DASHBOARD: v2.0
Stats Help Tell The Story
As promised, I’ve refreshed SUNDAY SESH: DASHBOARD just two weeks after launch given the slew of recent catalysts.
This SESH will be data-focused and concise. I’ll only paste the DASHBOARD panels that materially changed, with brief commentary on what it might mean. Goal: DASHBOARD v2.0 adds analytical context, not more noise.
If you’ve been watching the periphery, the cannabis event firehose has been on full blast since we launched v1.0 on May 24th. And it’s not just cannabis. Across the many transformations we track, there’s a ton going on right now.
In cannabis specifically, we saw catalysts across every major vector: regulatory, legal, financial, operational, cultural. Even hemp made noise. More importantly, six (6) companies in the past 2 weeks dropped public breadcrumbs around future uplisting: Curaleaf, Verano, Vireo, Trulieve, GTI and TerrAscend.
It’s wild how few investors believed them.
If you were in our chat, you saw SUNDAY SESH did. Or at minimum, we didn’t dismiss them. That also reiterated my strong views from The Dales Report on May 19th, just a short time ago.
Of course, this all crystallized Friday when Trulieve confirmed it will officially uplist to the NYSE on June 10th.
It’s only fitting that Trulieve goes first. Kim deserved it.
So let’s roll up and dive into DASHBOARD v2.0 with a few quick takeaways:
1/BIFURCATION
MSOS hasn’t attracted meaningful net capital over the past two weeks, yet NAV moved materially higher (~+23%). Very minor repositioning. See below for the fund-flow summary.
Bifurcation is real and accelerating. Direct access to single names via Robinhood, plus the (potential?) loosening of custodial pipes, are potential factors leading more investors to pick specific names instead of relying on the ETF wrapper. That’s a good thing. It’s also a sign of maturity.
I’ve been consistent on my view: the next wave of capital will be stock-specific and solutions-oriented. Trulieve this week was an example of both: a company with a clear idiosyncratic catalyst, reinforced by the Harvest “ring-fence” carve-off, which brought in ~$15MM of solutions-oriented capital for the non-medical assets to preserve the cleaner uplisting story.
