GTI
Graphjet Technology Class A
stock NASDAQ

Exactly. It was in the summer of 2022 that Minnesota "accidentally" kicked off the hemp beverage boom when they allowed "hemp" to be added to food and beverages. So people started selling THC beverages in regular retail and in bars/restaurants, and beverages suddenly boomed.
Most people still point to the failures of cannabis drinks back in 2019 as a reason to not be bullish on them now. Back in 2018/2019 most of the big partnerships and rumors were focused on beverages. But there were a few things that have changed between then and now.
**Emulsions**
In 2019 beverages ran into a big problem. Can liners couldn't handle the emulsions that were needed to make cannabis oil water-soluble. The emulsions would just stick to the can liner, so you'd get wildly varying CBD/THC contents. Canopy and Constellation Brands were the first to identify this issue in 2019. This kind of put a pause on the big beverage brands diving headfirst into cannabis beverages.
**COVID**
As they were fixing the emulsion issues, we got COVID. Everything basically shut down for more than a year. But in mid-2021 Canopy announced a deal with Southern Glazers for CBD beverage distribution in the US. So it seems they fixed the emulsion issue by then. They use special can liners now.
A lot of the key companies announced distribution partnerships with major alcohol retailer Southern Glazers for CBD in 2021/2022. Including Canopy, Tilray, Curaleaf, and Charlotte's Web.
Sometime late in 2022 there was a disruption in this plan. Curaleaf has mentioned something about supply chain issues. Late in 2022 was also when we were teased hard with SAFE Banking the last time, only to be rug pulled.
**Retail**
But as mentioned at the top. The biggest difference by far is that hemp beverages are being sold in regular retail and at on-premise sites like concerts/bars/restaurants. The failure of beverages in the early years was primarily because the consumer of low-dose beverages is not the same person who shops for products at a cannabis dispensary. They are completely different markets. And dispensaries do not have the distribution/coolers/etc needed to sell beverages.
Until 2022 this was only a theory. But once Minnesota actually put it into practice and companies saw how much volume they were doing, companies and brands started jumping into beverages all over the place. Alcohol retailers are consistently reporting that hemp beverages sell very well.
Even Canada doesn't allow beverages in regular retail yet. I personally think they will do that as soon as big alcohol is ready to move on the market. Similar to what California is doing right now. I think they are basically just clearing the shelves for big alcohol to step in with their brands, instead of competing with the million brands already out there. Beverages are all about distribution and shelf space.
So people are constantly still saying stuff like "beverages have been around for years, and are only x% of the market" or stuff like that. But they hadn't noticed that the distribution/retail model had been completely upended in the summer of 2022. As this continues in the US, and changes in Canada, I predict hemp beverages becoming big players in the CPG market.
It's actually the perfect situation for the major CPG/alcohol players, because they don't want to be dealing with highly intoxicating controlled substances. They want to be dealing exclusively with federally legal recreational beverage products. And now there is a completely separate and federally legal market for low-dose THC beverages. It's exactly what they would want.
Which is why I focus on the idea that GTI wanted to partner with Boston Beer. But instead of partnering with them, they formed a completely separate NASDAQ-listed hemp beverage company.

GTI's $60M (?) buyback program should have just been a check written to trump admin llc. Way better use of capital

I wish I was Ben. I’m just a believer.
I think hemp beverages are here to stay, I mean think about this are real companies making quality products going up in retail stores. They biggest gripe is going after the illegal cannabis you can buy at the gas station that they call “hemp” and is unregulated, loaded with pesticides and probably coming from a cartel.
The borrowing structure is pretty much GTI pumped a 100m cash into RYM. RYM owes the back with Convertible notes, which are shares.
It was two fold, giving RYM the needed cash to operate, and holding 90% of ownership in the company without actually having the ownership on paper.

Just a heads up. GTI is incredibly undervalued right now and expecting a blowout ER on November 5th.
GTI owns like 90% of RYM , RYM is trading at ~700m market cap currently. GTI is undervalued based on its profitability alone, and insanely undervalued when you realize the market is not accounting for 90% of RYM ownership on its balance sheet.
Forget S3 GTI is undervalued in this market today.
Thank you for your Attention to this matter.

I just found something interesting. I had no idea about this, I wasn’t on the scene in 2021. But apparently GTI made an investment partnership with CANN, of one the big players in todays beverage market.
The interesting thing is GTBIF is the one that manufactured and distributed the drinks at their facilities in certain states. So it may be a possibility and not off the table for them produce and distribute Seniorita
https://www.nasdaq.com/articles/green-thumb-inks-partnership-for-cannabis-infused-drinks-street-is-bullish-2021-03-04

GTI doesn't have a facility to manufacture beverages, so I don't see a way they could take over manufacturing from Peak, who have been doing this for years.

>Like they don't currently have an extraction business, right? Just the IP? So what customers is he talking about?
He's talking about his own customers that buy GTI products. You don't need an extraction business to have use for extraction technology.
Its like a car manufacturer that buys a company that builds high quality engines. They can retain the knowledge to use when making their own engines for their cars (higher quality, more margin, more features) and still sell off the plant and equipment and not participate in selling engines on the side
There are a ton of reviews that came out a few months after the Agrify acquisition that have people saying their carts and dabs are so much better. I took 30 seconds and found one but there is more: [https://www.reddit.com/r/NewJerseyMarijuana/comments/1jnubx4/rythm\_has\_been\_on\_a\_roll\_recently/](https://www.reddit.com/r/NewJerseyMarijuana/comments/1jnubx4/rythm_has_been_on_a_roll_recently/)
Long story short, they are making their products better and have no interest in being an extraction company for others.

Ahh the capitalization of Pin Wheel confused me.
Are you sure GTI is physically producing the drinks? What facility do they own?
I'm fairy sure they are being manufactured by Peak Processing, but would definitely appreciate the correction if you have a source.
Peak formed Peak USA in June of 2024 to move into the US. They are also the company that manufactures Boston Beer's TeaPot brand in Canada. So I feel like the synergies make sense given Ben's overtures to Boston Beer.
https://www.bostonbeer.com/news/2024/12/boston-beer-company-launches-emerald-hour-a-new-line-of-non-alcoholic-cannabis-cocktails
"Emerald Hour comes from the makers of TeaPot cannabis-infused iced teas as well as the brewers behind such iconic drinks as Truly Hard Seltzer, Samuel Adams, and Twisted Tea. It is produced at Peak Processing Solutions"

