Josh Rosen @analyst_exec Twitter profile

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Josh Rosen

@analyst_exec

5 months

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Josh Rosen

@analyst_exec

4 months

I always appreciate @aaronvalue 's candor, energy and transparency - both in agreement and disagreement. You don't leave a conversation with Aaron wondering where he stands. Should be a fun conversation with all the recent news.

Howard W. Penney

@HowardWPenney

4 months

I am excited to have @aaronvalue back on @HedgeyeTV on 5/28 at 2:30 to discuss a wide range of subjects related to the #Cannabis industry—there is no shortage of topics!

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Josh Rosen

@analyst_exec

5 months

An update: credit to @MikeReganInvest with Excelsior for reaching out to $GDSNF and $VRNOF, hunting for information and reading the details. Is it a coincidence that the two analysts who contacted $GDNSF are the ones with experience analyzing non-cannabis M&A given their

Josh Rosen

@analyst_exec

5 months

And for those keeping score, without naming names, there was one mention we found in the $VRNOF research reports from Canadian analysts of the $GDNSF litigation; importantly, they didn't contact us and it's hard to tell if they read the filing.

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Josh Rosen

@analyst_exec

4 months

The kind words are appreciated. When this quote was shared with me, I texted @JDerevyanny that I was going to send it to my mom. I still remember the feeling of getting caught in a lie as a kid. I should have texted, "you just meant that one time I made a mistake, right?" 😬

Vireo

@Vireo_Growth

4 months

Thanks to @JDerevyanny for the shout out to @analyst_exec and Goodness Growth on @RenaSherbill 's @canpod1 ! $GDNSF $GDNS

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Josh Rosen

@analyst_exec

5 months

@kturet Not that I like to give $VRNOF credit for much, but they also started to report by State, which I commend. I don't know how you're supposed to understand these businesses as an investor without this level of transparency when each market can be so different.

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Josh Rosen

@analyst_exec

4 months

Thanks Howard; I enjoyed the discussion and good questions. I'm glad we provided you with a young picture of me as well 😬

Howard W. Penney

@HowardWPenney

4 months

It's a historic day to chat with a cannabis industry CEO about the future of the industry and $GDNSF! $VRNOF

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Josh Rosen

@analyst_exec

4 months

I realize it's X, so limited words - I'd prefer to see Tier 1 "by Size" whenever referenced. Otherwise you get the simpleton view like below repeated by others that it's the Tier 1s that will survive challenging environments. For PubCos, there are a few Tier 1s by Size and a few

MJ Stock Trader

@stock_mj

4 months

Coffee is made, now let's reflect on why cannabis stocks are deeply red after the DEA S3 decision: 1. Uncertainty and risk: if @JoeBiden doesn't get S3 done and @SenSchumer fails again with SAFERBanking and @realDonaldTrump wins in November, cannabis reform is dead for at least

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Josh Rosen

@analyst_exec

3 months

With limited trading volumes in MJ, the analyst & IR promotion community is mostly pay to play (understandably so). I thought maybe with the highly accusatory and aggressive press release from $VRNOF yesterday, it might create a new inbound call, but crickets.

Mark E. Merritt

@markemerritt

3 months

Full discl. I have skin in this game, but it has struck me as very odd that a show trying to be credible hasn't even MENTIONED (I'm a listener) that $VRNOF is being sued for $800MM by $GDNSF! Lots of buyback talk. No M&A expert? No legal? No effort to bring in @analyst_exec ? 1/2

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Josh Rosen

@analyst_exec

5 months

And for those keeping score, without naming names, there was one mention we found in the $VRNOF research reports from Canadian analysts of the $GDNSF litigation; importantly, they didn't contact us and it's hard to tell if they read the filing.

