Bearstone Insights

Bearstone Insights were joined by David Wenger, an experienced New York based lawyer and investor. David is working on cannabis legislation in the US and was one of the early investors into the Canadian and US cannabis markets. His white paper “The Green Regulatory Arbitrage: A Case for Investing in US Multi-State Vertically-Integrated Cannabis Companies” has been widely read all over the world. In this episode of Bearstone Insights, David shared his expert opinion on current and future developments approaching the cannabis markets. Combining the legal and investor perspective, he shined a rational light on the so-called global green rush. We discussed: - The market landscape: will there be a mass consolidation or a diverse ecosystem of many different players? - The lack of capital: how will controversy around different types of investors, or the inability for cannabis companies to open bank accounts, be resolved? - Product classification: is cannabis a pharmaceutical product, a drug, or food? How will these definitions influence the legal and compliance aspects of the industry? - Market valuations: what approaches should an investor consider before investing in a company? - Private vs market capital: what is currently better for companies? - Cannabis vs alcohol: is it fair to assume that cannabis consumption will one day overtake alcohol? Our guest David Wenger has worked as an attorney in New York office of DLA Piper for more than a decade. He first invested in cannabis in 2016 in Canada, and then engaged in the US cannabis market from 2017. David is a member of the U.S. Senate and the U.S. House of Representatives cannabis working groups, where he focuses on drafting and advancing federal cannabis legislation. He is the author of a widely read white paper titled: “The Green Regulatory Arbitrage: A Case for Investing in US Multi-State Vertically-Integrated Cannabis Companies.”

Bearstone Insights were joined by Andrzej Dołecki, activist and former Polish politician. Andrzej is the founder and the CEO of Wolne Konopie, which advocates for the effective use of cannabis. In 2017, the Polish government legalised the import of medical cannabis. This decision was largely influenced by the activism of patients and activists for the liberalisation of laws around cannabis. The Wolne Konopie organization has been at the forefront of lobbying for medical cannabis legalisation. In this episode of Bearstone Insights, we discuss the strategies that were applied to facilitate the acceptance of the cannabis law. We speak about the positive aspects of the new law, it’s limitations, as well as the impact that it had on the wider industry. The main topics of interest on this podcast are: - The significant growth of the legal cannabis market in Poland - The prospects for the changes in Polish cannabis legislation - The importance and the effects of lobbying in Poland - The innovations on the industrial hemp market that are being presented by Polish scientists

Bearstone Insights was joined by Marguerite Arnold and Dr. Francis Scanlan to discuss European cannabis regulation and compliance. The European Union is known to have stringent standards for consumer goods and pharmaceuticals, but on the nascent cannabis market it is not always clear how particular products are classified. Following legalisation in North America, European countries have moved to remove barriers to the entry of legal forms of cannabis onto the market. For many companies, this raises the question of compliance fundamentals and best practice. Currently, no uniform Europe-wide directives exist, so every country moving towards legalisation is introducing its own laws. Marguerite and Francis, both successful cannabis entrepreneurs in Europe, joined Bearstone Insights to discuss the peculiarities of cannabis compliance, and how to introduce compliance standards on a market where the boundaries have not yet been fully defined. We addressed the following questions: - Is cannabis a pharmaceutical or food product? - What is the current state of compliance among large cannabis companies? - How will the international trade agreements as CETA and MRA influence the European cannabis market? - What are the trends for compliance in this young industry? Marguerite Arnold is an American expat and entrepreneur who has covered the cannabis industry globally, from Europe, since 2014. She is also launching a digital health startup called MedPayRx across Europe, starting in Germany. Dr. Francis Scanlan is the founder and managing director of Cloud 9 Switzerland LLC, a Health & Wellness company focused on Cannabis Edibles and Rx/OTC Pharmaceuticals. Francis has 26 years of international professional experience with increasing roles of responsibility in the Environmental, Tobacco, Phytopharmaceutical, Flavors & Food Ingredients, Food & Beverage and Wines & Spirits industries.

