Ben Munchin

Public Equity Investor. Forensic Accountant.

[Rapid Response 47 @RapidResponse47]

.@POTUS on marijuana rescheduling: "A lot of people want to see it — the reclassification — because it leads to tremendous amounts of research that can't be done unless you reclassify, so we are looking at that very strongly."

[Ben Munchin @Wheatonabix]

@RapidResponse47 @sammyj_19 @POTUS It’s about time @POTUS ! Long overdue. As a Republican, I support regulated markets and the 300,000 jobs in the state legal cannabis sector. Do the research, save the jobs, get the votes. Smart.

[Ben Munchin @Wheatonabix]

@theallinpod I’m a Republican, but hearing @chamath get dunked on like 3 times in the first 15 minutes is pure bliss. It’s so easy to debunk most of his MAGA talking points on censorship or government spending with facts and evidence.

[Ben Munchin @Wheatonabix]

@levenson_david Based on your thesis of rates down, mortgage volumes increasing, fixed to ARM mix shift, what are your thoughts on the Simplify Mortgage-backed security ETF, MTBA? Shorter duration but perhaps well positioned to benefit from re-fi convexity.

[Ben Munchin @Wheatonabix]

@LukeNiforatos @BryanFields24 @Trulieve @KevinSabet You are such a total clown.

Trulieve has >$100MM in net debt, has negative net income, pays tax at ~70% rate, employees over 6,000 people and provides medical cannabis to 500,000 patients. But they can’t advocate for normal tax rates?

[Ben Munchin @Wheatonabix]

@jdawsey1 You realize that the HHS and FDA have already recommended Schedule III based on a 252-page report of scientific evidence (which the OLC has confirmed as valid). It’s in the 7th inning, it’s not like this is some new initiative that should require such debate.

[Ben Munchin @Wheatonabix]

@jfberke Great interview but why are you/everyone asking $CRON about beverages (small/unprofitable category) and no one is asking about US strategy, Pharmacann, how and when they will deploy incremental capital into the US, timeline to FCF break even in Canada, Altria relationship, etc

[Ben Munchin @Wheatonabix]

@Bkov9 ALL your investors want to know, why aren’t you buying back shares? You’re delusional if you think any of MSOS, MSOX or YOLO are sellers. They have zero incentive to shut down the ETFs (even if they did they wouldn’t come to you directly for a block). Go buy in the open market.

[Ben Munchin @Wheatonabix]

@Seawolfcap @TheDankInformer Also, the myth the DEA perpetuates that rescheduling and legitimizing state legal operators would impede their work to shut down the illegal operators (it doesn’t). If anything, the best way to combat illicit trade is to legalize, tax and regulate to compete it away (see Canada).

[Ben Munchin @Wheatonabix]

@sammyj_19 @CCVisuals_ @Savvyyeth @Bkov9 @AdvisorShares @InvestinginCan1 Well, $GTBIF has minimal tax liabilities and only modest interest expense, so it’s not the worst multiple for them. FWIW, I assess it on a FCF yield basis and at >9% FCF yield before giving credit for AGFY stake, it’s very inexpensive. Ben should be buying back stock aggressively

[Ben Munchin @Wheatonabix]

@msosbagholder @Bkov9 There was also “no reform” in January or February or March. Stock traded below 4x EBITDA for several weeks. Won’t get cheaper than that. This was a big missed opportunity and Ben knows it.

[Ben Munchin @Wheatonabix]

@AMartinelliWA @AMartinelliWA what happened to the article about the White House’s priorities in their next 100 days and the comment from the Cannabis Roundtable executive?

[Ben Munchin @Wheatonabix]

@orrdavid Because Trump politicized it and was likely about to extract retribution for his read of exposing nonsensical policy. Hence why 90% of CEOs are against this ill-executed trade war but are afraid to speak publicly. Mob mentality, but unhelpful if goals are re-shoring + jobs.

[Ben Munchin @Wheatonabix]

@orrdavid @OnodaCapital @prpl8 There is a significant amount of intermediate goods, largely electrical components within larger consumer goods, autos and industrial equipment, which rely on Chinese inputs. No direct replacement at scale. Immediate margin killer for US value-added manufacturers. 10s of BNs $.

[Ben Munchin @Wheatonabix]

@ebitdaddy90 @srg444 There’s really only one name worth looking at $GTBIF, Green Thumb Industries. Growing sales/market share, stable EBITDA margins ~30%, minimal debt/no near term maturities, active buyback, ~4x 25 EBITDA, ~9% FCF yield. Only +’ve EV option on Federal reform as rest have b/s issues.

[Ben Munchin @Wheatonabix]

@hendry_hugh The solution which arrives at the most rapid and complete build-out of this critical US infrastructure is one which combines fiscal incentives (CHIPS Act) + targeted/staged tariffs. Policy clarity is essential for capital allocation. Trump’s approach is having the reverse impact.

[Ben Munchin @Wheatonabix]

@hendry_hugh Nobody disagrees that critical industries need to be re-shored. But spare us the poem — it doesn’t make any sense to launch an broad economic war & complete trade embargo with China, killing growth, eliminating jobs and spiking the cost of capital if you want to increase capex!