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EXCLUSIVE: Cannabis Debt Market Execs Talk Investment Opportunities, 'Equity-Like Returns Without The Equity Risk'
EXCLUSIVE: Cannabis Debt Market Execs Talk Investment Opportunities, 'Equity-Like Returns Without The Equity Risk'
At the Benzinga Cannabis Capital Conference Thursday, a panel of cannabis industry experts discussed the nuances of the cannabis debt market.
The panel discussion included John Lykouretzos, CEO of FocusGrowth Asset Management; Travis Goad, managing partner at Pelorus Equity; Jack Mascone, head of capital markets at Seaport Global (NASDAQ:SGIIW); and Len Tannenbaum, CEO of AFC Gamma Inc (NASDAQ:AFCC).
Related Link: EXCLUSIVE: Aurora Cannabis CEO 'Absolutely Confident' Company Will Be EBITDA-Positive By Year's End
Investing Strategies: Lykouretzos said the first thing he would ask any potential cannabis investor is what their goals are.
"Direct investments into private cannabis companies in '16, '17, '18, '19, those ended badly for a lot of people, so I would not want to be a single family office investor, passive and illiquid, providing money to the cannabis sector," Lykouretzos said.
"What I would tell you, depending on what your goals are, we saw the greatest opportunities over the last couple of years in credit–equity-like returns without the equity risk."
Tannenbaum said the cannabis industry is a very exciting opportunity for investors, but it's also extremely dangerous for investors who do not manage risk appropriately.
"You have to understand the cash flows. You have to understand and add back the leases … There's a lot of nuances to this category, so I don't think this is for people who aren't really steep in it," Tannenbaum said.
Assessing Cannabis Companies: Mascone said a key component in assessing a cannabis company looking to raise money is the quality and philosophy of the management team.
"The management teams that have a responsible view for their business going forward, when they're employing debt in their capital structure, it's a pretty tricky proposition when you think about the dynamic situation of the regulatory and legal environment, a lot of which people can't control right now," Mascone said.
Cash flows, licenses and real estate are the three basic cornerstones of assessing any cannabis company. Goad said the first thing Pelorus looks at is real estate value.
"We're very focused on the asset value, but it's also the management teams and what we think they're going to be able to do and accomplish. We really like to find relationships that we can grow over time and do multiple deals with," Goad said.
Learn more about this and other upcoming Benzinga Cannabis events at this link.
Jack Mascone of Seaport Global Securities speaks during a panel discussion on the cannabis debt market Thursday at the Benzinga Cannabis Capital Conference in Miami Beach. Photo by Dez Smith.
At the Benzinga Cannabis Capital Conference Thursday, a panel of cannabis industry experts discussed the nuances of the cannabis debt market.
在週四的本辛加大麻資本會議上,一個由大麻行業專家組成的小組討論了大麻債務市場的細微差別。
The panel discussion included John Lykouretzos, CEO of FocusGrowth Asset Management; Travis Goad, managing partner at Pelorus Equity; Jack Mascone, head of capital markets at Seaport Global (NASDAQ:SGIIW); and Len Tannenbaum, CEO of AFC Gamma Inc (NASDAQ:AFCC).
小組討論包括約翰·萊庫雷佐斯,FocusGrowth資產管理公司首席執行官;特拉維斯·戈德,Pelorus Equity的管理合夥人;傑克·馬斯科內,資本市場主管環球海港(納斯達克:新加坡國際基建公司);以及Len Tannenbaum,首席執行官AFC Gamma Inc.(納斯達克:AFCC)。
Related Link: EXCLUSIVE: Aurora Cannabis CEO 'Absolutely Confident' Company Will Be EBITDA-Positive By Year's End
相關鏈接:獨家:Aurora Cannabis首席執行官“絕對有信心”公司將在年底前實現EBITDA陽性
Investing Strategies: Lykouretzos said the first thing he would ask any potential cannabis investor is what their goals are.
投資策略:Lykouretzos説,他會問任何潛在的大麻投資者的第一件事是他們的目標是什麼。
"Direct investments into private cannabis companies in '16, '17, '18, '19, those ended badly for a lot of people, so I would not want to be a single family office investor, passive and illiquid, providing money to the cannabis sector," Lykouretzos said.
Lykouretzos説:“在16年、17年、18年、19年,對私人大麻公司的直接投資對很多人來説都是糟糕的結局,所以我不想成為一個家族理財室的投資者,被動且缺乏流動性,為大麻行業提供資金。”
"What I would tell you, depending on what your goals are, we saw the greatest opportunities over the last couple of years in credit–equity-like returns without the equity risk."
“我要告訴你的是,根據你的目標,我們在過去幾年看到了最大的機會,在沒有股權風險的情況下,獲得了類似信貸股權的回報。”
Tannenbaum said the cannabis industry is a very exciting opportunity for investors, but it's also extremely dangerous for investors who do not manage risk appropriately.
Tannenbaum説,大麻行業對投資者來説是一個非常令人興奮的機會,但對於沒有適當管理風險的投資者來説,這也是極其危險的。
"You have to understand the cash flows. You have to understand and add back the leases … There's a lot of nuances to this category, so I don't think this is for people who aren't really steep in it," Tannenbaum said.
Tannenbaum説:“你必須瞭解現金流。你必須瞭解並重新加入租約…這一類別有很多細微差別,所以我不認為這是為那些不是真的很喜歡的人準備的。”
Assessing Cannabis Companies: Mascone said a key component in assessing a cannabis company looking to raise money is the quality and philosophy of the management team.
評估大麻公司:馬斯科內説,在評估一家尋求籌集資金的大麻公司時,一個關鍵組成部分是管理團隊的質量和理念。
"The management teams that have a responsible view for their business going forward, when they're employing debt in their capital structure, it's a pretty tricky proposition when you think about the dynamic situation of the regulatory and legal environment, a lot of which people can't control right now," Mascone said.
馬斯科內説:“那些對未來的業務持負責任態度的管理團隊,當他們在資本結構中使用債務時,當你考慮到監管和法律環境的動態情況時,這是一個相當棘手的命題,人們現在無法控制其中的許多情況。”
Cash flows, licenses and real estate are the three basic cornerstones of assessing any cannabis company. Goad said the first thing Pelorus looks at is real estate value.
現金流、許可證和房地產是評估任何大麻公司的三個基本基石。Goad説,Pelorus首先考慮的是房地產價值。
"We're very focused on the asset value, but it's also the management teams and what we think they're going to be able to do and accomplish. We really like to find relationships that we can grow over time and do multiple deals with," Goad said.
Goad説:“我們非常關注資產價值,但管理團隊以及我們認為他們將能夠做和完成的事情也是如此。我們真的喜歡找到能夠隨着時間的推移而增長並與之達成多項交易的關係。”
Learn more about this and other upcoming Benzinga Cannabis events at this link.
通過此鏈接瞭解更多關於這一活動和其他即將舉行的本辛加大麻活動的信息。
Jack Mascone of Seaport Global Securities speaks during a panel discussion on the cannabis debt market Thursday at the Benzinga Cannabis Capital Conference in Miami Beach. Photo by Dez Smith.
星期四,在邁阿密海灘舉行的本辛加大麻資本會議上,Seaport Global Securities的傑克·馬斯科內在一個關於大麻債務市場的小組討論中發表了講話。照片由德茲·史密斯拍攝。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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