| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -16.3% | -16.3% |
The Mindset Value Fund lost 16.3% in Q1 2026 but manager Aaron Edelheit sees this as positioning for significant opportunity ahead. Federal cannabis rescheduling represents the beginning of institutional capital entering a space with profound absence of professional investors, creating opportunity for fundamental analysis. The fund holds concentrated positions in cannabis companies with durable competitive advantages trading at significant discounts. Consorcio Ara jumped 30% in Q1 on strong results, now trading at 5x earnings and 32% of book value despite 20% revenue growth, becoming the fund's second largest position. LEEF Brands, California's largest cannabis extract manufacturer, activated its Salisbury Canyon Ranch reducing production costs by 80% and potentially worth over $1 billion versus current sub-$100 million enterprise value. Grown Rogue operates at only 42% capacity with market pricing 42% utilization rather than full $50M EBITDA potential. Manager expects accelerating growth and very exciting back half of year as federal reform benefits cannabis investments and capacity utilization increases drive earnings power.
Cannabis rescheduling creates first-mover advantage for fundamental analysts in a space abandoned by institutional capital, while portfolio companies trade at significant discounts to full earnings power due to underutilized capacity and regulatory overhang.
Manager expects very exciting back half of the year with accelerating growth from portfolio companies and positive federal cannabis reform paying dividends. Performance already bouncing back in April with much more expected to come.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 7 2026 | 2026 Q1 | GRUSF, LEEEF | Cannabis, Capacity, growth, Microcap, Reform, value |
LEEEF GRUSF |
Cannabis rescheduling creates first-mover advantage in institutionally abandoned space while portfolio companies trade at massive discounts to full earnings power. Consorcio Ara at 5x earnings despite 20% growth, LEEF with 80% cost reduction catalyst, Grown Rogue at 42% capacity utilization. Federal reform beginning institutional entry into fundamentally mispriced cannabis companies with durable advantages. |
| Jan 29 2026 | 2025 Q4 | GLASF, GRUSF, VREOF | alpha, Cannabis, Cost Advantages, distressed, Federal Reform, growth |
GLASF GRUSF |
Cannabis specialist fund delivered 200% returns since 2023 versus 32% decline in sector index by focusing on cost-advantaged operators. Trump's rescheduling directive marks historic federal shift expected in first half 2026. Industry distress creates acquisition opportunities for efficient operators. Manager views reform as beginning of multi-year opportunity with strong growth runway ahead. |
| Oct 24 2025 | 2025 Q3 | GLASF, GRUSF, HQI, NNI, TGT, VREOF | Cannabis, EBITDA, growth, Reform, SmallCap, value |
VREOF GLASF CAN VREOF GLASF CAN |
Cannabis-focused funds positioned for federal reform catalyst with portfolio companies trading at attractive valuations. Lead position Vireo potentially at 4X 2026 EBITDA despite 50-100% growth prospects and accretive acquisition. Private markups expected from Cantrip and Mammoth. Manager actively buying volatility while maintaining optimistic outlook on sector normalization and earnings growth. |
| Jul 31 2025 | 2025 Q2 | GLASF, HQI, MSFT, NNI, NVDA, TBI | Acquisition, AI, Cannabis, Immigration, SmallCap, Staffing, value |
HQI TBI GLASF NNI HQI TBI GLASF NNI |
Mindset Value Fund is positioning for immigration policy tailwinds benefiting legal staffing through HireQuest's acquisition of TrueBlue, while betting on Nelnet's AI-driven efficiency gains coinciding with massive student loan servicing demand. Despite Q2 underperformance and cannabis regulatory headwinds, the manager sees compelling catalysts driving second-half recovery across small-cap value positions. |
