Editors’ Note: This is the transcript version of the podcast we posted on Wednesday. Please note that due to time and audio constraints, transcription may not be perfect. We encourage you to listen to the podcast embedded below, if you need any clarification. Enjoy!
Listen on the go! Subscribe to The Cannabis Investing Podcast on Apple Podcasts, Spotify, and Stitcher.
Rena Sherbill: Hi again, everybody. Welcome back to the show. It’s great to have you listening with us. Super excited to have Ted Waller back on the show. He was on with us back in July of 2020. He’s a really terrific writer on Seeking Alpha. He writes about cannabis stocks. He’s been investing in the markets for over 50 years, got a lot of experience and a lot of insight and has some great things to say about creating a cannabis portfolio. He writes about it on Seeking Alpha and some select stocks.
We get into his philosophy today, deeper into his philosophy today, the special situations he likes in the industry, and why he likes them, certain metrics to look for. If you’re invested in cannabis this is a terrifically actionable episode for you. Hope you enjoy this conversation with Ted and hope you glean a lot of insight from it.
Ted, welcome back to The Cannabis Investing Podcast after a long time away. Really happy to have you back on.
Ted Waller: Thank you Rena.
RS: Talk to us to catch us up a little bit on where you are as a cannabis investor. People at Seeking Alpha know your writings and kind of maybe up-to-date with how you’re thinking about the sector. But let listeners know kind of how you’re thinking about the sector and your cannabis portfolio.
TW: Yes. Well, I think just to recap, the last time I was on was in July 2020. That was two years ago. Trulieve (OTCQX:TCNNF) went up 400%, Tilray (TLRY) went up 800%. Naturally this backdoor was Tilray. It set me lower it was, in anybody’s investing in the sector it was that story. So you have — the market, as such is still a new market. But it is rapidly changing. I think we have to change the way we look at it as well.
Now that being said, I’m still extremely bullish on the market. I think that the growth rates that have been forecast for some time are still there, although they are down a little bit. I noticed the data that says growth rates might be 20% 22%. Where a year ago, they were saying 23%, 25% 27%. I’m talking about compound annual growth rates for the rest of the decade. So people are maybe getting a little more realistic about what’s going to happen in industry. But as I said I’m still extremely bullish in the long term. But that reality is sneaking in.
Now there’s been some margin compression, which I think is going to be pretty much permanent. And people are realizing that the huge company growth rates are not going to last forever. Those growth rates are based on expanding into new states for the most part. And people have to acknowledge the fact that a storefront that’s grown for two years, for example is not going to have a huge growth rate. Once the market is there, hopefully, sales will grow. But it’s not going to be this tremendous growth rate that comes from expanding to other places.
So we’ve been on a real roller coaster.
That’s a good analogy here. And so we can learn. I think to expect that in the future as well, lot of volatility, a lot of ups and downs. But in the long term, I am very positive, because the trend is up.
RS: And what do you say to investors that say, well, I’m going to wait until I see the trend going back up, until I’m going to get in, or I don’t want to keep losing money until the trend goes back up? What do you think about the timeline notion of investing in cannabis?
TW: Yeah, it’s a very good question. I would say that’s certainly a valid approach. My approach is somewhat different. I found in cannabis and other sectors as well, I’m most successful when I buy into a down market. And so you’re buying what’s going down, you’re buying at the bottom and then you’re buying on the way back up. So you’re going to get a low cost basis that way. And I think that — the other approach which is basically waiting for the market goes back up, certainly valid approach, but that is a little bit going towards market timing, which I think is pretty well acknowledged, doesn’t work, for the most part for most people.
So — and based on the long term trends in the market, I think the stock prices are going to are just going be going up in the long run. So why not get in here? Why not stay in? I certainly wouldn’t sell now. And even if you think the markets going down from here, it may go down, maybe it [ph] will go down. But you can’t be sure. Selling now it’s just a bad idea.
RS: I would agree. I would agree. It’s been a bad idea for some time. It’s definitely not getting better. It’s not getting to be a better idea.
TW: Right.
RS: So talk to us a little bit about what you have in your portfolio, or how you think about your portfolio. You’ve written about this. And it’s been very — I found it very compelling, and I’m sure listeners will as well in terms of sharing your thoughts about how you’re building that portfolio on cannabis.
