GRUSF Archives

GRUSF

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Aug 7, 2024	Mindset Value Fund	7.9%	70.0%	GRUSF, PRM, TDG	Cannabis, insurance, special situations, value, Wildfire	California 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.	GRUSF PRM	View
2025 Q2	Aug 28, 2025	Bengal Capital	-14.0%	-31.0%	BAMM, GRUSF, TCNNF	Brand, Cannabis, consumer, Quality, Rescheduling, Scale	The fund focuses on cannabis investments including publicly traded equity, convertible debt, term debt, and preferred equity in private companies. The manager discusses rescheduling expectations for 2026-2027 and believes most 280E savings will benefit consumers rather than companies. Quality cannabis production at scale remains difficult and creates sustainable competitive advantages.		View
2026 Q1	May 7, 2026	Mindset Value Fund	-16.3%	-16.3%	GRUSF, LEEEF	Cannabis, Capacity, growth, Microcap, Reform, value		GRUSF LEEEF	View
2025 Q1	May 2, 2025	Mindset Value Fund	-13.7%	-13.7%	GLASF, GRUSF, VREOF	Beverages, Cannabis, Consolidation, Hemp, SmallCap, value	Portfolio 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.	GLASF GRUSF	View
2024 Q1	May 18, 2024	Bengal Capital	4.0%	105.0%	AAPL, AMZN, AYRWF, CBST, CURA, GRUSF, MSFT, MSOS	Cannabis, MSO, Rescheduling, value, Vertical Integration	Fund focuses on US cannabis industry with discussion of rescheduling timeline, market maturation dynamics, and vertical integration strategies. Manager analyzes how falling prices and rising unit sales affect MSO profitability and positioning.		View
2025 Q1	May 1, 2025	Bengal Capital	-16.0%	-16.0%	CURLF, GRUSF, GTBIF, TCNNF, VRNOF	Cannabis, Capital Allocation, distressed, MSOs, small cap, value	The fund focuses on cannabis investments, particularly criticizing large MSOs for poor capital allocation while favoring disciplined operators like Grown Rogue. The manager believes the regulated cannabis industry offers volume growth opportunities for strong operators despite widespread challenges.	GRUSF	View
2024 Q3	Nov 20, 2024	Mindset Value Fund	7.9%	70.0%	GLASF, GRUSF, GTBIF, TCNNF	Beverages, Cannabis, Fire Retardant, Monopoly, small cap, value	Manager 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.	GRUSF PRM	View
2025 Q3	Oct 24, 2025	Mindset Value Fund	10.2%	-12.4%	GLASF, GRUSF, HQI, NNI, TGT, VREOF	Cannabis, EBITDA, growth, Reform, SmallCap, value	Federal 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.	CAN GLASF VREOF CAN GLASF VREOF	View
2025 Q4	Jan 29, 2026	Mindset Value Fund	20.5%	6.7%	GLASF, GRUSF, VREOF	alpha, Cannabis, Cost Advantages, distressed, Federal Reform, growth	Cannabis 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. The 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.	GRUSF GLASF	View
2023 Q4	Aug 2, 2024	Bengal Capital	4.0%	105.0%	BMMJ, GDNSF, GRUSF, XSHLF	Cannabis, Concentration, MSO, Rescheduling, small caps, value	Fund focuses exclusively on cannabis industry investments with concentrated portfolio of four holdings. Manager believes in long-term growth opportunity but criticizes large MSOs as fundamentally flawed businesses that strip high prices in limited license markets without building enduring value.		View
2023 Q2	Jul 18, 2023	Mindset Value Fund	7.9%	70.0%	GRUSF, HQI	Cannabis, Convertible, growth, small caps, Staffing, value	Grown 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.	GRUSF BRND/U CN\|HQI	View
2024 Q2	Jul 15, 2024	Bengal Capital	4.0%	105.0%	BAMM, BUD, GDNSF, GRUSF, GTI, SAM, XSF.TO	Cannabis, Capital markets, growth, MSOs, undervalued, value	The fund focuses exclusively on cannabis investments, holding positions in Grown Rogue, XS Financial, Goodness Growth, and Body and Mind. The manager argues that cannabis is not truly high growth but rather rapid absorption of illicit markets by regulated markets, with consistent patterns of increased units and decreased prices.		View
2023 Q4	Jul 2, 2024	Mindset Value Fund	7.9%	70.0%	AYRWF, GDNSF, GLASF, GRUSF, HQI, MRMD	Beverages, Cannabis, Concentration, growth, small caps, value	Manager 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.	MRMD AYRWF BRND/U CN\|HQI GRUSF	View
2024 Q4	Feb 14, 2025	Mindset Value Fund	4.9%	65.6%	GRUSF, VREOF	alpha, Beverages, Cannabis, Inefficiency, Reform	Manager 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.	VREOF GRUSF	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 7, 2026	Fund Letters	Mindset Value Fund	Grown Rogue	Drug Manufacturers - Specialty & Generic	Agricultural Products	Bull	Dubai Financial Market	Agricultural Products, Cannabis, Capacity utilization, Cultivation, Equity, Multi-State, Oregon, Value	View Pitch
