What’s the Bear Case?

This week the guys start off by reviewing their Green Wednesday experiences. Morgan shares some data on Green Wednesday sales and what he purchased. Jesse picked up some cannabis beverages and explained the reaction that they received at a Friendsgiving event. 

The conversation transitions into the opportunities in 2024 and what could go wrong and lead to more downside. Schedule III is the most critical component, but we also discuss new states, and how a Garland Memo would be a welcome complement to rescheduling. 

The episode concludes by discussing the Capital Intensity Ratio and the traits of capable capital allocators. Even with Schedule III, timely capital raises and investment decisions will be key factors in determining the long-term winners.