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Josh Rosen

@analyst_exec

3 months

@V_arrell @Wheatonabix I'd encourage you both to read the transcript from $GDNSF 1Q earnings. I clearly have skin in the game 😬 but math is math. And also, I'd suggest reading the respective complaints if you're going to use descriptors like "patently absurd" and "class action". I take my credibility

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Josh Rosen

@analyst_exec

3 months

Our perceived bearishness is not bearish on the underlying growth in the sector, nor ignoring the catalysts - they are important. We simply try to avoid putting our dollars into companies who focus on the catalysts as their "edge". 7/7

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Josh Rosen

@analyst_exec

4 months

@TheDankInformer On its own, likely immaterial - CSE requires disclosure for any equity. We balance our use of debt, cash and equity carefully against capital needs and desires - in this case we opted for a combination of the three to support a relocation we're excited about.

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Josh Rosen

@analyst_exec

4 months

I look back and often agree with your sentiments. "48M not happening" with respect to $GDNSF & $VRNOF litigation - sounds confident. What's the basis? I'm on record noting I view it as a key asset with obvious uncertainty - I'm curious when folks get specific.

March2Millions

@March2Millions

5 months

@HowardWPenney This is not to say I think they're in the right or won't potentially pay out something (48M not happening). But asking companies to comment on pending litigation, when you DON'T comment on pending litigation is foolish. But I get you looking for a pump & exit liquidity.

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Josh Rosen

@analyst_exec

4 months

I'm going to take this one day at a time and will start with some basics that are relevant to $GDNSF's current litigation with $VRNOF -- I'm on record highlighting that we consider this litigation a key asset. I hope to evolve this to some broader industry valuation thoughts, as

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Josh Rosen

@analyst_exec

5 months

@MSOinvest @March2Millions @HowardWPenney The filing represents the careful culmination of months of work to compile what $GDNSF considers to be a clear documentary record. There's been little to share. Not expecting investor credit given the uncertainty - want to help folks understand what we believe is at stake.

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Josh Rosen

@analyst_exec

4 months

I fancy myself the muse -- at least if @JDerevyanny is going to get the credit for authoring the Bengal Bites... 😬 Granted, he does most of the writing and is often a foil to my ideas.

Howard W. Penney

@HowardWPenney

4 months

Next week (6/13) on @HedgeyeTV , I will be hosting Bengal Capital's PM and eloquent wordsmith, @JDerevyanny , to discuss investing in the cannabis industry and why some business models work and some don't. Plus, so much more!

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Josh Rosen

@analyst_exec

5 months

@FareBootman @HowardWPenney The damages were calculated by a third party in an expert report; if you're familiar with how DCF analysis works, you'll appreciate how important the cost of capital is, and in this situation, the access to capital also mattering, as $GDNSF peers have invested meaningfully in the

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Josh Rosen

@analyst_exec

4 months

Back to valuation & value creation - at $GDNSF, I mostly have the team focused on growing and sustaining operating profit dollars (EBITA - amort is tiny). I like "free cash flow", but don't use it as the tracked metric for supporting ops decisions and value creation.

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Josh Rosen

@analyst_exec

4 months

Yesterday was straight forward math - next DCF Question --> determining weighted average cost of capital (WACC or discount rate) is more complex - I'm curious how others would characterize and quantify the difference between $VRNOF's cost of capital and $GDNSF's cost of capital?

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Josh Rosen

@analyst_exec

5 months

@March2Millions @MSOinvest @HowardWPenney I've made many mistakes with the scar tissue to prove it, but I can't ever recall being accused of short-term hype - I'm usually taking heat from my peers for being too bearish and candid. I can't tell if you've read the recent filing, but you clearly have strong opinions.

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Josh Rosen

@analyst_exec

3 months

I take very little personally; this comment however, I can't help but take personally with how we manage stakeholder communications.

Mark E. Merritt

@markemerritt

3 months

@analyst_exec "Verano considers Goodness Growth’s application to the Court to be no more than an effort to sway public opinion and put forward a baseless and irresponsible damages calculation in an attempt to create false hope for its investors." WTAF?

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Josh Rosen

@analyst_exec

3 months

It remains true that the only analysts that contact us on this topic are independent and formerly bulge bracket equity analysts. My hunch is this is too complex a topic to interfere with the political catalyst handicapping that most investors seem to be here for.