| May 2 2025 | 2025 Q1 | GLASF, GRUSF, VREOF | Beverages, Cannabis, Consolidation, Hemp, SmallCap, value |
GRUSF GLASF |
Cannabis-focused fund down 26% year-to-date but outperforming sector average of 40% decline. Portfolio positioned with low-cost producers and consolidators to benefit from economic distress. Hemp beverages represent major opportunity with Uncle Arnie's potentially worth ten times current value by 2026. Manager remains bullish on competitive positioning despite volatility. |
| Feb 14 2025 | 2024 Q4 | GRUSF, VREOF | alpha, Beverages, Cannabis, Inefficiency, Reform |
GRUSF VREOF |
Cannabis specialist fund returned 65.6% in 2024 versus MSOS down 85% over three years, capitalizing on market inefficiencies from lack of institutional research. Largest holding Grown Rogue expected to show triple-digit cash flow growth in 2025 while trading at 5x estimates. Cannabis beverages growing 100%+ annually, targeting alcohol market share displacement. |
| Nov 20 2024 | 2024 Q3 | GLASF, GRUSF, GTBIF, TCNNF | Beverages, Cannabis, Fire Retardant, Monopoly, small cap, value |
PRM GRUSF |
Fund up 70% YTD driven by monopoly fire retardant producer Perimeter Solutions and operational excellence cannabis plays. Manager favors companies competing in tough markets over limited license models. New investments in premium cannabis brands Mammoth Distribution and beverage company Uncle Arnie's. Gradually repositioning toward broader small cap value opportunities outside cannabis for 2025. |
| Aug 7 2024 | 2024 Q2 | GRUSF, PRM, TDG | Cannabis, insurance, special situations, value, Wildfire |
PRM GRUSF |
Mindset Value Fund posted 21.6% Q2 returns and 57.4% YTD gains through concentrated bets on cannabis leader Grown Rogue expanding into high-margin markets and fire safety monopoly Perimeter Solutions benefiting from California's severe fire conditions. Multiple catalysts expected including cannabis rescheduling and peak fire season driving continued outperformance. |
| May 15 2024 | 2024 Q1 | GDNSF, GLASF | Cannabis, Concentration, growth, Margins, undervalued, value |
GLASF GDNSF |
Mindset Value Fund returned 29.4% in Q1, surpassing its high-water mark as all cannabis holdings soared. The fund dramatically increased its position in Grown Rogue, now the largest holding, which cultivates craft cannabis for under $600/pound and is expanding into higher-priced markets with triple-digit growth potential and 40% EBITDA margins. |
| Jul 2 2024 | 2023 Q4 | AYRWF, GDNSF, GLASF, GRUSF, HQI, MRMD | Beverages, Cannabis, Concentration, growth, small caps, value |
GRUSF BRND/U CN|HQI AYRWF MRMD |
Mindset Value Fund returned 51% in 2023 by concentrating in undervalued cannabis companies trading at 1-2x EBITDA where institutional investors are absent. The fund owned the year's top-performing cannabis stocks and discovered a new opportunity in hemp-based beverages that could generate $50+ billion annually. Federal rescheduling momentum provides additional upside catalyst for the concentrated cannabis portfolio. |
| Oct 24 2023 | 2023 Q3 | GLASF, GRIN.TO | Cannabis, growth, Microcap, regulation, Rescheduling, value |
GRIN.TO GLASF |
Cannabis-focused fund up 27.4% in Q3 and 60% YTD, positioned for regulatory tailwinds as HHS recommends rescheduling cannabis to Schedule 3. Portfolio concentrated in operationally excellent companies like Grown Rogue and Glass House, both showing exceptional growth. Fund moved up capital structure with preferred equity and convertible debt providing steady income while awaiting broader institutional adoption. |
| Jul 18 2023 | 2023 Q2 | GRUSF, HQI | Cannabis, Convertible, growth, small caps, Staffing, value |
BRND/U CN|HQI GRUSF |
Strong Q2 performance driven by HireQuest's Russell inclusion and Grown Rogue's cannabis cultivation efficiency. Portfolio combines growth-oriented small caps with income-generating convertibles yielding over 5% annually. Manager sees pattern recognition between undervalued companies with operational excellence and secular tailwinds, launching new income fund while maintaining bullish outlook on core holdings. |
