Celebrating our 100th episode! Alvaro Torres, co-founder and CEO of Khiron, joins us to discuss building value in LatAm and Europe and why a strong foundation is essential. Following its recent Q3 earnings and some bullish announcements, we also cover why Khiron wanted to avoid treating cannabis as a commodity. Sustainable patient growth with good margins. Staying the course. Slow, but present, European growth; CBD skincare in Hong Kong; growth in Mexico, Colombia and beyond.
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Fresh off record earnings, Planet 13 continues to build on investors' excitement about cannabis in general and the US in particular. Co-CEO Bob Groesbeck talks to Rena Sherbill about being positioned for growth once more markets open up and protecting margins, the importance of liquidity and avoiding debt. Fighting for reform. Experiential retail. Encouraged by the critical mass of the States and hoping to see a bill soon that acknowledges that. Visions of dividends.
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MSOhmy! The US cannabis space is at least 10x the size of Canadian market - and growing. Recent earnings for cannabis companies bear this out in a tale of two countries, with the US winning. Dan Ahrens, AdvisorShares COO and PM, returns to the show to discuss why stock selection matters, index based doesn't make sense for cannabis and avoiding Canada with exception. Cannabis ballot initiatives passing easily and broadly in US - upside is huge. The false narrative of popping stocks.
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During a recessionary environment is historically when VCs make a ton of money. Narbe Alexandrian, President and CEO of Canopy Rivers, the venture capital arm of Canopy Growth, returns to the show. We discuss its portfolio, TerrAscend capitalizing on New Jersey going legal, and building one's thesis in the cannabis market. We also cover creating brand equity, being customer obsessed and finding the disruptors. Pushing edibles to the next level with automation and why most companies wouldn't choose vertical integration unless they had to.
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For cannabis legislation, worth focusing less on Presidential election, more on the Senate. Majority of Americans support cannabis legalization - what other topic has such unified opinion? So asks Anthony Coniglio, CEO of NewLake Capital, a cannabis real-estate investment vehicle with tenants across the supply chain in the U.S. We discuss the value of real estate, how NewLake differs from IIPR and why we'll continue to see single state operators get bought by MSOs. Focusing but not obsessing over politics and regulatory authorities. Change, no matter what, is slow.
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Today's guest is the co-founder, CEO and CIO of Cambria Investment Management, Meb Faber. He has authored numerous white papers and books on factor-based portfolio construction and favors value- and momentum-tilted strategies in Cambria's 12 ETFs, as well as in the firm's separately managed accounts. The Cambria Cannabis ETF (TOKE) is currently Cambria's only foray into thematic investing - which says a lot about Faber's strong belief in the Cannabis sector's long-term prospects. At 42 basis points, TOKE is the cheapest way to gain exposure to the growing Cannabis sector. Is it also the best?
Show Notes

1:45 - Covid-19 and Meb's work/life balance

5:45 - Why Meb decided to start his own ETF firm; General philosophy on launching ETFs

11:15 - Given how saturated the Cannabis fund space is, why make that Cambria's first thematic ETF?

18:30 - As a value guy, are Cannabis sector valuations currently reasonable?

24:00 - How important is U.S. federal legalization to the long case for cannabis stocks?


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We know not all states have legal cannabis and taxes are still being spent to keep people in jail for cannabis charges - and while there is extreme wealth in the industry not enough is being done to create change. Stormy Simon - after a successful 15 years at Overstock.com - opened her eyes to the power of the cannabis plant - and after a stint as High Times' CEO - decided to run for Utah's House of Representatives. We discuss the importance of active participation, moving towards plant medicine, and disrupting the system with blockchain.
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As the cannabis industry continues to mature, many companies are reckoning with necessary evolutions. George Allen, formerly of Acreage and a friend of the show, joins Rena Sherbill to discuss the MSO scene and some of the myths surrounding the US cannabis industry. George always liked Indus Holdings' assets, but the company had made some mistakes before he came on board. Now it's operating at an enviable scale. We discuss why Indus has a real chance at being the leading player in California. Simplicity of mission most essential.
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Marie Montmarquet, co-founder of MD Numbers, talks to Rena Sherbill about the advantages of running a small family business. Avoiding over-corporatization, staying focused on the details, but knowing partnership may be inevitable. We also discuss the differences between Northern and Southern California cannabis cultures, willful vs woeful ignorance, failed policies and unavoidable unfriendly loans in the cannabis industry. Self-funding, maintaining and raising capital as a minority and first business owner. Fighting for real social equity programs - pessimistic on macro level; optimistic on a community level.
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Frustrated by the 'business of medicine', Dr. Jessica Knox co-founded Doctors Knox, Inc., American Cannabinoid Clinics, and ADVENT Academy in order to build an endocannabinoidome care ecosystem that is science-based, patient-focused, and equity-driven. Dr. Knox joins Rena Sherbill to discuss the importance of leading with history and science, the concern around rescheduling cannabis and why the bifurcation of medical and rec/adult use market doesn't make sense. Misinformation and stigma still deeply entrenched in the medical community. Single molecule medicine and issues around incorporating whole plant cannabis medicine.
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