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Josh Rosen

@analyst_exec

3 months

We'll stay focused on building a business and driving long-term value, which in this case, includes defending against prior harms and the uncertainty of a litigation that we believe is an important part of our long-term value.

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Josh Rosen

@analyst_exec

3 months

Wearing my Bengal hat, an internal discussion point we've had for years is contrasting investing with trading and business building with chasing catalysts. 1/7

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Josh Rosen

@analyst_exec

4 months

Let's chat valuation. One of my mentors, who prefers to remain out of the spotlight, is a valuation guru and practitioner that heavily influenced Michael Mouboussin while we were at Credit Suisse many years ago.

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Josh Rosen

@analyst_exec

5 months

@MSOinvest @March2Millions @HowardWPenney Through BC Online -- -- believe it's $6 to join; might be another $6 for downloads. You'd probably have success if you asked the IR contact on the bottom of $GDNSF press releases for a copy.

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Josh Rosen

@analyst_exec

4 months

DCF Math Question 1 --> If you have $100 in cash flow in year 1 and it grows by %10 for five years and in year 6 you give it a 5% perpetuity growth rate, what is the NPV of this stream of cash flows with 1) a 10% discount rate and 2) a 20% discount rate?

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Josh Rosen

@analyst_exec

4 months

@MaxMausner And don't get me started on the repeated "one-time" adjustments that keep showing up in aEBITDA as not part of what shareholders are paying for.

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Josh Rosen

@analyst_exec

4 months

Free cash flow is clearly important and $GDNSF isn't shy about needing to navigate our balance sheet, so this isn't about selectively highlighting what works best for $GDNSF. This is about fundamentals. Thoughts?

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Josh Rosen

@analyst_exec

3 months

@Cannabiztrade @markemerritt Highlighting a reply from yesterday - I'd be curious if you have relevant precedent you can point to with your use of the word "ludicrous" when it comes to breaking definitive docs or if you're just lazily commenting on the face value of things.

Josh Rosen

@analyst_exec

3 months

@V_arrell @Wheatonabix I'd encourage you both to read the transcript from $GDNSF 1Q earnings. I clearly have skin in the game 😬 but math is math. And also, I'd suggest reading the respective complaints if you're going to use descriptors like "patently absurd" and "class action". I take my credibility

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Josh Rosen

@analyst_exec

3 months

@MetaJawBone @BalanJason My valuation mentor referred to "investment neighborhoods" - very sticky. One thing that's nuanced is how easy it is to confuse financial performance, even solid cash flow, with being a strong operator. They're related, but it's not causation with current market structures.

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Josh Rosen

@analyst_exec

4 months

@MaxMausner One of the benefits of EBITA is that accrual accounting is there for a reason and the things that happen beneath it are less impacted by operations (capital and tax related decisions or realities) - FCF on a quarterly or specific-period basis can be heavily played with.

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Josh Rosen

@analyst_exec

3 months

@March2Millions @kturet @markemerritt @jesseredmond @MorganPaxhia 1) have you no confidence in leadership to navigate this minefield - do you wait for clarity or do you bet this is going to come together without too much collateral damage? 2) I'm a fan of $GDNSF cap table - we get quality questions & inputs and appropriately challenged

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Josh Rosen

@analyst_exec

5 months

@lincolnlaw123 @markemerritt @mayortoby @todd_harrison I'd suggest reading the suit. Referencing a publicly available document - merger agreement - changes in regulatory are not a material adverse change. I'm sincerely hoping $VRNOF puts up great results, $GDNSF entered the agreement with respect for their operating capabilities.

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Josh Rosen

@analyst_exec

5 months

$GDNSF $VRNOF - Not sure I would have picked this one -- I appreciate the highlight. Not exactly a legal argument, but one could think that the number of claimed breaches is inversely correlated with the likelihood of actual breach.

