Executive Summary

Aphria is a ‘conviction call’ core holding for Grizzle in the cannabis sector, with an industry leading cost structure, compelling valuation, and top-quality management team.

The company has positioned itself to be one of the largest, most profitable producers of cannabis globally, an industry that has the potential to be worth in excess of $200 billion. Additionally, the stock’s inexpensive valuation provides a margin-of-safety for investors, a truly unique characteristic in a sector comprised of companies that are unprofitable and greatly overpriced.

Aphria ticks all the right boxes for Grizzle:

  • Best in class management team
  • Low-cost production
  • Attractive valuation
  • M&A target

BASE CASE SCENARIO: $40/SH

SECULAR UPSIDE: $200/SH

In the interest of full disclosure, employees of Grizzle personally purchased and currently own stock in Aphria, Inc.