LT

@ragingbullcap Yes was going to listen later. Thanks man

@targetedcap1 Yes. Gradually into 26 and then as 26 moves along it should really start to kick in. He answered this directly on the call, so might help to review transcript when its up.

$CRON Lot of skeptics said as recently as this spring that there was no path to this ever being profitable: -50% (!) gross margin. 5.7m EBITDA, breakeven EBIT. Kicker is that they should now start benefitting from GrowCo capacity expansion, which should be a huge boost to the PnL. $950m market cap. $825m of cash, ~$40m investments/loan receivables. EV is well under $90m, for EBITDA already running at >$20m and could be much higher next year 0.8x Book value.

@ragingbullcap Did Mike mention when Growco expansion would start to bake into numbers? Seems like he said we would start to see if around this time if I recall….thanks

Wow someone actually asking a question on the call...we are getting closer

@2x4caster Odd considering tariffs firmly in place?

Lumber futures stumbling pretty hard the last few days.

@LionheartInves1 $ivro interesting business with potential tailwinds. But CEO made prior wealth and doesn’t have any fire under him. Looks like ok with slow development side project. Thoughts on that critique? That’s always held me back. New/hungry CEO would be different story…

Have you ever thought: "Hmm I wonder what crap @LionheartInves1 owns right now?" Well here it is! open.substack.com/pub/lionhearti… every name in my active portfolio!

@IgnoreNarrative @PaulBunyanCap Welp….seems like the time if there ever was one Mike….peak pessimism?

@IgnoreNarrative @PaulBunyanCap Now the question is when are you going to back the truck back on Greenfirst? It’s rhetorical, I know you cannot answer that one lol

Back in on $FGF. Market cap currently $21 million pre-market at $16.80. With this transaction you’re getting ~$5/shr worth of ETH, and $4 of cash in the CVR. End up paying $10 million for everything else. CVR won’t trade but not a bad deal if you can stand some illiquidity.

@SebKrog $ICLTF when lumber turns in 10 years…

Fine, I'll follow the trend. What's your favorite stock to play the apparently upcoming commodities bull market? (Copper, oil, natural gas preferred)

@iancassel $iehc ceo

It always bothers me when a CEO complains about illiquidity in their stock. Illiquidity should be a badge of honor. It either means high insider ownership or very longterm holders that don’t want to sell or both. Only those that desire to “sell stock” care about liquidity.

@Wolfdog_Capital What about .75? Looks like someone is liquidating. Maybe Ian or Seb?

$IVFH at $1 is wild...

@PaulBunyanCap Ha! Truth

@targetedcap1 Sad state of affairs with 3k shares is alive 😮‍💨

@PaulBunyanCap is that you again hitting the Bid? 😂 It is alive….$icltf

@2x4caster I concur. Anything possible though

@targetedcap1 If I had to weigh the odds, I think its less likely the Canadian mills get a stacked tariff on current duties. But, nothing is certain here, so the risk shouldn't get priced out completely imo.

Important lumber news: Assuming this preliminary trade agreement framework is finalized and fully agreed to, European lumber will not be subject to a tariff higher than 15%. Seems like the most draconian outcome from a Sec 232 tariff will be dodged here whitehouse.gov/briefings-stat…

@realmostafah Reversion to the mean. Insurance duopoly.

For those buying $UNH, please explain to me why. I want reasons beyond the stock price being slaughtered and it has to go back up. I get that. What I don’t get is the company has a lot of unanswered legal issues. I’m genuinely curious. Thank you.

@Wolfdog_Capital I agree, but it does count as a mark against them. The M&a is ultimately important and was touted as plug and play growth strategy. Seems like the current valuation is now more reasonable considering it will be a slower process most likely to improve top line..

@targetedcap1 nothing changed from a week ago... cheese was a potential growth avenue and now its not. Personally IMO Bill did what you'd want a CEO to do. Try different things to grow, stick with those that work, and abandon those that don't. The big thing is can they grow dropship.

Think this was the right move for $IVFH. I'm buying down here.

@ragingbullcap Fair. It’s probably hard to get motivated for the earning calls when you have 2 people listening (you and I lol) and no analyst.

Strong disagree on that. I think Mike's a shark. The patience in these circumstances has been virtuous. There's still at least another shoe to fall in the industry - viz. internationally channels inevitably getting oversaturdated. That's been a lifeline for a lot of companies that would have exited by now. Will be opportunities to buy distress

$CRON continuing its incredible transformation: - Net Sales +21% to $33.5m (+13% ex GrowCo) - Gross margin low 40s for consecutive periods (was in the 20s just a year ago!); - Adj. EBITDA +ve (vs. -$11m YoY) and CFO +ve - Major opex reductions despite topline growth. Getting very close to EBIT positive; - $3.6m of buybacks; - BVPS ~$3 vs. $2.15 share price. - Cash/invests/loan receiveables ~$850m USD vs. market cap of $820m - Growco expansion complete Only NA listed net-net I am aware of that is also a growth stock with no cash burn. Income statement should explode moving forward with the expansion complete. Very long.

@ragingbullcap Unfortunately catalyst will likely be when U.S descheduels. Will be watching closely for this growco expansion. They need to deliver increased revs and scale as they have promised will drop to bottom line. I think market waiting for that to happen with some shown profitability.

@ragingbullcap One critique, Gorenstrein has made his riches and happy with slow build. Not a hustler, kind of turtle mentality…concerning? Just seems like he is not the hustle type. Not sure if that should be concern or not. Cap allocation looks great in hindsight to hold cash so far to tbf.

@ragingbullcap Good news on Israel. Veto stays. That is becoming a vital market with substantial portion of profits. Let’s hope for similar playbook across Europe. U.S free call option in next decade, with tax stamp, and excise reform. Lots of ways to win.