In this episode of Bearstone Insights we were joined by Michael Klepacz, the founder of Natural Materials Unlimited, to discuss the development of the cannabis industry in Poland. Historically, cannabis was widely used in Poland, but from the mid-20th century, the Polish government began imposing stringent restrictions on its cultivation, distribution and use. Today, looking at global changes in attitudes towards cannabis, the Polish government has removed some barriers to the provision of medical cannabis to patients. Activists and investors are urging the government to further adjust medical cannabis policies. Dorota Gudaniec, struggling to get cannabis-based medication for her epileptic son, attracted widespread public attention and sympathy for her advocacy on the rights of patients in need of treatment. On the business side, the market has recently seen the acquisition of HemPoland by the Canadian company, TGOD, a signal of the prospects for the Polish cannabis market. In this episode, we delve into the following topics: - The history of cannabis in Poland. - The current state of cannabis market in Poland. - The outlook for the future. Why is the market going to progress? - The concerns associated with the high costs of medicinal cannabis for patients. - What does the cannabis market in Poland need to really take off? Michael Klepacz is the CEO and Founder of Natural Materials Unlimited, as well as one of the foremost cannabis experts in Poland. Natural Materials Unlimited is a Sustainable Product Design company focused on plant-based products and minimal waste. They are a triple bottom line company: Planet, People, Profit. The focus of the company is to leverage the fibre industry that is present in Europe. It aspires to use as many locally grown and sustainable materials as possible.

In this episode of Bearstone Insights podcast hosted by Andrew De Roy, together with Boris Milos, we discuss the future of risk consulting. We delve into the factors that pose a threat to risk consulting as a service and urge it to transform.The introduction of automated solutions is significantly influencing risk consulting landscape. As such services are considerably cheaper, risk consultants have to reposition themselves on the market in order to remain competitive. This might also lead to polarization of the industry with high-end advisors on one edge and substantially cheaper automated solutions on the other.We answer the following questions in the discussion:- What are the current trends in the industry?- Is ‘hollow middle’ a factor?- Will pre-transaction investigations continue to see a price squeeze?- What effect has the ‘death’ of investigative journalism had on risk consulting?- What effect has the exponential growth of social media had, as well as other information overwhelm?- Will risk consultants ever gain the same prestige as lawyers or investment bankers- Will risk consulting remain a rather Anglo-Saxon industry?About the guest:Boris Milos is a partner of Bearstone Global. Boris has more than 15 years of international experience in corporate finance (M&A, valuation, risk management and derivatives), as well as corporate strategy and business development experience (business modelling, product development, proofs of concept, case management). His sector experience includes banking and asset management, telecoms, tech, energy, startup and venture capital.Find out how technology is changing risk consulting: bearstone.global/technology-risk-consulting

In this episode of Bearstone Insights podcast hosted by Andrew De Roy, together with Marguerite Arnold and Francis Scanlan we look into the European cannabis business. We discuss the situation in Europe in general for entrepreneurial companies in terms of access to capital and opportunities to raise money. Our guests are sharing their knowledge and experience from the perspective of cannabis business start-ups. There is a clear interest in the European market coming from investors around the globe. Equity funds, high-net-worth individuals and especially family offices are open to take risks in the green business. Start-ups are in a position to choose, as there is no shortage in the cooperation offers. The following questions are being debated: - How accessible is capital in Europe for cannabis business? - What types of investors are more keen to supply capital and take risks? - Where to look for such an investor on the European cannabis market? - What would make the start-up attractive to the investor? - How to choose an investor in order to have the most rewarding cooperation? About guests: Marguerite Arnold is an American expat and entrepreneur who has covered the legal cannabis industry globally, from Europe, since 2014. She is also launching a digital health startup called MedPayRx across Europe starting in Germany. Meet Marguerite Arnold in person on June 27 in London during European Cannabis Week. ECW showcases the people and companies shaping the European cannabis industry. Cannabis business representatives, investors, rich discussions and quality networking are anticipated. Dr. Francis Scanlan is the founder and Managing Director of Cloud 9 Switzerland LLC, a Health & Wellness company focused on Cannabis Edibles and Rx/OTC Pharmaceuticals established in Switzerland in July 2017 with subsidiaries in Jamaica and France. Francis has 26 years of international professional experience with increasing roles of responsibility in the Environmental, Tobacco, Phytopharmaceutical, Flavors & Food Ingredients, Food & Beverage and Wines & Spirits industries. Request the analysis on Macedonian cannabis market here: bearstone.global/cannabis-intelligence

In this episode of Bearstone Insights, together with Marguerite Arnold and Vancho Tolomanosi we are discussing the risks and opportunities of investing in the North Macedonian medical cannabis market. North Macedonia is being viewed as a low-cost market for the development of medical cannabis products. There are many opportunities to commercialise the market, which we discuss with our guests.

There is much talk of current next waves of automation and technology destroying jobs, with work increasingly being done by algorithms. After blue collar worker jobs are automated, it is thought that white collar workers will be next on the block with professional services very much in the firing line, with web scrapers and AI increasingly doing the work previously done by analysts. The global risk consulting industry continues to boom, but what next for an industry where technology is rapidly disrupting the way work is being done? What are the current technological trends in corporate investigations?

