From The Street of Dreams

Avatar photo Doug Kass on June 5, 2026

* Wells Fargo lowered the firm’s price target on PepsiCo to $150 from $160 and keeps an Equal Weight rating on the shares. There is much noise in the macro, likely impacting the consumer and thereby PepsiCo’s categories, the firm says. The company’s execution, namely in Food, has been good in spots, Wells acknowledges, adding that the reality is nevertheless that accelerating sales through 2026, a goal for PEP, feels tough and debate on long-term North America growth likely sustains.

* Citi lowered the firm’s price target on Winnebago to $29 from $30 and keeps a Neutral rating

Positions: Short WGO VS

Upside, Downside Movers in the Morning

Avatar photo Doug Kass on June 5, 2026

Upside:

-MRLN +32% (completes Critical Design Review for C-130J Autonomy Program with USSOCOMCDR approval)

-BCDA +21% (receives FDA minutes saying CardiAMP Heart Failure II Trial may support PMA for ischemic HFrEF)

-TTAN +14% (earnings, guidance)

-GIII +7.6% (earnings, guidance)

-COO +7.1% (earnings, guidance)

-AGX +6.0% (earnings, color)

-U +4.5% (hearing boutique firm raises rating)

-AXTA +3.9% (hearing RBC Capital raises price target)

-APP +2.7% (hearing boutique firm raises rating)

Downside:

-GWRE -12% (earnings, guidance)

-KEEL -11% (announces pricing of upsized $400M convertible senior note offering)

-LULU -11% (earnings, guidance)

-BMNR -5.6% (prices upsized Series A perpetual preferred stock offering of 3.5M shares at $80/shr)

-DOCU -4.5% (earnings, guidance)

-INIO -4.1% (lower following IPO yesterday)

-INTC -3.8% (profit taking in chips)

-MRVL -3.6% (profit taking in chips)

-IOT -3.2% (earnings, guidance)

Positions: None.

Cannabis Reaffirmation

Avatar photo Doug Kass on June 5, 2026

This was from late May, and I’m repeating for emphasis:

8 Reasons I’m Getting More Positive on Cannabis

I am growing much more optimistic on the cannabis complex.

I plan to super-size my MSOS holdings and I plan to expand individual equity positions (with emphasis on GTBIF, GLASF, TSNDF and VRNO). 

Verano Holdings (VRNO) remains my favorite stock in the sector with the best risk/reward proposition. 

I am optimistic on the cannabis space because:

* I am extremely confident that rescheduling of both medical and adult use (recreational) will pass in the next few months.

* I am confident that uplistings will soon follow.

* More relaxed custodian rules allowing for institutional purchases of the group.

* The recent debt refinancings have eliminated the frightening debt maturity cliff that some feared.

* Industry fundamentals (volumes and pricing) have stabilized.

* Expectations are very low.

* Massive absolute and relative underperformance over the last five years has created a long runway for appreciation.

* Upside reward is probably more than 5x downside risk.

Position: Long MSOS M VRNO S TSNDF S GLASF S GTBIF S

BY Doug Kass · May 27, 2026, 4:33 PM EDT

BY Doug Kass · May 28, 2026, 6:40 AM EDT

The Big Short Boys Love Cannabis Stocks

* And so do I…

“Welcome to “What Are We Doing” (WAWD), the Substack newsletter where Wall Street outsiders—Danny Moses, Vincent Daniel, and Porter Collins, famously portrayed in “The Big Short” pull back the curtain on markets and investing.”

– Danny, Vinnie and Porter

There are few smarter and contrarian investors than Danny Moses, Vincent Daniel and Porter Collins.

Read on:

They Look at Me Like It’s Christmas and I’m Santa Claus

Position: Long MSOS M  GLASF S

BY Doug Kass · May 28, 2026, 7:15 AM EDT

 

First Cannabis Co., Trulieve, OK’d For NYSE Listing

Avatar photo Doug Kass on June 5, 2026

* This is an epic and very positive industry development 

In what could be the second most important development for the cannabis sector EVER (the first one being rescheduling)… Trulieve has just announced that its shares have been approved for listing on the New York Stock Exchange.  Trulieve Announces Uplist to NYSE – Jun 5, 2026

This approval will likely accelerate resolution of long standing custodian issues that have plagued the sector as well as providing the foundation for institutional ownership.

I can’t overstate the importance of this development.

Not up in smoke.

Positions: Long MSOS M TCNNF S

Let’s Get Chai (Again!)

Avatar photo Doug Kass on June 5, 2026

* Uplistings will reprice cannabis stocks higher and likely lead the way to institutional ownership  

* I am growing more bullish on the cannabis space — having repurchased $MSOS on Wednesday

* MSOS and Trulieve’s shares moved higher yesterday on moves aimed by $TCNNF to facilitate NYSE uplisting 

* Expect other MSOS to uplist in the months ahead 

* I added to $VRNO yesterday (and I will do more today) — it’s my favorite risk/reward candidate (and one of the more probable other uplisting candidates)

On Wednesday I stepped up and repurchased MSOS (at around $4.75). Here is what I wrote two days ago:

Doesn’t Make Sense

I don’t think today’s decline in cannabis stocks makes much sense.

I have gotten aggressive with MSOS on a scale lower.

My average cost is about $4.76.

Position: Long MSOS (M)

BY Doug Kass · Jun 3, 2026, 3:52 PM EDT

Yesterday MSOS had an outsized move to the upside ($4.72 to $5.10), likely because of Trulieve’s (TCNNF) move (its shares rose by +14%) aimed at a NYSE listing:

Trulieve Restructures Business in Move Tied to NYSE Listing Application

tcnnf-20260603

and…

and…

On Tuesday I wrote an upbeat weed column that emphasized that uplistings could be a catalyst for the cannabis sector:

* The Likely Memeification of Cannabis Stocks 

“I never make plans that far ahead.”

– Casablanca (Rick’s response when Ilsa asks, “Will I see you tonight?”)

The animal spirits are on overload.

Market participants are grabbing at anything AI, space, memory, semis, etc. Parabolic moves have become common place. In the extreme, Jensen Huang mentions Marvell (MRVL) favorably and the shares rally by nearly +$70.

With the likely rescheduling of weed, likely uplistings (on major U.S. exchanges), settling of custody issues and emergence of institutional buyers (unleashing an abundance of buying power), I am increasingly of the camp that cannabis stocks could be memeified with such powerful changes ahead in the reasonably near term.

I add daily to VRNO – my favorite on a risk/reward basis.

Position: Long MSOS (M), VRNO (S) TCNNF (VS)

That Was Yesterday, This Is Today

Avatar photo Doug Kass on June 5, 2026

Yesterday’s rally was a head scratcher.

Today’s reversal in stock futures (S&P futures -40, Nasdaq futures -300) seems to be a function of several factors:

* Anthropic is calling for a global pause in AI development:   

* SpaceX IPO issues: 

and…

* A delayed reaction to the reemergence of private equity issues: 

Meanwhile, the semiconductor/memory (heavily) weighted Kospi is much lower:

Asia tech stocks drop after Broadcom rattles AI trade and drags Wall Street names lower

Position: None