Most of the industry has wanted the loophole closed as the belief is it steals business from Legal operating cannabis companies. I tend to agree. What is that percent of Business we would see come back to Legal operators if the loophole is closed? I don't know, but I know it's more then 0%
As for the royalty it is laid out in the filings what will be considered royalty revenue. I will summarize it here, then give the direct quotes and the link to it so you can see for yourself.
GTBIF's Revenue is comprised 100% of 2 main streams 70% is retail (them selling products in their own Retail stores) and 30% CPG (which is them wholesaling)
The royalty revenue will be 100% of the CPG (wholesale)
The 70% of Retail revenue, will be for brand sales in the retail store. We use figures that \~55-60% of retail revenue is from the brands RYM owns. However, we now take that figure and apply 40% Discount because the royalty amount is for the Wholesale price to internal transfer to internal Retail store. We do not get a royalty on the markup of Retail stores.
So Math example. GTI 1B in total revenue. 700M in retail and 300m in wholesale.
100% Royalty at 6% on 300m wholesale
58% of 700m retail revenue to account for brand sale = 406m
406m Brand sales in Retail, take 60% of that revenue to account for retail markup because we only get royalty on wholesale amount = 243m
243m + 300m = 543m total royalty revenue (this is about 54% on total revenue, Investor relationship says royalty revenue would about 58% of total revenue recently)
543m x 6% current royalty = 32.5m royalty income
Now I will layout from the filings what it says.
The exact wording from the Trademark and Recipe License Agreement (Exhibit 10.2 to the 8-K filed August 27, 2025) describing what part of GTI's revenue will be considered for the royalty (license fee) is: "The consideration payable by GTI Core for the license rights consists of a monthly license fee, payable in cash, based on sales of products using the licensed intellectual property as set forth in the License Agreement." The agreement further defines "Net Revenue" as the total amount of sales to customers of Licensed Products, less discounts, returns, and allowances, with internal transfer prices used for Retail Products at arm's-length equivalents.
The exact wording from Exhibit B of the Trademark and Recipe License Agreement (filed as Exhibit 10.2 to the 8-K on August 27, 2025) defining "Net Revenue" is:
“Net Revenue” shall mean (i) total sales made to Customers (defined below), reduced for discounts, returns, and allowances related to those sales, commencing November 1, 2025, and (ii) any revenue received from sublicensing rights granted under Section 1 of this Agreement, commencing November 1, 2025. “Customers” shall mean all customers of the Licensee, including (a) third party wholesale customers and (b) in the case of products which would constitute Licensed Services and are sold or transferred by Licensee’s production facilities to Licensee’s retail locations (“Retail Products”), third party retail customers. For the avoidance of doubt, the consideration for Retail Products shall be calculated based on the internal transfer price applicable to such transaction, provided that such internal transfer price reflects true arm’s length pricing and is substantially equivalent to the price at which Licensee sells the same or comparable products to unaffiliated third parties in similar quantities and under similar terms and conditions.
Link: [https://investors.gtigrows.com/node/10441/html](https://investors.gtigrows.com/node/10441/html)

>You close Hemp Loophole, then you drive more bussiness back to MSO’s , RYM then gets more Royalties
I don't see a huge revenue bump from closing the loop hole. The customers walking into gas stations to buy untested, unsafe, synthetic garbage weed are not going to suddenly walk into a dispensary to pay high prices with significant taxes for their cannabis. You will get a bump as some will, but the majority of them will be pushed back to the black market. If they wanted the framework of what licensed cannabis dispensaries provide they'd be using it already
Also I haven't made a previous comment on it as the agreements were vague on certain details so I don't know if this is right or wrong. But I was always under the assumption that RYM would use the branded sales for channels they sell into (Hemp) and that's the royalties they'd be receiving. You have your model that they get royalties on all GTI wholesale business even the stuff in the dispensaries. Once again my opinion and I may be dead ass wrong but I don't know if that's the case but time shall see.

>As the sale of the Cultivation Business and the exit of the Extraction Business represented strategic shifts......
They sold the cultivation and vertical farming businesses but "exited" the extraction business. GTI retained the technology/IP they wanted and sold off the remaining assets they didn't need in the extraction business.
Ben even said in the earnings call afterwards that concentrates have highly sticky customers that they get good margins from and that Agrify would help them focus on this.

A cool half a mil in GTI and RYM damn brosef 😳😳😳

From my research the warrants don’t have an expiration date. I’m not sure why they would be in a rush to dilute with them. Especially with come with the perspective GTI Truly thinks they can grow this company to something substantial, and those will be worth much more later.
The Convertible Notes expire in waves, there are 3 sets of them. 1 expires Nov 5th in 3 days, Then another expires next year in Nov , and the last a year after that. I would think those would just be the ways of dilution along with the 100m Shelf at some point.
It will be interesting to see what happens November 5th. We get earnings report for both companies, and a 10m Convertible note expires, it could dilute for 3.5 millions shares. This note is the only note that doesn’t have the 49.99% clause. GTI can fully dilute it if they want, putting them way over the 50% ownership. But then that would trigger something on the NasDaq. It will be interesting to see what they do. I would be frilled if they diluted to a little and paid back the rest of the loan. Getting rid of any of the dilution makes my shares way more valuable
You keep saying that RYM doesn’t have any money. I would disagree, right now they should be on track to get ~42M a year in royalties. That just Started November 1st, 2025.
And I believe they have alot of cash on hand, but I guess we will see on the 5th.
With Hemp drinks have a little faith in Ben, I know I do. Remember he is Big Alcohol he comes from the Jim Bean legacy, literally if anyone can pull this off its him

I’m in agreeable with you that M&A is in the future and probably lots of it. GTI Will want to exercise their warrants because there’s a lot of value locked up in them. If they don’t exercise that’s lost value to GTI shareholders (especially if the stock goes above $48).
There are also lots of assets RYMcould buy that keep their nasdaq compliance. European companies, cannabis technology, heck even an LP. A big part of what they liked inAgtify was their extraction technology. So it makes sense to raise the share count via accretive M&A and then exercise the warrants to unlock value for GTi and keep their majority ownership
Also would point out that RYM is not close to generating cash even with future royalty payments. They are basically a shell company with like 30 employees. They rely on GTI for all their shared services (financial accounting, HR, sales, etc). They first entered into a agreement to pay $70k/month for GTI to file their financials and do all their operational work. They later revised it down (I think it’s $50k but that’s a guess off memory. Point is they need to seriously generate way more cash than they do today to be cash flow positive.
Also hemp beverages are a big risk in my opinion. Never mind what might come from the farm bill - all though I’m confident drinks will be carved out. The risk for me is big alcohol. They have massive amounts of lobbying influence and lots of capital. If they wanted they could easily lobby to get the hemp beverages exactly how they want it and with $300M buy up and consolidate everyone that isn’t a drink owned by an MSO/LP. If this happens it will be difficult to see the growth you’ve projected for them when they will literally be David fighting Goliath
However with all that said I’m still bullish on GTi/RYM. The team always executes and are proven winners thus far. I also think the amount of work and capital for this RYM play has to be more than meets the eye today or else it isn’t worth it. So I expect more news to come.

Yeah I agree that GTBIF is massively undervalued, has been before RYM it trades cheaper then the other MSO’s when it should trade at a Premium because of profitability and cash flow.
Now with RYM , current fully diluted market cap of 724m , a good portion of that should be reflected on their balance sheet buts its not. And GTI bussiness will grow as it now has a new revenue stream , from being the producer and distributor of Senorita.
Back to RYM though, I feel like I was very fare with Dilution. For everything I posted I assumed there was 16m shares, and 725m market cap today.
I didn’t include the 100m shelf, because thats something they can or can not use and that should be adding value when exercised.
We have no data right now, but things we do is RYM has Cash , ability to scale and move quickly. If this market grows as predicted RYM will be one of the top players, that I am certain of.
My conservative estimate really is conservative. I We have a 1B Market Total right now and on conservative I said it would go to 1.7B by 2030 and they would get 8% market share. All the data and reporting suggest much bigger market growth 3.8B-15B estimates . This is Branding and marketing game, just to think energy drinks or alcohol, theres really only going to be a few big players in the end. So 8% market share is very reasonable.
Not saying there isn’t risk here, this could be banned by the government , but I don’t think my conservative estimate would be the risk.

