If you've been through multiple pump-and-dump cycles, you're not early. You're just still here. Why cannabis stocks trade on plumbing, not fundamentals.
Debt isn't the problem — the terms are. If your margins beat your cost of capital, you're not borrowing to survive, you're borrowing to win.
The disciplined operators looked slow and boring. As the debt wall closes in, the market will reward exactly one thing: prudent capital allocators.