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Monday, January 17, 2022

CannaRoyalty Corp (OTCMKTS:ORHOF) Springs Back to the Upside

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The action in CannaRoyalty Corp (OTCMKTS:ORHOF) is showing some interesting signals this week, with shares moving higher out of the 3-day range following a sharp pullback despite the company’s massive revenue growth trend (1550% on a y/y basis). The narrative here is still defined by the M&A process with Cresco Labs (OTC: CRLBF). The latest is the company’s recent announcement that it has divested its 5.1% equity interest in Alternative Medical Enterprises LLC for total consideration of US$6 Million.

According to the release, as Cresco Labs Inc. is prohibited under state law from acquiring additional positions in the Florida market, this divestment was a pre-closing condition to the Company’s previously announced plan of arrangement pursuant to which Cresco has agreed to acquire all of the issued and outstanding shares of Origin House.

CannaRoyalty Corp (OTCMKTS:ORHOF) trumpets itself as a private equity firm specializing in acquisitions. The firm invests in the legal cannabis sector with a focus on research and intellectual property, consumer brands, and industry infrastructure. It seeks to invest in the United States and Canada. CannaRoyalty Corp. is headquartered in Ottawa, Canada.

The company is doing business as Origin House.

Origin House is a growing cannabis products and brands company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands.

The Company’s foundation is in California, the world’s largest regulated cannabis market, where it delivers over 130 branded cannabis products to the majority of licensed dispensaries.

Origin House’s brand development platform is operated out of five licensed facilities located across California, and provides distribution, manufacturing, cultivation and marketing services for its brand partners. The Company is actively developing infrastructure to support the proliferation of its brands internationally, initially through its acquisition of Canadian retailer 180 Smoke.

Origin House’s Common Shares currently trade on the Canadian Securities Exchange (CSE) under the symbol “CRZ” and will trade under the symbol “OH” effective October 23, 2018. Origin House is the registered business name of CannaRoyalty Corp.

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As noted above, ORHOF just announced that it has divested its 5.1% equity interest in Alternative Medical Enterprises LLC for total consideration of US$6 Million.

While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action ORHOF shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -8% on above-average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities.

“With one of the final conditions to closing the Arrangement with Cresco now complete, we look forward to proceeding to drive value for shareholders as a combined company, upon the expiration of the anti-trust waiting period,” commented Marc Lustig, Chairman and CEO of Origin House.

“The sale of the remaining AltMed interest marks a significant milestone in the continued process whereby Origin House has monetized non-core holdings resulting in both substantial returns for shareholders and additional cash that has fueled the Company’s growth.”

Earning a current market cap value of $333M, ORHOF has a significant war chest ($29.4M) of cash on the books, which must be weighed relative to about $25.6M in total current liabilities. One should also note that debt has been growing over recent quarters. ORHOF is pulling in trailing 12-month revenues of $22.2M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 1550.4%. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $ORHOF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $ORHOF, either long or short, and we have not been compensated for this article.

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