The Talking Hedge

Dr. David M. Cunic is an entrepreneur who specializes in Investor Relations Advisory services and has raised capital, expanded several companies, and employed over 300+ people.

Dr David was one of the first 500 PubCos, started 13 companies and sold 7.His efforts in business operations and human resources won him the prestigious Alfred Sloan Award for Workplace Programs and Flexibility.

U.C.S. stands for Use Cannabis Safely, whether it's using cannabis in everyday life, such as CBD vitamins and oil, to implementing a cannabis vertical to your business.

Guest: David Cunic, CEO at U.C.S. Advisors and Investor Relations https://www.linkedin.com/in/david-cunic/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 798 The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

While not as dominant as Flower, the Concentrate category is an important category in both the US and Canada, with some differences in these two markets.

Live Resin is the top Concentrate segment in the US with 33% of sales within the category. In Canada on the other hand, Hash is the best selling segment with 26% market share.

Package size preferences differ in the two countries as well. In the US, 96% of units sold are the 1 gram package size, compared to 71% in Canada.

Headset's report compares the market share of different cannabis categories from January to June 2021. When we focus on Concentrates, we see that the US has a substantially greater taste for Concentrates in comparison to Canada, with 6.6% greater market share this year.

Flower continues to dominate the market with Concentrates coming in at 5th place, trailing Edibles by only 0.4%. Since Cannabis 2.0 rolled out in Canada, Flower's market share has fallen significantly and now sits at 51.5% with the rise of Vapor Pens, Edibles, and of course Concentrates gaining traction in the market.

Show Notes: Cannabis Concentrates: A look at category data & performance https://www.headset.io/industry-reports/cannabis-concentrates-a-look-at-category-data-performance

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 797 The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers. This is only entertainment.

Andrés Vazquez Vargas is an executive with over 20 years of international experience in leading companies of the agribusiness, healthcare, retail and international logistic sectors, and now as General Manager of Cann Farm Peru and President of Kumara Farms Holdings.

Kumara Farms is the lowest-cost medical cannabis by virtue of being the first and only company to obtain a cannabis cultivation license in Peru, which conveys a ~90% cost advantage compared to most North American growers and producers.

Kumara Farms is an innovative impact company, bringing differentiated botanical products to the health, wellness and medical markets, based on medicinal plants traditionally used by ancient civilizations, enabling today's consumers and patients to rediscover the health, wellness and medical benefits of medicinal plants.

Guest: Andrés Vázquez Vargas, General Manager of Cann Farm Peru and President of Kumara Farms Holdings https://www.linkedin.com/in/andresvazquezvargas/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 795 The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

Total capital raised YTD in the cannabis industry for 2021 are $10.64B with US capital raises far more robust.

US equity raises are up 21% to $828M, and US debt raises are up by $1,212M (114%) compared to 2019. Canadian capital raises are off sharply, with equity raises down 48% and debt down 17%.

Mergers & Acquisitions There have been 186 US targeted M&A transactions YTD with a record $8.3 Billion in total consideration.

Viridian Capital Advisors have chronicled 265 transactions YTD in 2021, compared to 71 in the same period last year. Public companies were the buyers in 85% of 2021 deals YTD compared to 89% in 2020.

Show Notes: Viridian Cannabis Deal Tracker - Week Ending October 22nd, 2021 https://www.viridianca.com/deal-tracker/cannabis-deal-tracker-week-42-2021

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 796 The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers. This is only entertainment.

Arnaud Dumas de Rauly is the co-founder and CEO of The Blinc Group, a company that is transforming the cannabis vaping industry with its focus on safety, innovation, and quality.

An engineer by trade, Arnaud prioritizes scientific precision to ensure that Blinc products are the best and safest on the market. His entrepreneurial spirit characterizes his leadership and passion for the cannabis market, product safety, and the societal impacts of his industry.

The Blinc Group provides proprietary cannabis vaping solutions for leading MSOs and LPs in the United States, Canada and Europe.

As product quality, safety and brand differentiation become more critical than ever, Blinc focuses on control of the entire value chain from R&D to product design, to compliance and manufacturing at ISO and cGMP certified facilities with oversight by Blinc’s China based QA/QC team.

Guest: Arnaud Dumas de Rauly, Founder & CEO, The Blinc Group https://www.linkedin.com/in/arnauddumasderauly/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 794 The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

Despite the recent acceleration in legalization, many people who wish to purchase cannabis are unable to because they live somewhere with restricted access to cannabis often travel across city, county, and state borders to make purchases elsewhere.

This trend should be a huge red flag to lawmakers who have chosen prohibition that these laws are not preventing cannabis access and they are also losing out on valuable tax revenue.

In fact, the per capita spend in a rural county that borders both Idaho and Oregon is more than 3X higher than the per capita cannabis spend of the average Washingtonian.

This should be a huge indicator to state, county, and local lawmakers that the continued prohibition of cannabis is largely futile; motivated customers will find a way to purchase elsewhere.

Additionally, by forcing residents to shop out of state or county, these areas are losing out on significant tax revenue. It's time for these government bodies to get on board and realize that the tide of cannabis legalization is only moving forward.

Show Notes: Exploring border town cannabis sales in CO & WA https://www.headset.io/posts/exploring-border-town-cannabis-sales-in-co-wa

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 793 The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers. This is only entertainment.

This video contains:

00:00 - Intro

00:26 - What is Chubby Cat Cannabis?

01:12 - How do you differentiate your product?

02:24 - How has it been an advantage coming late to the game?

03:55 - Who's your target market & where are your higher margins coming from?

06:03 - Why does Portland have infused coffee & Seattle doesn't?

07:47 - How did you get into the cannabis industry?

10:07 - Do you use cannabis for any ailments?

10:53 - What advice do you have for new entrants?

12:44 - Are you interested in expanding your operations?

13:58 - Wrap up

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 792 The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 792 The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

Each of the top 5 U.S. cultivation & retail companies have margins that are more than double that of Village Farms, the Canadian company with the highest expected 2022 profitability.

With significantly lower profitability Viridian Capital Advisors expected much lower revenue multiples than observed. Tilray and Sundial revenue multiples imply EV/EBITDA multiples of 49x and 65x respectively. The US companies trade at 2022 EBITDA multiples that range from a low of 6.5x for Trulieve and Verano to a high of 13.1x for GTI while the Canadians trade in a range of 14.7x to 65x.

We have difficulty explaining this gap in valuation given the much higher profitability of the US companies. Even with increased acquisitions of U.S. companies by Canadian companies (requiring legislative/regulatory changes in many cases for full effectiveness), we do not believe this gap is justified or sustainable.

Show Notes: The Enormous Gap in U.S. vs Canadian Profitability and Multiples https://www.viridianca.com/chart1

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode XXX The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers. This is only entertainment.

Flower was the largest cannabis product category in sales in both US and Canada. In the US, market share of Flower has remained between 40-50% in the last three years.In Canada, market share to Flower started in March 2019 at 78.4%, and has since decreased to 49.3% as of June 2021.

1H 2021, Flower was the largest product category in sales for both the US and Canadian cannabis markets.

In the US, Flower captured more than double the market share of Vapor Pens, the next largest category. Canadian Flower sales were also more than double the market share of Pre-Roll sales, the next largest category.

Flower dominates the cannabis market year to date, but will this always hold true? Let's find out!

Show Notes: Cannabis Flower: An analysis of category data & performance https://www.headset.io/industry-reports/cannabis-flower-an-analysis-of-category-data-performance#form

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 790 The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers. This is only entertainment.