In this end of August market update we discuss negative market chatter we are hearing. We try to answer - "How long can this go on? And how bad can it get?"  The simple answer is that we don't know - but we think through some of the bear cases for our sector. We also discuss how to win as an investor in a down market. The theme of the episode is that investors are spoiled for choice right now but need a strong stomach and a longer time horizon to take advantage of it. In this update we cover several earnings update, thoughts on MMEN/Tilray and general ideas about the state of the market.

In this episode we discuss why we believe the market has swung back to "Golden Opportunity" territory and the dynamics behind the shift. In particular we dig into Trulieve and Verano and explain why we think these two names are have fallen to very attractive multiples based on 2022 EBITDA.

In this episode we ask - what is wrong with cannabis stocks? Why is it despite all the good news, earnings and fundamental progress occurring the cannabis sector continues to bleed red? Should investors be worried that something is wrong or excited about the opportunity this presents? In this episode we discuss: - Earnings season and how stocks seem numb - The set up: how we got here - Human psychology of winning and losing - Investing vs playing at the casino - Taking advantage of market inefficiencies  - Risk factors: what should investors be worried about? Resources: Florida Deals - https://flcannabisdeals.org/cannabis-deals-florida/ 

Part 2/2 - In this episode we are joined by fan favourite Nick Gastevich aka CannaVestments to do a deep dive into 7 of our favourite up and coming mid and small cap MSOs. Part 2 has smaller cap companies with potentially more upside but also additional execution risk. In part 2 of this analysis we go over: Our Picks for #4-7: 4) Pharmacann (private) 5) Vireo / Goodness Growth 6) Jushi 7) Cansortium - Ranking: Why we feel this way - Origins: Genesis of each company and the progress that has been made - Value: Current valuation and where we see future upside potential - Capital Structure: Shares outstanding, debt and cash on hand - Footprint: Core states today and future growth states - M&A: Past and future prospects - Risks and Challenges with each company Thanks to Nick for joining us for this epic 2 part series Connect with Nick: Twitter - https://twitter.com/CannaVestments LinkedIn - https://www.linkedin.com/in/nicholas-gastevich-75841346/ Family Office Website - https://www.vginvests.com/ 

In this episode we are joined by fan favourite Nick Gastevich aka CannaVestments to do a deep dive into 7 of our favourite up and coming mid and small cap MSOs. We also go over market sentiment, reactions to Schumers bill and why it is worthwhile to look at mid cap MSOs. In part 1 of this analysis we go over: Our Top 3 Picks: 1) AYR Wellness 2) Ascend Wellness 3) Columbia Care - Ranking: Why we feel this way - Origins: Genesis of each company and the progress that has been made - Value: Current valuation and where we see future upside potential - Capital Structure: Shares outstanding, debt and cash on hand - Footprint: Core states today and future growth states - M&A: Past and future prospects - Risks and Challenges with each company Coming next week - part 2 of our analysis where we review picks #4-7 Connect with Nick: Twitter - https://twitter.com/CannaVestments LinkedIn - https://www.linkedin.com/in/nicholas-gastevich-75841346/ Family Office Website - https://www.vginvests.com/ 

In this episode we are once again joined with a special guest, Chris Murray.  Chris and Abi discuss a wide array of topics that affect the social stigma in cannabis along with potential factors which are affecting other sectors and could spill over to cannabis. First we briefly touch on Sha'carri Richardson's recent disqualification in the upcoming Tokyo Olympics after testing positive for THC. Followed by a look into ESG, Environmental, Social and Governance, which refers to the three key factors when measuring the sustainability and ethical impact of a company.  ESG is affecting many other industries including meat, agriculture, metals refining, crypto mining and others.  We discuss if this is something cannabis investors should be concerned about. Lastly, we look back on Tilray and discuss how a restricted cap combined with retail demand on a large US exchange created a perfect storm for the price to shoot to the moon. As always, we hope you enjoyed this episode.

In this episode we discuss last week's Jefferies ~300 page research report on the US Cannabis industry. The investment bank covers many MSOs, US markets and projects out sales to 2030.  We discuss why we think the headline is true but potentially misleading, try to measure how much upside we see in the next 2-3 years, discuss forward margins and EBITDA multiples and discuss our strategy for earning outsized returns to build our portfolio.

