In January of 2019, we introduced Westleaf (WL: TSXV) – a vertically integrated cannabis company, with assets owned and under development across cultivation, extraction, processing, manufacturing, and wholly owned retail.

The company is committed to opening a cultivation facility in Saskatchewan (under construction) and an extraction facility in Calgary, Alberta (completion of phase 1 construction is imminent); and its retail concept, known as Prairie Records, is unlike anything we have seen in the weed space…

We take you through this innovative retail concept (and much more) in our latest video on the company, where our crew visited Westleaf’s first ever retail store in Warman, Saskatchewan.

Prairie Records tablet shopping in-store

Before we go any further…

While Westleaf’s plan to open retail cannabis shops in many parts of Western Canada remains intact, it has had to navigate an evolving regulatory environment, unforeseen provincial delay/moratorium, intense stock selling pressure over the last couple of months; and, as of late, rather bearish sentiment toward many Canadian cannabis plays. However, aiming for vertical integration across the cannabis value chain could provide the company with optionality in the future.

For that reason, our focus today will be more about Westleaf’s Calgary-based extraction facility currently under development (which we visited for the filming of our latest video), and what that may provide for shareholders down the road – particularly given the fact there aren’t too many extraction facilities in Canada at the moment. Furthermore,

“Canadians can expect tight supply when cannabis edibles become legal mid-December, officials say,” according to CBC.

Prairie Record's Warman Saskatchewan retail store
Westleaf’s first ever Prairie Records retail location opened in Warman, Saskatchewan earlier this year. We visited the store during our trip in April. The company now has a total of three retail locations open for business.

Westleaf’s First Half of 2019

To recap, Westleaf’s stock traded quite well during January, February and into March, rising from a price of CAD$2.67 (last trade at the time of our introduction in late-January) to a high of CAD$4.

But it became clear in the spring that our timing was way off. Hindsight is 20/20.

Despite a total of 29 cannabis retail development permits secured, including the Town of Banff approving a development permit for Westleaf’s planned flagship retail location in the heart of Canada’s most visited national park, the opening of these stores remains “contingent on licencing from the respective provincial and municipal regulators,” according to the company.

In short, while retail has strong potential and helps enable Westleaf’s seed-to-sale goal, it has disappointed – at least thus far. It has simply taken too long to roll out.

But this isn’t a problem exclusive to Westleaf – it’s something that’s been seen across many retail cannabis markets in Canada. And to be fair, the company has successfully opened three stores (two in Saskatoon and one in Warman, Saskatchewan which we visited this spring). Nonetheless, their retail rollout is still behind schedule, and the market has not been kind.

From a broader industry perspective, lower than expected Canadian consumption of legal recreational marijuana (black market sales still account for a large portion of market share), combined with a lack of retail stores and brands, has contributed to bearish sentiment of late.

All of these negative factors mentioned, as well as a few others, took place amidst a period of seasonal weakness (April-June) for many marijuana stocks.

To boot, Westleaf had millions of previously restricted shares become free trading roughly two months ago. It was, you could say, a perfect storm. As a result, Westleaf is trading rather close to its fresh 52-week low. It closed trading on Friday at CAD$0.47.

Westleaf – 3 Month Stock Chart

Westleaf 3 Month Stock Chart
source: Quotemedia

The CMI (Canadian Marijuana Index) is down roughly 30% since March 19th, falling from roughly 710 to below 500 as of Friday.

CMI – 3 Month Chart

CMI 3 Month Chart
source: The Marijuana Index

For the overall cannabis space, we may be nearing a bottom-feeding opportunity. Sentiment is relatively poor for the sector right now, and the historical adage ‘sell in May and go away’ appears to be alive and well.

Back to Westleaf

Specifically for Westleaf, it’s likely going to come down, in large part, to execution of the company’s business model and speed to market. Right now, the equity market appears to be questioning whether the company can hit its objectives.

