I’ve been critical of $TRUL’s CEO spending to build her husband’s construction company in the past (like, can’t you get a job there buddy?) – mainly because I don’t cotton to related party transactions prima fascia. These charges are a different fish though, in that it suggests the licence $TRUL acquired in FLA might not have been a spotless exercise.
There’s largely two reactions out there in stock-land. One being: “This means nothing, Go Kimmy!”. The other a little more dour: “She married him so she couldn’t be subpoenaed, I’ll never touch them gangsters!”
$TRUL’s IR issued a statement Friday, which reeks of $3,000/hr lawyerspeak – and in the clearest terms possible – threw Burnett under the closest bus it could find. Normally, he’d be remanded into custody – yet ‘surprisingly’ – the prosecutor suggested he can be set free…….but his movements be confined to northern Florida.
We’ve seen several States start/stop licensing processes due to allegations of malfeasance and rigging. I’ll stop there. But, it does lead into…..
Green Thumb Industries’ ($GTII) CEO Ben Kovler came out and dropped some harsh words about dumb Canadian companies “dissuading, misleading, and lying” to their current and potential investors. In Canada, if one said that in print, it’d be defamation sans proof, and would be litigated in a heartbeat. The US is a different creature though.
And it’s so precious, I can’t stand it.
Not once does Dearest Ben address verticality – and the potential loss of retail in his system – nor does he mention interstate’s possible impact on his business model. Nor, does he address how the imposition of an excise tax will punch his margins in the throat. But hey – that wasn’t the focus of the article (to be fair). The focus of the article was a drive-by.
I mention it because if Sweet (Sweet) Ben is going to take a run at them nefarious Canadian based forces……and don the White Hat of a Saviour whose life has been flawless – he’d better be damn sure he’s as clean as Donny and Marie Osmond doing a song on the Lawrence Welk Show.
His commentary is richer than a Julia Child entree, and I’m gonna keep his quotes close at hand. I don’t see his statements as being too bright to be honest, but simply playing to the cheap seats. One doesn’t play to those unless they’re desperately needed. In showbiz, any professional artist will tell you that’s a sign of weakness and self doubt. I agree with that sentiment.
Other folks on the internet approached several MSO’s and their CEO’s directly. Lobbyist Brady Cobb, CB1 Capital’s Todd Harrison, and other sector luminaries were asked directly about their thoughts on it.
I’ve not seen a single reply to any of it. The whole bunch disappeared faster than a crowd at a concert when the lights come on. To me, that silence it deafening.
Back to Structures. I’ve 7 this week, have updated my models on the Tier 1’s and will be commenting shortly. Much to come.
The preceding is the opinion of the author, and is in no way intended to be a recommendation to buy or sell any security or derivative. The author holds no position in any of the companies mentioned.
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