Nostalgia time! In this episode we dive into our experiences over the last 2+ years and discuss how the market has evolved since we started this podcast. While many things have changed, the parallels between market boom and bust, the nature of retail investors and the emotional turmoil of the highs and lows are eerily similar to 2019. We discuss how our past experiences (and mistakes) have hopefully made us better cannabis investors in 2021. A special thank you to all the listeners who have been with us through the ups and downs; 100 episodes down and we are just getting started!

In this mega-episode our good friend Nick Gastevich joins us for the Q1 quarterly review of Curaleaf, Trulieve, Cresco Labs, Green Thumb and Verano. We do a deep dive into profitability, core footprints, valuation and how we see the future for each company.  As the broader peer set trades between 10-14X '22 EBITDA we feel the time is right for acquiring these big 5 MSOs. We discuss the theme of value hidden in plain sight for these "Green Chip" companies. Thanks to Nick for another great and extensive review Connect with Nick: Twitter - https://twitter.com/CannaVestments LinkedIn - https://www.linkedin.com/in/nicholas-gastevich-75841346/ Family Office Website - https://www.vginvests.com/ 

We are joined by a special guest, Andrew Semple from Echelon Wealth Partners.  Andrew was recently highlighted as the top performing analyst on Bay St by the Globe and Mail.  He's a fundamental investor at heart and finds value in growth stocks. In this episode we gain insights on federal reform, select limited license states and US MSO's.  As well we gain insights on how Semple begins an analysis on a specific market. Companies mentioned: AYR Wellness, Columbia Care, Curaleaf, GTI, Jushi, Trulieve, Verano. Links to Andrew’s Research: ·  Click here for Andrew’s Weekly Summary June 11, 2021 Link to Andrew's analyst disclaimer - https://drive.google.com/file/d/1Qc3gGCQQjDVuxi3xKE_qF6wxVEP-_HBM/view?usp=sharing 

Correction - Chris mentions Hexo/Truss drinks in the US containing THC. This is an error - these drinks are CBD only. We are joined by a special guest, Chris Murray.  Chris is a veteran in the cannabis sector.  He was employee number 7 at Canopy Growth, which was the first Canadian LP to go public on the TSX and NASDAQ and was dubbed the first unicorn in the cannabis sector.   Canopy played a pivotal role in shaping today's cannabis sector and today we are joined by Chris who had first hand experience in catching the monumental growth riding the unicorn wave. In this episode we gain insights on what happened at Canopy.  We take a deeper dive into the importance of company culture and how strategic decisions affect it.  We look at the differences in strategies between a medical focused company vs an adult use cannabis company and why it's important to differentiate between the two types of customers.  As M&A continues to accelerate in the sector, in this episode you'll learn how to view M&A opportunities through a unique qualitative lense. Companies mentioned: Canopy, Aphria, Aurora, HEXO & Trulieve.

In this episode we dive deep into the state of the cannabis retail market in Florida. Florida has long been one of our favourite markets. Today's guest was on the forefront of the Florida market from a different side of the table. As a real estate developer focused on Florida retail, cannabis operators came onto Randy's radar. He helped these companies rapidly grow their retail footprint over the last few years by being able to source appropriately zoned properties and deal with the variety of issues that complicate the life of dispensaries. But Randy soon realized the payoff for accomplishing these deals could be enormous. In this episode: - How Randy stumbled into the industry - The early days of Florida's medical market - Doing GTI Florida's first deal - What the heydey of opening dispensaries was like - His thoughts on who's doing it well and how good Trulieve really is - The secrets to success at this stage of the industry Thanks to Randy for joining for a very fun and informative chat! Audio Note: There was an echo in this episode we mostly fixed. However the audio may at times be a little odd. Thanks for understanding

In this episode we are joined by the leading cannabis analyst Alan Brochstein. Alan is known for being the sheriff of the wild west of cannabis and applying his deep analytical insights in the cannabis industry.  He is founder of New Cannabis Ventures and shares his insights as "the maven" of 420investor. Alan regularly helps us form our opinions on the cannabis space and helps investors make better investment decisions.  He joins us today in a broad ranging discussion about investor psychology, cannabis fundamentals, company specific discussions and much more. Thanks to Alan for joining us as always. Twitter - https://twitter.com/Invest420 420investor - https://marketfy.com/product/420investor/

In this episode we unpack last week's interview with Boris Jordan and review in-depth some of the interesting points he raised.  We also do a deeper dive into the Trulieve - Harvest merger and share our thoughts on why it's a true value play and what Kim may be hoping to achieve post-integration.