TW: Thank you for that. Yeah, I have two or three categories of cannabis investments. I believe a lot in the big carpet, especially the three I’m invested in, Trulieve, Green Thumb (OTCQX:GTBIF) and Verano (OTCQX:VRNOF). I have a couple of second ranked companies that I’m less confident about like Ayr Wellness (OTCQX:AYRWF), which is kind of a sentimental favorite of mine, because I’ve been following them since before they de-SPACed. And Cresco (OTCQX:CRLBF), which honestly, I looked at that and I think when I bought that, that was a mistake.
But the ones I really enjoy are what I call a special situation companies. And these include a Schwazze (OTCQX:SHWZ), MariMed (OTCQX:MRMD), and InterCure (NASDAQ:INCR). I also have the NYSEARCA:MSOS ETF, but that’s a different story. So Schwazze, MariMed and InterCure. I feel like these are special situations. They’re doing something differently than the big boys are. And I think they have a lot of potential.
But let me go back to the big companies for a second because this is something that I really believe in. When you when you look at consumer product, CPG companies, consumer packaged goods companies, you notice something very quick. How many dominant soft drink companies are, two Coke and Pepsi? How many dominant beer companies are, two, Ambev and Heineken, how many dominant tobacco companies are two. There may be two or three that over time, a market changes from being very fragmented, a lot of small companies to a few giants.
And the way to make money is to be invested in those giants early. And this is very powerful trend this. And this is what’s going to happen to cannabis as well. And we can look at the look at the sector companies there now you can see very clearly some companies are coming out ahead because they’re really standing out. I believe the ones I mentioned three, Trulieve, Green Thumb and Verano are standing out in various ways as the ones who are most likely to become these stalwart companies.
So I’m very confident in putting money into that. Can I talk about the special situations for a bit?
RS: You definitely can. Can I just follow up briefly on the Cresco as a mistake investment? Can you expand on that a little bit?
TW: Yeah, well, the first thing is I bought it about a week before they announced their big merger, which caused the price to drop by like 50%. That was my fault that — but I think Cresco, I look at it. And I think they’ve made some poor decisions, strategic decisions over time. And I don’t think that reflects well on management. They made a big misstep in the California market. And recently had to take a huge write off for the California operations. They’re changing their focus. They’re not leaving.
And I think that the Columbia Care (OTCQX:CCHWF) merger or acquisition, whatever you want to call it, I think that was also a mistake. I think they bit off more than they can chew here. They’re going to find a lot of — before it’s over, they’re going to see a lot — they’re going to have to sell a lot of operations of course. And it’s going to be very complicated.
They have to sell things because of duplication or because there’s too much concentration than is allowed by a state in a statewide market. I just don’t feel as comfortable with him as I do with the management of the other companies.
RS: Makes sense. You’re not the first person. Julian Lin was also talking about why he didn’t like that Columbia Care Cresco deal as well.
TW: Oh, good. I have a lot of respect for Julian.
RS: Yeah, you’re in agreement here. Okay. So tell us — please go on about the special situations?
TW: Sure. Well, those are the ones called Schwazze, S-C-H-W-A-Z-Z-E. Now they’re taking a different approach to the market. They — rather than trying to have this very rapid expansion into new markets and getting established that way, they’re going into the Colorado market. Now lot of people say, why do that. It’s already fully developed. Colorado markets been around for many years. And what can you gain out of that?
Well, the President, I guess, he is the CEO of Schwazze, Justin Dye, has a history, particularly with Albertsons, the giant grocery chain, taking companies that are in bad shape, that’re unfocused or fragmented industry, consolidating them, getting advantages of scale and management expertise to turn operations that are maybe not functioning very well, or not as well as they could and maximizing the assets that are available there.
So he sees — and he had a choice. He raised cannabis money, and he had a choice of where to go, and he felt like Colorado was a great opportunity. Now they are also expanding into New Mexico. They’re very clear, which is a newly legal state. But they’ve made very clear that they’re not going to be expanding into new states quickly. They’re going to take their time. And so anyway, that’s what I like about Schwazze.
There’s also MariMed, M-A-R-I-M-E-D, which is kind of contrast to many in the industry is taking a very measured approach to expansion. They had a big increase in revenue last year, but this year, I think the revenue increased maybe 25%. That’s because they’re very careful. And to do something once you feel very important, as they’re maintaining positive cash flow, and they’re maintaining a positive net income. So their specialty is a more a slower, more measured and careful expansion. I think there — you have a dozen states right now.
