Risk & Return

What exactly is a ‘Risk Return Profile’? Ah, the infamous risk/reward. Can’t have one without the other, right? A little bit of reading on the internet will also lead one to a Sharpe ratio, and everybody’s favorite subject: domination. It’s timely that CB1 Capital came and knocked their AMA out of the park with us last Wednesday. Todd and his crew are all about portfolio theory, and it was a great time to line up your most sought after questions and put them to a professional trader and capital market firm. I mentioned seeing a pretty steep risk reward curve last week, when I…

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How much did Peltz cost Aurora?

Big name, and a big announcement today by ACB as they bagged Nelson Peltz - a notable in consumer products, and has been a director of just about anything a consumer might come across in daily life. As a business person and 'advisor', he was brought on to "work collaboratively and strategically" as a matchmaking service - to bridge cannabis into and across the CPG space. Unlike the backing Cronos and Canopy have with companies, this approach is a little more open ended, and doesn't have a single entry point like the Altria and Constellation deals they have respectively. ACB gave up some 20MM…

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C21 Investments – Structure and Current State

After now having caught up with the Heritage Cannabis Holdings financial statements for the past year, a few things around it caught my eye.  Not simply that they’d increased their float by 1.25x to buy other businesses that promise to be in business one day - but that they’d been so aggressively promoted on Twitter, and by some of the usual ‘paid placement’ spots on the internet. Ugh, I hate that shit. Another outfit - C21 Investments - has been getting the same ‘run through the wash’ from several outlets. Twitter is rife with forecast based spreadsheets on the gorgeousness of their particular pageant…

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Heritage Cannabis Holdings Corp. – Structure and Current State

Despite some hype being put out around this company lately, the last time I had a peek under the hood, I wasn’t terribly impressed. They’d dropped $5MM for a license in progress; 60% of their assets were intangibles; they reported $21k in income, while taking $1.1MM in SBC. All packed into136MM shares outstanding, with another $5MM of SBC locked and loaded in warrants. I took a look at their year end financials published February 27th, 2019. Let’s see how they did over the rest of the year, and see if we can find anything more promising than the promises of news releases and paid…

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