One of the bigger disappointments in the weed world last year, for mine, was Invictus MD Strategies (IMH.C).

Set up as a roll-up play under financial barbarian Dan Kriznic, who now also serves as CFO on Lithium-X (LIX.V), the plan was to get a load of weed brands together and use them each to cross-promote and cross-fertilize each other.

They had an investment in a hydroponic supply store, Future Harvest, which was being quickly turned into a high profit centre. They had a vape deal, a cannabis magazine deal, and it had all been picked up quickly and inexpensively.

Then Kriznic went MIA. News slowed. Deals started to be jettisoned. And the plan went to ‘let’s stick to what we know is making money.’ That, it turns out, meant monetizing Future Harvest.

Kriznic has ramped up his piece of FH over time (and his stake in Invictus), to the point where he now has 82.5% of Future Harvest, at a $5 million company valuation.

That puts IMH’s piece of FH at a value of $4.125 million.

Now factor in that FH has just closed the sale of its Sunblaster line of products to another company for $4.7 million cash. IMH’s piece of that? $3.87 million.

Now, for the punchline in all this: Invictus MD Strategies trades at a market cap of:

$1.4 million.

I don’t know that Kriznic will turn what’s left of Future Harvest’s SKUs into another bevvy of premium-priced asset sales or will just keep focusing on existing profits, which were up last quarter significantly, but I do know that if Kriznic set fire to a $100 bill every day for the next 821 years, he’d still have more value in Invictus than is currently seen in the share price. By a hefty margin.

Which leaves the last question as being – when will the market notice and adjust the share price accordingly.

I don’t think Invictus is doing any promo. They’re certainly not a headliner in the retail investment space. And their stock performance may serve as a reason, if one was needed, to not invest in the thing without real inspiration to do so.

But if Kriznic liquidated today, this thing is a triple? Quadruple? Five-bagger? I can’t even tell anymore.

Not a stamp of approval, not a BUY call. Just a word to the wise.. there’s always money in the banana stand.

–Chris Parry