TLRY - Greenhaven Road Capital Q1 2022 Letter

• Greenhaven Road is a boutique hedge fund with the patience and confidence to step outside of the norm. Greenhaven Road Capital digs deep, searching in places rarely trafficked to locate the few hidden gems that will outperform a diversified portfolio of blue chips.
• Greenhaven Road Capital Partners Fund returned approximately -26.5% net in the first quarter.
• The three big factors that currently appear to be dominating investors’ focus – and therefore short-term stock performance – are rising interest rates/inflation, rising oil prices, and war in Ukraine.
• I continueto believe that, given the growth embedded in our portfolio, we don’t need multiples to revert to previous levels in order for usto earn attractive returns.

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