Jesse, Toby, and Morgan begin the show by catching up on the latest cannabis-investing news. Sentiment around the timing of the DEA's response continues to improve and this is driving inflows into the US cannabis MSOS ETF. The group also covers the addition of Ascend to the MSOS portfolio. 

The bulk of the conversation is around the importance of valuations in the cannabis sector and which metrics are most important. They discuss the strengths and weaknesses of EV/sales, EV/AEBITDA, and EV/cash flow and how they are best when viewed together. Jesse shares his experience in the hedge-fund world blending valuations with growth prospects and how the qualitative assessment of the management team is important, especially in emerging sectors. 

The episode concludes with a quick discussion on capex budgets, which will be continued in the coming weeks.