InterCure is the last company I wrote about. And that is a company, based in your home country of Israel. And I think Israel in itself is kind of a special situation in that they have — one thing is there’s a survey done. It’s only one survey, but according to this survey, the Israel is the country that has the highest cannabis use in the world in terms of the number of people who have tried it over the last 12 months. It’s like double the next country, which is Iceland.
RS: Not surprised.
TW: Yeah. And they also have a very long history of cannabis research going back 50 years. They also have kind of a knack for taking a small business based in the country and expanding it successfully internationally. And when you look at Israel, it’s a country of maybe 9 million people. And if you want to be big, you can only get so big if you limit yourself to that, to what — to that population. So they have shown an ability in general, Israeli companies have showed a tendency to be able to expand successfully internationally.
RS: Would you say about InterCure, because we’ve had them on the show, we’ve had their management on the show, talked a bit about the stock from a number of different guests. Would you say that you’re more excited about their ability to kind of be a big player in the non-U.S. field? Or are you excited about specifically what they’re doing in Israel more than what they’re able to do internationally? Talk — can you kind of like expand on kind of the strengths as you see it from them?
TW: Yeah, I think my perception, and you’re there on the ground, just so you know. You know maybe better than I do, but it appears that they’re doing a very good job of growing their business in Israel. I hear
RS: I would agree with that.
TW: Oh, good. Good. I’m glad to hear it. They have a knack for developing really strong partnerships in the country. And I think — I don’t know if it’s in Israel or outside but they’ve partnered with the brand Cookies, for example, which is maybe the only internationally widely known cannabis brand that I’m aware of in the world. Everybody who goes subsequently where they see the cookies brand gets excited. I don’t know what it is. I don’t know why.
RS: Well, now there is this big cookies dispensary, medical dispensary, like right across from the beach. I’ve talked about this on the show. And it’s exciting, because it’s like a known brand. And the stores look great. And they’re carrying good products. And when they get to a country like Israel, you feel like wow, the markets opening up.
TW: Yeah, well, that’s very interesting. A Cookies medical dispensary, I like that concept.
RS: Yeah, exactly.
TW: Yeah. So I feel like they’re doing well. They appear to be doing well in Israel. And they’re also — the international expansions, they’re really early in that right now. But from what I’ve read, they’re doing well. I think they’re going to open store in Vienna of all places, and I believe they’re partnering with Cookies there as well. So I’m confident on the international abilities based on how well they have done domestically.
RS: Yeah, that’s interesting. And in terms of Schwazze, in Colorado, are you at all concerned about the fact that they’re focused on Colorado and kind of what’s happening in Colorado? Does that give you any pause in your bullishness there?
TW: No, I think it’s actually a plus for them, because I have a lot of respect for the CEO. And he saw the opportunity there. He didn’t see the opportunity in Illinois or New Jersey, or Florida. He saw it there. And I just have a good feeling about it. I think he has the ability to take the business there to a new level. And actually, the reason they’re there is because Colorado until two years ago had laws that prevented companies, based out of their state from investing on what’s called a hand plant touching part of the industry, at chains that allowed companies like Schwazze to come in.
And they’re there first. I think some of the other big companies have some presence there. But obviously, they’re not focused on that market on — as well as Schwazze. The other companies have many other irons in the fire.
RS: What would you say to people talking about kind of the — well, actually, before I get — I was going to ask — well, these questions might go together actually. I was going to ask you — I started to ask you about MSOs, right that some people feel like those are really the only — the top MSOs are really the only stocks to buy in the sector. Those are going to be the winners long term.
How do you think about that? And then also, it’s interesting that your play on the MSOs seems to be through MSOS, the ETF? Can you talk about kind of your thought process there?
TW: Well, yes, my play on the MSOs, and I have a lot of faith, especially in the big ones that I mentioned, is by playing with MSOs, through individual large MSOs mostly — I have MSOS. But that is something that’s sentimental. I think I think it has potential. That is kind of about sentimental position for me with because I wrote on that company, like a week after they went public, and I still think MSOS has a lot of potential. Now I’m not very enthusiastic about the other ETFs, which are kind of a cousin of MSOs, you might say, a whole lot of companies.
They held a lot of stock in the large companies. And as I’ve written recently, I’ve moved out of ETFs into the specific companies that I’ve mentioned.
RS: So how did you decide like how much of your portfolio — is it still — are the MSOs that you’ve that you have in your portfolio, you haven’t added any recently?