So always appreciate people posting their DD to try and help the community out, thank you.
I’m going off memory here and if needed can check tomorrow but a few things to consider.
I think using the share count you have is light. You are taking the current outstanding shares plus all the warrants. But these warrants can’t be exercised unless when it happens GTI owns less than 49.99% of the company. So in order to exercise they have to dilute an equal amount out in the market. This will bring your future price targets down as the share count will almost double what you are using. (Unless GTI is allowed to uplist then everything changes and they’ll just exercise the warrants and absorb RYM)
Now they could dilute those shares for accretive M&A which would add even more value which is what my hopes/expectations are. But keep in mind that the recent filing for $100M dilution they stated the funds would be for general purposes or M&A however stated they have no plans for M&A in the near term.
So at least in the near term they will dilute for working capital which would be a drag on the share price.
Also I believe most of the warrants got repriced at $48/share on their second tranche. So today you’re looking at a market cap and in the money warrant position if $200M. That’s an expensive valuation for a company under $10M in revenue with significant cash bleed. I get it that future will look better as they scale but it’s important to understand today they are significantly over-valued and the reason you aren’t seeing the stock price tank is the majority of the float is owned by Gti/owners of Senorita/institutional investors friendly to Ben who invested. So you aren’t seeing significant selling from the majority of the float. But as more shares get pushed into the market you’ll see volatility.
Last point, it’s dangerous to assume “conservative” targets of consistent growth YOY to get to a big sales figure by 2030. This is the story that was sold to investors early on and the landscape has changed. We aren’t seeing consistent growth and it’s a risk to bank on that. Also I don’t see how rescheduling adds to the revenue as most consumers won’t even know s3 happened. Maybe you can argue that rescheduling might persuade other markets to open up….but that’s another story.
Finally as someone that has owned both shares - my opinion is GTI is the more undervalued of the two. Not only is the market massively undervaluing them based on their financial performance and cash flow generation. But the market is turning a blind eye that GTI owns RYM, so whatever value RYM gets in the future is owned by GTI. When you buy GTI you also own a huge chunk of RYM
Anyways just some things to consider and appreciate you posting your thoughts

Analytical DD on RYTHM, Inc. ($RYM) Royalty Safety Net with Beverage 10x Growth Potential 
Disclaimer: This is not financial advice. Always DYOR. 
TDLR: RYM can 2-3x by 2030 just from royalties that are contractual and guaranteed as long as GTBIF revenue holds. THC Beverage business is rocket fuel that could 10x+ share price by 2030 if successful. Low Risk, High Reward 
 
Overview of RYM 
RYM (formerly Agrify, rebranded Sept 2025) is a non-plant-touching IP licensing company earning royalties from GTBIF on major cannabis brands (e.g., RYTHM \~50-58% of GTBIF sales). It also sells federally compliant hemp-derived Delta-9 THC beverages (Señorita), outsourced for asset-light operations (high margins, no CAPEX-heavy production). With \~$91M market cap today at $45/share (pre-dilution adjusted), upside comes from stable royalties + beverage growth. Fully diluted, current price implies \~724m market cap projections show massive potential if properly executed. 
I need to start to with explaining on what RYM is and what is going on here. GTBIF is one the major players in the MSO cannabis industry. GTBIF has out preformed its peers at every step for a while now. Its the only large Cannabis company turning a profit for years now, all of the other cannabis company’s have been unable to make a profit due to over expansion, too much debt, and 280e tax. The difference is the leadership, CEO Ben Kolver is the real difference.  Playing to current market conditions not just growing at all costs and hoping reform saves you before you run out of cash. Need to get on to RYM, but Ben Kolver is the best in the game, it’s the only place I would park my money in this industry. Look at GTBIF earnings reports compared to peers, you would think we were in entirely different sectors. I trust Ben. 
GTBIF  partners with AGFY in November 2024. They have full ownership just not technically, and put CEO Ben Kolver in charge of AGFY too.   
November 2024: AGFY acquires THC Beverage brand Senorita. 
August 2025: GTBIF sells its brands IP to AGFY, AGFY gives a license back to GTBIF to continue to produce and distribute the brands for a royalty fee.  
September 2025: Rebrands to Rythm INC, and changes stock ticker to RYM. (keep in mind if you are looking at stock history of RYM ignore the chart, anything before November 2024 was AGFY and that company is completely gone and has nothing to do with the new spin off.) 
November 1^(st) 2025: This is the first day royalty payments start. 
Share Structure and Dilution Details 
This is what most people are afraid of with this stock is the dilution. So for this entire DD I will always be assuming the stock is Fully Diluted.  
To understand dilution, RYM's structure is key—current outstanding common shares are 2,002,568 (as of Oct 8, 2025), with a public float of 1.18 million (\~59%). Insider ownership \~44% (GTBIF \~35% via subsidiaries), institutions \~6%. However, potential dilution from securities could increase shares to 15,864,391 fully diluted (our assumption for all projections): 
* Warrants: 7,641,866 issuable (including 7,601,788 pre-funded at $0.0001/share; others at \~$7.30 weighted average exercise price; anti-dilution adjustments possible). 
* Convertible Notes: 6,137,882 shares underlying \~$85-100M notes (issued to GTBIF affiliates; conversion prices $3.158-$29.475; 10% interest; maturities Nov 2025-Feb 2027; optional conversion, partial allowed; 49.99% ownership cap for GTBIF on later notes). 
* Stock Options: 75 issuable (vested, \~$18,000+ weighted exercise price, post-split adjusted). 
* Restricted Stock Units (RSUs): 82,000 issuable upon vesting. 
* Other: $100M shelf for future securities (limited to \~$20M equity without approval due to low float); equity line with Ionic Ventures (\~$15M remaining). 
 
Why did GTBIF do this setup? 
They wanted a NasDaq company, access to more capital, credibility, huge tax advantages, and the ability to do M&A with legitimate company’s.  The Dilution setup is not some evil plan to screw everyone, infact it’s the opposite. The dilution is upfront, you know it's they're just account for it. That is much more transparent than other companies that dilute you constantly with new fillings. (Think Tilray for example). Alot of GTBIF’s dilution is capped at them not being able to own more then 49.99% of the company. They currently own 35%, with 700k shares and there is potential for another \~14m Shares. So they will dilute gradually and then they have to do something with the shares. That’s where the M&A comes in. CEO Ben Kolver is a firm believer in smart money allocation; he has publicly he doesn’t spend a dollar unless he says an opportunity to get at least a 20% ROI. So the dilution will be gradual and used to create more value, interests are aligned with these companies. But regardless we will treat the stock as if its fully diluted right now today for a 724m Market Cap. 
One thing to watch if you are unsure is a 10m note is maturing Nov 5, 2025, could add 3.17M shares if fully converted, that would GTBIF well over 50% ownership. They could covert partial and let RYM pay back the rest in cash. With the Convertibles notes if they ever let RYM pay them back instead of Convert shares they are adding instant value to share holders. I haven’t ran numbers on that because again everything here is assuming worst case Fully Diluted, but only 3 days away we have a big note maturing and if RYM even had the opportunity to back half it makes a massive upside that I am not accounting for. 
Watch how GTBIF/RYM handle the dilution on November 5^(th) if it's a concern for you. 
Ramping Royalties Layout 
Let's start getting into the numbers, the royalty are a safety net that could lead to 100% gains on their own even if the beverage business fails.  
Royalties ramp per the Aug 27, 2025 licensing agreement: Monthly fees on branded Net Revenue (wholesale/transfer prices), escalating by year and category. Core brands (RYTHM, Beboe, etc.) ramp faster; others (&SHINE, etc.) slower. Blended assumes core dominate (\~90% of branded). 
Nov 1, 2025 - Dec 31, 2026 6% Royalty
Jan 1- Dec 31 2027 9% royalty core brands, 6% royalty other brands
Jan 1-Dec 31 2028 12% Core Brands and 8% Other Brands
Jan 1- Dec 31 2029 15% Core brands and 10% Other Brands
Jan 1 2030+ 18% Core Brands and 12% Other brands
I am assuming royalties the just started November 1^(st) 2025, and won’t be reflected till Q4 earnings. So have no hard data, but have Investor Relations telling us currently it's about 58% of Total Revenue, and it matches what the have said in the past about their brand sales.  
Royalties provide a strong floor, as they're tied to GTBIF's branded sales (58% share, wholesale basis) with escalating rates. Projections assume GTBIF revenue starts at $1.15B LTM, no further dilution beyond full today. 
One of the reason’s RYM has some much more potential is it’s another entirely different company, in a completely different industry. This is Brand Co.  
RYM is an asset-light brand licensing company (royalties from GTBIF on cannabis brands) with growing federally compliant hemp THC beverage revenue (e.g., Señorita, no production/distribution—outsourced for high margins \~50-70%). This positions it outside traditional cannabis valuations (1-3x P/S due to federal risks and 280E taxes) and more like  consumer licensing/beverage plays. 
Will be using 3 different metrics to value the company compared to industry avergae. 
* P/S at 10x: Blended for licensing (8x) + high-growth beverages (12x); conservative for asset-light model. 
* EV/EBITDA at 20x: Assumes 60% EBITDA margins (high for no production; royalties near 100% margin, beverages 50% after outsourcing); typical for licensing/hemp growth. 
* EV/Revenue at 12x: Focuses on top-line for early-stage beverage scaling; per industry data for non-touching consumer IP. 
 
