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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The fund is positioned in high-growth cannabis companies trading at two to three times forward cash flow ahead of adult-use rescheduling expected by September 2026. Portfolio companies are turning on newly built assets and transitioning to revenue mode, with Uncle Arnie's dispensary sales tripling since 2023 and LEEF becoming the world's largest, lowest-cost cannabinoid producer."
The Mindset Value Wellness Fund gained 17.3% net in Q2 2026 but remains down 8.1% year-to-date. The manager expects adult-use cannabis rescheduling by end of September following the DEA hearing conclusion, which should allow more capital to enter the industry with better debt-financing terms and potential U.S. exchange listings. Portfolio companies are transitioning from investment mode to revenue and cash-flow mode as newly built assets come online. Grown Rogue is ramping cultivation in Illinois, New Jersey, and Minnesota. LEEF is expanding Salisbury Canyon Ranch to become the world's largest cannabis farm and lowest-cost cannabinoid producer, with a processing facility acquisition that will double output and allow the company to keep the entire harvest. Uncle Arnie's is crushing it with dispensary sales tripling since 2023 at a 44% CAGR and just closed an oversubscribed $2 million funding round. The manager believes there is tremendous mispricing within cannabis due to few institutional players doing real due diligence, with portfolio companies trading at two to three times forward cash flow while growing at near-triple-digit rates. Reform is viewed as the beginning, not the end, with a long runway of growth ahead.
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