I’ve covered the North American marijuana investment space since there’s been such a thing, from the early days of the mining-to-weed diaspora, to the latter day Kafka-esque nightmare that has been the MMPR system.
And through those several years, a lot of companies that promised a lot failed to deliver anything at all. Others sputtered along, but have yet to really get their business plan firing. Some companies got it together quickly enough to get big dollar valuations, despite slow revenue growth, on the promise that one day it will all make sense.
But for the most part, it still doesn’t.
True Leaf (MJ.C) was an early MMPR applicant but quickly fell into the issue most applicants fell into – the realization that the system was never going to get around to licensing everyone.
So True Leaf management switched gears toward something that took advantage of the CEO’s sector background.
It moved into pet food.
The market gave precisely zero fucks about this business plan and, I’ll be honest, I figured it was a long shot. But Darcy Bomford had been there before, had built a pet food company and found distribution and made money doing it. So it figures he’d have a shot at doing it again.
We’re a year further along now, and Bomford deserves credit. He nailed it.
Against all the bullshit on messageboards that said his team were fly-by-nighters, that there was no market for hemp dog treats, that they were just flailing about looking for a way to hinge themselves on the dot.bong movement, against the shorters and the bashers and the cynics – at times, myself included – True Leaf didn’t just do what it promised, but has grown while others have faltered.
Look at that chart. Even if you took away the recent explosion in share price, from $0.05 to $0.15 is a solid triple in less than a year, while the jump in the last few weeks has taken it to nearly a five-bagger.
A lot of this is coming from sales results. In early March, the company launched True Hemp pet chew treats. By March 29, they were in 3,500 stores. By April 29, they were in 6,000 stores.
Hemp doggy treats, man.
And if you think this jump is mere fluke, or some sort of promo campaign result, not so fast. Turns out someone is chomping through as much stock as they can right now, amassing an interest that has effectively taken control of the company.
That someone is CEO Darcy Bomford. He’s papering the walls with True Leaf stock right now. He bought a bunch at $0.105 in the recent financing, and he turned a bunch of cash he’d loaned the company into more stock still.
Now ask yourself, would Bomford be doing this if he thought True Leaf’s future was going to be a long slow haul? Hell no, he’d be running around finding lithium properties like everyone else.
I’m not a consultant to True Leaf, don’t have True Leaf stock, they’re not a site sponsor and I get no benefit from pointing this out other than to lay some much deserved respect at the feet of a guy who did what he said he would.
True Leaf is legit. And it’s just getting started.
— Chris Parry