 Safety Net: Royalty Income on Its Own (Excluding Beverages) 
Moderate Growth Scenario (5% annual GTBIF growth; conservative, state expansions only): 
* 2025 (prorated Nov-Dec): $6.7M royalties → P/S Val $67M ($4.22/share); EV/Rev Val $80.4M ($5.07/share); EV/EBITDA Val $80.4M ($5.07/share) 
* 2026: $42M → P/S $420M ($26.47/share); EV/Rev $504M ($31.77/share); EV/EBITDA $504M ($31.77/share) 
* 2027: $58.9M → P/S $589M ($37.12/share); EV/Rev $706.8M ($44.54/share); EV/EBITDA $706.8M ($44.54/share) 
* 2028: $84.9M → P/S $849M ($53.52/share); EV/Rev $1,018.8M ($64.22/share); EV/EBITDA $1,018.8M ($64.22/share) 
* 2029: $113.5M → P/S $1,135M ($71.54/share); EV/Rev $1,362M ($85.85/share); EV/EBITDA $1,362M ($85.85/share) 
* 2030: $144.7M → P/S $1,447M ($91.22/share); EV/Rev $1,736.4M ($109.46/share); EV/EBITDA $1,736.4M ($109.46/share) 
Rescheduling Bull Case (5% growth 2026, 15% from 2027; tax relief, market boom): 
* 2025: $6.7M → Same as above ($4.22-$5.07/share) 
* 2026: $42M → Same ($26.47-$31.77/share) 
* 2027: $64.5M → P/S $645M ($40.66/share); EV/Rev $774M ($48.79/share); EV/EBITDA $774M ($48.79/share) 
* 2028: $101.9M → P/S $1,019M ($64.23/share); EV/Rev $1,222.8M ($77.07/share); EV/EBITDA $1,222.8M ($77.07/share) 
* 2029: $149.2M → P/S $1,492M ($94.05/share); EV/Rev $1,790.4M ($112.86/share); EV/EBITDA $1,790.4M ($112.86/share) 
* 2030: $208.4M → P/S $2,084M ($131.36/share); EV/Rev $2,500.8M ($157.63/share); EV/EBITDA $2,500.8M ($157.63/share) 
Royalties alone provide a safety net: Even in moderate growth, they ramp to $145M by 2030, valuing RYM at $91-109/share across metrics. With Rescheduling and the Bull case looking at $131-157 a share fully diluted. So massive potential even fully diluted and no rescheduling and the beverage business flopping worst case scenario.  
Federally Compliant THC Beverage Market Foundation 
The US hemp-derived Delta-9 THC market (federally legal via 2018 Farm Bill if <0.3% Delta-9 by dry weight) is booming, especially beverages, as a workaround to cannabis Schedule I restrictions. Recent data (2024-2025): 
* Market size: \~$382M in 2024 for hemp THC drinks (Market Watch, LinkedIn analysis), up from $127M in 2023 (Cannabusiness Plans). 
* Growth to 2030: Hemp THC beverages projected to $1.23B by 2028 (Cannabusiness Plans), $10-15B by 2030 in bull cases (Pure Shenandoah, factoring rescheduling enabling interstate sales/banking). CAGR 22.7-32.3% (Strategic Market Research, MRFR for hemp derivatives). Drivers: E-commerce, mainstream retail (e.g., gas stations), and consumer shift from alcohol (19% of millennials prefer cannabis drinks per surveys). 
* Foundation: Unlike cannabis, hemp THC is shippable nationwide, avoiding state silos. Rescheduling (mid-2026) could boost to 40%+ CAGR by removing gray areas.
Combined Revenues: Royalty + Beverages (8% Market Share) 
RYM is a first mover in the Hemp Derived THC space, has more capital than any of its competitors by a long shot and the backing of GTBIF. They secured the first big deals we have seen in the space, they are part of the Circle K 900 stores expansion, they are part of the Target trial phase rollout. The product is great (Senorita, I have personally tried it lol). They have started the advertising campaign, Billboards in major city's, the Salt Shed Venue in Chicago, collaborations with celebrities (most recently MeganMakesMoney form BarStoolsSports). One other thing that's worth Mentioning I can’t give enough praise to CEO Ben Kovler but another thing about him is he is the Heir to the Jim Bean alcohol company. It’s literally in his blood to market and sell feel good beverages during a prohibition period. He has the whit's, experience and connections. I can’t stress how important good management is and CEO Ben Kolver is the founder, and he wants this more than anyone.  
No Data on Senorita Sales yet, I’m going to use a conservative 8% of Total Market Share for Hemp Derived THC which I think is easily do able, I think Ben said he thought he could get 20-30% of the market, but just running conservative numbers. 
 
