In short: The second cannabis position, and he separates it explicitly from Village Farms: "we own another one, but the other one we own it because it's going to go in the index. So it's more of an arb." The host names it — "Trulieve" — and he confirms the Florida base. No valuation, no operating case and no target is offered; the entire rationale is the mechanical buying that index inclusion forces.
This position is not an opinion about cannabis or about Trulieve. He owns it because the stock is expected to be added to an index, and index funds must then buy it mechanically regardless of price — a predictable wave of forced buying he is positioning ahead of. "We own it because it's going to go in the index. So it's more of an arb."
It is worth separating this cleanly from Village Farms in any read-across. One is a valuation and operating thesis with a multi-year horizon; this is a technical trade with a defined event and, presumably, a defined exit. He offers no view on the company's earnings, balance sheet or prospects.
38:31So it's more of an arb — Trulieve. — Oh, Trulieve. Yeah, that's a Florida based. — I think Florida based. — Yeah. Florida based. Okay. Village Farms — it's trading at three bucks now. During the 2021 heyday, it was like eight bucks. Where do you see it fairly valued? Can you even say? — Well, it's 10 times earnings now and growing their earnings.
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