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Josh Rosen

@analyst_exec

4 months

With our daughter officially graduating from high school tonight - thought it was worth revisiting this short essay that's part of my on again off again amateur writing project. My Daughter for President

My Daughter for President (SIM #48)

Let me preface this short SIM by noting that, as a father, part of my job is to suffer from parent goggles.

icedmocha.substack.com

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Josh Rosen

@analyst_exec

3 months

@V_arrell Having come from this world, this resonates with me. From a disclosure standpoint, I'd argue most institutional investors will want more transparency as well - I have my issues with $VRNOF, but at least they give state level detail. I'd also note, there are more institutional

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Josh Rosen

@analyst_exec

5 months

@kturet @markemerritt @veranobrands Such an aggressive tone, I was an equity analyst in my formative years, so I have an opinion on the role, but you're right, it's clearly their prerogative - just surprised.

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Josh Rosen

@analyst_exec

4 months

@ejames_c has a rare combination of curiosity, passion for deep understanding and what I like to call a relevance filter. When I discovered his work in 2020, I was surprised he wasn't older. I make any team that I'm part of spend time with Cedric's work.

Cedric Chin

@ejames_c

4 months

This is absolutely going into a @commoncog case, for sure.

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Josh Rosen

@analyst_exec

3 months

@todd_harrison It's entertaining to see the word "already" and then you contrast Illinois (with more people) to Michigan and realize what a monopoly benefit it was to the original cultivation license holders in IL and what a disservice to actual cannabis customers the "cartel" model has been.

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Josh Rosen

@analyst_exec

4 months

@MetaJawBone @PVofFCF An aside -- my mentor on valuation used an "investment neighborhood" concept for wacc that I always found to be the most elegant for equity analysis (not exactly a "hurdle", but thematically similar). The complexity points to why "experts" get involved with damages calculations.

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Josh Rosen

@analyst_exec

2 months

@ALaughinBuckeye @JDerevyanny Great questions overall. And while Jerry and I share similar values, we often respectfully disagree with our opinions, particularly with respect to our "crystal balls". It makes for a good process for us to find the things that make us go "hell yes" together - our other Bengal

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Josh Rosen

@analyst_exec

4 months

@kturet Good points and indicators of business health - apples to apples gets tricky -- $GDNSF lacking a bit on debt management, although had a good path to take care of that with selling out to the highest bidder... that didn't go as planned... suppose that's why I'm here.

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Josh Rosen

@analyst_exec

5 months

@MInvestor18836 @markemerritt @mayortoby @todd_harrison I'll weigh in briefly; I'm curious if $VRNOF has more big company M&A experience than I have, particularly outside of cannabis? I honestly don't know. And it's publicly available that $GDNSF had DLA Piper as counsel.

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Josh Rosen

@analyst_exec

5 months

@kturet $GDNSF focus is on successfully building and growing a business with good decisions, big and small -- the team still considers itself Vireo -- hopefully we avoid trading hiccups - a changed ticker is an unfortunate consequence.

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Josh Rosen

@analyst_exec

4 months

@McclaflinC16682 @TheDankInformer 🤔 --> we try not to overlook things...

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Josh Rosen

@analyst_exec

4 months

@MetaJawBone Of course 😬 But the topic caught my interest several years ago when I was advising a friend that was wanting out of a merger and had what I considered egregious counterparty behavior and my friend's counsel (big law firm) was insistent there wasn't a painless out.

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Josh Rosen

@analyst_exec

4 months

@March2Millions I love the intellectual honesty and appreciate the response. Something I wrote long ago on intellectual honesty - part of an amateur writing project of mine:

Saturday Iced Mocha #10 — Intellectual Honesty

Having spent a significant portion of my career in the financial services industry, I feel modestly qualified to comment on what a shame it…

icedmocha.substack.com

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Josh Rosen

@analyst_exec

3 months

@March2Millions @kturet @markemerritt @jesseredmond @MorganPaxhia I only speak for myself on this, but I believe we've been forthright with respect to 1) our financial position, 2) our relationship and the ongoing discussions with our lender, and 3) the divestiture process in NY. All relevant topics. It's our job to navigate these successfully

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Josh Rosen

@analyst_exec

5 months

@MSOinvest @markemerritt @mayortoby @todd_harrison I think it's difficult to handicap the prospects for summary judgment (determination in BC); I'd encourage you to read the filing if you haven't. $GDNSF is prepared to go to trial; this was covered on the $GDNSF quarterly conference call.