Combined Revenues: Royalty + Beverages (8% Market Share, Moderate Market Size) 
Going to run very conversative scenario with Total THC Drink market only grows to 1.7B by 2030 and RYM only captures 8% market share 
Scenario 1: Moderate Growth (5% GTBIF Revenue; 20% Hemp Bev CAGR) 
* 2025: Total Revenue $6.7M (Royalties $6.7M + Beverages $0M) 
* 2026: Total Revenue $86M (Royalties $42M + Beverages $44M) 
* 2027: Total Revenue $111.7M (Royalties $58.9M + Beverages $52.8M) 
* 2028: Total Revenue $148.2M (Royalties $84.9M + Beverages $63.3M) 
* 2029: Total Revenue $189.5M (Royalties $113.5M + Beverages $76M) 
* 2030: Total Revenue $235.9M (Royalties $144.7M + Beverages $91.2M) 
Scenario 2: Rescheduling Bull Case (5% GTBIF in 2026, 15% from 2027; 20% Hemp Bev to 2026, 40% from 2027) 
Market sizes: 2025 $458M, 2026 $549.6M, 2027 $769.4M ($61.6M RYM), 2028 $1,077M ($86.2M), 2029 $1,507.8M ($120.6M), 2030 $2,110.9M ($168.9M). 
* 2025: Total Revenue $6.7M (Royalties $6.7M + Beverages $0M) 
* 2026: Total Revenue $86M (Royalties $42M + Beverages $44M) 
* 2027: Total Revenue $126.1M (Royalties $64.5M + Beverages $61.6M) 
* 2028: Total Revenue $188.1M (Royalties $101.9M + Beverages $86.2M) 
* 2029: Total Revenue $269.8M (Royalties $149.2M + Beverages $120.6M) 
* 2030: Total Revenue $377.3M (Royalties $208.4M + Beverages $168.9M) 
Valuations with Metrics (Fully Diluted Shares: 15,864,391; P/S 10x, EV/Revenue 12x, EV/EBITDA 20x at 60% Margins) 
Moderate Growth: 
* 2025: P/S $67M ($4.22/share); EV/Rev $80.4M ($5.07/share); EV/EBITDA $80.4M ($5.07/share) 
* 2026: P/S $860M ($54.21/share); EV/Rev $1,032M ($65.05/share); EV/EBITDA $1,032M ($65.05/share) 
* 2027: P/S $1,117M ($70.41/share); EV/Rev $1,340.4M ($84.49/share); EV/EBITDA $1,340.4M ($84.49/share) 
* 2028: P/S $1,482M ($93.41/share); EV/Rev $1,778.4M ($112.09/share); EV/EBITDA $1,778.4M ($112.09/share) 
* 2029: P/S $1,895M ($119.43/share); EV/Rev $2,274M ($143.32/share); EV/EBITDA $2,274M ($143.32/share) 
* 2030: P/S $2,359M ($148.68/share); EV/Rev $2,830.8M ($178.42/share); EV/EBITDA $2,830.8M ($178.42/share) 
Rescheduling Bull: 
* 2025: P/S $67M ($4.22/share); EV/Rev $80.4M ($5.07/share); EV/EBITDA $80.4M ($5.07/share) 
* 2026: P/S $860M ($54.21/share); EV/Rev $1,032M ($65.05/share); EV/EBITDA $1,032M ($65.05/share) 
* 2027: P/S $1,261M ($79.47/share); EV/Rev $1,513.2M ($95.36/share); EV/EBITDA $1,513.2M ($95.36/share) 
* 2028: P/S $1,881M ($118.55/share); EV/Rev $2,257.2M ($142.26/share); EV/EBITDA $2,257.2M ($142.26/share) 
* 2029: P/S $2,698M ($170.09/share); EV/Rev $3,237.6M ($204.11/share); EV/EBITDA $3,237.6M ($204.11/share) 
* 2030: P/S $3,773M ($237.84/share); EV/Rev $4,527.6M ($285.41/share); EV/EBITDA $4,527.6M ($285.41/share) 
 
Combined Revenues: Royalty + Beverages (Adjusted to $10B Market by 2030, RYM 10% Capture Starting 2026) 
Aggressive growth Model, Scenario for 10B Total THC Market and RYM captures 10% market share 
Scenario 1: Moderate Growth (5% GTBIF Revenue; \~46% Hemp Bev CAGR to $10B 2030) 
Market sizes: 2025 $1.5B, 2026 $2.19B, 2027 $3.2B, 2028 $4.67B, 2029 $6.82B, 2030 $10B. 
* 2025: Total Revenue $6.7M (Royalties $6.7M + Beverages $0M) 
* 2026: Total Revenue $261M (Royalties $42M + Beverages $219M) 
* 2027: Total Revenue $379M (Royalties $58.9M + Beverages $320M) 
* 2028: Total Revenue $552M (Royalties $84.9M + Beverages $467M) 
* 2029: Total Revenue $795M (Royalties $113.5M + Beverages $682M) 
* 2030: Total Revenue $1,145M (Royalties $144.7M + Beverages $1,000M) 
Scenario 2: Rescheduling Bull Case (5% GTBIF in 2026, 15% from 2027; \~46% Hemp Bev to 2026, \~55% from 2027 to $10B) 
Market sizes: 2025 $1.5B, 2026 $2.19B, 2027 $3.4B, 2028 $5.27B, 2029 $8.17B, 2030 $10B. I capped it at 10B market it would have gone over. 
* 2025: Total Revenue $6.7M (Royalties $6.7M + Beverages $0M) 
* 2026: Total Revenue $261M (Royalties $42M + Beverages $219M) 
* 2027: Total Revenue $404M (Royalties $64.5M + Beverages $340M) 
* 2028: Total Revenue $629M (Royalties $101.9M + Beverages $527M) 
* 2029: Total Revenue $966M (Royalties $149.2M + Beverages $817M) 
* 2030: Total Revenue $1,208M (Royalties $208.4M + Beverages $1,000M) 
Valuations with Metrics (Fully Diluted Shares: 15,864,391; P/S 10x, EV/Revenue 12x, EV/EBITDA 20x at 60% Margins) 
Moderate Growth: 
* 2025: P/S $67M ($4.22/share); EV/Rev $80.4M ($5.07/share); EV/EBITDA $80.4M ($5.07/share) 
* 2026: P/S $2,610M ($164.55/share); EV/Rev $3,132M ($197.46/share); EV/EBITDA $3,132M ($197.46/share) 
* 2027: P/S $3,790M ($238.93/share); EV/Rev $4,548M ($286.72/share); EV/EBITDA $4,548M ($286.72/share) 
* 2028: P/S $5,520M ($347.99/share); EV/Rev $6,624M ($417.59/share); EV/EBITDA $6,624M ($417.59/share) 
* 2029: P/S $7,950M ($501.13/share); EV/Rev $9,540M ($601.36/share); EV/EBITDA $9,540M ($601.36/share) 
* 2030: P/S $11,450M ($721.76/share); EV/Rev $13,740M ($866.11/share); EV/EBITDA $13,740M ($866.11/share) 
Rescheduling Bull: 
* 2025: P/S $67M ($4.22/share); EV/Rev $80.4M ($5.07/share); EV/EBITDA $80.4M ($5.07/share) 
* 2026: P/S $2,610M ($164.55/share); EV/Rev $3,132M ($197.46/share); EV/EBITDA $3,132M ($197.46/share) 
* 2027: P/S $4,040M ($254.69/share); EV/Rev $4,848M ($305.63/share); EV/EBITDA $4,848M ($305.63/share) 
* 2028: P/S $6,290M ($396.54/share); EV/Rev $7,548M ($475.85/share); EV/EBITDA $7,548M ($475.85/share) 
* 2029: P/S $9,660M ($608.94/share); EV/Rev $11,592M ($730.73/share); EV/EBITDA $11,592M ($730.73/share) 
* 2030: P/S $12,080M ($761.42/share); EV/Rev $14,496M ($913.70/share); EV/EBITDA $14,496M ($913.70/share) 
 
Thesis: The royalty play alone gives this 1-3x potential as the royalty ramps up in the years which is already documents and contractual. The Beverage business is the rocket the has the potential to 10x+ your shares very fast if management can pull it off.  
The possibilities are endless with the setup, GTBIF can dilute buy more brands, sell them to RYM and RYM license them back for royalty fee. By the way this is a DD on RYM but this is great for GTBIF, first they handle all the production and distribution for RYM, so this is growing their business too. GTBIF ownership in RYM should be reflected on its balance sheet. It’s current not, we have a 700m Market Cap company RYM that GTBIF owns virtually 90% off, and GTBIF price not reflecting that yet.  
November 5^(th) earnings report should bring some awareness to this situation because GTBIF is incredibly undervalued as well. RYM has potential to be worth more than GTBIF in very short time. 
GTBIF making 1.1B a year in revenue is valued at roughly 1.8B market cap right now.  
RYM making 1B in revenue would be valued at round 10-12B market cap. 
RYM is the FREE call option for the pure cannabis play. 
 
