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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
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| 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 |
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| 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 |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 21, 2026 | Substack | Mindset Value | Vireo | Cannabis | Cannabis Roll-up | Bull | Over-the-Counter | Cannabis, Distressed assets, global expansion, market consolidation, Roll-up Strategy | View Pitch |
| Apr 13, 2026 | Fund Letters | Bengal Capital | Vireo Health International Inc | Consumer Staples | Personal Products | Neutral | OTC | Adult-use, Cannabis, Cultivation, manufacturing, Medical marijuana, Minnesota, retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Mindset Value Fund | Vireo Growth | Consumer Staples | Agricultural Products | Bull | OTC | alpha generation, arbitrage, Cannabis, Equity Offering, Institutional Disconnect, market inefficiency, OTC, vertically integrated | View Pitch |
| Mar 20, 2026 | Substack | Mindset Value | Vireo | Cannabis | Cannabis | Bull | Over-the-Counter | Acquisitions, balance sheet, Cannabis, ETF Rebalancing, growth, Investor Participation, Minnesota Facility, Revenue Growth, Tier 1 MSOs, undervalued | View Pitch |
| Jan 8, 2026 | Substack | Mindset Value | Vireo Health International | Cannabis | Cannabis | Bull | Over-the-Counter | Cannabis, cultivation capacity, flower production, growth potential, growth strategy, market share, Minnesota market, regulatory requirements, strategic positioning, Vireo Health International | View Pitch |
| Nov 29, 2025 | Fund Letters | Aaron Edelheit | Vireo Health International Inc. | Health Care | Cannabis | Bull | acquisition, Cannabis, EBITDA growth, legalization, Minnesota, Reform, undervaluation, vertical integration | View Pitch | |
| Nov 29, 2025 | Fund Letters | Aaron Edelheit | Vireo Health International Inc. | Health Care | Cannabis | Bull | acquisition, Cannabis, EBITDA growth, legalization, Minnesota, Reform, undervaluation, vertical integration | View Pitch | |
| Oct 27, 2025 | Substack | Mindset Value | Vireo | Health Care | Drug Manufacturers - Specialty & Generic | Bull | adult-use sales, Cannabis, EBITDA growth, Minnesota, portfolio liquidation, Schwazze acquisition, strategic acquisition, undervalued, Vireo, Volatility | View Pitch |
| 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. | ||||||||