Medicinal cannabis was legalised in Germany in March 2017, and many European are following suit. Investing in medicinal cannabis offers opportunities for first movers, but also challenges. What awaits investors in the coming years? What are the opportunities and challenges? To answer these questions, Andrew de Roy is joined by Marguerite Arnold, the founder of MedPayRx and a cannabis industry journalist, consultant and patient advocate.

In our first Bearstone Insights Podcast recorded in Polish, we discuss whistleblowing in light of recent global and Polish corporate scandals and planned regulation. The current regulatory dynamic that we are observing most probably will have a significant impact on the corporate landscape and whistleblowing itself. Tematem pierwszej audycji Bearstone Insights Podcast nagrywanej w języku polskim jest whistleblowing, czyli instytucja sygnalisty, w świetle ostatnich afer korporacyjnych oraz planowanych kroków ustawodawczych. Rozmawiamy o tym jaki wpływ będą miały wprowadzane w Polsce zmiany ustawodawcze oraz oddolny wzrost popularności whistleblowingu na świat biznesu oraz na instytucję sygnalisty i jego rolę. Naszymi gośćmi są:- Rafał Hryniewicz, były oficera pionu kryminalnego Policji oraz analityka Centralnego Biura Antykorupcyjnego, obecnie Prezes Zarządu E-nform, platformy oferującej nowoczesne rozwiązanie informatyczne dla sygnalistów. Rafał jest również dyrektorem operacyjnym w Centrum Bezpieczeństwa Informatycznego; - Krzysztof Krak, który ćwierć wieku spędził w organach ścigania – w tym w Interpolu i Centralnym Biurze Antykorupcyjnym, gdzie między innymi koordynował wdrożenie „Rządowego Programu Przeciwdziałania Korupcji na lata 2014-2019”. Krzysztof specjalizuje się w problematyce związanej ze zwalczaniem i zapobieganiem korupcji oraz w analizie kryminalnej i wywiadowczej. Gospodarzami naszego podkastu są:- Andrew de Roy, Partner Zarządzający Bearstone Global. Z ponad dziesięcioletnim doświadczeniem w zakresie wywiadu gospodarczego i śledztw biznesowych Andrew de Roy uznawany jest za jednego z najlepszych specjalistów w regionie Centralnej i Wschodniej Europy w tym obszarze. Przed założeniem Bearstone, Andrew pracował dla Financial Times Group jako szef biura fuzji i przejęć w Polsce. Andrew posiada licencję prywatnego detektywa wydaną przez Ministerstwo Spraw Wewnętrznych i Administracji.- Michael Cole koordynuje projektami wywiadu komercyjnego w Bearstone Global. Wcześniej służył jako oficer rezerwy w Jednostce Marynarki Wojennej przy University of London, studiując nauki polityczne i religioznawstwo w tamtejszej Szkole Orientalistyki i Afrykanistyki (SOAS). Jest członkiem Klubu Marynarki Wojennej przy St. James’s Square i Ogniska Polskiego w South Kensington. Informacje udostępnione w ramach tego nagrania są oparte na źródłach otwartych oraz analizach dostępnych w czasie nagrywania i mają wyłącznie ogólny charakter. Nie są one w zamierzeniu doradztwem w zakresie jakiejkolwiek sytuacji i nie powinny być traktowane jako doradztwo. Poglądy przedstawione w nagraniu nie powinny być traktowane jako oficjalne stanowisko firmy Bearstone Global Sp. z o.o. w jakimkolwiek zakresie. Wszelkie stwierdzenia dotyczące kwestii finansowych, ustawodawczych lub prawnych są jedynie ogólnymi obserwacjami, opartymi na naszym doświadczeniu i nie powinny być uznawane za porady w powyższych obszarach. Wszystkie zapytania z powyższych zakresów powinny być kierowane do wykwalifikowanych doradców finansowych lub prawnych. W żadnym przypadku Bearstone Global nie przyjmuje odpowiedzialności za ewentualne straty finansowe lub inne wynikające z decyzji podjętych na podstawie treści udostępnionych w naszych nagraniach. The information shared in this podcast is based on available sources and analysis at the time of recording and is of a general nature only. It is not intended as advice regarding any individual situation and cannot be relied upon as such. The views presented should not be construed as being the views of Bearstone Global. Any statements concerning financial, regulatory, or legal matters are general observations based solely on our experience and may not be relied upon as advice in those areas, which we are not authorised to provide. All such matters should be reviewed with appropriately qualified financial, regulatory, or legal advisers. In no circumstances will Bearstone Global be liable for any loss or damage arising from decisions made or actions taken in reliance on the information contained in the recording.

