Jason Wild – From $80k to $2Bn+

Hosted by
Bill Brewster

Bill Brewster is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.

While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.

Jason Wild is the founder and President of JWAM, an SEC-registered investment adviser with over $2 billion under management. Jason found investing during his last year of pharmacy school. Taking Peter Lynch seriously, he invested every other paycheck in pharmaceutical ideas he thought were undervalued.  His theses were correct far more often than they weren’t and he made himself almost a half million dollars in the market. After proving his competence, he started a fund with a mere $80,000. 

Today, that fund manages over $2Bn.

Jason’s initial strategy focused on specialty pharmaceuticals. His knowledge base enabled him to assess asset bases and M&A quickly (and correctly).  After pitching a company on an M&A opportunity, and getting nothing in return, Jason decided to take matters into his own hands. He decided to purchase Arbor Pharmaceuticals for $2.5mm dollars. He built the company via M&A and after 3 years sold a portion of Arbor to KKR at a $1.1Bn valuation. 

Today, Jason is Chairman and Interim CEO of TerrAscend Corporation, a cannabis company with multi state operations in the US. This was an awesome conversation to have. Highlights are as follows:

Highlights are as follows:

~1:00-6:00 – Early career highlights

~6:00- Finding cannabis as a potential investment opportunity

~9:50 – Applying the same learnings from pharmaceuticals to cannabis and getting control of TerrAscend

~13:50 – When the US cannabis thesis got derisked

~16:44 – Applying for licences in New Jersey and what that means

~18:50 – Buying Ilera

~23:30 – Discussion on incentives for East Coast regulators and how they may think about supply/demand balances

~26:30 – The strategy of density vs spreading out the retail footprint

~28:58 – Homegrown cannabis as an alternative

~31:00 – Federalization/interstate commerce and what that may do to the thesis. 

~34:49 – The social justice impact of legalization

~37:13 – Consistency in edibles and what is difficult about getting those products consistent

~44:00 – Whether the illicit market will keep its customers

~49:00 – What Jason is doing with Chris Webber to help minorities profit in the cannabis industry

~55:00 – Why issuing equity right now was the right choice for TerrAscend

Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.

Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.

This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.

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Episode 34