Subversive Capital Acquisition Corp - Class A (Restricted Voting) SBVCF

RE:AS OF TODAY THIS COMPANY IS LISTED AS Q:GRAMF CLOSED 12.43

[Benedictus]

Michael, the board Chairman, certainly did his best to talk up the stock, saying on many public Q&A chats and podcast discussions that he saw the stock rerating to 15 to 17 right away post despac. Setting aside the very unorthodox and highly questionable statements made by the company's chairman, as an investor one has to ask just why has not one interviewer asked him even one question based on a cursory review of the financials listed  in the prospectus appendices? The model they're putting together makes a lot of sense but as previously stated, almost all subsidiaries were losing lots of money every quarter except for the low margin Sisu. I've no doubt they will bring these together and gain incredible efficiencies and tremendously improve margins but I'd imagine the first few quarterly reports, at minimum, will be fugly.  The valuation (EV to sales around 3.3) is not extreme based on projected 2021 sales but as with many despacs, there's been selling out of the gate. Opening gaps are immediately sold. Retail keeps looking up with high expectations (partially fed by the board chairman ...) but big blocks keep pushing it down. For now this push pull has the share price in a range between upper 11 to upper 13's. Something will probably give this or next week and this range will be broken.

im not dismissing all the hype and potential around the branding cache this company is building into the downstream side of the business . Listening to Michael speak about this I realize there is real vision to create, own, distribute and license iconic must have brands and dominate California initially and then NY and with access to Jay Z and roc nation along with so much cash at their disposal I would not bet against them.  I'd imagine they will deploy most of this cash righting the operational ship and mopping up the best California assets (up and downstream) and then be first in line once the Justice department loosens the rules and allows a pathway for US listing, at which point they will do a significant cash raise to go just as aggressively into NY which may be fully recreational legal by end of the year. Just speculation at this point but Michael makes his overarching plans very clear. All imo