MedReleaf – Structure and Current State – 02/2018

Man, these guys are cash deep.A few notes from their financials:G&A is extremely high. Uncertain whether it's mainly due to formation, or whether it's a function of stabilizing operations....or maybe their GMP/ISO setup initiated a chunk of this. Either or, one should expect incremental volumes to be added for far less per $ of G&A.$30MM in G&A to sell $11MM in dope. Gads.Royalty agreement was renegotiated. Seems alot of pomp and circumstance to get back a voucher for $250k.The issuance of some $8MM in shares & $1.5MM in cash to purchase 3 'intangible assets' on December 8th looks like for strain acquisition. "Equiposa, Orellium…

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Canopy Growth (WEED) – Structure and Current State 02/18

There is a ton of moving parts in this. I think Blue called it an octopus. An understatement in my view. There are definitely tentacles though. Lots of them. And yes, octopi don't have tentacles, they have arms...it's a figure of speech :)The optionality and contingencies littered throughout the financials - all in 4 point calibri - reveals extremely complex statements and a financing model equivalent to having an elephant on the other side of a teeter-totter.I didn't think I'd ever say that ACB was fun to do, but compared to this, it was. $40MM in G&A in the last quarter alone, with $19MM…

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