| Apr 28 2023 | 2023 Q1 | GLASF, GRIN.TO, HQI | Acquisitions, Cannabis, Franchise, Mexico, Staffing, value |
BRND/U CN|HQI GRIN.TO |
Mindset Value Fund gained 16.8% in Q1 2023, led by HireQuest's franchise staffing model demonstrating exceptional acquisition accretion and earnings power growth toward $2.50-$3 per share. Cannabis investments capitalize on regulatory inefficiencies in a $100 billion industry, while Mexican housing exposure benefits from nearshoring trends. Portfolio yields over 5% annually through diversified income securities. |
| Oct 2 2023 | 2022 Q4 | ARA MM, AYRWF, BAMM CN, GLASF, GRIN CN, HQI, VRNOF | - | - | |
| Apr 11 2022 | 2022 Q3 | ARA MM, GLASF, NNI | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
CannabisFederal cannabis rescheduling represents the beginning of institutional capital entering the space. Manager sees profound absence of institutional players creating opportunity for fundamental analysis. Believes rescheduling will lift companies with durable competitive advantages while exposing faulty business models. |
Cannabis Rescheduling Institutional Reform Medical |
ValuePortfolio companies trading at significant discounts to intrinsic value. Consorcio Ara trades at 5x earnings and 32% of book value despite 20% revenue growth. Market not pricing in full earnings power of companies operating below capacity. |
Value Discount Mispriced Earnings Book | |
| 2025 Q4 |
CannabisCannabis investing offers tremendous alpha due to structural inefficiencies including minimal institutional participation, limited quality research, and lack of focus on unit-level economics. The fund has generated 200% returns since 2023 by focusing on companies with durable cost advantages. Federal rescheduling to Schedule III is expected in the first half of 2026, marking the beginning rather than end of opportunities. |
Cannabis Federal Reform Cost Advantages Rescheduling Alpha |
DistressedThe cannabis industry is experiencing widespread distress driven by oversupply, falling prices, and capital scarcity. This creates opportunities for operators with cost advantages to acquire distressed assets and restart defunct facilities at substantially lower capital expenditures with materially higher returns on invested capital. |
Distressed Assets Oversupply Capital Scarcity Consolidation Returns | |
| 2025 Q3 |
CannabisFederal cannabis reform appears increasingly likely with President Trump discussing legalization benefits and Target beginning hemp beverage sales. Minnesota adult-use approval for existing medical providers creates significant growth opportunities. The sector remains illiquid and volatile but positioned for meaningful catalysts. |
Cannabis Reform Legalization Hemp Adult-use |
ValuePortfolio companies trading at attractive valuations despite strong fundamentals. Vireo potentially trading at 4X 2026 EBITDA while growing 50-100% year-over-year. Distressed opportunities arising from limited competition in the cannabis space. |
Value EBITDA Undervalued Distressed Multiples | |
| 2025 Q2 |
StaffingHireQuest's franchise staffing model is viewed as superior within the staffing industry. The manager believes immigration policy tightening under Trump administration will benefit legal staffing businesses like HQI. HireQuest is pursuing acquisition of TrueBlue to replicate its successful Command Center playbook. |
Immigration Franchise Labor Acquisition Legal |
AINelnet is aggressively rolling out AI across its business units, seeing breakthroughs in efficiency and throughput. AI tools are transforming student loan servicing operations, handling customer requests, and providing real-time quality assurance feedback. The manager views Nelnet as a major AI beneficiary beyond traditional AI plays. |
Efficiency Automation Student Loans Productivity Technology | |
| 2025 Q1 |
