Company Profiles
Investment Analysis and Valuation of the Cannabis Industry
The Latest Company Profiles
How Much Trulieve Can Harvest Founders Sell Now?
We learned this week that Harvest founders Steve White and Jason Vedadi (who left the company last year) own a total of 6.5 million shares of Trulieve worth $57 million as of October 4. How much is locked up, how much could be sold immediately, and when does the rest...
RIV Capital, A Well Capitalized Shell for Private US Operators
RIV Capital (OTC:CNPOF, CSE:RIV) is is a public held investment fund with multiple near-term catalysts and a compelling valuation. Premium Members (sign up here) can read about this opportunity, with both bull and bear cases, valuation, and download a working model...
Glass House Brands: A De-Risked Opportunity to Invest in Scaled Production
Glass House Brands is a SPAC that has traded down to $5.00 on funding and pricing concerns, but they recently closed on the acquisition of the 5.5 million square foot Camarillo greenhouse in Ventura California. We think this is a very interesting opportunity for a...
Brief Thoughts on JT Burnette/Trulieve and the Weekly Florida Insights
The weekly Florida review includes a working model with price checks of every operator’s flower, pre-roll, vape, edibles, and concentrate products, the weekly discounting trends, market share analysis, and all OMMU data. This review is based on the August 15, 2021...
MAPS: Cannabis exposure for Tech/Growth Investors via a high-margin cash-generating pricing power story
Free Members can read actionable insights from a re-initiation on WM Technology, including a company overview with catalysts, valuation, value proposition, and more. Premium members have access to a detailed model with financials, guidance, valuation, client counts,...
ParentCo PIPE in Glass House Terminated
ParentCo's $50 million investment in Glass House, which included a biomass purchase offtake agreement and cross-retail agreement, was "terminated by both parties". Premium Member can read our take on this below, following up on our reports on the Parent Co from May 18...
Target Valuations & Actionable Insights in Weedmaps’ 1Q21
Premium Members can read actionable insights from Weedmaps’ 1Q21 results, our take on valuation and targets, and download a quarterly model below. This analysis follows up on our previous reports on Weedmaps / Silver Spike Acquisition Corp (SSPK) from May 10 for...
Harvest: The Not-So-Obvious reasons CEO White is Selling to Trulieve
This was previsouly exclusive to Premium Members until August 8, 2021, when it was published to Free Members. Why is Harvest selling to Trulieve? Or more accurately, why is CEO Steve White selling to Trulieve, since his is the only vote that matters given that his...
Trulieve-Harvest: A Big Deal for them, Not the Rest of the Industry
This was previsouly exclusive to Premium Members until August 8, 2021, when it was published to Free Members. We think the deal is transformative for Trulieve and Harvest and their major shareholders, but it means little for the rest of the industry, and the focus on...
The Parent Co 1Q21 Earnings: What you need to know
The Parent Co reported Q1 2021 earnings, and here’s what you need to know. We had expected the company to reset their aggressive guidance to the downside while using organic integration and M&A to prove the incremental margin opportunity of their “house of brands”...
Weedmaps, An Update to the Illicit Retailer Listings
This article provides an updated model and commentary to our January 27, 2021 analysis of Weedmaps (linked here), specifically the risk from unlicensed illicit market clients in the revenue mix operating under the “CBD Only” moniker. It was published to Free Members...
The Parent Company – A compelling opportunity, minimized by overpromise and dilution.
This article was first published to Premium Members Only, and became available to Free Members on July 21, 2021. The model download remains Premium Member Only. This report includes detailed financial and operational analysis, and a working model. The model includes...
Curaleaf Enters Europe & 4Q2020 Earnings Review
Curaleaf reported their Q4 2020 and FY2020 earnings after the bell yesterday. As of late/early Wednesday, there is still no MD&A filing, so all data is from their press release and conference call. What you need to know: Ahead of earnings, Curaleaf announced the...
Weedmaps S4 Update: Unlicensed Risks, CBD Upside, New Model
Updated analysis and Excel model looking into additional risks from the January 19 S4 filing.
Weedmaps / SSPK – Cannabis Exposure for Tech/Growth Investors
With Excel Model: We think Weedmaps will be what tech and traditional investors new to the cannabis industry have been looking for a cannabis investment given that it has the best characteristics of both tech, growth, and cannabis exposure without actually trafficking in cannabis.
Cresco Labs | An Inside view of the wholesale Leader
In this article, we cover Cresco's recent earnings, why wholesale will displace retail as the leading metric for cannabis investors and operators in the next twelve months, and I provide first person insights into how Cresco is best positioned to capitalize on this...
Schwazze Worth $2.74 PF Star Buds, $3.30+ RootsRx
Investment Thesis on Schwazze SHWZ for Members Only
Analysis of Schwazze’s Deal Terminations
My article analyzing how tight capital markets and a changing regulatory outlook are derailing the Schwazze deals can be found here, as published in Marijuana Business Daily....