In this episode we discuss last week's Jefferies ~300 page research report on the US Cannabis industry. The investment bank covers many MSOs, US markets and projects out sales to 2030. 

We discuss why we think the headline is true but potentially misleading, try to measure how much upside we see in the next 2-3 years, discuss forward margins and EBITDA multiples and discuss our strategy for earning outsized returns to build our portfolio.