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"model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Grizzly Research short report on Trulieve (TRUL.CN). Format is a Word-style memo with embedded drone aerial photos, a network-relationship graph (p10) of the FBI corruption ring, and basic Excel-style 3D/line peer-comparison charts (pp20-23). No named individual author — institutional 'Grizzly' byline only. The disclaimer watermark 'Not For Distribution' is visible across pages. Two distinct argument tracks: (1) governance/fraud — FBI subpoenas, JT Burnette's racketeering indictment, undisclosed related-party deals via One More Wish / Big Wish / Inkbridge / Burnette Construction; (2) operational/accounting — hoop-house drone photos, biological-asset mark-up critique benchmarked vs TIUM/LHS/CURA, negative FCF despite reported $60M net income. Explicit Muddy Waters/Huishan Dairy precedent invoked. Closing chapter title quotes Mobb Deep ('There ain't no such Thing as Halfway Crooks').", "kpisCited": [ { "detail": "~1.4M sqft of low-quality hoop houses out of 1.7M sqft total disclosed cultivation", "metric": "Cultivation footprint — outdoor hoop houses" }, { "detail": "Reported ~130% average — inflated by biological-asset fair-value adjustments", "metric": "Gross margin" }, { "detail": "As high as 99% vs net losses at TIUM, LHS, CURA peers", "metric": "Net profit margin (TTM)" }, { "detail": "TRUL ~38 g/sqft vs LHS ~103 g/sqft, CURA ~46 g/sqft, TIUM ~36 g/sqft", "metric": "Plant yield (annual)" }, { "detail": "Negative across Q3 2018 – Q3 2019 despite reported positive net income of up to $60M", "metric": "Free cash flow" }, { "detail": "Sub-$250K 8% loan from directors taken while Trulieve held $42M cash and $9M operating cash flow", "metric": "Insider loan" }, { "detail": "One More Wish flipped Blue Star Highway parcel to Trulieve for 42% gain (~800% annualized)", "metric": "Related-party real-estate flips" }, { "detail": "$8.7M in 2018 and ~$28M in first three quarters of 2019", "metric": "Burnette Construction payments" }, { "detail": "$60/sqft sale to Sunnyland — 4x prior $12/sqft 2007 mark, suggestive of NMTC-funded scam", "metric": "Sunnyland Solar warehouse mark" } ], "closingAsk": "Treat Trulieve as absolutely uninvestible — the company has been crooks then and remains crooks now.", "extraction": { "at": "2026-04-22 23:08:57+00", "model": "unknown-legacy", "runId": null, "seconds": 101.03241, "promptVersion": null }, "scqaReward": "Avoiding or shorting the stock protects against downside as biological-asset write-downs, FBI probe escalation toward Trulieve, and competitive losses to higher-yielding peers (LHS at 103 g/sqft vs TRUL's 38 g/sqft) compress the multiple.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "CEO Kim Rivers' husband JT Burnette is at the center of an FBI corruption probe in North Florida", "Most of Trulieve's 1.7M sqft cultivation is low-quality hoop houses, not premium indoor", "Reported profitability rests on suspect biological-asset mark-ups, not real cash flow" ], "scqaSituation": "Trulieve is the rising star of US cannabis: Florida's dominant medical-marijuana operator, the only publicly-traded peer reporting profits, and trading at a premium since its September 2018 reverse-merger listing under TRUL.", "thesisSummary": "Trulieve is portrayed as the only profitable publicly-traded cannabis operator, but Grizzly's on-the-ground due diligence — including drone footage over the Quincy, Florida facilities — finds that roughly 1.4 million of the company's 1.7 million sqft of cultivation is low-quality outdoor hoop houses prone to infestation and weather damage, contradicting the 'highest-quality flower' marketing. Reported 130% gross margins and ~99% net margins are driven by aggressive biological-asset fair-value mark-ups while free cash flow is negative. CEO Kim Rivers and her husband JT Burnette — indicted in May 2019 for racketeering and bank fraud alongside disgraced Tallahassee politician Scott Maddox — sit at the center of an FBI corruption probe, and Grizzly traces undisclosed related-party deals through shell entities (One More Wish, Big Wish, Inkbridge, Burnette Construction) that funneled tens of millions into the company. The conclusion: Trulieve is uninvestible.", "primaryDemands": [ "Avoid the stock — Grizzly believes Trulieve is uninvestible", "Investigate undisclosed related-party transactions with Burnette-affiliated entities (One More Wish, Big Wish, Burnette Construction, Inkbridge)", "Discount reported profitability that relies on inflated biological-asset mark-ups", "Reassess cultivation capacity given that ~1.4M sqft is low-quality outdoor hoop houses" ], "scqaResolution": "Grizzly urges investors to treat Trulieve as uninvestible — the financials are unreliable, the cultivation footprint cannot deliver premium product, and serious legal and reputational consequences for management are likely imminent.", "thesisOneLiner": "Trulieve's premium-grower story is a fraud: cultivation is mostly cheap hoop houses, profits rely on biological-asset mark-ups, and the CEO's husband sits at the center of an FBI corruption probe.", "precedentsCited": [ "Muddy Waters' December 2016 Huishan Dairy short — fake biological-asset mark-ups", "Scott Maddox / Paige Carter-Smith Tallahassee corruption indictment (FBI)", "'The Irishman' (rhetorical analogy for political-favor crime ring)" ], "scqaComplication": "On-the-ground due diligence shows cultivation is mostly low-quality hoop houses, profitability is paper-only biological-asset mark-ups, lenders trace back to insider shell entities, and CEO Kim Rivers' husband is indicted in an FBI corruption probe.", "narrativeInterest": 4, "notableSlidePages": [ 1, 10, 15, 21, 23 ], "peerCompaniesCited": [ "TIUM (Tilray)", "LHS (Liberty Health Sciences)", "CURA (Curaleaf)", "Surterra Wellness", "AltMed", "VidaCann" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The slide uses a list-based format to present a series of accusations, typical of short-seller research reports.", "function": "name_villain", "imagePath": 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There were 28 applicants in total, each one of five regions were supposed to get a license to grow low THC medical cannabis and Hackney was one of four applicants for the Northwest Florida license. The licensing process was very shady, and involved multiple undisclosed conflicts of interest.