TW: The most recent one that I added was Verano. And I actually adding them in directly. They’re in a merger process, acquisition process with Goodness Growth (OTCQX:GDNSF). And there’s that arbitrage discount in the price of Goodness Growth, compared to Verano that it’s like — so if I back five years, the bottom line is by buying shares of Goodness Growth, you’re getting, like a 10% discount on the eventual value of Verano when they when the acquisition is complete.
Now there’s an arbitrage discount for a reason. Of course, there’s always one whenever there’s an acquisition in any industry, but based on the chance that the acquisition won’t go through, but Verano has done at last count 13 acquisitions in their short life. And I think they’re very good at it. And I don’t see any reason whatsoever why this merger will go through. The risk is if it doesn’t go through, then the price of the target company goes back down. But anyway that’s my strategy with that.
RS: So if I’m looking at your — the article you published on Seeking Alpha, your five year cannabis investing plan, and the only MSOs I don’t see on that are the big MSOs or Verano and Curaleaf (OTCPK:CURLF). And you said that you just bought Verano. So is Curaleaf the only main MSO that you don’t have?
TW: Yes, it is.
RS: Do you want to talk about that?
TW: Yeah, I will. In general, when I write or make commentary, I like to be positive. I like to focus on the positive companies I’m going to feel good about. I don’t like being — I don’t like beating up on a company that I don’t think is doing very well. So you’ll notice all my art for example, I don’t ever issue a sell recommendation, because for one thing, I just prefer to focus on companies very well. And secondly, in cannabis, the way that the volatility in the market means if I recommended a sell, I could very easily be wrong.
But anyway back to Curaleaf. Curaleaf, obviously, their strategy is to grow as big as possible as fast as possible. They are Head and Shoulders above the next biggest companies in terms of revenue, probably a third bigger in revenues than the next biggest company. But I don’t feel comfortable with that as a strategy for success. And in fact, when it comes to what I think are important financial metrics, like net income, operating cash flow, they’re really not — they don’t have good numbers at all. I think it’s one thing to be able to raise money and buy companies. It’s completely different thing to operate a company successfully for the long run. And maybe they can do it. But they certainly haven’t shown that up to this point. So that’s my hesitation about Curaleaf.
RS: So kind of piggybacking off of that, what would you say are the key things that investors should be looking at for cannabis stocks? Like what are some of the most important metrics you think?
TW: Yeah, I love that question. I think that right now, well, we know the company has shown the ability to raise a lot of money and grow and expand. So I’m trying to look at which companies might show signs of being able to help grow a successful business in the longer run. And that’s very different than which companies can get the most revenue. I look at — I start by looking at it.
And there are companies that have had a positive net income for some time. Trulieve is one, Green Thumb is one that’s had rapidly improving record there. MariMed is one. And right at this moment, I’m looking most closely at operating cash flow, because it was a net income. There’s a lot of noncash lines in their depreciation, so forth. But operating cash flow, positive operating cash flow is something every business needs to have to survive. You have — you can only survive, if you’re bringing in more money that’s going out in terms of your continuing operations, you that’s the basic bottom line for any company.
And the importance of cash flow, you have to have a positive cash flow, before you’re going to have net income, before you can say you are going to be successful in the long run. So what I was getting was the high — with high growth companies, it’s like this, you’re going to have years at the beginning where there is no positive cash flow, because you’re investing so heavily in the company, and even line items that aren’t part of the official investment, cash flow, come out of operations to fund new investments.
But anyway, so you can’t expect these companies to have positive cash flow necessarily. But I think I’m looking at which ones do have positive cash flow already. And I think identifying those companies is important for two reasons. One, it shows that they have cash flow. They understand the importance of cash flow, to the extent that they’re making sure that they have it because they know they have to have it. And the second, the second reason is because if they have it, it shows it proves that they have the ability to do it.
Now Curaleaf has not shown an ability to have positive cash flow, neither has Cresco. But there are others that have even in all the challenges in the high growth industry Trulieve is the obvious one. They have consistently been cash flow positive since they started. Verano is one that has very strong positive cash flow direction three years ago, they were slightly negative, but they’ve had large positive cash flow since. So — and Green Thumb again is another. So this is right at the moment the single most important metric that I’m looking at, operating cash flow.
RS: Makes sense, especially because of how many changes and pivots that you need to make as a company. It’s like redoing your house, it’s like however much cash you thought you need, you’re going to need probably double that.
TW: Yes, yes, absolutely. And if you have to see much negative cash flow, which can cause serious problems, just in the operation of the business, when you need cash, and you don’t have it, you certainly don’t want to have to resort to raising cash from operations from selling equity or getting more debt. That’s terrible.