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Josh Rosen

@analyst_exec

5 months

Fairly sure you meant Vireo 😉, $GDNSF

Merida Capital Holdings

@MeridaCap

5 months

Vireo had 4.8mm of operating income last Q. So it's not just biggest scale leading to profits now. Major shift in the industry writ large (and possibly wide).

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Josh Rosen

@analyst_exec

4 months

Taking a day off from valuation topics with a simple question based on numerous examples and surprisingly few, if any, counterexamples, particularly in PubCo mergers, such as $GDNSF & $VRNOF. Why do you think the burden of proof is so high on the party that terminates?

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Josh Rosen

@analyst_exec

2 months

@MaxMausner Always appreciate your insights, @MaxMausner - the big puzzle for me has been who has demonstrated the operational chops you’re outlining in the normalized pricing environments? There are clearly benefits for access to capital (scale helps here). And there are winners

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Josh Rosen

@analyst_exec

4 months

@kturet @HowardWPenney $GDNSF doesn't pay for research. 2 analysts contacted us regarding $VRNOF litigation, Howard was one. Interestingly, I remembered his name and he was Morgan Stanley restaurant analyst when I first started as a junior analyst. Makes us both old. Trying to avoid grudges.

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Josh Rosen

@analyst_exec

2 years

@JuliaB_fitness @foundmyfitness @philosophising4 @OmegaQuant Much appreciated; still working on a viable path to pharma EPA/DHA. Settling for supplements at the moment, based upon @foundmyfitness Totox shared testing info. Curious about Fatty15.

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Josh Rosen

@analyst_exec

3 months

We are open about the uncertainty regarding timing and outcomes in the $VRNOF litigation making it challenging for investors to assume success for $GDSNF. Personally, I view it as an asset and it contributed to my decision to stay CEO, with no expectation this resolves quickly.

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Josh Rosen

@analyst_exec

5 months

Everyone is entitled to their own opinion and at least they mentioned it. Unsurprisingly poor diligence -- likely didn't talk to an attorney or $GDNSF -- curious how they decided the termination fee matters in these circumstances.

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Josh Rosen

@analyst_exec

4 months

Our teams spend a lot of time trying to find this balance between grabbing the benefits of both centralized and decentralized, usually trying to lean decentralized. I wish more governments would think this way...

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Josh Rosen

@analyst_exec

4 months

@kturet @markemerritt @ObieStrickler Maybe not quite so binary with "no cash" and "banking on" - I'd posit that $GDNSF has room for improvement with existing assets - the focus is on what we control - and yes, I'm on record repeatedly viewing the litigation as an asset - not expecting a windfall anytime soon.

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Josh Rosen

@analyst_exec

4 months

@MaxMausner Love this. And you've been at this long enough to likely have a good handle on maintenance vs growth capex. And also to work to a normalized FCF that can adjust for tax positions and decisions.

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Josh Rosen

@analyst_exec

4 months

@MaxMausner Oh, after my heart with ROIIC; we spend time internally on incremental margins - why price and productivity are so important. Yes, the core these metrics are proxies for is the FCF mapped against the incremental capital we need to spend to support and hopefully grow FCF.

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Josh Rosen

@analyst_exec

4 months

@JDerevyanny @HedgeyeTV I'm jealous of your action photo, although where's the hairnet?

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Josh Rosen

@analyst_exec

4 years

Check out 5thofJuly hike - Kachina Wilderness w/kiddos on @relivecc ! #GetOutThere

'Kachina Wilderness w/kiddos' | Relive

View my hike: Kachina Wilderness w/kiddos

www.relive.cc

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Josh Rosen

@analyst_exec

5 months

@markemerritt @March2Millions @MSOinvest @HowardWPenney Yes, unfortunate coincidence. Appreciate the clarification.