In this jam-packed episode Boris Jordan joins us in an extremely candid conversation about Curaleaf Holdings. Boris is founder and Executive Chairman of Curaleaf Holdings and is one of the industry's most recognized faces. He is also a prolific cannabis investor having invested over $400M of hard cash into Curaleaf and more into other private cannabis opportunities.  In this wide ranging discussion Boris shares stories and discussions on many topics including: - The First Inning of Curaleaf: how it all started and where we are now - Compliance & Custodying: how the recent compliance forced institutional selling is a repeat of 2019 - Guidance: What is driving the massive Q2 growth Curaleaf is projecting? - Interstate Commerce: why Boris thinks it is inevitable and how they are planning for it - Driving Down Costs: Technology that could cut manufacturing cost by 90% - Being National: Why it's important to be in highly competitive markets like California and Oregon - Wide & Deep: How the recent Trulieve & Harvest merger validates Curaleaf's early thesis - Florida: what mistakes were made, how they were fixed and the future - Cost of Capital: refinancing Curaleaf debt in 2022 at 7-8% without warrants - Private Investing: How Boris fills the "venture investing" role for Curaleaf - Being the Biggest: Why it matters - Margins & Growth: How Curaleaf compares to its competition - M&A: The importance of Select & Grassroots  - Mistakes: Learning from past issues Thank you to Boris Jordan for joining us for this episode!

We are joined with a friend of the podcast, Pat Smith, former sell side analyst on Bay St.   In this episode we cover a broad range of topics including how investors are switching from simply reading headlines to analyzing fundamentals and why cannabis continues to be a value play.   We discuss how the broader markets are impacting our sector, as well touch on how crypto, gold, bond yields and the vaccine roll out could affect cannabis.

Note: there is an echo in the audio if you listen using headphones; it goes away if you listen through a speaker. Sorry about that, new audio set up this time! In this episode we talk about watching your back! Cannabis investing is buyer beware and investors should always be thinking about mitigating their downside risk. We discuss our personal viewpoints, investment philosophies and trading tactics for minimizing your downside risk in cannabis investing 

In this episode we share our thoughts on the market before answering listener questions - Back to future: how our current pullback is eerily reminiscent of 2019 - Comparisons to crypto, psychedelics and other speculative asset classes - Legalization let down: why investors shouldn't be discouraged Listener Questions: - What do we think about the MSOS ETF?  - Show new investors be worried if cannabis is regulated similar to alcohol? (see link) - How do we feel about certain speculative "penny stocks"? - Questions about cannabis companies exporting to the EU - Are the Big 5 MSOs the best investments in the sector? - If we had to start over again, what would our portfolios look like? Correction: We mentioned 300K patient count in Germany; 300K is the number of prescriptions written; patient count is estimated much lower at 60K

Buckle up boys and girls - in this epic episode we have the one and only CannaVestments (Nick Gastevich) joining us for a deep dive into the big 5 MSOs (now including Verano). In this episode we discuss - Overall thoughts on the market and having a long term focus - Core markets for each of the big 5 - Financial performance for Q4 and 2020 - Where the majority of profits are being generated today - What excites us for the future of each company Thanks to Nick for another great and extensive review Connect with Nick: Twitter - https://twitter.com/CannaVestments LinkedIn - https://www.linkedin.com/in/nicholas-gastevich-75841346/ Family Office Website - https://www.vginvests.com/ 

Story time! In this episode we get nostalgic and share our experiences of the ups and downs of cannabis investing from 2017-2019.  In what was truly the boom and bust of speculative cannabis investing we learned some hard lessons which can be instructive for newer investors. In this episode: - Starting with a bang in 2017 with Canopy and Aphria - Investing in a company at 30c and hitting a 20X return...then watching it come back - How a private California deal went wrong - Lessons learned through tough experiences 

