Although mostly unrelated to TPCO, It’s worth a listen, however, Michael does not come off well. The haphazard nature of how he pulls these things together is bizarre to me. Perhaps he’s a mad genius!? The way he described the pivot from REIT to Canndoc did not engender a huge amount of confidence.
The investor presentation also is applying the estimated Q4 2020 revenue projection as a backward 2020 run rate (essentially rewriting financial historical data for the first 3 quarters), so they show a more a palatable EV multiple, which is an extremely questionable practice and a red flag. Also there’s no mention of how they modeled their forward projections which is a huge deal because Israel will probably not go full recreational until Q1 or Q2 2022, according to Michael’s current best guess, but it’s all open to political red tape and guessing at this point. So, they should be modeling projections conservatively and assuming only the medical market is available for revenue/earnings and yet there’s no mention in the presentation, which means they’re probably not. Another red flag for me. But if it drops like a rock post despac it might be an opportunity on the long side. The company is undoubtedly going to be a dominant player in Israel and while that’s a small country, they are one of, if not the most sophisticated and discriminating market in the world and as the presentation infers, this company could control upwards of 30 to 50% market share of a country which once fully legal could do 2B annually. Very disappointing they do not have warrants with this spac. All imo