In April, we traveled to Saskatchewan to visit the company’s first-ever Prairie Records store, which combines the instinctual tie between cannabis and music. We also set off to Calgary to see how Westleaf’s extraction facility (currently under construction) was coming along. Watch our video to see what we found out:

We traveled to Warman, Saskatchewan and Calgary to find out what Westleaf has been up to since our last visit…

Westleaf’s Valuation & Capital

Westleaf has a market cap of approximately CAD$66.21 million (according to Bloomberg data). On May 10th, 2019 the company reported that it,

“. . . has access to $57 million of capital (cash position as of April 30, 2019 adjusted for net proceeds of the convertible debenture financing) comprised of ~$27 million of cash and the ability to draw up to $30 million of undrawn, low cost, non-dilutive capital under its non-revolving credit facilities with ATB Financial, subject to ATB Financial’s discretion in certain cases and subject to the satisfaction of certain conditions precedent…”

While that approximate cash balance is regularly drawn down given the company is in an expansion phase, one should contemplate what Westleaf’s asset portfolio may be worth…

The company has three operational retail stores, 29 cannabis retail development permits secured (timing of openings contingent on licensing from the respective provincial and municipal regulators), and “Construction remains on schedule and on budget” for its extraction facility, “with Phase I expected to be completed in June 2019.” Full release here.

According to Westleaf,

“The licensing process is well underway with Health Canada, with the expectation that The Plant [extraction facility] could receive a Standard Processing licence as early as Q3 2019. It is anticipated that Phase I will allow Westleaf to process up to ~65,000 kilograms of cannabis feedstock per annum (based on 350 work days per year), which will be refined and manufactured into products such as oils, tinctures and gel caps and ultimately, once fully legal, edibles, vapes, topicals and other high-margin cannabis products.”

More information here.

With all of this said, we still haven’t really touched on Westleaf’s cultivation facility in Battleford Saskatchewan, which is currently under construction as well. In short, the company is more advanced today than in January, yet its market cap has shrunk tremendously in recent months…

Westleaf & The Overall Market

Investor sentiment can be an unpredictable thing – and yet it often determines market values. The Canadian marijuana sector is perhaps the most volatile and temperamental market in recent history. Granted, it is has been the land of inflated values, several booms and busts, and fast money in recent years. Still, with certain edibles set to be legalized in late 2019 (click here for further information), we’re speculating the recent overall sector selloff may be due for a rebound relatively soon.

Remember that in both 2017 and 2018, the CMI temporarily bottomed in the summer and then rebounded into the late summer or fall. We are speculating there could be a bounce back in 2019 for the Canadian Marijuana Index.

Westleaf Closed Convertible Debenture Unit Financing Last Month at a Conversion Price Equal to CAD$1.30

Despite closing at CAD$0.47 per share on Friday, Westleaf’s latest financing (closed in May) was a convertible debenture at a conversion price equal to CAD$1.30 per unit (interest at a rate of 9.5% per annum – click here for further details).

Scott Hurd, President and CEO of Westleaf stated at the time,

“Westleaf is pleased to close it’s previously announced $12 million financing, which bolsters the Company’s available capital to $57 million, allowing it to continue to advance its vertically integrated cannabis strategy with assets across the entire value chain (cultivation, extraction/product development, and retail distribution)…”

Westleaf Provides Update to Operations

Westleaf’s Thunderchild Cultivation Facility in Battleford, Saskatchewan is currently under construction.

Westleaf broke down the three pillars of its business in a corporate update last month:

*The Plant Extraction & Manufacturing Lab: “Construction remains on schedule and on budget for The Plant with Phase I expected to be completed in June 2019. The licensing process is well underway with Health Canada, with the expectation that The Plant could receive a Standard Processing licence as early as Q3 2019…” (see more here)

* The Plant is currently under development, and its operation is subject to receipt of all required approvals including receipt of a standard processing license from Health Canada.

*Thunderchild Cultivation Facility: “Construction of Thunderchild Cultivation near Battleford, Saskatchewan is on track, on budget and is scheduled to be complete in Q4 2019 with Health Canada licencing expected to follow completion. The facility is expected to produce up to 14,600 kg of dried cannabis flower when fully operational (estimates based on a total flower bench of 42,000 square feet (Phase I & II), 60 grams of flower yield per square foot per harvest and 5.8 harvests per annum). The first wing and processing hub are targeted to be complete in October 2019. The Thunderchild Cultivation facility is anticipated to provide Westleaf’s retail locations and The Plant with a reliable supply of high-quality cannabis…”

*Completion of building and development of cultivation facility subject to several factors including, among other things, receipt of all government approvals including a production and sales license.