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Josh Rosen

@analyst_exec

5 months

@HowardWPenney @March2Millions @markemerritt @MSOinvest Agree, my understanding is that Howard is different than most of the analysts in this industry that are either pay to play or after banking fees. Doesn't make him immune from being wrong at times. I mean, I was never wrong as an analyst...

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Josh Rosen

@analyst_exec

4 months

@markemerritt @ScottAtkison An old cannabis talking point of mine was that it's likely less harmful than sugar. I once highlighted a couple of articles on sugar with my on again off again amateur writing project - one of my lazier posts.

Saturday Iced Mocha #8 — Sugar

My intent with these Saturday Iced Mochas is to provide my own musings; I’m hoping this community finds it acceptable for me to point at…

icedmocha.substack.com

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Josh Rosen

@analyst_exec

4 months

These are oft-debated topics - I'm personally not a fan of the "MSOs are undervalued" based on aEBITDA multiples and/or the focus on current free cash flow when it comes to current value -- what is an appropriate multiple (cheater method for DCFs)?

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Josh Rosen

@analyst_exec

4 months

Thanks for the engagement 👇- the complexity becomes apparent quickly - need for an expert is clear. But IMHO - an expert is not needed to suggest that there's a substantial gap between $GDNSF & $VRNOF cost of capital (the discount rate in a DCF).

Josh Rosen

@analyst_exec

4 months

Yesterday was straight forward math - next DCF Question --> determining weighted average cost of capital (WACC or discount rate) is more complex - I'm curious how others would characterize and quantify the difference between $VRNOF's cost of capital and $GDNSF's cost of capital?

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Josh Rosen

@analyst_exec

2 months

I've got to change my habits as well - $GDNSF is now $VREOF.

Jerry Derevyanny

@JDerevyanny

2 months

Bengal’s Q2 letter is now out. We discuss our portfolio companies ( $GRUSF, $XSF, $BMMJ, $GDNSF), and how cannabis is not really “high growth” I will be doing a spaces to chat about the letter and cannabis investing generally Friday 07/19 at 1pm PST

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Josh Rosen

@analyst_exec

3 months

@weedstonks420 “Greedy” - “bad faith”. You see none of that from me in this context. It’s not worth the engagement when you’ve made up your mind based on your clear expertise on the matter. Take care.

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Josh Rosen

@analyst_exec

5 months

Speculation: they're regurgitating management behind closed doors "... we believe this litigation carries little risk to Verano... original termination fee for the transaction was ~$15M, and we believe this is a more realistic amount to consider 'at risk' for both companies."

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Josh Rosen

@analyst_exec

4 months

@MetaJawBone @PVofFCF DCFs in the traditional form may "rarely" be leaned on, but I believe they are the primary underpinning for much of the "multiple" based analysis that's typically considered to be what's leaned on. For instance:

Expectations Investing

www.expectationsinvesting.com

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Josh Rosen

@analyst_exec

2 years

@JuliaB_fitness @foundmyfitness @philosophising4 I'm also curious how often (if ) you get Omega 3 levels tested (with @OmegaQuant or other)?

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Josh Rosen

@analyst_exec

4 months

Well, if you're looking for the extra credit today, then let's see 25% growth annually with 5% terminal.

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Josh Rosen

@analyst_exec

5 years

With space to share @antibition threads, reflecting on @4FrontVentures roots and my intro to advocacy through a mentor, John Sperling, who passed away in 2014. He started by telling me to watch Ethan Nadelmann talk, I was instantly convinced.

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Josh Rosen

@analyst_exec

2 years

@philosophising4 @JuliaB_fitness @MSCsExosomes @foodbeforepills @dtweiseth @foundmyfitness I appreciate the consistency and groundedness in @JuliaB_fitness messaging. Wondering how to get pharma quality when my bloodwork doesn't give the proper indication for prescription Lovaza or generic (high triglycerides).

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Josh Rosen

@analyst_exec

4 months

@GreenWaveMJ Uncertainty, that's what makes it fun. Definitely a wide range of potential outcomes when thinking about industry structure, competition, etc. -- doesn't make valuation less important imho, but requires agility when new information reveals itself (and you have to be listening).