In this episode we dive into the psychology behind the sharp pullback our sector has seen and we ask - what are cannabis investors so afraid of? Agenda: - Common Retail Mistakes that we see taking place - The Momentum Trade dying down and what this means - New York Legalizes! What this means for the industry  - SAFE and Legalization Talks - GTI and the Crisis of Confidence - What we were scared of in the past (and what's changed) - What are retail investors really afraid of? Ascend Wellness S1: https://sec.report/Document/0001628280-21-005806/  Wall Street Journal Article on Retail Investors Retreating: https://www.wsj.com/articles/individual-investors-retreat-from-markets-after-show-stopping-start-to-2021-11617528781

We are joined by a special guest, Manuj Grover from Aim Gro Consulting.  Manuj has over 20 years of experience in finance and has helped many private Cannabis companies gain access to US and Canadian investors via Regulation A (Reg A) raises, the most recent being Gage Cannabis. In this episode we cover Reg A raises, one of the many ways for retail investors to participate in pre IPO investments, and how it’s changing the investing landscape as we know it. The following topics are covered in more detail: Reg A vs. traditional private placements Criteria for tier 1 and tier 2 raises Why Reg A is gaining popularity Risks and rewards associated with investing in private companies Dangers associated with Reg A raises Link: Click here for SEC Form 1 Filings Companies mentioned: GTII, Gage Cannabis, Juva Life

In this episode we delve deep into the mind of mysterious "retail investor". Since cannabis is a retail dominated market it is important to understand how this impacts volatility and the opportunities it creates. We cover 3 main topics: 1. Who is Retail? What constitutes Retail vs Institutional? 2. What are the most common mistakes retail investors make? 3. How can we avoid making these mistakes?

In this episode we delve into the importance of digging deep into potential cannabis investments We discuss: - Why its important to do due diligence (DD) before investing - Setting clear goals of what you hope to achieve - How DD should help your understanding of the business and the operators - What to look for in potential deals - Where to look (public and private) - Resources provided by the company - The importance of public filings

Following up on last week's volatility cannabis investors are left asking - what now? In this episode we share our core thesis of buying weakness in US cannabis names (selectively and at the right valuations). However, we debate both sides of buying now vs waiting for more pain. In this market update: - Where are we now? - Why rising bond yields matter and what cannabis investors should know - How stimulus affects the short term - Catalyst: NY Legalization - Catalyst: SAFE & Uplisting - Catalyst: Federal legalization - How each of these could play out and how they could fail - Strategies for adding or waiting depending on your portfolio - Earnings season inbound for US Cannabis

In this episode we talk about how rattling it can feel to see large pullbacks in the broader market leading to wilder swings in the cannabis markets. As we lived through this last week we ask - how do we prepare ourselves mentality for this volatility?  - What happened last week? Understanding why the 10 year bond rate matters - Human psychology: why is loss felt more acutely than gain? - What does loss cause investors to do? - Dispelling popular investment myths - Using stop losses vs "diamond handing" - What no one talks about (openly) in investing - Simple strategies can be better than complicated ones

We are joined by a special guest, Todd Harrison, who is the founding Partner and Chief Investment Officer of CB1 Capital. Todd is also an advisor for the prolific big board listed ETF MSOS which now has over $1B in assets. Todd is a seasoned professional who has over +30 years on Wall Street managing risk and researching financial market strategies. Todd is also quickly becoming one of the "go-to" investment voices in the cannabis industry. You can find him on Twitter (@todd_harrison), read his substack @ Cannabis Confidential or see him on TV educating the public on the cannabis opportunity (links below). This is an action packed episode, where we cover a broad range of topics.   Starting off with he calm before the storm, Todd gives his perspectives into what lays ahead for the cannabis industry, how the ‘big boys’ have not sat at the table and how the Robinhooders have not ‘dipped their arrows’ yet.   Todd gets into the power of the plant, cannabis 3.0, the idea of holding the best companies, how his mindset is evolving and much more. We discuss where both short term and long-term opportunities lie, whether it’s the privates or the public names.  We hope you enjoy this episode and please make sure to DYDD and understand that nothing shared during this interview in considered financial advice. Thanks to Todd for bringing his signature upbeat style combined with financial insights. Companies mentioned:  Verano, Parallel, GTI, Cresco, Columbia Care, AYR Wellness, Curaleaf. Find Todd online: Twitter: https://twitter.com/todd_harrison  Substack Articles: https://toddharrison.substack.com/