Prairie Records Cannabis Retail: “Year to date the Company opened three Prairie Records cannabis retail stores in Saskatchewan, two in Saskatoon and one in Warman, as well as an online ecommerce platform serving all of Saskatchewan. [*]Additional cannabis retail stores are planned for Saskatchewan, Alberta and British Columbia, with a total of 29 cannabis retail development permits secured, with timing of openings contingent on licencing from the respective provincial and municipal regulators…”
*Retail locations are under development and subject to securing real estate, finalizing lease agreements and completing provincial and municipal approvals, among other factors.

CBD Shortage Could Bolster Westleaf Extraction Facility

With the potential that Westleaf’s extraction facility could receive a Standard Processing licence from Health Canada as early as Q3 2019, we believe this facility (dubbed ‘The Plant’) could be the most influential of the three assets in its vertically integrated model (cultivation, extraction, and retail)…


One reason is that there is a shortage of CBD in this country. A May Global News article titled ‘Retailers struggle to keep popular cannabis extract CBD on shelves in Canada’ discusses Canada’s current supply challenges:

“Beverley Ware, a spokeswoman for the Nova Scotia Liquor Corp., said while it has “CBD leaning” products, it has not been able to consistently carry pure CBD oil due to the national shortage.”

The article continues,

“I don’t think the licensed producers really realized how popular CBD was, so there’s none available, really,” said Krystian Wetulani, founder of City Cannabis Co. in Vancouver.”

Licensed producers are either in the midst of building their own facilities or looking to secure production contracts with extraction facilities right now. With relatively few extraction facilities up and running in Canada, Westleaf could have an opening here. But speed to market will be very important…

A Financial Post article by Vanmala Subramaniam reported in April,

“The extraction industry is poised to experience rapid growth with the arrival of vape pens, beverages and edibles this fall. Value-added products derived from cannabis extracts could represent 50 per cent of the cannabis industry sales in Canada over time,” Landry wrote in a note.

Westleaf is expected to complete Phase I construction at its extraction facility in Calgary by the end of this month. *Once complete, it is anticipated that Phase I will allow Westleaf to process up to ~65,000 kilograms of cannabis feedstock per annum (based on 350 work days per year). The cannabis will be refined and manufactured into products such as oils, tinctures, and gel caps.
*Operation of this extraction facility is subject to receipt of all required approvals including receipt of an oil license from Health Canada. Product SKUs are also under development and subject to provincial and federal legislation.


Construction of Phase 1 of The Plant is anticipated to be completed on time and on budget later this month – one of the reasons for our report on Westleaf (WL: TSXV) today.

“On October 17, 2019, the production and sale of edible cannabis, cannabis extracts and cannabis topicals will be legal in Canada under the Cannabis Act…” according to the Government of Canada.

Recognize that we are biased when it comes to Westleaf. Westleaf is a sponsor and client of Pinnacle Digest, and we own shares of the company, making us cheerleaders and shareholders. Conduct your own thorough and independent due diligence to properly understand the risks associated with investing in a company of this nature. A good place to start your due diligence is reviewing the company’s Sedar filings at Westleaf is most certainly at an expansion stage, which at some point will likely result in further dilution to shareholders. Pick your spots…

Wrapping Up

Westleaf’s story is a deep one given its vertically integrated business plan. That said, it is in the early stages of development, so one of the risks facing the company will be its ability to execute on its business development plan as scripted, and quickly.

Edibles and rising demand for many things CBD and cannabis-related in North America could revive the Canadian cannabis markets this fall. As retail stores continue to open across the country, revenue numbers will increase. By several accounts, many legal cannabis consumers have yet to develop significant brand loyalty… Westleaf’s Prairie Records store concept is designed to help achieve exactly that.

Enjoy our exclusive visit to Westleaf’s first-ever Prairie Records store, its extraction facility in Calgary, and our one-on-one interviews with members of its leadership team.

