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
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