Westleaf Inc (OTCMKTS: WSLFF) On The Comeback Trail

Shares of Westleaf Inc (OTCMKTS: WSLFF) have gotten hammered ever since they started trading on the OTC Markets. The stock is down off its high of $5. The good news is that it looks like WSLFF has built a strong base of support at the $1.50 level. After a bounce off that level on Tuesday, traders are asking how much further this bounce will take WSLFF. WSLFF Daily ChartWSLFF BackgroundFirst up, a little background info for those of you that aren't familiar with WSLFF. Westleaf is a vertically integrated cannabis company focused on innovative retail experiences and engaging cannabis brands as well as cultivation, production, and extraction of cannabis products. Westleaf is rolling out a national retail footprint for its retail concept Prairie Records, with stores planned for British Columbia, Alberta, Saskatchewan and potentially Ontario. The retail concept leverages the instinctual tie between recreational cannabis and music and redefines the cannabis purchasing experience. The Company also has two significant production facilities under construction and scheduled for completion in 2019.Saskatchewan expansionOn Monday, Westleaf launched its e-commerce site for sales across the entire province of Saskatchewan. The retail site at www.prairierecords.ca provides consumers in the province convenient online access to a wide variety of products through the unique Prairie Records retail concept, which combines music and cannabis in an engaging online experience.Prairie Records is launching its e-commerce site with 65 individual SKUs of cannabis products in addition to a wide variety of accessories and merchandise. Online purchases will be sent directly to consumers from the Prairie Records facility in Warman, Saskatchewan, with same-day delivery available to most of the province in the coming weeks. CEO Scott Hurd said:

"The launch of online retail is an important next step in rolling out the Prairie Records brand across Saskatchewan and the rest of Western Canada over the coming months. The province of Saskatchewan has proven to be a positive regulatory environment to launch our retail operations and we are pleased it is the first jurisdiction with a Prairie Records online presence."

Prairie RecordsFocusing exclusively on densely populated neighborhoods, high traffic areas, and tourist destinations, Prairie Records retail stores are situated in some of the most premium retail locations across the country. The foundation of the retail concept is ingrained with a desire to create a unique cannabis purchasing experience through tactile in-store features and product offerings that celebrate the relationship between music and cannabis. Featuring a rollout of up to of 50 retail locations in markets across Western Canada.Bottom lineCurrently trading with a market cap of US$200 million, WSLFF is an exciting name among cannabis stocks. We believe that the recent sell-off comes from bulls running the stock too high, too fast. The company still needs to complete its Thunderbird facility and the rollout of its Prairie Records stores. Once we see everything come together, the company's valuation will start climbing again. With all this being said, Westleaf has a solid business plan. The key is implementation on management's part. If management does its job, look for new highs for Westleaf. We will be monitoring and following the latest developments for our subscribers.For the latest updates on WSLFF, sign up below!Disclosure: We have no position in WSLFF and have not been compensated for this article.Photo by James Wheeler from Pexels