Aaron Edelheit X Spaces Interview
Aaron Edelheit, known as @aaronvalue on X, is the CEO of Mindset Capital, a cannabis-focused fund manager. He also recently became an advisor to the Cambria Cannabis ETF (BATS: TOKE) and launched a fund focused on investing in cannabis beverages. We hosted a Spaces with Edelheit to discuss opportunities in the hemp-derived, low-dose cannabis beverage space. This is an increasingly popular form factor that is tapping into the approximately $260 billion US alcoholic beverage market. Those interested can listen to the interview via a link in our full report. The conversation began with Edelheit sharing how the hemp-derived beverage market allows investors to tap into the growing market for THC, without the hurdles and regulations facing plant-touching US cannabis companies. Producers of hemp-derived products are not subject to 280E and are able to ship products across state lines. Low-dose, hemp-derived beverages are converting alcohol consumers seeking a hangover free, relaxing effect. In Minnesota, low-dose beverages are on shelves in liquor stores, grocery stores, and bars. Minnesota Cider Company reported that THC beverages made up 25% of sales in January 2024. Minnesota liquor stores have reported that THC beverages make up 10-20% of total sales. We discussed whether hemp-derived beverages are a threat or benefit to state-legal cannabis businesses. Edelheit feels they are introducing new users that would otherwise not try cannabis and may become dispensary customers in the future. The conversation concluded by discussing risks. This is a new category in an emerging sector that is subject to above-average regulatory risks, especially with the potential changes to the Farm Bill. There is also execution risk, with new companies attempting to execute complex business plans.
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