In this episode we dissect how we think about Growth vs Value investing. While the market divides companies and investors into two separate camps they don’t need to be. Once in a while an opportunity comes along that gives us the chance to experience high growth at value prices! US Cannabis is that golden opportunity. Topics Covered: - Why Warren Buffett’s way of investing doesn’t work for everyone - What is Growth Investing? - What is Value Investing? - Why is it so hard to get growth and value together? - GARP Investing: Growth at a Reasonable Price - US Cannabis gives us the opportunity for growth and value - Using Cansortium as a live example - Verano RTO hitting the market - Playing Verano through SOL (and how this is an example of value investing) Howard Marks Memo on Value vs Growth: https://www.oaktreecapital.com/docs/default-source/memos/something-of-value.pdf

As Canadian LPs like Tilray and Canopy enjoy historic runs (along with MSOs) we find ourselves asking - what now? Should we be taking chips off the table or holding strong? In this episode we discuss: - What we think is causing the parabolic run - The WallStreetBets / $GME effect coming to the cannabis industry - Short squeeze in full effect - Warning signs / red flags - Unusual trading activity on TLRY, Canopy, Supreme and MMEN - GTI's new $100M institutional raise - Question: Sell GTI or let it ride? - Question: What companies do we like for long-term investing and why? - Question: Won't Canadian LPs be able to enter the US soon? - Question: Trading vs Investing

In this episode we delve into an issue that has become an absolute obsession of ours - GameStop. This story is the intersection of the stock market, retail investors and social media. Since cannabis is a retail dominated industry with a heavy presence on reddit, we can draw some great parallels to what we are seeing play out. There are many lessons to be learned here as our community is very likely to see an influx of retail investors in the near future. In this episode: 1) What happened? The Perfect Storm  2) Digging Deeper - looking past the obvious  3) Overcoming the initial emotional reaction 4) Robinhood, WeBull, Interactive Brokers & DTCC 5) Thinking about the end game 6) Lessons learned for cannabis investors 7) The dangers of reddit to making good investment decisions 8) So what? How to prepare ourselves for our "GameStop moment" Links & Resources referenced: Roaring Kitty / Deep Value GME Investment Thesis: https://www.youtube.com/watch?v=alntJzg0Um4&ab_channel=RoaringKitty Interactive Brokers Chairman worried about integrity of system:  https://www.youtube.com/watch?v=7RH4XKP55fM&ab_channel=CNBCTelevision WeBull CEO says Clearing House restricted trading by increasing collateral: https://www.youtube.com/watch?v=lJ8AfbjW_A8&ab_channel=BloombergMarketsandFinance DTCC Clearing Naked Short History: https://en.wikipedia.org/wiki/Depository_Trust_%26_Clearing_Corporation#Naked_short_selling

We are joined by a special guest, Andrew Semple from Echelon Wealth Partners.  Andrew was recently highlighted as the top performing analyst on Bay St by the Globe and Mail.  He's a fundamental investor at heart and finds value in growth stocks. In this episode we cover a unique arbitrage opportunity in Canadian dispensaries and take a closer look at select US MSO's and states that have institutional investors excited. Companies mentioned: High Tide, Fire & Flower, GTI, Cresco, Columbia Care, AYR Strategies, Curaleaf. Links to Andrew’s Research: Click here for Andrew’s Weekly Summary Jan 15, 2021 Click here for Globe and Mail article - Top Performing Canadian Equity Analysts Click here for Analyst Disclosure Link

In this episode we are joined by seasoned cannabis investor and all around gentleman Nick Gastevich (known online as CannaVestments). You can find Nick on linkedin @ https://www.linkedin.com/in/nicholas-gastevich-75841346/or see his family office website @ https://www.vginvests.com/ The 4 “next tier” MSOs we cover are: 1) Columbia Care 2) AYR Strategies 3) TerrAscend 4) Jushi We discuss: - Why it’s important to dig into these mid-tier MSOs - How these players have a chance to out perform through M&A - How investors should analyze these company’s footprints - Why fundamentals and IR mismatch can be an opportunity - Which companies we like the most from a value perspective For each company we do a deep dive on: - The footprint and “core markets” - Which markets are the most attractive - How we think the company will perform in 2021 and beyond - How M&A has shaped the company - Revenue and EBITDA multiples - Valuation: where do we see value? Thanks to Nick for joining us – his insights are always greatly appreciated

