Structures

TREND Analysis – Supreme Pharmaceuticals (FIRE): “Gas in the Tank”

This is an interesting one. After two Q's of negative FG delta, Q0 has a positive FG delta. Meaning, FIRE starts the present Q with more FG inventory than Q) when they recorded a strong positive Sales delta. This means that despite the strong sales delta (+$2.6 million or +50% QoQ) in Q0 FIRE's throughput to the FG shelf was sufficient to handle the sales increase, while putting more goods on the FG shelf at Q's end. This sets up well for the next Q, although more FG (ie equal to last Q sales) would be my preference. Bio Assets also shows strong growth…

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TREND Analysis – Hexo: “Gas in the Tank”

Hexo, like Aphria, does not break Inventory into Work in Progress or Finished Goods in their notes or MDA. Hexo always had minor Medical sales and was looking to adult recreational to be their core business. Bio Assets has been growing the last two Q's, and Inventory has certainly also shown growth. Inventory, like Aphria, is very linear but it is tough to tell if they will be able to keep up the sales pace without knowing the FG available for sale.. The Sales delta is exceeding the Inventory Delta in the last Q.

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Valens GroWorks – Structure and Current State – 03/19

Busy earnings days lately. These guys came out on March 13th. Much more structures to come over the next while. I’ve been interested in $VGW since I came across them in late 2017, and did rundowns on them in both of the Dive Bar Pub Crawls past two years running. Here's 2017, and here's 2018's. There wasn’t much cloth to make a suit out of then. Early formation, in the process of raising capital, building out, and awaiting licensing. Standard fare for the ‘early’ entrants. Now we’ve got another year of financials, time to put Molly Gladys on the lap (Molly went back to…

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1933 Industries – Structure and Current State – 04/19

Busy earnings day on April 1st - And 1933 is one of them. I've got many more structures to come. I’ve been interested in $TGIF since I came across them in late 2017, as well as 2018 when I did rundowns on them in both of the Dive Bar Pub Crawls past two years running. TGIF has a back story that I never quite got a handle on…which…while important to me at the time...has faded into the rearview of relevance. 2 years ago, it was important to me because it was not only my first pass, but also to get insights into the ‘jockey’…

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