top pick. From a pure valuation perspective he likes it and it trades at 7 times EBITA compared to competitors that trade at 30 times. They have taken a medical approch to their company and have a distribution agreement into Germany. They are involved in a brew-buds technology for the US. He is surprised of the recent sell off and attributes it to the delay in getting a US listing. He owns it and still likes it.

TOP PICK

This company was founded by pharmacists who is globally focused in generic drug manufacturing in 115 countries. They win 38% of new patients added to new medical cannabis users. They hire doctors to educate doctors about medical usages. Yield 0%. (Analysts’ price target is $16.93)

TOP PICK

They have done a great job. They are in the top three as far as medical patients go. It is super cheap. They are talking about a US listing and that could light it on fire. They could get taken over. (Analysts' target; $16.11).

BUY

ACB-T vs. APH-T. The sector is highly volatile. APH-T is possibly a little higher quality and there have been rumours around them getting a large investment from a strategic player. TRST-T is the one he holds and is the best way to play this sector.

COMMENT

This is a relatively small cannabis player but the trailing EBITDA is minimal and the forecasted earnings are speculative. He bought the IPO at $2 and sold it at $4. It’s one of the higher quality companies in the space, with interesting value add ideas. They even have a patent for infused cannabis in Keurig cups.

DON'T BUY

This is a cannabis company that has a new product line for pets. He generally dislikes the sector and the associated valuations. You are betting this sector is going to explode and it is hard to know which companies will survive. It has a $600 million valuation on $20 million in sales.

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Bruce Campbell (2)Canntrust Holdings Inc.TRST.TOHOLDJan 30, 2019

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