After an extremely positive start to 2021 we find ourselves asking - should we be excited for what's ahead or nervous of the recent rally we've had? In this episode we discuss: - The democrats winning both senate seats and flipping the senate - The state of the market: should investors be worried by the speculation? - How investors are moving from "the middle to the edges" across the market - What is still to come for US cannabis - How values can evolve over time and how investors have to adapt - The various capital raises by Jushi, Columbia Care, Curaleaf, Planet 13 and more - Why what worked in the past for cannabis may not work in the future - The importance of the MSOS ETF and why it is just getting started - What happens as institutions start to come in the space - How to position yourself incase a correction comes - Why "this time is different" for cannabis investors

In this episode we have some fun and share forecasts and ideas for what we expect to see in 2021 1) Multiple Ways to Win - there will be many different wants for companies and investors to profit in the new year 2) 2021 will be the "Year of Catalysts" - Potential for new states like New York to flip to rec (also RI, CT, NM, VA) - Markets transitioning to adult-use: AZ & NJ - Existing markets having organic growth: MI, FL, IL, PA - Medical markets opening up or issuing lics: GA, TX, MS - Potential for political tailwinds if Dems win both senate seats: SAFE and uplisting 3) Volatility + Exercise Caution - Investors have been spoiled by this bull market - Keep some cash, stay hedged and be prudent - Expect bumps along the way 4) Stay Flexible - things change quickly - investors will need to learn on the fly as the market evolves - your 2020 playbook that succeeded may need to change for 2021 - higher valuations mean investors need to be more selective and smarter 5) The Great Separation Continues - Which markets will continue to outperform and why? - Why will losing markets continue to struggle? 6) The Big 4 is no more - The big 4 MSOs is an antiquated concept - Introduction of Verano creates a big 5 - But in reality there is a big 10 already: AYR, Columbia Care, Ascend Wellness, Jushi & TerrAscend - Investors will have to adapt to these new names which will create opportunity - Where we see value and what we like 7) Scale will be more important  - As capital is readily available and legalization accelerates the game has changed - Shift from pure focus on profitability to having the footprint to be a significant player 

In this episode we reflect on what we've learned in 2020, why it is important and how we plan to improve our game going into 2021. Happy new year everyone! Discussed in this episode: - Humility: how this year humbled us and taught us that "no one knows" - How 2020 was a break out year for cannabis - What would we have done differently? - Things change quickly - how perception (and reality) shifted in 2020 - The Big 4 MSOs were the big winners of 2020; who will be the winners of tomorrow? - How the Fed helped prevent a financial disaster and propelled the markets to record highs - The AYR and LHS acquisition - what we think and how it went down (and why AYR/LHS could be a win-win) - Keep refreshing your thinking - don't get stuck on old perceptions of the market (or a company) - Back to the Future! How you can understand what will happen next - The information advantage - the 3 tiers of cannabis investors - Taking risk and making hay while the sun shines - The value of IR in a company's brand to investors (eg. Trulieve) - Winning Big, Losing Small: swing big at fat pitches - The importance of MSOs achieving scale going forward - A big thank you and new years message for our listeners Happy 2021!

Back by popular demand we have Alan Brochstein joining us! Alan is known across the industry as "the leading cannabis analyst" and joins us today to share his insight on why he is so bullish on the future of the Cannabis industry. "The Maven" knows this industry and its players inside and out and his 420investor service (https://marketfy.com/product/420investor/) is our favourite resource for making money in cannabis investing, especially in this bull market. In this episode we discuss: - Post-Election thinking and the Cannabis Bull Market  - 4 Reasons why Alan is so bullish on cannabis (the 4 legs of the stool) - Technicals, Fundamentals, Valuation and Sentiment - which of these points to future upside? - Names that AB has liked this year and what he likes going forward - Why investing is "not a beauty contest" and what that means - How to invest in cannabis if you're afraid of a market pullback - Why Alan thinks cannabis investors shouldn't ignore Canada - How California is turning a corner and why The Parent Company could be interesting - IPOs & New Companies: Verano, The Parent Company, WeedMaps and more - Shifting from the Big 4 to the Big 10-15 MSOs - what will this mean for the market? - Revisiting the MSOS ETF and how it is a "game changer" - AB's big prediction for 2021 and what he's the most excited about Thank you to Alan for coming on and sharing his valuable insights. If you enjoyed this episode and want more of Alan's insights and picks, we highly recommend you look into a subscription for 420i @ https://marketfy.com/product/420investor/  We also suggest you sign up for AB's free weekly newsletter @ https://www.newcannabisventures.com/subscribe/