My Positions: 
275k in GTBIF 
225k in RYM 
I think the best play is to own both. GTI is your safety and core and as RYM goes up in value that's added to GTI anyways because they own all the shares.   
RYM is the one with the realistic 10x+ potential, a little riskier but the royalty alone should be safety. Of course if you have been paying attention you should know the Hemp Derived THC has become a hot topic and may get banned or regulated. Word on the street is that low dose THC beverages are most likely safe, Gas station weed and vapes are bigger targets. Though it is a risk but again RYM can stand on its own 2 feet just as Brand CO. 
If you like the GTBIF and trust Management can execute with operational excellence just as they been, It’s a stock to watch. 

Analytical DD on RYTHM, Inc. ($RYM) Royalty Safety Net with Beverage 10x Growth Potential 
Disclaimer: This is not financial advice. Always DYOR. 
TDLR: RYM can 2-3x by 2030 just from royalties that are contractual and guaranteed as long as GTBIF revenue holds. THC Beverage business is rocket fuel that could 10x+ share price by 2030 if successful. Low Risk, High Reward 
 
Overview of RYM 
RYM (formerly Agrify, rebranded Sept 2025) is a non-plant-touching IP licensing company earning royalties from GTBIF on major cannabis brands (e.g., RYTHM \~50-58% of GTBIF sales). It also sells federally compliant hemp-derived Delta-9 THC beverages (Señorita), outsourced for asset-light operations (high margins, no CAPEX-heavy production). With \~$91M market cap today at $45/share (pre-dilution adjusted), upside comes from stable royalties + beverage growth. Fully diluted, current price implies \~724m market cap projections show massive potential if properly executed. 
I need to start to with explaining on what RYM is and what is going on here. GTBIF is one the major players in the MSO cannabis industry. GTBIF has out preformed its peers at every step for a while now. Its the only large Cannabis company turning a profit for years now, all of the other cannabis company’s have been unable to make a profit due to over expansion, too much debt, and 280e tax. The difference is the leadership, CEO Ben Kolver is the real difference.  Playing to current market conditions not just growing at all costs and hoping reform saves you before you run out of cash. Need to get on to RYM, but Ben Kolver is the best in the game, it’s the only place I would park my money in this industry. Look at GTBIF earnings reports compared to peers, you would think we were in entirely different sectors. I trust Ben. 
GTBIF  partners with AGFY in November 2024. They have full ownership just not technically, and put CEO Ben Kolver in charge of AGFY too.   
November 2024: AGFY acquires THC Beverage brand Senorita. 
August 2025: GTBIF sells its brands IP to AGFY, AGFY gives a license back to GTBIF to continue to produce and distribute the brands for a royalty fee.  
September 2025: Rebrands to Rythm INC, and changes stock ticker to RYM. (keep in mind if you are looking at stock history of RYM ignore the chart, anything before November 2024 was AGFY and that company is completely gone and has nothing to do with the new spin off. Keep in mind the majority of this stuff just happened recently we have no earnings report or update since the change, and management offers no guidance other then the CEO loading up on RYM stock in September. RYM's financials are outdated and wont reflect how fast this thing is about to change until we get new earning reports.)
November 1^(st) 2025: This is the first day royalty payments start. (expect this to be reflected in Q4 ER)
Share Structure and Dilution Details 
This is what most people are afraid of with this stock is the dilution. So for this entire DD I will always be assuming the stock is Fully Diluted.  
To understand dilution, RYM's structure is key—current outstanding common shares are 2,002,568 (as of Oct 8, 2025), with a public float of 1.18 million (\~59%). Insider ownership \~44% (GTBIF \~35% via subsidiaries), institutions \~6%. However, potential dilution from securities could increase shares to 15,864,391 fully diluted (our assumption for all projections): 
* Warrants: 7,641,866 issuable (including 7,601,788 pre-funded at $0.0001/share; others at \~$7.30 weighted average exercise price; anti-dilution adjustments possible). 
* Convertible Notes: 6,137,882 shares underlying \~$85-100M notes (issued to GTBIF affiliates; conversion prices $3.158-$29.475; 10% interest; maturities Nov 2025-Feb 2027; optional conversion, partial allowed; 49.99% ownership cap for GTBIF on later notes). 
* Stock Options: 75 issuable (vested, \~$18,000+ weighted exercise price, post-split adjusted). 
* Restricted Stock Units (RSUs): 82,000 issuable upon vesting. 
* Other: $100M shelf for future securities (limited to \~$20M equity without approval due to low float); equity line with Ionic Ventures (\~$15M remaining). 
 
Why did GTBIF do this setup? 
They wanted a NasDaq company, access to more capital, credibility, huge tax advantages, and the ability to do M&A with legitimate company’s.  The Dilution setup is not some evil plan to screw everyone, infact it’s the opposite. The dilution is upfront, you know it's they're just account for it. That is much more transparent than other companies that dilute you constantly with new fillings. (Think Tilray for example). Alot of GTBIF’s dilution is capped at them not being able to own more then 49.99% of the company. They currently own 35%, with 700k shares and there is potential for another \~14m Shares. So they will dilute gradually and then they have to do something with the shares. That’s where the M&A comes in. CEO Ben Kolver is a firm believer in smart money allocation; he has publicly he doesn’t spend a dollar unless he says an opportunity to get at least a 20% ROI. So the dilution will be gradual and used to create more value, interests are aligned with these companies. But regardless we will treat the stock as if its fully diluted right now today for a 724m Market Cap. 
One thing to watch if you are unsure is a 10m note is maturing Nov 5, 2025, could add 3.17M shares if fully converted, that would GTBIF well over 50% ownership. They could covert partial and let RYM pay back the rest in cash. With the Convertibles notes if they ever let RYM pay them back instead of Convert shares they are adding instant value to share holders. I haven’t ran numbers on that because again everything here is assuming worst case Fully Diluted, but only 3 days away we have a big note maturing and if RYM even had the opportunity to back half it makes a massive upside that I am not accounting for. 
Watch how GTBIF/RYM handle the dilution on November 5^(th) if it's a concern for you. 
Ramping Royalties Layout 
Let's start getting into the numbers, the royalty are a safety net that could lead to 100% gains on their own even if the beverage business fails.  
Royalties ramp per the Aug 27, 2025 licensing agreement: Monthly fees on branded Net Revenue (wholesale/transfer prices), escalating by year and category. Core brands (RYTHM, Beboe, etc.) ramp faster; others (&SHINE, etc.) slower. Blended assumes core dominate (\~90% of branded). 
Nov 1, 2025 - Dec 31, 2026 6% Royalty
Jan 1- Dec 31 2027 9% royalty core brands, 6% royalty other brands
Jan 1-Dec 31 2028 12% Core Brands and 8% Other Brands
Jan 1- Dec 31 2029 15% Core brands and 10% Other Brands
Jan 1 2030+ 18% Core Brands and 12% Other brands
I am assuming royalties the just started November 1^(st) 2025, and won’t be reflected till Q4 earnings. So have no hard data, but have Investor Relations telling us currently it's about 58% of Total Revenue, and it matches what the have said in the past about their brand sales.  
Royalties provide a strong floor, as they're tied to GTBIF's branded sales (58% share, wholesale basis) with escalating rates. Projections assume GTBIF revenue starts at $1.15B LTM, no further dilution beyond full today. 
One of the reason’s RYM has some much more potential is it’s another entirely different company, in a completely different industry. This is Brand Co.  
RYM is an asset-light brand licensing company (royalties from GTBIF on cannabis brands) with growing federally compliant hemp THC beverage revenue (e.g., Señorita, no production/distribution—outsourced for high margins \~50-70%). This positions it outside traditional cannabis valuations (1-3x P/S due to federal risks and 280E taxes) and more like  consumer licensing/beverage plays. 
Will be using 3 different metrics to value the company compared to industry avergae. 
* P/S at 10x: Blended for licensing (8x) + high-growth beverages (12x); conservative for asset-light model. 
* EV/EBITDA at 20x: Assumes 60% EBITDA margins (high for no production; royalties near 100% margin, beverages 50% after outsourcing); typical for licensing/hemp growth. 
* EV/Revenue at 12x: Focuses on top-line for early-stage beverage scaling; per industry data for non-touching consumer IP. 
 