RS: I just wanted to get back to InterCure for a second. Was your thinking — were you kind of looking for a little bit of international diversification in your portfolio? Is that why you went to them? Or did you see them and want them to be in your portfolio? Was it what — like which came first, I guess.
TW: I was looking for more companies that seemed to be — set themselves apart from the rest of the pack. We’re all familiar with the large American companies, they’re known quantities. And in general, they’re taking largely the same approach. And I felt like I had enough money invested in that aspect of the industry. So I was looking for companies that are very small and maybe have a different way of doing it. So it had some kind of innovation. And I think, InterCure’s case, well, it’s slightly different, because I just feel like their execution of their strategy has been so superior. That’s what got my attention there.
It was a matter of like casting around looking, casting a wide net, looking at as many companies as I can. And Intercure popped up right away.
RS: How many companies do you follow? Because there’s so many to follow? It can get dizzying at times, how many do you feel like you can keep an eye on?
TW: Oh, well, I keep an eye, of course, on mine, the ones I own. That’s where I concentrate. I feel like when it comes to some of the other ones, TerrAscend (OTCQX:TRSSF) or whoever, I only have a limited amount of time. And it takes all of my time to keep up-to-date on the companies that I find have the most potential. So my portfolio of seven or eight or nine companies, I concentrate there. If I find a new company, like I did with InterCure recently, that’s on my list of ones to focus on.
Okay, I sometimes get comments on my articles or somebody enquires about TerrAscend what do I think of this company, that company? I just say sometimes that I don’t — I’m sorry but I don’t follow — I can’t follow everything. Now that’s just becomes overwhelming. If I wasn’t actively doing research in the sector, my ideal strategy would be to buy, you get fully invested. And then not look at the stock prices for like five years.
RS: Yeah, I think good advice, if you can swing it is to set it and leave it, especially over these next few — especially over these next few months, and probably years. I think that’s probably, if you can do it, do it.
Do you feel like there’s something that investors aren’t paying enough attention to in these kind of volatile days or long term do you feel like there’s something that’s not being talked about that, that you feel like, you’re thinking about or should be more talked about?
TW: I would say that — well, first of all, the cash flow numbers in these companies is one thing. I think that’s going to be getting increasing attention. I think that in general, the fundamentals are not getting enough attention. The market is — the stock market for shares in the sector has been awful. And it’s driven entirely by factors unrelated to the industry. The stocks are probably higher than they needed to be a year and a half ago, but they’re probably lower than they should be now. And I think it’s too easy to get swayed by what the share prices are doing now.
I saw a statistic that said that cannabis shares have gone down 15 out of the last 16 months. And that’s hard to take. But if you look at the fundamentals, they’re very strong, especially with the strongest companies. So I’d encourage investors to do that.
RS: What do you — or what do you feel like is going to be the catalyst? Or do you feel like it’s going to be a catalyst or a series of events? Like how do you think about kind of setting off the industry, the market that kind of recalibrates things that makes it more, fairly valued, the stocks more fairly valued?
TW: That’s hard to say, Rena, I think that there are good, positive trends that will accumulate perhaps. I think that — I don’t think that we can count on any big American catalysts like Safe Banking, legalization or FDA approvals. I just tell people put that out of your mind. It might not happen fully — it probably won’t happen for years. If it does happen before then it’s just like an early Christmas present. But you can’t base your strategy on that.
On the other hand, I think that the positive factors include the fact that there are there going to be more efforts, like the recent one, where some of the prominent companies are discussing a lawsuit against the federal government to force legalization. And so many things in America have been to courts now to the legislature anyway. Now I don’t know that I — the odds are this will not be successful. But it’s a good sign. It’s a sign that more pressure is going to be applied for more directions for legalization, and the other positive changes.
And I think that even though one by itself might not succeed, the government is susceptible to pressure from the outside to make changes. I mean, if you look at, for example, the FDA, which could do a lot for moving the CBD market forward. There you may be may have heard of how they approved a drug for Alzheimer’s recently, and it was very controversial because they threw out their own standards throughout the window. There’s no certainty that this works, this drug works. It’s very expensive.
But the pressure to find something for Alzheimer’s is so great thing they did anyway. So that’s just an example of how public pressure can make changes happen.
