Cannabis is the least efficient pocket of the market, an opportunity for patient retail investors because long-term institutions and money managers do not yet care about the sector. That is why the stocks did not jump on rescheduling. @aaronvalue adds that so few eyeballs are on the space that investors face almost zero competition. x.com 

Trump's push to reclassify cannabis from Schedule I to Schedule III is a massive tailwind for the sector, including multi-state operators and Cronos Group. It would end the 280E tax that has crushed margins for years, letting companies deduct normal business expenses and instantly boosting cash flow, profitability and valuations. x.com  x.com 

MSOS's underlying cannabis operators burn cash, dilute shareholders frequently and have poor management, so waiting for US regulatory reform still entails substantial time decay. x.com 

Aurora Cannabis merger-arbitrage is harder now because the initial bid-bump opportunity has passed. The shares still trade surprisingly tight in this market; if another bidder comes over the top, the event opportunity opens again. x.com  x.com 

Cronos Group is one of the easiest longs in the market as higher-margin Israel and Germany sales lift gross profit without excise taxes. Q2 revenue rose 58% to $53M and adjusted EBITDA to $13.1M from $1.7M; gross profit nearly doubled. Spinach is Canada's #2 cannabis brand and #1 in edibles and vapes. CanAdelaar adds a leading Dutch adult-use pilot position at ~1.4x annualized revenue. Q2's $827M in cash, investments and deposits against $62M in liabilities and buybacks support per-share upside. … Show more

British American Tobacco carries cannabis optionality that few big companies admit to, and Big Tobacco will lean into cannabis hard rather than pull back. BAT describes a "foothold in the cannabis space" that is "several years away from being a meaningful contributor". @UseThouBrain, in the post being answered, backs Organigram on the view that BAT's idea of meaningful means billions, backed by patent-pending non-combustible IP; that is a different bet, far down the field, but not a bad one. … Show more

Trulieve's NYSE uplisting signals a distinct strategy as cannabis splits into winners and losers on business architecture rather than access to capital. The uplist works like a quasi-IPO, letting institutions start testing the waters, though most have yet to do the work, so they need time. After a 50-60% jump, digestion is normal for a levered name, but the right plan makes it too cheap; early trading hit about 40% of average daily volume in under 40 minutes. x.com  x.com  x.com  x.com  x.com 

High Tide's lead in Canadian cannabis retail is widening toward a position competitors can hardly catch, yet it trades at about 5x EV/EBITDA. 23% of Canadian consumers now say Canna Cabana is the retailer they shop most often, more than double the next competitor's 11%. Its loyalty and discount model concentrates frequent users, so rivals must overcome both physical scale and an entrenched customer base, and High Tide is using its Canadian strength to grow internationally. x.com 

Innovative Industrial Properties looks cheaper than the cannabis operators it leases to, with far more predictable revenue and a much stronger balance sheet, so being bullish on operators but bearish on the landlord makes little sense. The going-concern warning only reflects not holding the full cash for $291M of notes due this month at filing; redeeming them should be no problem. Leverage is below operators' and far below typical REITs'. Tenant defaults, such as PharmaCann's, are real. x.com