May 7, 2026	Fund Letters	Bengal Capital	Grown Rogue International Inc.	Drug Manufacturers - Specialty & Generic	Agricultural Products	Bull	Dubai Financial Market	Agricultural Products, Branded Products, Cannabis, capacity expansion, Cultivation, growth, indoor farming, Multi-State Operator, small-cap	View Pitch
May 7, 2026	Substack	Mindset Value	Grown Rogue	Cannabis	Cannabis Cultivation	Bull	Over-the-Counter	Cannabis cultivation, EBITDA growth, Grown Rogue, Illinois and Minnesota, interstate commerce, market pricing, New Jersey expansion, production capacity, strategic positioning	View Pitch
Apr 28, 2026	Fund Letters	Mindset Value Fund	Grown Rogue	Consumer Staples	Agricultural Products	Bull	OTC	Cannabis, cash flow, Craft, Cultivation, EBITDA, growth, market leader, Michigan, New Jersey, Oregon	View Pitch
Apr 28, 2026	Fund Letters	Mindset Value Fund	Grown Rogue	Consumer Staples	Agricultural Products	Bull	OTC	Cannabis, convertible debt, Cost advantage, Cultivation, Indoor Growing, Michigan, operational excellence, Oregon, Premium flower	View Pitch
Apr 21, 2026	Substack	Mindset Value	Grown Rogue	Cannabis	Cannabis Production	Bull	Over-the-Counter	Cannabis, cash flow, growth opportunity, production capacity, regulatory changes	View Pitch
Apr 13, 2026	Fund Letters	Mindset Value Fund	Grown Rogue	Consumer Staples	Agricultural Products	Bull	OTC	Cannabis, cash flow growth, Cultivation, EBITDA multiple, Low-cost producer, market share, Oregon, ROIC	View Pitch
Apr 13, 2026	Fund Letters	Bengal Capital	Grown Rogue International Inc.	Consumer Staples	Agricultural Products	Bull	OTC	Cannabis, cash generation, Distressed assets, Michigan, Multi-State Operator, New Jersey, Oregon, Pricing Cycles, value creation, vertically integrated	View Pitch
Apr 13, 2026	Fund Letters	Mindset Value Fund	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	View Pitch
Apr 13, 2026	Fund Letters	Bengal Capital	Grown Rogue International Inc	Consumer Staples	Personal Products	Bull	OTC	Adult-use, Cannabis, Craft Cannabis, Indoor-Cultivation, Michigan, New Jersey, operational efficiency, Oregon, Premium flower, Wholesale	View Pitch
Apr 13, 2026	Fund Letters	Mindset Value Fund	Grown Rogue	Consumer Staples	Agricultural Products	Bull	OTC	Cannabis, cash flow growth, Cultivation, manufacturing, operational excellence, OTC, Triple-digit Growth, Value	View Pitch
Apr 13, 2026	Fund Letters	Mindset Value Fund	Grown Rogue	Consumer Staples	Agricultural Products	Bull	OTC	Cannabis, Competitive Markets, EBITDA multiple, Geographic Expansion, Multi-State Operator, New Jersey, operational excellence, Value	View Pitch
Apr 13, 2026	Substack	Mindset Value	Grown Rogue	Cannabis	Cultivation and Production	Bull	Over-the-Counter	Cannabis, EBITDA, expansion, Grown Rogue, market valuation, Minnesota, New Jersey, production capacity, profitability, Revenue Growth	View Pitch
Jan 31, 2026	Fund Letters	Aaron Edelheit	Grown Rogue International Inc.	Consumer Staples	Cannabis	Bull	Dubai Financial Market	Cannabis, Cost leadership, Distressed assets, growth, Indoor-Cultivation	View Pitch
Jan 30, 2026	Substack	Mindset Value	Grown Rogue	Cannabis	Indoor Craft Flower	Bull	Over-the-Counter	Cannabis, capital efficiency, Cost advantage, Distressed assets, Growth Opportunities, Indoor Craft Flower, Market expansion, profitability, Reinvestment, Supply-Constrained Markets	View Pitch
Jan 8, 2026	Substack	Mindset Value	Grown Rogue	Cannabis	Cannabis	Bull	Over-the-Counter	Cannabis, Capital Constraints, Cost control, Cultivation, growth, market dynamics, Minnesota, New Jersey, operational efficiency, regulatory changes	View Pitch
Jan 8, 2026	Substack	Mindset Value	Grown Rogue International	Cannabis	Cannabis	Bull	Over-the-Counter	Cannabis, cultivation capacity, export opportunities, flower production, Grown Rogue International, Growth Opportunities, growth strategy, Minnesota market, regulatory challenges, strategic positioning	View Pitch
Sep 19, 2025	Substack	Mindset Value	Grown Rogue International	Healthcare	Drug Manufacturers - Specialty & Generic	Bull		cultivation license, EBITDA growth, Grown Rogue International, growth driver, limited supply, long-term growth, market dynamics, market entry, Minnesota cannabis market, value creation	View Pitch
Sep 1, 2025	Substack	Mindset Value	Grown Rogue	Healthcare	Drug Manufacturers - Specialty & Generic	Bull		Cannabis, Cost advantage, Cost efficiency, EBITDA, High-quality flower, Industry average, Market expansion, Michigan, Unit-level costs	View Pitch

BSD Shareholders of GRUSF

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

GRUSF

GRUSF

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of GRUSF

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