In our second Bearstone Insights podcast we take a look at Turkey to see how the latest geopolitical and economic developments can impact business and investors. What are the challenges? Can we expect any more turbulence in the near future? What risk factors should the decision makers be aware of?Our guests are:– Boris Milosh, a Partner at Bearstone Global. Boris has more than fifteen years of international experience in corporate finance (M&A, valuation, risk management and derivatives), as well as corporate strategy and business development experience (business modelling, product development, proofs of concept, project management). His sector experience includes banking and asset management, telecoms, tech, energy, start-ups and venture capital. Boris is an alumnus of the London Business School where he received his MBA, prior to which he graduated Summa Cum Laude from the University of Pittsburgh, majoring in Business and Political Science. Boris also has experience in the military and intelligence community.– Tom Nikoloski, the CEO of Dynamics Intenrational. Tom is risk management and corporate intelligence expert. Since 2009, he has served on various senior risk management and corporate executive positions for consulting companies supporting the US Government and NATO efforts in the Middle East, USA, Europe and Africa. Prior to joining the private sector, he served as military officer on various command and staff duties. He is military academy and Fort Benning Career Officers School graduate and holds MA in Risk Management.Our host is Andrew de Roy, the Managing Partner at Bearstone Global.With over ten years of experience in the commercial intelligence and investigations field, Andrew is regarded as one of the foremost specialists in the sector. Prior to founding Bearstone, Andrew was employed by the Financial Times Group, as the Mergermarket bureau chief in Poland. A leading provider of M&A intelligence and market analysis, Andrew gained a profound insight into the needs of businesses operating and investing in the region. He established Bearstone building on an exceptional network in the London and Warsaw markets and has since overseen many complex operations, consistently increasing Bearstone’s reputation as a trusted provider of commercial intelligence and investigation services. Andrew has a private detective license issued by the Polish Ministry of the Interior and Administration.The information shared in this podcast is based on available sources and analysis at the time of recording and is of a general nature only. It is not intended as advice regarding any individual situation and cannot be relied upon as such. The views presented should not be construed as being the views of Bearstone Global. Any statements concerning financial, regulatory, or legal matters are general observations based solely on our experience and may not be relied upon as advice in those areas, which we are not authorised to provide. All such matters should be reviewed with appropriately qualified financial, regulatory, or legal advisers. In no circumstances will Bearstone Global be liable for any loss or damage arising from decisions made or actions taken in reliance on the information contained in the recording.

In our first Bearstone Insights podcast we explore the current geopolitical situation in the Balkans. What are the risks and their implications and how can the regional status quo develop? Our guests are:- Boris Milosh, a Parnter at Bearstone Global. Boris has more than fifteen years of international experience in corporate finance (M&A, valuation, risk management and derivatives), as well as corporate strategy and business development experience (business modelling, product development, proofs of concept, project management). His sector experience includes banking and asset management, telecoms, tech, energy, start-ups and venture capital. Boris is an alumnus of the London Business School where he received his MBA, prior to which he graduated Summa Cum Laude from the University of Pittsburgh, majoring in Business and Political Science. Boris also has experience in the military and intelligence community.- Tom Nikoloski, the CEO of Dynamics International. Tom is risk management and corporate intelligence expert. Since 2009, he has served on various senior risk management and corporate executive positions for consulting companies supporting the US Government and NATO efforts in the Middle East, USA, Europe and Africa. Prior to joining the private sector, he served as military officer on various command and staff duties. He is military academy and Fort Benning Career Officers School graduate and holds MA in Risk Management.Our host is Andrew de Roy, the Managing Partner at Bearstone Global.With over ten years of experience in the commercial intelligence and investigations field, Andrew is regarded as one of the foremost specialists in the sector. Prior to founding Bearstone, Andrew was employed by the Financial Times Group, as the Mergermarket bureau chief in Poland. A leading provider of M&A intelligence and market analysis, Andrew gained a profound insight into the needs of businesses operating and investing in the region. He established Bearstone building on an exceptional network in the London and Warsaw markets, and has since overseen many complex operations, consistently increasing Bearstone’s reputation as a trusted provider of commercial intelligence and investigation services. Andrew has a private detective license issued by the Polish Ministry of the Interior and Administration.The information shared in this podcast is based on available sources and analysis at the time of recording and is of a general nature only. It is not intended as advice regarding any individual situation and cannot be relied upon as such. The views presented should not be construed as being the views of Bearstone Global. Any statements concerning financial, regulatory, or legal matters are general observations based solely on our experience and may not be relied upon as advice in those areas, which we are not authorised to provide. All such matters should be reviewed with appropriately qualified financial, regulatory, or legal advisers. In no circumstances will Bearstone Global be liable for any loss or damage arising from decisions made or actions taken in reliance on the information contained in the recording.