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Re: happyglass post# 167

Monday, 11/07/2022 12:41:26 AM

Monday, November 07, 2022 12:41:26 AM

Post# of 188
Yes I too have followed for some time. I bought when it was still Indus right before George re-capped the company several years ago. I was lucky enough to get in near the lows and sell between $1 to $2 and have now recently reloaded. Lowell is one of my very few successful investments in this sector and whether I’ve held shares or not, I’ve followed developments closely because George is a standout leader in the space. So despite the share structure going from 38M to now 400M f/d I’m back in with a full position.

I agree mostly with your criticism of the MSO strategy but I’d say in general access to capital is the key and they’ve got it. If they wanted they could mop up some of the bigger players in Cali for 1/10 the valuation from a few years ago so from that standpoint they’ve played Cali very cleverly thus far. Look no further than Cresco’s disastrous acquisition of Origin House and subsequent write off for an example of what happens when an MSO chases the Cali market.

In terms of Lowell, if you break down their 3 core segments sales and margin trajectory in the TTM it’s easy to conclude that the 35’s are absolutely crucial to the success of this business. Everything rests on whether they can do huge volume with this product.

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