STEM Holdings – Structure & Current State Q2F2019

I’d never heard of this outfit before until someone on Twitter suggested we have a look at it. While I usually don’t take tips (or anything other than laughing at memes) from Twitter, Blue’s got me searching high and low for some portfolio prospects in the MSOs down south. At first blush, I don't think I need to look very high. This company has announced a fundamental change in strategy, and some have even suggested it could be a Trulieve or Cura in early genesis (yeah, that’s Twitter). Their stock has gone from $7.50 to its current level of $1.20 over the past 13…

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Inner Spirit Holdings – Structure & Current State Q1F2020

We continue looking into the retail piece of the value chain, this time with Inner Spirit (ISH), which operates under the ‘Spirit Leaf’ name. TheCannalysts visited one of their stores in Edmonton - and it was somewhat unique among the shops we went through. That store was positioned towards what those in the industry might call ‘upscale’.  It was located in an upscale outdoor mall in an upscale neighbourhood, perhaps they were simply trying to blend in…. maybe it’s their core platform. There is retail history and experience in the outfit. The CEO comes from creating and operating a watch/sunglass chain with 12 locations…

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C21 Investments – Structure & Current State – Q1F2020

Now that some of the asset chickens have come home to roost, the balance sheet texture of this outfit has changed somewhat. All of the optionality and paper deals they’ve done have landed upon the various deals finally closing. Those various deals (Phantom, Silver State, Swell and EcoFirma woof woof!) have come onto the balance sheet, and there’s now more to look at than previously.  No, the assets haven’t changed. Only $2.5MM (up $500k from equipment purchases) of $82MM are actually hard assets. They’re now showing $2.5MM in monthly sales (yay!) but $40MM in short-term liabilities (boo!). That means they’ll need cash pronto to…

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Heritage Cannabis – Structure & Current State 06/19

A year ago, this mutt dragged itself up on the stoop of the Dive Bar, and sat. It looked flea ridden. We had a look at it then - and we didn’t see much in terms of coherence within their build. They didn’t run out of cash, owing mainly to the fact they hadn’t operationalized, and didn’t need to pay for things like staff and operations and the like. That didn't stop management in pulling out some $4.5MM in SBC. An alternate title for this could be ‘Kicking the CANN’ - as it appears to be the only thing they’ve been doing is trying to get…

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