 Safety Net: Royalty Income on Its Own (Excluding Beverages) 
Moderate Growth Scenario (5% annual GTBIF growth; conservative, state expansions only): 
* 2025 (prorated Nov-Dec): $6.7M royalties → P/S Val $67M ($4.22/share); EV/Rev Val $80.4M ($5.07/share); EV/EBITDA Val $80.4M ($5.07/share) 
* 2026: $42M → P/S $420M ($26.47/share); EV/Rev $504M ($31.77/share); EV/EBITDA $504M ($31.77/share) 
* 2027: $58.9M → P/S $589M ($37.12/share); EV/Rev $706.8M ($44.54/share); EV/EBITDA $706.8M ($44.54/share) 
* 2028: $84.9M → P/S $849M ($53.52/share); EV/Rev $1,018.8M ($64.22/share); EV/EBITDA $1,018.8M ($64.22/share) 
* 2029: $113.5M → P/S $1,135M ($71.54/share); EV/Rev $1,362M ($85.85/share); EV/EBITDA $1,362M ($85.85/share) 
* 2030: $144.7M → P/S $1,447M ($91.22/share); EV/Rev $1,736.4M ($109.46/share); EV/EBITDA $1,736.4M ($109.46/share) 
Rescheduling Bull Case (5% growth 2026, 15% from 2027; tax relief, market boom): 
* 2025: $6.7M → Same as above ($4.22-$5.07/share) 
* 2026: $42M → Same ($26.47-$31.77/share) 
* 2027: $64.5M → P/S $645M ($40.66/share); EV/Rev $774M ($48.79/share); EV/EBITDA $774M ($48.79/share) 
* 2028: $101.9M → P/S $1,019M ($64.23/share); EV/Rev $1,222.8M ($77.07/share); EV/EBITDA $1,222.8M ($77.07/share) 
* 2029: $149.2M → P/S $1,492M ($94.05/share); EV/Rev $1,790.4M ($112.86/share); EV/EBITDA $1,790.4M ($112.86/share) 
* 2030: $208.4M → P/S $2,084M ($131.36/share); EV/Rev $2,500.8M ($157.63/share); EV/EBITDA $2,500.8M ($157.63/share) 
Royalties alone provide a safety net: Even in moderate growth, they ramp to $145M by 2030, valuing RYM at $91-109/share across metrics. With Rescheduling and the Bull case looking at $131-157 a share fully diluted. So massive potential even fully diluted and no rescheduling and the beverage business flopping worst case scenario.  
Federally Compliant THC Beverage Market Foundation 
The US hemp-derived Delta-9 THC market (federally legal via 2018 Farm Bill if <0.3% Delta-9 by dry weight) is booming, especially beverages, as a workaround to cannabis Schedule I restrictions. Recent data (2024-2025): 
* Market size: \~$382M in 2024 for hemp THC drinks (Market Watch, LinkedIn analysis), up from $127M in 2023 (Cannabusiness Plans). 
* Growth to 2030: Hemp THC beverages projected to $1.23B by 2028 (Cannabusiness Plans), $10-15B by 2030 in bull cases (Pure Shenandoah, factoring rescheduling enabling interstate sales/banking). CAGR 22.7-32.3% (Strategic Market Research, MRFR for hemp derivatives). Drivers: E-commerce, mainstream retail (e.g., gas stations), and consumer shift from alcohol (19% of millennials prefer cannabis drinks per surveys). 
* Foundation: Unlike cannabis, hemp THC is shippable nationwide, avoiding state silos. Rescheduling (mid-2026) could boost to 40%+ CAGR by removing gray areas.
Combined Revenues: Royalty + Beverages (8% Market Share) 
RYM is a first mover in the Hemp Derived THC space, has more capital than any of its competitors by a long shot and the backing of GTBIF. They secured the first big deals we have seen in the space, they are part of the Circle K 900 stores expansion, they are part of the Target trial phase rollout. The product is great (Senorita, I have personally tried it lol). They have started the advertising campaign, Billboards in major city's, the Salt Shed Venue in Chicago, collaborations with celebrities (most recently MeganMakesMoney form BarStoolsSports). One other thing that's worth Mentioning I can’t give enough praise to CEO Ben Kovler but another thing about him is he is the Heir to the Jim Bean alcohol company. It’s literally in his blood to market and sell feel good beverages during a prohibition period. He has the whit's, experience and connections. I can’t stress how important good management is and CEO Ben Kolver is the founder, and he wants this more than anyone.  
No Data on Senorita Sales yet, I’m going to use a conservative 8% of Total Market Share for Hemp Derived THC which I think is easily do able, I think Ben said he thought he could get 20-30% of the market, but just running conservative numbers. 
 
Combined Revenues: Royalty + Beverages (8% Market Share, Moderate Market Size) 
Going to run very conversative scenario with Total THC Drink market only grows to 1.7B by 2030 and RYM only captures 8% market share 
Scenario 1: Moderate Growth (5% GTBIF Revenue; 20% Hemp Bev CAGR) 
* 2025: Total Revenue $6.7M (Royalties $6.7M + Beverages $0M) 
* 2026: Total Revenue $86M (Royalties $42M + Beverages $44M) 
* 2027: Total Revenue $111.7M (Royalties $58.9M + Beverages $52.8M) 
* 2028: Total Revenue $148.2M (Royalties $84.9M + Beverages $63.3M) 
* 2029: Total Revenue $189.5M (Royalties $113.5M + Beverages $76M) 
* 2030: Total Revenue $235.9M (Royalties $144.7M + Beverages $91.2M) 
Scenario 2: Rescheduling Bull Case (5% GTBIF in 2026, 15% from 2027; 20% Hemp Bev to 2026, 40% from 2027) 
Market sizes: 2025 $458M, 2026 $549.6M, 2027 $769.4M ($61.6M RYM), 2028 $1,077M ($86.2M), 2029 $1,507.8M ($120.6M), 2030 $2,110.9M ($168.9M). 
* 2025: Total Revenue $6.7M (Royalties $6.7M + Beverages $0M) 
* 2026: Total Revenue $86M (Royalties $42M + Beverages $44M) 
* 2027: Total Revenue $126.1M (Royalties $64.5M + Beverages $61.6M) 
* 2028: Total Revenue $188.1M (Royalties $101.9M + Beverages $86.2M) 
* 2029: Total Revenue $269.8M (Royalties $149.2M + Beverages $120.6M) 
* 2030: Total Revenue $377.3M (Royalties $208.4M + Beverages $168.9M) 
Valuations with Metrics (Fully Diluted Shares: 15,864,391; P/S 10x, EV/Revenue 12x, EV/EBITDA 20x at 60% Margins) 
Moderate Growth: 
* 2025: P/S $67M ($4.22/share); EV/Rev $80.4M ($5.07/share); EV/EBITDA $80.4M ($5.07/share) 
* 2026: P/S $860M ($54.21/share); EV/Rev $1,032M ($65.05/share); EV/EBITDA $1,032M ($65.05/share) 
* 2027: P/S $1,117M ($70.41/share); EV/Rev $1,340.4M ($84.49/share); EV/EBITDA $1,340.4M ($84.49/share) 
* 2028: P/S $1,482M ($93.41/share); EV/Rev $1,778.4M ($112.09/share); EV/EBITDA $1,778.4M ($112.09/share) 
* 2029: P/S $1,895M ($119.43/share); EV/Rev $2,274M ($143.32/share); EV/EBITDA $2,274M ($143.32/share) 
* 2030: P/S $2,359M ($148.68/share); EV/Rev $2,830.8M ($178.42/share); EV/EBITDA $2,830.8M ($178.42/share) 
Rescheduling Bull: 
* 2025: P/S $67M ($4.22/share); EV/Rev $80.4M ($5.07/share); EV/EBITDA $80.4M ($5.07/share) 
* 2026: P/S $860M ($54.21/share); EV/Rev $1,032M ($65.05/share); EV/EBITDA $1,032M ($65.05/share) 
* 2027: P/S $1,261M ($79.47/share); EV/Rev $1,513.2M ($95.36/share); EV/EBITDA $1,513.2M ($95.36/share) 
* 2028: P/S $1,881M ($118.55/share); EV/Rev $2,257.2M ($142.26/share); EV/EBITDA $2,257.2M ($142.26/share) 
* 2029: P/S $2,698M ($170.09/share); EV/Rev $3,237.6M ($204.11/share); EV/EBITDA $3,237.6M ($204.11/share) 
* 2030: P/S $3,773M ($237.84/share); EV/Rev $4,527.6M ($285.41/share); EV/EBITDA $4,527.6M ($285.41/share) 
 