CannabisPortfolio focused on low-cost cannabis producers and consolidators with strong balance sheets positioned to gain market share during economic uncertainty. Companies like Grown Rogue and Glass House are positioned as cost leaders while consolidators like Vireo can acquire distressed assets at attractive valuations. |
Cannabis Low Cost Consolidation Market Share Distressed |
BeveragesHemp beverages represent a significant growth opportunity with Uncle Arnie's as the largest beverage investment at 10% of fund. Manager believes Uncle Arnie's could be worth double current valuation and potentially ten times current value by 2026. Total hemp beverage exposure exceeds 14% of fund. |
Hemp Beverages Growth Uncle Arnies Valuation | |
ConsolidationEconomic distress creates opportunities for well-capitalized consolidators to acquire companies and assets at attractive prices. Portfolio companies like Vireo and Mammoth Distribution are positioned to benefit from increased distress in the cannabis sector. |
Consolidation Distressed Acquisition Balance Sheet Opportunity | |
| 2024 Q4 |
CannabisManager believes cannabis remains a fertile ground for opportunity and market inefficiency due to lack of institutional investors and fundamental research. The fund is up 14% since 2022 versus MSOS down 85%. Cannabis beverages represent 11% of the fund and are growing over 100% annually, potentially capturing 20% of the $250 billion alcohol market. |
Cannabis Beverages Federal Reform Institutional Alpha |
| 2024 Q3 |
CannabisManager discusses cannabis industry dynamics, focusing on operational excellence over limited licenses. Highlights companies like Grown Rogue and Glass House that compete in tough markets with low prices versus companies relying on artificial scarcity. Notes Florida amendment failure but emphasizes continued cannabis adoption growth. |
Cannabis Operational Excellence Limited Licenses Competitive Markets Pricing Power |
BeveragesStrong bullish view on cannabis beverages as potential killer app for mainstream adoption. Uncle Arnie's showing success in both hemp and regulated channels, with hemp beverages serving different customer base than traditional dispensary customers. Company gaining market share rapidly despite being late entrant. |
Hemp Beverages Cannabis Beverages Market Share Consumer Adoption Distribution | |
MonopolyPerimeter Solutions benefits from monopolistic position as sole producer of fire retardant. Company able to raise prices due to monopoly status and fire retardant representing only 2-3% of firefighting costs. Positioned to benefit from more aggressive firefighting in warming world. |
Fire Retardant Monopoly Pricing Power Government Spending Climate | |
| 2024 Q2 |
WildfireCalifornia faces perfect fuel conditions for fire after two years of abundant rain and plant growth, followed by record low moisture. The Park Fire is now the fifth largest in California history. La Nina weather patterns could worsen conditions with drier winters ahead. |
Fire California Weather Climate |
CannabisCannabis rescheduling odds have increased significantly since Biden announced he would not run for reelection. Democrats may use cannabis reform to demonstrate common sense leadership on a popular issue to attract marginal voters. Federal reform could provide multiple catalysts. |
Cannabis Rescheduling Federal Reform Politics | |
InsuranceInsurance costs have soared for properties in high-risk areas, with companies walking away from coverage due to extreme weather and rising losses. Early estimates from one fire in Jasper, Alberta may exceed $700 million in insured losses, forcing states to spend more on fire prevention and fighting. |
Insurance Property Risk Coverage Costs | |
| 2024 Q1 |
CannabisAll cannabis holdings soared in Q1 with Glass House Brands and Goodness Growth up over 70% and Grown Rogue up 50%. These companies have been under-owned and ignored despite outpacing industry operational performance. The manager dramatically increased position in one company which became the largest holding. |