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Josh Rosen

@analyst_exec

2 years

@Rivian @RivianOwners delivered this afternoon —> our color choice was “mood ring”.

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Josh Rosen

@analyst_exec

4 months

@MetaJawBone Broadly right, with a distinction --> it's the termination language that often includes break fee language that relates to a specific subset of circumstances -- easy to confuse break fee with any termination. The $GDNSF & $VRNOF agreement is public. Also relates to MACs.

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Josh Rosen

@analyst_exec

4 months

@ScottAtkison I generally stick with cannabis investing these days, but based on the lines I see for Dutch Bros, they’re doing something right. I suspect a great mousetrap for selling sugar and caffeine - unfortunately I like both.

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Josh Rosen

@analyst_exec

4 years

Check out Sunday hike with X - Humphreys teaser on @relivecc ! #GetOutThere

'Sunday hike with X - Humphreys teaser' | Relive

View my hike: Sunday hike with X - Humphreys teaser

www.relive.cc

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Josh Rosen

@analyst_exec

4 months

@markemerritt You don't sound biased at all... 🙃 I really like P/S as a quick metric when looking at cyclical businesses. I see the relevance here when it's a struggle to unpack profit attribution with the limited disclosure across state markets (relative maturity of supply chains).

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Josh Rosen

@analyst_exec

4 months

@ScottAtkison No doubt that it's difficult. And in the case of $GDNSF, the convertible debt that's now in the money translated into ~30% dilution given where the equity was at the time (post wrongful -- imho -- $VRNOF termination).

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Josh Rosen

@analyst_exec

3 months

When asked who are the biggest beneficiaries of Schedule 3, is that with respect to immediate stock price, actual near-term cash boosts, or long-term business building? For immediate stock price, I usually say Canopy or Tilray, despite thinking they're retail investor grifts 😬.

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Josh Rosen

@analyst_exec

4 months

@PVofFCF @MetaJawBone I hadn't thought about the tax liabilities at $VRNOF (& others) as part of their debt stack when it comes to their mix of equity and debt -- academically, probably the right way to approach the math. No doubt, it's a complex exercise. And for $GDNSF, how does one account for

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Josh Rosen

@analyst_exec

4 years

4thofJuly hike with X @relivecc ! #GetOutThere

'Bear jaw loop' | Relive

View my hike: Bear jaw loop

www.relive.cc

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Josh Rosen

@analyst_exec

4 months

Not as much engagement today 😪 One direct communication I received: "they're called definitive docs for a reason" 🤣 What's resonated the most with me is the importance of a meaningful distinction from an option agreement given the mutual dependency on a good faith process.

Josh Rosen

@analyst_exec

4 months

Taking a day off from valuation topics with a simple question based on numerous examples and surprisingly few, if any, counterexamples, particularly in PubCo mergers, such as $GDNSF & $VRNOF. Why do you think the burden of proof is so high on the party that terminates?

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Josh Rosen

@analyst_exec

3 years

Is it the Crony Part or the Capitalism Part? Feature, Not a Bug (SIM #66 ), by @minivangelist

Feature, Not a Bug (SIM #66)

I've helped organize an article club among a few local friends.

icedmocha.substack.com

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Josh Rosen

@analyst_exec

4 months

This is not as simple as looking at interest rates on debt...

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Josh Rosen

@analyst_exec

5 months

Wait, they may have talked to an attorney, $VRNOF's President is an attorney, so maybe they did get balanced perspective.

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Josh Rosen

@analyst_exec

3 months

I once asked our Canadian lit counsel whether the fact $VRNOF was "justified" by so many alleged wrongdoings by $GDNSF was evidence in itself of their harmful approach to deciding they didn't like the agreement they executed.

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Josh Rosen

@analyst_exec

3 months

My core point this thread is that I believe too many investors , including companies, focus on the "catalysts" as opposed to long-term business building, making most of the PubCo cannabis universe akin to special situations trading as opposed to investing. 6/7

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