All the best with your investments,


Westleaf’s Investor Presentation

Westleaf Investor Presentation

Online Resources

Visit Westleaf Online

Check out Prairie Records

SEDAR Filings

Things to Consider When Investing in Marijuana

Disclosure, Compensation, Risks Involved and Forward-Looking Statements:

You must read the following carefully before proceeding.


All statements in this report are to be checked and verified by the reader.

This report may contain technical or other inaccuracies, omissions, or typographical errors, for which Maximus Strategic Consulting Inc., owner of (“Pinnacle Digest” or “we”), assumes no responsibility. We cannot warrant the information contained in this report to be exhaustive, complete or sufficient. Westleaf Inc. is a client and sponsor of authored and published this report. Because we are paid by Westleaf Inc., and therefore we are not independent reporters, our coverage of Westleaf Inc. features many of its positive aspects, and not the potential risks to its business or to investing in its stock.

Important: Our disclosure for this report on Westleaf Inc. applies to the date this report was released to our subscribers (June 22, 2019) and posted on our website. This disclaimer will never be updated, even after we sell our shares of Westleaf Inc.

Do Your Own Due Diligence: In all cases, interested parties should conduct their own investigation and analysis of Westleaf Inc. (“Westleaf” or “the Company”), its assets and the information provided in this report.

The securities of Westleaf are highly speculative due to the nature of the Company’s business and the present stage of Westleaf’s development, which is in the early-stages. A prospective investor should consider carefully the risk factors set out below and outlined in the Company’s Sedar filings (we strongly encourage all prospective investors to carefully review the Company’s Filing Statement and all its subsequent news releases and filings on the SEDAR website before making any investment decision). Any prospective investor should also seek the advice of their financial, legal, accounting, tax and other advisors when investigating and analyzing Westleaf. An investment in securities of Westleaf should only be made by persons who can afford a significant or total loss of their investment.

While the information contained in this report has been prepared in good faith, neither Maximus Strategic Consulting Inc. nor Pinnacle Digest, give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this report (all such information being referred to as “Information”) and liability therefore is expressly disclaimed to the fullest extent permitted by law. Accordingly, neither Maximus Strategic Consulting Inc., nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained in this report or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this report.

Risk to Obtain Licenses: Westleaf’s ability to grow, ship, possess and obtain cannabis is dependent on its receipt of the appropriate licenses and its ability to remain in good standing as a Licensed Producer after the receipt of the licenses. The Company has applied to Health Canada for two licenses under the Cannabis Act. Even if the Company is successful in receiving these licenses, and other licenses which it may apply for in the future, there is no guarantee that Health Canada will extend or renew any or all of the licenses. Any failure to obtain licenses or future loss of such licenses could materially adversely affect the Company and its ability to operate.

The statements and opinions within this report expressed by Pinnacle Digest are solely those of Pinnacle Digest and not the opinions of Westleaf. The statements and opinions within this report expressed by representatives of Westleaf are solely those of Westleaf and not the opinions of Pinnacle Digest.

Cautionary Note Regarding Forward-Looking Information:
This report contains “forward-looking information” within the meaning of Canadian securities legislation (collectively, “forward-looking statements”). All statements, other than statements of historical fact, that address activities, events or developments that Westleaf or Pinnacle Digest believes, expects or anticipates will or may occur in the future are forward looking statements, including, without limitation, statements regarding the future financial position, business strategy, potential acquisitions, budgets, litigation, projected costs, plans, timelines, and objectives of or involving Westleaf. Such statements include but are not limited to, statements with respect to: future growth predictions for the retail cannabis space; statements relating to when the Company will open more retail cannabis stores; statements relating to how many Westleaf owned cannabis retail stores will be open by a given date; statements regarding the Company’s intention to grow the business and operations of Westleaf; statements regarding the issuance of cannabis retail store licenses; statements regarding the objectives and business plans of Westleaf; statements regarding the performance of Westleaf; statements pertaining to Westleaf’s expectations regarding revenues, expenses, production, extraction, product development, EBITDA and anticipated cash needs; statements about expectations regarding the source of future revenues; statements regarding the expectation of the receipt by Westleaf of all licenses and permits by applicable government authorities to conduct its cannabis operations; statements regarding the expected timing and completion of Westleaf’s near-term and long-term objectives; statements about the competitive advantages, business strategies and future business plans of Westleaf, including its possible dominance of premium retail locations for cannabis suppliers and its ability to deliver a world class, novel shopping experience; statements about the Company’s expectations regarding production, extraction and product development, including the product offerings of its extraction and manufacturing facility and the revenue model of same; statements about legislation and regulatory control of cannabis products for recreational uses; statements about expected Health Canada regulations regarding the legalization of derivative products; statements regarding the number, terms and timing of leases, construction and licensing of certain production facilities and retail locations of Westleaf and its partners; statements regarding strategic investments and partnerships available to Westleaf; statements regarding Westleaf being a dominant player in the retail cannabis space; statements that the expertise of the Company will help its market penetration significantly; that new retail and production assets or locations will result in a major benefit to the Company’s growth and overall shareholder value; any statements relating to the Company’s expectations regarding future development and operation of its cannabis production, processing, and manufacturing facilities; statements regarding the Company’s ability to produce products of high quality; the ability of Westleaf to operate as a vertically integrated entity; the development of brands and brand equity; the Company’s expectations of product sales; future predictions for the CMI or overall cannabis market and related equities; and other statements, estimates or expectations.