RS: Right. I was also encouraged by that just for the sheer fact of like a lawyer like David Boies, I feel like the fact that he’s involved, it’s akin to just putting up the biggest billboard that you can and protesting outside the White House. It’s just like the legal equivalent of that. I think it’s just to get, as you said, focus and attention. And I think something else is sometimes even when you lose a case, the judgment around it can set a precedent for a later case. And so I’m also curious, how they rule and what language is used, and if they can use that to kind of leverage something down the line.
TW: Yeah, yes, that’s right. And David Boies is heading for effort. I thought that was great news because David Boies, as I’m sure some listeners might recall, he was the one that got George W. Bush elected in 2000, in the court in the — against Al Gore he was — he led a successful bid. He led the successful change in the law, legalizing gay marriage. I mean, these are huge, huge, yeah.
RS: Yeah, I was also just like, super encouraged that he took it on because it feels to me like that’s — what you said like sometimes you can’t always have perspective in the progress as you’re making it. But to me that’s definitely a step in the right direction.
TW: Yes, yes. So any — go back to what I think it’s going to make a difference to the market for cannabis is obviously more states are going to continue to pass adult use. I think Ohio, Missouri, Arkansas and some others. So that’s going to continue. I think that the mergers are going to continue, making the larger companies larger and stronger, more prominent. I think that branding, you’re going to see some results from branding. We talked about the Cookies brand. But I think other brands are going to become prominent, and that’s going to encourage consumers.
So and I think in general consumer is going to become more educated. So I think that’s a lot of positive trends that are going to drive the industry forward and drive stock prices up.
RS: And are you of the opinion — I know this is kind of like a crystal ball question, another one, maybe? Are you of the opinion that as the longer that it takes the better it is for these stronger companies? And do you kind of see a going that they get — especially with your view of like a protracted regulatory picture, or you have the view that the stronger operators can get to a place of staying leaders in the industry, that they’ll be strong enough that they won’t necessarily need to get bought out by a bigger blue chip company or something like that?
TW: Absolutely, absolutely, yes, I do. I mean, that seems to be the way these industries go. That — as I referred to the history of the development agencies earlier, you look at — you look back again, then Coca Cola and Pepsi started out by selling fizzy sugar water. They weren’t bought out by some other industry, the beer companies, the cigarette companies, they weren’t — they didn’t get huge, by being bought out by another large blue chip. They got huge on their own. Data is very telling.
So I think 10 years from now, we’ll see Trulieve, Green Thumb, perhaps, maybe one or two others that are all around the country, just as well as COVID ebbs here.
RS: Do you see companies like Schwazze and MariMed getting acquired soon?
TW: I think yes. I think that particularly Schwazze, that’s kind of their end strategy. And I think MariMed also perhaps because they’re such a great position, financially, and they’re limited in their geographic reach. So there’s not going to be as much overlap with their acquiring company. Also MariMed has no debt. It’s impossible to have a successful company with no debt. Now they do have a huge number of shares outstanding, I think. And that’s why their share price is at $0.50. But that’s because they took the route to fund themselves entirely by equity not by debt. And I think that’s going to be a positive for the acquirer company as well. So yeah, I think that’s the end strategy for a lot of these smaller companies, yeah.
RS: Great stuff, Ted. It’s super, super insightful and actionable stuff. Is there anything else you want to share with, with listeners before we let you go?
TW: I would say Rena that I think people need to keep the faith. I encourage people to try to keep their emotions out of their investing. I know it’s only money. If your stock goes down, it’s not like — it’s not like losing our — having a family member getting serious disease. No, it is money. And your life tomorrow is going to be the same as today. So keep it in perspective. Keep your focus on the long term. Yeah, we’re all in this together and we’re all going to succeed.
RS: That’s some sober thinking. I like the community thinking because I bet some people do feel like they’ve had an appendage removed when the stock prices keep dipping and dipping. So it’s nice to get a perspective check. And yeah, if we’ve learned nothing else these past couple years, it’s life even in the form that we know it, is fleeting.
Thanks so much for listening to The Cannabis Investing Podcast. Subscribe or follow us on Seeking Alpha, Apple Podcast, Spotify or Stitcher. And we’d really appreciate it if you left us a review on Apple Podcast. It helps other investors find our show and makes us feel fantastic.
If you have feedback or questions, we’d love to hear from you at rena+canpod@seekingalpha.com. Nothing on this podcast should be taken as investment advice of any sort.
I’m long Trulieve, Khiron, IsraCann Biosciences, The Parent Company, Ayr Wellness, and the ETF MSOS. Subscribe to us on Apple Podcast, Spotify or Stitcher. Thanks so much for listening and see you next time.
Be the first to comment