The balance sheet might not be the most reflective of how well a company is doing.   Today we are joined by an incredibly special guest, Patrick Smith, a special situations analyst from Bay St.   Patrick shares with us some great insights and tips on how to quickly analyze financial statements and why the Income Statement and Statement of Cash Flows are a better gauge of where the company is headed.  Patrick put together a comprehensive powerpoint to follow him during this episode. Please click here for 4 Front financial statements Please see our Google Drive here for the PowerPoint (and other episode files):  https://drive.google.com/drive/folders/180DITZc5unsNnc-beUP8eOlHH_ANPq51?usp=sharing 

Please note we recorded this episode early Tues morning and the cannabis markets has turned ugly by close Tues night. Which is the important theme of this episode - as hype and speculation return in force to the cannabis industry investors need to be careful and be fearful when others are being greedy. In this episode: - What the hell is going on? - Explaining wild price action over the last few days - Rally of the "others" not the big 4 MSOs - ACB as a proxy for the wildness of this market and unsustainability - How to protect yourself while taking advantage of the "risk on" mindset

In this episode we are joined by special guest Nick Gastevich. You may have seen Nick posting online under the name CannaVestments where he regularly shares financial analysis and commentary about US Cannabis companies.  Nick has deep insight into the large MSOs and through his family office invested in GTI and Cresco as private companies.   In this episode we cover Curaleaf, Trulieve, GTI & Cresco's Q3 results and for each company we discuss: 1. Top Line metrics and Growth  2. Gross Margin and adjusted EBITDA 3. Cash Flow & Capital Expenditures 4. Footprint analysis - which states are driving revenue and profitability? 5. Future growth - which states represent the most future upside? 6. Valuation - what multiple does the company trade at? Do we view it as cheap or expensive? This is an action packed episode - many thanks to Nick for joining us and sharing his insights  

Please note: we had a technical issue and one of our mics somehow had the "witness protection" filter put on.  In this episode we discuss how cannabis investors should weigh the potential risks associated with COVID and the broader markets - Vaccine Optimism is pushing markets higher - is too much optimism priced in? - Vaccine is much welcome news and provides a light at the end of the tunnel  - However many risks remain as we head into a prolonged "dark winter" - Lack of fiscal stimulus, lack of US federal COVID response and why a delayed transition is particularly bad this year - Risk feels mispriced - from bonds to commercial real estate this remains a real overhang - So what? Cannabis is performing very well but is not immune to broader markets - Lack of stimulus hurts consumers; market correction will hurt weed stocks - How do we plan around this? What measures can we take? - Portfolio and cash management over 2021 - Discussion of MediPharm Lab's BRUTAL Q3 and a longer term outlook - Thinking about B2B for Village Farms and Cresco Labs

In this episode we digest the results of the US election and discuss why we are bullish on the future of US cannabis In this episode we discuss: - Why investors should be careful with this "sugar high" rally on Canadian LPs - What a Biden win means for US Operators - Why this is good for future M&A - How cannabis will fare under a split senate or under a republican senate - Why "more of the same" is actually a win for existing players - Why the NASDAQ remains the holy grail and how that impacts the current players - How The Golden Age of Investing is likely to be prolonged  We finish off with a few listener questions from Alex, Zachary and Ben D

In this post-election special we discuss what the future holds for cannabis investors and how to manage uncertainty