Cannabis Cultivation Margins Growth Undervalued |
| 2023 Q4 |
CannabisManager has pivoted the general value fund towards cannabis, citing it as a target-rich environment with few institutional investors. The fund owns the top performing cannabis stocks including Grown Rogue, Glass House, Goodness Growth, and AYR Wellness. Manager sees compelling valuations with companies trading at 1-2x 2025 EBITDA estimates. |
Cannabis Cultivation Dispensaries MSO Rescheduling |
BeveragesManager discovered that 10% of liquor store sales in Minnesota are hemp-based THC drinks and believes this category could generate $50+ billion annually. The fund has made three private beverage investments with plans for more, seeing this as a federally legal opportunity with triple-digit growth rates. |
THC Hemp Beverages Distribution Growth | |
ValueThe fund follows a concentrated value approach, focusing on companies with demonstrated operational advantages and high returns on invested capital. Manager emphasizes finding undervalued opportunities where few investors are conducting fundamental research. |
Value Concentration Fundamentals Undervalued Research | |
| 2023 Q3 |
CannabisThe manager believes the real cannabis game has yet to begin but may change with potential rescheduling from Schedule 1 to Schedule 3. This would eliminate 280e taxation and signal to the financial industry that it's safe to enter cannabis waters. The macro environment has shifted from headwind to tailwind. |
Rescheduling 280e Regulation Federal DEA |
| 2023 Q2 |
CannabisGrown Rogue is positioned as the most efficient indoor cannabis cultivator publicly traded globally, with competitive cost advantages producing high-quality flower for under $600 per pound. The company is expanding beyond Oregon and Michigan through strategic partnerships, with growth expected to accelerate from 30% to potentially over 100% while most cannabis companies are retrenching. |
Cannabis Cultivation MSO Efficiency Growth |
StaffingHireQuest, a franchise staffing company, continues strong performance with 60% operating margins and was added to the Russell 3000 index. The manager believes the company is building toward $2.50-$3 per share in annual earnings, representing pure free cash flow given the service business model with minimal capex requirements. |
Staffing Franchise Margins Growth Russell | |
DividendsThe portfolio generates over 5% annual yield through various income-producing securities including preferred equity, convertible debt, and senior secured notes. The manager emphasizes getting paid while waiting for equity appreciation, with quarterly inflows from these investments providing steady income streams. |
Yield Income Convertible Preferred Cash Flow | |
| 2023 Q1 |
StaffingHireQuest operates a superior franchise model for staffing temporary workers, converting underperforming companies to their lean business model. The company has demonstrated accretive acquisition power and benefits from labor inflation while getting stronger during economic downturns due to their accounts receivable financing model. |
Franchise Acquisitions Labor Cyclical Margins |
CannabisDespite sector-wide crushing of cannabis stocks, the industry represents a $100 billion revenue opportunity growing to $200 billion due to medicinal applications. The regulatory quirks create lack of competition from sophisticated financial players, providing extraordinary opportunities for diligent investors. |
Regulation Medical Competition Growth Opportunity | |
MexicoConsorcio Ara benefits from nearshoring trends and American tensions with China, trading at just 33% of book value with net cash. The company is positioned for the collision of Mexican housing shortage and positive demographics. |