Combined Revenues: Royalty + Beverages (Adjusted to $10B Market by 2030, RYM 10% Capture Starting 2026) 
Aggressive growth Model, Scenario for 10B Total THC Market and RYM captures 10% market share 
Scenario 1: Moderate Growth (5% GTBIF Revenue; \~46% Hemp Bev CAGR to $10B 2030) 
Market sizes: 2025 $1.5B, 2026 $2.19B, 2027 $3.2B, 2028 $4.67B, 2029 $6.82B, 2030 $10B. 
* 2025: Total Revenue $6.7M (Royalties $6.7M + Beverages $0M) 
* 2026: Total Revenue $261M (Royalties $42M + Beverages $219M) 
* 2027: Total Revenue $379M (Royalties $58.9M + Beverages $320M) 
* 2028: Total Revenue $552M (Royalties $84.9M + Beverages $467M) 
* 2029: Total Revenue $795M (Royalties $113.5M + Beverages $682M) 
* 2030: Total Revenue $1,145M (Royalties $144.7M + Beverages $1,000M) 
Scenario 2: Rescheduling Bull Case (5% GTBIF in 2026, 15% from 2027; \~46% Hemp Bev to 2026, \~55% from 2027 to $10B) 
Market sizes: 2025 $1.5B, 2026 $2.19B, 2027 $3.4B, 2028 $5.27B, 2029 $8.17B, 2030 $10B. I capped it at 10B market it would have gone over. 
* 2025: Total Revenue $6.7M (Royalties $6.7M + Beverages $0M) 
* 2026: Total Revenue $261M (Royalties $42M + Beverages $219M) 
* 2027: Total Revenue $404M (Royalties $64.5M + Beverages $340M) 
* 2028: Total Revenue $629M (Royalties $101.9M + Beverages $527M) 
* 2029: Total Revenue $966M (Royalties $149.2M + Beverages $817M) 
* 2030: Total Revenue $1,208M (Royalties $208.4M + Beverages $1,000M) 
Valuations with Metrics (Fully Diluted Shares: 15,864,391; P/S 10x, EV/Revenue 12x, EV/EBITDA 20x at 60% Margins) 
Moderate Growth: 
* 2025: P/S $67M ($4.22/share); EV/Rev $80.4M ($5.07/share); EV/EBITDA $80.4M ($5.07/share) 
* 2026: P/S $2,610M ($164.55/share); EV/Rev $3,132M ($197.46/share); EV/EBITDA $3,132M ($197.46/share) 
* 2027: P/S $3,790M ($238.93/share); EV/Rev $4,548M ($286.72/share); EV/EBITDA $4,548M ($286.72/share) 
* 2028: P/S $5,520M ($347.99/share); EV/Rev $6,624M ($417.59/share); EV/EBITDA $6,624M ($417.59/share) 
* 2029: P/S $7,950M ($501.13/share); EV/Rev $9,540M ($601.36/share); EV/EBITDA $9,540M ($601.36/share) 
* 2030: P/S $11,450M ($721.76/share); EV/Rev $13,740M ($866.11/share); EV/EBITDA $13,740M ($866.11/share) 
Rescheduling Bull: 
* 2025: P/S $67M ($4.22/share); EV/Rev $80.4M ($5.07/share); EV/EBITDA $80.4M ($5.07/share) 
* 2026: P/S $2,610M ($164.55/share); EV/Rev $3,132M ($197.46/share); EV/EBITDA $3,132M ($197.46/share) 
* 2027: P/S $4,040M ($254.69/share); EV/Rev $4,848M ($305.63/share); EV/EBITDA $4,848M ($305.63/share) 
* 2028: P/S $6,290M ($396.54/share); EV/Rev $7,548M ($475.85/share); EV/EBITDA $7,548M ($475.85/share) 
* 2029: P/S $9,660M ($608.94/share); EV/Rev $11,592M ($730.73/share); EV/EBITDA $11,592M ($730.73/share) 
* 2030: P/S $12,080M ($761.42/share); EV/Rev $14,496M ($913.70/share); EV/EBITDA $14,496M ($913.70/share) 
 
Thesis: The royalty play alone gives this 1-3x potential as the royalty ramps up in the years which is already documents and contractual. The Beverage business is the rocket the has the potential to 10x+ your shares very fast if management can pull it off.  
The possibilities are endless with the setup, GTBIF can dilute buy more brands, sell them to RYM and RYM license them back for royalty fee. By the way this is a DD on RYM but this is great for GTBIF, first they handle all the production and distribution for RYM, so this is growing their business too. GTBIF ownership in RYM should be reflected on its balance sheet. It’s current not, we have a 700m Market Cap company RYM that GTBIF owns virtually 90% off, and GTBIF price not reflecting that yet.  
November 5^(th) earnings report should bring some awareness to this situation because GTBIF is incredibly undervalued as well. RYM has potential to be worth more than GTBIF in very short time. 
GTBIF making 1.1B a year in revenue is valued at roughly 1.8B market cap right now.  
RYM making 1B in revenue would be valued at round 10-12B market cap. 
RYM is the FREE call option for the pure cannabis play. 
 
My Positions: 
275k in GTBIF 
225k in RYM 
I think the best play is to own both. GTI is your safety and core and as RYM goes up in value that's added to GTI anyways because they own all the shares.   
RYM is the one with the realistic 10x+ potential, a little riskier but the royalty alone should be safety. Of course if you have been paying attention you should know the Hemp Derived THC has become a hot topic and may get banned or regulated. Word on the street is that low dose THC beverages are most likely safe, Gas station weed and vapes are bigger targets. Though it is a risk but again RYM can stand on its own 2 feet just as Brand CO. 
If you like the GTBIF and trust Management can execute with operational excellence just as they been, It’s a stock to watch.