Often, but not always, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “targets”, “forecasts”, “intends”, “anticipates”, “scheduled”, “estimates”, “aims”, “will”, “believes”, “projects” “could” “would” and similar expressions (including negative variations) which by their nature refer to future events.

By their very nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Westleaf’s control. These statements should not be read as guarantees of future performance or results. Forward looking statements are based on the opinions and estimates of management or Pinnacle Digest at the date the statements are made, as well as a number of assumptions made by, and information currently available to, the Company or Pinnacle Digest concerning, among other things, that demand for the Company’s products will be strong; timing and completion of construction of retail locations and production facilities; review of the Company’s production facilities by Health Canada and receipt of licences from Health Canada in respect thereof; that Westleaf will receive retail licenses for its proposed retail locations; Westleaf’s ability to obtain regulatory approvals in a timely manner; assumptions regarding facility sizes; Westleaf’s ability to secure future financing to meet its growth targets; Westleaf’s ability to grow, store, and sell cannabis in Canada; Westleaf’s ability to provide an exceptional retail experience for shoppers that exceeds its competitors; that there will be an increase in number of products available for sale to consumers; the labour market generally and the ability to access, hire and retain employees; general business, economic, competitive, political and social uncertainties; and that Westleaf will obtain a consistent and reliable supply of cannabis related products.

Factors that could cause actual results to vary materially from results anticipated by such forward looking statements include, but are not limited to, governmental regulations changing to the Company’s detriment; failure to receive approval by appropriate governing agencies for marketing, producing and/or selling cannabis-related products; results and performance of Westleaf may not meet expectations because its sales concept does not become popular; failure to receive licenses from Health Canada; failure to receive retail licenses for the proposed retail locations; changes in market dynamics including business relationships and competition; failure to raise capital for expenditure programs; changes in key management; the Company’s ability to raise the additional funding that it will need to continue to pursue its business; trademark or other intellectual property challenges; the fact that there may be a recall of products due to unintended contamination or other issues which could expose the Company to legal liability; the inherent uncertainties associated with operating as an early stage company; changes in customer demand and the fact consumers may not embrace Westleaf products; liabilities inherent in cannabis development operations; and volatility in the Company’s stock price.

These forward-looking statements are made as of the date of this report being publicly released (June 22, 2019), and neither Pinnacle Digest nor the Company assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of Canada. Although Pinnacle Digest and Westleaf believe that the assumptions inherent in their respective forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.

The legal cannabis industry is new and very risky. It is also important to understand that Westleaf currently operates at a loss. Even if it is able to generate significantly more revenue, there is no certainty that will translate into the Company being profitable.

Readers of this report should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents Westleaf files on the SEDAR website, available at

We Are Not Financial Advisors: This report does not constitute an offer to sell or a solicitation of an offer to buy Westleaf’s securities.