Nearshoring Housing Demographics Valuation Dividend |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 7, 2026 | Fund Letters | Mindset Value Fund | LEEEF | LEEF Brands | Drug Manufacturers - Specialty & Generic | Agricultural Products | Bull | Dubai Financial Market | Agricultural Products, California, Cannabis, Equity, growth, manufacturing, microcap, vertical integration | Login |
| May 7, 2026 | Fund Letters | Mindset Value Fund | GRUSF | Grown Rogue | Drug Manufacturers - Specialty & Generic | Agricultural Products | Bull | Dubai Financial Market | Agricultural Products, Cannabis, Capacity utilization, Cultivation, Equity, Multi-State, Oregon, Value | Login |
| May 7, 2026 | Fund Letters | Mindset Value Fund | - | Consorcio Ara | Other | Homebuilding | Bull | New York Stock Exchange | dividend, Equity, growth, homebuilding, Mexico, Real Estate, turnaround, Value | Login |
| Jan 29, 2026 | Fund Letters | Aaron Edelheit | GLASF | Glass House Brands Inc. | Consumer Staples | Cannabis | Bull | Dubai Financial Market | Cannabis, consolidation, Cost advantage, Greenhouse, scale | Login |
| Jan 29, 2026 | Fund Letters | Aaron Edelheit | GRUSF | Grown Rogue International Inc. | Consumer Staples | Cannabis | Bull | Dubai Financial Market | Cannabis, Cost leadership, Distressed assets, growth, Indoor-Cultivation | Login |
| Oct 24, 2025 | Fund Letters | Aaron Edelheit | VREOF | Vireo Health International Inc. | Health Care | Cannabis | Bull | - | acquisition, Cannabis, EBITDA growth, legalization, Minnesota, Reform, undervaluation, vertical integration | Login |
| Oct 24, 2025 | Fund Letters | Aaron Edelheit | GLASF | Glass House Brands Inc. | Health Care | Cannabis | Bull | - | California, Cannabis, Liquidity, Listing, Reform, vertical integration, visibility, Wholesale | Login |
| Oct 24, 2025 | Fund Letters | Aaron Edelheit | VREOF | Vireo Health International Inc. | Health Care | Cannabis | Bull | - | acquisition, Cannabis, EBITDA growth, legalization, Minnesota, Reform, undervaluation, vertical integration | Login |
| Oct 24, 2025 | Fund Letters | Aaron Edelheit | CAN | Cantrip Beverages | Information Technology | Beverages | Bull | - | Beverages, Brand, Cannabis, capital discipline, Distribution, efficiency, growth, valuation | Login |
| Oct 24, 2025 | Fund Letters | Aaron Edelheit | GLASF | Glass House Brands Inc. | Health Care | Cannabis | Bull | - | California, Cannabis, Liquidity, Listing, Reform, vertical integration, visibility, Wholesale | Login |
| Oct 24, 2025 | Fund Letters | Aaron Edelheit | CAN | Cantrip Beverages | Information Technology | Beverages | Bull | - | Beverages, Brand, Cannabis, capital discipline, Distribution, efficiency, growth, valuation | Login |
| Jul 31, 2025 | Fund Letters | Mindset Value Fund | NNI | Nelnet | Financials | Consumer Finance | Bull | NYSE | AI implementation, efficiency, Loan Servicing, Operational Ai, Productivity Gains, Repayment Resume, Student loans, Trump administration | Login |
| Jul 31, 2025 | Fund Letters | Mindset Value Fund | HQI | HireQuest | Industrials | Human Resource & Employment Services | Bull | NASDAQ | acquisition, cash flow, EBITDA, franchise, high margins, Immigration policy, Roll-up Strategy, Staffing, turnaround, Workers Compensation | Login |
| Jul 31, 2025 | Fund Letters | Mindset Value Fund | GLASF | Glass House | Consumer Staples | Agricultural Products | Neutral | OTC | Cannabis, Cultivation, Federal Enforcement, ICE Raids, OTC, Preferred equity, Regulatory risk, risk management | Login |
| Jul 31, 2025 | Fund Letters | Aaron Edelheit | HQI | HireQuest Inc. | Industrials | Human Resource & Employment Services | Bull | NASDAQ | acquisition, cashflow, franchise, Rollup, Staffing | Login |
| Jul 31, 2025 | Fund Letters | Aaron Edelheit | TBI | TrueBlue Inc. | Industrials | Human Resource & Employment Services | Bull | New York Stock Exchange | acquisition, franchise, Staffing, synergies, turnaround | Login |
