CSGKF - Greenhaven Road Capital: Cannabis Basket

• This quarter, our largest new investment is in a basket of cannabis stocks, or more accurately, companies that happen to sell cannabis.
• Shares in leading U.S. cannabis companies have virtually no institutional or passive ownership.
• Beyond the nonsensical laws and the distortions that they create, cannabis companies may not actually be “good businesses” or good investments.
• We now own a basket of Canadian-listed, U.S. focused cannabis companies that have high growth rates (20%+) with mid-single digit EBITDA multiples and are generating cash.

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