The Record. In Print.
Original research, op-eds, and annual reports on the topics that matter most to the industries we serve — investors, operators, and policymakers who need more than the consensus view.
“When you want to help people, you tell them the truth.
When you want to help yourself, you tell them what they want to hear.”
Thomas Sowell
Lilly Bought the Molecule. Nobody Bought the Room.
48 pages on the delivery layer, the $2.8 billion Eli Lilly acquisition of a psychedelic drug portfolio, and the gap nobody has priced.
State of the Cannabis Industry: 2024 Annual Report
The definitive annual review of the U.S. cannabis industry—market data, regulatory trends, capital formation, and the structural forces reshaping the sector.
State of the Cannabis Industry: 2024 Annual Report
The definitive annual review of the U.S. cannabis industry — regulatory landscape, market structure, labor, social equity, and what the data tells us about where the industry is actually headed.
Labor Unions May Set Solid Foundation For Cannabis Industry
As the cannabis industry moved from gray market to licensed supply chain, organized labor played a legitimizing role few anticipated. A 2020 analysis of how unions shaped the industry’s foundation.
Cannabis Social Equity Programs Are Fundamentally Flawed
Social equity programs in cannabis sound compassionate. The structure guarantees they fail. A 2019 analysis of what the programs get wrong — and what would actually work.
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