| Jul 31, 2025 | Fund Letters | Mindset Value Fund | TBI | TrueBlue | Industrials | Human Resource & Employment Services | Bull | NYSE | acquisition target, Cash Cow, EBITDA, Franchise Conversion, Merger Arbitrage, Staffing, takeover, vertically integrated | Login |
| Jul 31, 2025 | Fund Letters | Aaron Edelheit | GLASF | Glass House Brands Inc. | Consumer Staples | Cultivation & Agriculture | Bear | US | Cannabis, Enforcement, Regulation, Risk, Volatility | Login |
| Jul 31, 2025 | Fund Letters | Aaron Edelheit | NNI | Nelnet Inc. | Financials | Consumer Finance | Bull | New York Stock Exchange | AI, growth, Loans, productivity, Servicing | Login |
| Apr 23, 2025 | Fund Letters | Mindset Value Fund | GRUSF | Grown Rogue | Consumer Staples | Agricultural Products | Bull | OTC | Cannabis, cash flow growth, Cultivation, EBITDA multiple, Low-cost producer, market share, Oregon, ROIC | Login |
| Apr 23, 2025 | Fund Letters | Mindset Value Fund | GLASF | Glass House | Consumer Staples | Agricultural Products | Bull | OTC | 2018 Farm Bill, Cannabis, Capacity utilization, Greenhouse operations, Hemp Flower, interstate commerce, Regulatory Arbitrage, value unlock | Login |
| Feb 14, 2025 | Fund Letters | Mindset Value Fund | GRUSF | Grown Rogue | Consumer Staples | Agricultural Products | Bull | OTC | Cannabis, cash flow growth, Cultivation, manufacturing, operational excellence, OTC, Triple-digit Growth, Value | Login |
| Feb 14, 2025 | Fund Letters | Mindset Value Fund | VREOF | Vireo Growth | Consumer Staples | Agricultural Products | Bull | OTC | alpha generation, arbitrage, Cannabis, Equity Offering, Institutional Disconnect, market inefficiency, OTC, vertically integrated | Login |
| Nov 20, 2024 | Fund Letters | Mindset Value Fund | PRM | Perimeter Solutions | Materials | Specialty Chemicals | Bull | NYSE | cash generation, climate change, Fire Retardant, government contracts, Monopoly, Pricing power, specialty chemicals, Wildfire | Login |
| Nov 20, 2024 | Fund Letters | Mindset Value Fund | GRUSF | Grown Rogue | Consumer Staples | Agricultural Products | Bull | OTC | Cannabis, Competitive Markets, EBITDA multiple, Geographic Expansion, Multi-State Operator, New Jersey, operational excellence, Value | Login |
| Aug 7, 2024 | Fund Letters | Mindset Value Fund | PRM | Perimeter Solutions | Materials | Specialty Chemicals | Bull | NYSE | aerospace components, climate change, Fire Prevention, Fire Retardant, Insurance Crisis, Monopoly, Pricing power, Share Buybacks, specialty chemicals, Wildfire | Login |
| Aug 7, 2024 | Fund Letters | Mindset Value Fund | GRUSF | Grown Rogue | Consumer Staples | Agricultural Products | Bull | OTC | Cannabis, convertible debt, Craft Cannabis, Cultivation, EBITDA growth, Geographic Arbitrage, market inefficiency, operating leverage, State Markets, Triple-digit Growth | Login |
| Apr 26, 2024 | Fund Letters | Mindset Value Fund | GLASF | Glass House Brands | Consumer Staples | Agricultural Products | Bull | OTC | California, Cannabis, cash flow, Cost advantage, Cultivation, Greenhouse, growth, operational excellence | Login |
| Apr 26, 2024 | Fund Letters | Mindset Value Fund | GDNSF | Goodness Growth | Consumer Staples | Agricultural Products | Bull | OTC | Cannabis, growth, Operational Performance, Transparency, undervalued | Login |
| Oct 23, 2023 | Fund Letters | Mindset Value Fund | GRIN.TO | Grown Rogue International Inc. | Consumer Staples | Agricultural Products | Bull | Canadian Securities Exchange | Cannabis, Convertible, Free Cash Flow, growth, Market expansion, microcap, operational excellence, undervalued | Login |
| Oct 23, 2023 | Fund Letters | Mindset Value Fund | GLASF | Glass House Brands Inc. | Consumer Staples | Agricultural Products | Bull | OTC Markets | biomass, Cannabis, Greenhouse Cultivation, growth, operational excellence, Preferred equity, production capacity | Login |
| Jul 17, 2023 | Fund Letters | Mindset Value Fund | BRND/U CN|HQI | HireQuest | Commercial & Professional Services | Human Resource & Employment Services | Bull | NASDAQ | asset-light, franchise, Free Cash Flow, Human Resources, Russell 3000, Service Business, Staffing | Login |
