Exploring where value lies in cannabis stocks with Bengal Capital partner Jerry Derevyanny. Critiquing EBITDA as a metric, moving beyond top MSOs, risks with REITs, and insights on companies like AYR and Goodness Growth.

In this engaging conversation, Jerry Derevyanny, a partner at Bengal Capital with years of experience in the cannabis industry, delves into the intricacies of cannabis investing. He discusses the Ants versus Locusts framework, exploring market dynamics and sustainable strategies. Jerry contrasts the cannabis market with the alcohol industry, shedding light on branding and consumer expectations. The impact of U.S. elections on cannabis regulations and the emergence of THC beverages in convenience stores also make for intriguing insights in this unique sector.

Bengal Capital's Jerry Derevyanny and Julian Lin discuss NewLake Capital and cannabis REITs, highlighting valuation trends and redeployment risks. They delve into the impact of lease expirations on yields and analyze the effects of legalization on pricing and leverage in the industry.