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#cannabis Roth Conference Wed 4PM ET
• Boris Jordan, Curaleaf $CURLF
• Jason Wild, TerrAscend $TRSSF
• Nicholas Vita, Columbia Care $CCHWF
• Nick Kovacevich, KushCo $KSHB
• Steve Ruffini,Village Farms $VFF
/positions https://roth.zoom.us/webinar/register/WN_BlxK2E9BR36-NiGXl5B6ig
BoJo Drops the 
Boris: "We've spent more money in DC than anyone and know what's going on. We'll get SAFE banking w/in six months and likely an amended COLE memo that'll address fin-cen guidance." Will NOT be in Covid bill
But it's coming.
#cannabis
Boris: "We've spent more money in DC than anyone and know what's going on. We'll get SAFE banking w/in six months and likely an amended COLE memo that'll address fin-cen guidance." Will NOT be in Covid bill
But it's coming.
#cannabis
$VFF
States Act most interest to us; if passed, will enter via greenhouse assets. ready to go / drafting on legislation (as we've discussed here). If Texas passes medical, 130 acres in West Texas flips the switch.
/position
States Act most interest to us; if passed, will enter
via greenhouse assets. ready to go / drafting on legislation (as we've discussed here). If Texas passes medical, 130 acres in West Texas flips the switch./position
Nick @ColumbiaCare 
Perception of medical brand misguided given > 50% of revs come from adult-use. Not mutually exclusive value-props as states adopt / migrate across the curve. We've spoken to this, as well; and the stock is 50-off vs. peer set.
position / advisor $CCHWF
Perception of medical brand misguided given > 50% of revs come from adult-use. Not mutually exclusive value-props as states adopt / migrate across the curve. We've spoken to this, as well; and the stock is 50-off vs. peer set.
position / advisor $CCHWF
Jason Wild @terrascendcorp 
how access to capital started to flow as leaders flipped FCF / + EBITDA. Best operators emerged from downturn; institutions paying attention / taking meetings / at the ready. 
/position
how access to capital started to flow as leaders flipped FCF / + EBITDA. Best operators emerged from downturn; institutions paying attention / taking meetings / at the ready. /position
Boris follow-up: insitutions now see light at the end of the tunnel w incoming administration. still a very thin market; we need depth / we need to get long-term holders vs. s-t traders. need to broaden / educate / it's a process.
"second inning of a long game."
hear hear!
"second inning of a long game."
hear hear!
more BoJo: language in coming legislation will address the custody / clearing issues. will make a huge diff in DNA / CoC. current plumbing issues (that we have discussed ad naseum) are the real culprits. it's a gating issue; we wrote about it here https://www.cb1cap.com/blog/2020/8/17/barbarians-at-the-gate
https://www.cb1cap.com/blog/2020/8/17/barbarians-at-the-gate
Nick @ColumbiaCare 
CA CO adult-use acquisitions both accretive + SOPs for transition from medical -> adult-use; become consolidator in the largest markets. CA CO #1 and #2 in the
cc: @ProjectCannabis / @TGScolorado
position / advisor $CCHWF
CA CO adult-use acquisitions both accretive + SOPs for transition from medical -> adult-use; become consolidator in the largest markets. CA CO #1 and #2 in the
cc: @ProjectCannabis / @TGScolorado
position / advisor $CCHWF
Nick @KushCo_Holdings 10 yr anniversary / started in Cali. municipalities unlocking retail licenses biggest story in CA; COVID accelerating trends. Points to @ColumbiaCare as a smart / timely move (we agree). But If I got to choose a coast, I got to choose the East....
JW @terrascendcorp focused on limited license states but pulling brands / SOPs from @ApothecariumCA. "west coast flava meets east coast hustle." love that. beast of the east.
/position $TRSSF
/position $TRSSF
$VFF
$CGC news not surprising but great news for us. this an agricultural product consumer story; if you can't grow great product it doesn't matter what brand you slap on it. woof.
"you can spend money on snoop dog or Martha Stewart if you like."
/position
$CGC news not surprising but great news for us. this an agricultural product consumer story; if you can't grow great product it doesn't matter what brand you slap on it. woof."you can spend money on snoop dog or Martha Stewart if you like."
/position
Boris:
23 states; Select in 2600 dispensaries / 16 states (i think; typing fast as I can). focused on building depth of product; believess flower will eventually move to 25% of market, 75% of products sold will be 2.0 products / form factors. that's some POV. position $CURLF
23 states; Select in 2600 dispensaries / 16 states (i think; typing fast as I can). focused on building depth of product; believess flower will eventually move to 25% of market, 75% of products sold will be 2.0 products / form factors. that's some POV. position $CURLF
Boris biggest fear: Full legalization / decrimin wb terrible bc illicit market wud flourish. biggest fear is rash action w side effect => FDA / CBD type dilemmas. needs to be gradual and likely will be as a matter of course. But "MORE would be terrible for the industry."
$VFF
Ruff: Texas a big near-term opp;
gaining share as others "fall away;" EU GMP certified flower a big deal and "we can produce that at scale @ low cost." Will see on 
we have great rlshps there; cartels may IPO first.
(added that last part)
/position
Ruff: Texas a big near-term opp;
gaining share as others "fall away;" EU GMP certified flower a big deal and "we can produce that at scale @ low cost." Will see on we have great rlshps there; cartels may IPO first. (added that last part)
/position
JW: could see research that supports #cannabis moving from palliative care to legit medicine; could lend a golden halo to the entire consumer curve. well, I'm paraphrasing some, but he's right, we think. Really good panel by Roth, and my fingers hurt from typing. /end 