| Jul 17, 2023 | Fund Letters | Mindset Value Fund | GRUSF | Grown Rogue | Consumer Staples | Agricultural Products | Bull | OTC | Cannabis, convertible debt, Cost advantage, Cultivation, Indoor Growing, Michigan, operational excellence, Oregon, Premium flower | Login |
| Apr 27, 2023 | Fund Letters | Mindset Value Fund | BRND/U CN|HQI | HireQuest | Commercial & Professional Services | Human Resource & Employment Services | Bull | NASDAQ | Acquisitions, defensive, franchise, Free Cash Flow, Human Resources, Roll-up, Service Business, Staffing | Login |
| Apr 27, 2023 | Fund Letters | Mindset Value Fund | GRIN.TO | Grown Rogue | Consumer Staples | Agricultural Products | Bull | Canadian Securities Exchange | Cannabis, convertible debt, Craft Cannabis, Cultivation, Free Cash Flow, growth, limited-license, operational excellence | Login |
| Feb 7, 2024 | Fund Letters | Mindset Value Fund | GRUSF | Grown Rogue | Consumer Staples | Agricultural Products | Bull | OTC | Cannabis, cash flow, Craft, Cultivation, EBITDA, growth, market leader, Michigan, New Jersey, Oregon | Login |
| Feb 7, 2024 | Fund Letters | Mindset Value Fund | BRND/U CN|HQI | HireQuest | Industrials | Human Resource & Employment Services | Neutral | NASDAQ | acquisition, franchise, Portfolio Management, Russell 2000, Staffing, Temporary Help, Workers Compensation | Login |
| Feb 7, 2024 | Fund Letters | Mindset Value Fund | AYRWF | AYR Wellness | Consumer Staples | Agricultural Products | Bull | OTC | Cannabis, capital structure, Distressed debt, high yield, Opportunistic, restructuring, Senior secured | Login |
| Feb 7, 2024 | Fund Letters | Mindset Value Fund | MRMD | MariMed | Consumer Staples | Agricultural Products | Bear | OTC | Cannabis, CFO Resignation, Fraud, Internal Controls, Multi-State Operator, Operational Risk, Regulatory Delays | Login |
| TICKER | COMMENTARY |
|---|---|
| LEEEF | LEEF Brands is California's largest cannabis extract manufacturer, producing concentrates like distillate for vapes, live resin and rosin and over 100 different forms of concentrates for leading California brands like Kiva, Heavy Hitters (Mammoth), Wyld, Rove, and Jetty. We think that the activation of LEEF's Salisbury Canyon Ranch (SCR), a 1,900-acre property in remote northeastern Santa Barbara County in California is a key catalyst for LEEF. The immediate result is lowering LEEF's own cost by up to 80% from purchasing biomass for $25 to $50 a pound and instead producing that biomass itself for $8 per pound. We project LEEF's Adj EBITDA to grow from a small loss in 2025 to approximately $15M in 2027. On this alone and without interstate commerce or exports, we believe LEEF could be worth close to $0.40 per share, which could lead to our investment increasing by 200%+ in the next 12-18 months. Our analysis leads us to the believe that with the opportunity of interstate commerce or the ability to export, this microcap company has the chance to be worth more than $1 billion, versus its sub-$100 million enterprise value. |
| GRUSF | Grown Rogue is licensed across five states - Oregon, Michigan, New Jersey, Illinois, and Minnesota - but today it is using only 42% of its total production capacity. Two of those five states haven't produced a single pound of flower. A third state is at half its capacity. Even at reasonably conservative prices, and an increase in current operating expenses, the company's economics are very attractive and are the reason the company is now guiding to returns on incremental invested capital of 75%. At today's valuation, the market is pricing in what Grown Rogue earns at 42% utilization. It is not pricing in what the company earns when every cultivation room is running. That gap between $5M in EBITDA and $50M in EBITDA is the opportunity. |
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