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    Aaron Edelheit

    Research Analyst at Mindset Capital

    Aaron Edelheit is the CEO and Founder of Mindset Capital, where he specializes in private investment management with a notable focus on value and opportunistic strategies across various sectors, including cannabis and real estate. He has covered and invested in companies such as FLO Technologies, leading it from a pre-revenue startup to acquisition, and has become recognized for his bullish calls on homebuilders and undervalued consumer companies. Edelheit began his career managing Sabre Value Management from 1998 to 2011, later building The American Home into a major single-family rental operator sold in 2015, before founding Mindset Capital; he also served as Chief Strategy Officer at FLO Technologies. While widely cited in business media and known for his entrepreneurial achievements, specific securities credentials or FINRA licenses do not appear in public records.

    Aaron Edelheit's questions to Glass House Brands (GLASF) leadership

    Aaron Edelheit's questions to Glass House Brands (GLASF) leadership • Q2 2023

    Question

    Aaron Edelheit asked for the average selling price of flower in Q2, sought to clarify the unit economics and gross margin potential for Q4, and questioned what specific factors are creating such a large performance gap between Glass House and its competitors.

    Answer

    CFO Mark Vendetti stated the Q2 flower price was approximately $750 per pound and outlined the unit economics, projecting a gross margin per pound over $200 with targeted costs. President Graham Farrar attributed the company's outperformance to their unique farm location, efficient greenhouse design, a culture of continuous improvement (kaizen), and recent enhancements in post-harvest processing.

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    Aaron Edelheit's questions to Glass House Brands (GLASF) leadership • Q4 2022

    Question

    Aaron Edelheit of Mindset Capital requested more detail on the increasing number of calls from buyers with disrupted supply chains and asked for confirmation on the financial model for the Phase 2 expansion, specifically the return on investment and the flow-through of gross margin to the bottom line with minimal SG&A impact.

    Answer

    Kyle Kazan (Co-Founder, Chairman and CEO) confirmed a significant increase in unsolicited inbound calls for supply, validating the market's supply-demand imbalance. Graham Farrar (Co-Founder and President) added that they are seeing new buyers whose previous suppliers have shut down. Mark Vendetti (CFO) confirmed the math presented: a ~$10 million CapEx investment is expected to generate ~$30 million in additional gross margin annually at current prices, with very little incremental SG&A, making it a highly efficient use of capital.

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