HEXO Q2F19 Jan 31, 2019 in Pictures

I thought I would try to tell the story of Hexo Q2 in pictures. Income Statement Drivers and Implied Breakeven TREND. Income Statement Drivers and Implied Breakeven PEER. Gross Margin % TREND & PEER Tier 2 LPs. Gross Margin Peer Comparison Latest Q - Full Peer Group TREND Analysis SGA & SBC as % of Sales. PEER Analysis SGA & SBC as % Sales. PEER: Implied Breakeven Sales divided by Current Sales. PEER: Implied Breakeven Sales to +EBITDA divided by Current Sales.

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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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