Reform does not help every cannabis operator equally. Jay Rosenthal on why the best asset is the one that still has value when your forecast is wrong.
Curaleaf's pursuit of Aurora isn't really about cannabis. It's about 50+ tons of EU-GMP supply and the two years it takes to build it from scratch.
Cannabis supply chains will commoditize. Margins won't disappear — they move into manufacturing efficiency and distribution discipline.
Tobacco and alcohol are quietly building cannabis IP, infrastructure and data. It's not if they enter — it's when the rest of us notice.