This week we discuss the importance of continually evolving your thinking in the rapidly developing cannabis landscape. - Why updating your mindset is so important - How to filter noise from real trend changes Topics that we discuss our updated thinking on: - Flower vs Extracted products - Brands in Flower (how and why Cookies has performed so well) - Vertical Integration - Importance and Long Term Viability of Dispensaries - Extractors - Rec vs Medical markets Lastly we give some final thoughts before the upcoming US election next week

In this episode we share an optimistic outlook for US Cannabis regardless of who wins the Senate or White House in Nov. Instead we talk about the positive developments we expect to see by the time we get to the next US election in 2024 and why we might look back on this period as "The Golden Age". - What makes this "The Golden Age" for US Cannabis investing? Why does it not apply to Canada? - Lack of capital, lack of access and lack of good information - Pricing on Public vs Private cannabis companies - Radical transformation of the industry expected over the next 3-5 years - Future recreational states: NY, NJ, PA & FL (representing ~60M people) - Some glaring inefficiencies in our market and how they will be corrected over time - Positive developments at the municipal level - Less talked about markets like South Dakota, Montana and Mississippi (and why they matter)  - Future volatility and downside risk still very likely (and why that's an opportunity) Listen to the speakers from last week's Benzinga conference for free @ https://www.benzinga.com/events/cannabis/virtual/

In this episode we take listener questions on the upcoming US elections and US Cannabis in general. In this episode: 1. Kamala Harris and the uncertainty of Timing 2. Will the US Decriminalize or Legalize? What’s the difference? 3. Will the FDA get involved in THC regulation like they did with CBD? 4. Do we have data to support the thesis that NASDAQ-listed weed stocks can outperform? 5. Low Volume Weed Stocks – should they be avoided? Why might they be a good opportunity? 6. Will the US eventually become like Canada as more capital flows in? Why or why not? 7. How will SAFE Banking affect Cannabis REITs? 8. What is the best Cannabis beverage so far and when will it come to the US? 9. Which players will benefit the most from coming state legalizations? 10. “Don’t sell the winners; come back in a few years” – why not buy and hold instead of trading? 11. Will Weed Stocks bubble then crash (similar to 2018) with the coming US Election? 12. Thoughts on options trading in Cannabis? 13. Which Fortune 500 companies do you see jumping into Cannabis? 14. What is the biggest risk to cash flows for US MSOs? 15. What is going on “behind the scenes” that investors should be aware of? 16. Which MSO would benefit the most from a Biden win or a “blue wave”? 17. Which MSO is the most undervalued? Thanks to pmitch, Ankur, BuildSoc, Airick-The-Great, SongWriter, Opposite Day, Alderho10 & Zebah for the questions!

A few months ago we discussed Cannabis trading ideas around the US Presidential Election - now with under 30 days to go until the big day we revisit the names we find interesting and our related strategies. The theme of today's episode is "sometimes things get complicated". - How Trump hitting pause on stimulus talks could hurt weed stocks - Reflecting on how the market has recovered since the March lows  - How the upcoming election might cause an extreme outcome and civil unrest - Why the ballot initiatives in AZ and NJ are such a big deal - and which one matters more - 4 Nasdaq listed names that have the potential to heat up: Grow Gen, IIPR, Greenlane & Scots Miracle Grow - Which of these 4 we like the most and why - The Big 4 MSOs - how are they positioned going into the election and into 2021? - Demanding a margin of safety in your cannabis investments to hedge your risk

In this episode we try to understand - why is Canada such a mess? Are we approaching an inflection point where things change? Is there a buying opportunity in Canada?  1. Who Cares? Why investors should pay attention to Canada 2. What Happened? How did we get here 3. Why did it happen? 4. Where are now? 5. Where are we headed? 6. Is it a buying opportunity? 7. What areas or indicators are we watching? **Note: audio quality is a little funky as we adjust to the new studio but gets better after the 5 min mark; we will improve on the next one!

In this episode we delve into the concept of risk adjusted return when investing in cannabis: - What is Risk?  - How do we measure and think about risk? - What risks are specific to the Cannabis industry that investors need to watch out for? - Why is it so important to think about risk in this industry - Why valuation is one of the most important things to investors - Trulieve's PA Acquisitions - how do risk and return play into making this decision - How should investors think about potential return? - Balancing risk and return in your cannabis portfolio - Examining names like Liberty Health, Trulieve and Ianthus in terms of risk vs reward