Be advised, Maximus Strategic Consulting Inc., and its employees/consultants are not a registered broker-dealer or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. is an online financial newsletter owned by Maximus Strategic Consulting Inc. We are focused on researching and marketing for small public companies. This report is intended for informational and entertainment purposes only. The author of this report and its publishers bear no liability for losses and/or damages arising from the use of this report.

Never, ever, make an investment based solely on what you read in an online newsletter, including Pinnacle Digest’s online newsletter, or Internet bulletin board, especially if the investment involves a small, thinly-traded company that isn’t well known.

We Are Biased: Westleaf is a client of ours (details in this disclaimer on our compensation). We also own shares of Westleaf. For those reasons, we want to remind you that we are biased when it comes to the Company.

Because Westleaf has paid us CAD$250,000 plus GST for our online advertising and marketing services, and we (Maximus Strategic Consulting Inc. and its President Aaron Hoddinott) own shares of the Company, you must recognize the inherent conflict of interest involved that may influence our perspective on Westleaf; this is one reason why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor and a registered broker-dealer before considering investing in the Company. Investigate and fully understand all risks before investing. is often paid editorial fees for its writing and the dissemination of material. The clients (including Westleaf) represented by are typically early-stage companies that pose a much higher risk to investors than established companies. When investing in speculative stocks such as Westleaf it is possible to lose your entire investment over time or even quickly. Westleaf is not an appropriate investment for most investors.

Set forth below is our disclosure of compensation received from Westleaf and details of our stock ownership in the Company as of June 22, 2019:

Maximus Strategic Consulting Inc., owner of, has been paid CAD$250,000 plus GST to provide online advertisement coverage for Westleaf for a twelve-month online marketing agreement. Westleaf paid for this coverage. The coverage includes, but is not limited to, the creation and distribution of reports authored by about Westleaf (reports such as this one), as well as display advertisements and news distribution about the Company on our website and in our newsletter. Both Maximus Strategic Consulting Inc. and its President Aaron Hoddinott own shares of Westleaf. Both Maximus Strategic Consulting Inc. and Aaron Hoddinott intend to sell every share they own of Westleaf for their own profit. All shares Maximus Strategic Consulting Inc. and Aaron Hoddinott currently own or purchase in the future of Westleaf will be sold without notice to’s subscribers or the general public. Maximus Strategic Consulting Inc. and its President Aaron Hoddinott benefit from price and trading volume increases in Westleaf, and are therefore extremely biased when it comes to Westleaf.’s past performance is not indicative of future results and should not be used as a reason to purchase any security mentioned in this report or on our website.

The past performance of Westleaf’s management, directors, advisors and leadership personnel is not indicative of future results for the Company and should not be used as a reason to purchase any security mentioned in this report.

Maximus Strategic Consulting Inc. and (including its employees and consultants) are not chartered business valuators; the methods used by business valuators often cannot justify the trading price for most junior stock exchange listed companies, including Westleaf.

Any decision to purchase or sell as a result of the opinions expressed in this report OR ON will be the full responsibility of the person authorizing such transaction, and should only be made after such person has consulted a registered financial advisor and conducted thorough due diligence. Information in this report has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete. Our views and opinions regarding the companies we feature on and in this report are our own views and are based on information that we have received, which we assumed to be reliable. We do not guarantee that any of the companies mentioned in this report (specifically Westleaf) or on will perform as we expect, and any comparisons we have made to other companies may not be valid or come into effect.

To get an up to date account on any changes to our disclosure for Westleaf Inc. (which will change over time) view our full disclosure at the url listed here:

Maximus Strategic Consulting Inc., owner of, does not undertake any obligation to publicly update or revise any statements made in this report.

Learn how to protect yourself and become a more informed investor at

You should refer to Westleaf’s public disclosure documents found on the SEDAR website ( before considering investing in the Company. The public disclosure documents will help investors better understand Westleaf’s business and the risks associated with the Company.


Please be aware and note the date this report was published (June 22, 2019). As a result of the passing of time, the relevancy of the opinions and facts in this report are likely to diminish and may change. As such, you cannot rely on the accuracy and timeliness of the information provided in this report. Since there is no specific guideline as to how long this report may remain relevant, you should consider that it may be irrelevant shortly after its publication date.

Trading in the securities of Westleaf should be considered highly speculative.