December was kind to our cannabinoid-wellness thesis and of course, we’re pleased to drive value on behalf of our clients. At the same time, we must acknowledge the froth that surrounds us. Not only are we in the ‘blow-off’ phase of a nine-year bull market—the final phase of market moves is always the most violent—we’re also surrounded by fairy tales from the crypto, which has emboldened investors with digital beer goggles and a concerning sense of infallibility.Read More
We are pleased to share that we successfully launched our long-short Wellness strategy in mid-November 2017. We did so during a mini-frenzy following news that Constellation Brands had taken a stake in Canopy Growth, Inc., one of the Canadian licensed producers. While several portfolio companies had already rallied 50-100% this year prior to our launch, we continue to believe we’re in the early stages of a secular bull market in cannabinoid-wellness.Read More
I was first drawn to the cannabis space in 2012, when I called it my single best investment theme for the next decade.
I was early, but I was also wrong. I had pointed to the pragmatic foundation behind the eventual legalization—job growth, tax revenue, crime rates and prison population—but it wasn’t until a few years later when I realized those weren’t the catalysts; they were the residuals.Read More