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:51.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df59ca89-5043-4c49-beb7-bd5a23aedebb", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.55 }, "kind": "paragraph", "text": "By the time of the public listing Trulieve had achieved leadership status in Florida’s nascent cannabis industry. Trulieve reported that it operates 507,100 square feet of cultivation facilities across three sites as of October 2018. Trulieve has also been the leader in Florida in dispensary openings. At the time of the public listing Trulieve had 16 dispensaries and has continued to grow the dispensary location count rapidly.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:51.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df7449a3-f13d-4e10-b7c8-13f23389ee0b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.24, "x": 0.38, "y": 0.1 }, "kind": "title", "text": "2. Brief History of Trulieve", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:51.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b2bec46-caf7-4fa6-9de6-f26a36a72276", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "tension", "title": "This is a page from an activist short-seller report by Grizzly Research targeting Trulieve.", "function": "expose_contradiction", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 12, "textChars": 1763, "nDataPoints": 8, "notes": "This is a page from an activist short-seller report by Grizzly Research targeting Trulieve.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.5-flash", "runId": null, "at": "2026-07-17 03:49:51.448+00", "seconds": 7.58, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-d6fa7836acbf/4", "deck": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "There were several related party groups that funded the company that investors should be very uncomfortable with.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:33:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f9-71ae-a67c-03fc3791e685", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.13, "x": 0.75, "y": 0.03 }, "kind": "image", "text": "GRIZZLY RESEARCH", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:49:51.448+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fecf6e06-02ec-4a1f-94c6-256d751df650", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.77, "x": 0.11, "y": 0.37 }, "kind": "paragraph", "text": "The structure for the financings is very peculiar. All entities were formed just prior, and in case of Track V apparently even after granting the loan to Trulieve. All but one lender links back to insiders...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:49:51.448+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04931e17-647b-49a0-a3cd-7d9092072556", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.77, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "The company's cannabis ventures were financed mostly by related party notes and show several red flags. According to county real estate records George Hackney Inc. aka Trulieve, transferred most of the real estate it possessed...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:49:51.448+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2913617b-b69e-4273-bc00-3f466172642b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.77, "x": 0.11, "y": 0.56 }, "kind": "paragraph", "text": "Inkbridge, LLC lent $1.8m to Trulieve in November 2017, the note was rolled into a subsequent note Trulieve calls the Rivers Note. Inkbridge is mentioned in the FBI subpoena and links to Scott Maddox...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:49:51.448+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83a95ae2-0134-4eba-864a-1ffb64688d23", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.77, "x": 0.11, "y": 0.73 }, "kind": "paragraph", "text": "Burnette created Sunnyland Solar and Kittrell created SolarSink to work on a solar energy startup. 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Consequentially the company took multiple notes from related parties, and a few from unrelated investor groups...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:49:51.448+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc19dd6f-99b9-47cd-942a-0a3e66bbe1eb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.77, "x": 0.11, "y": 0.3 }, "kind": "paragraph", "text": "As part of its reverse merger in September 2018, Trulieve issued equity capital in the form of 11m shares priced at C$6 per share. About $12million of the total $64million in proceeds were used to reduce outstanding notes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:49:51.448+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdf08939-e4fb-417b-9828-db6bb789706a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.77, "x": 0.11, "y": 0.83 }, "kind": "paragraph", "text": "The Solarsink LLC appears to have met this criteria through securing lending from Hunter & Harp Holdings, which according to a Tallahassee Democrat article was controlled by J.T. Burnette, Chad Kittrell and Frank Whitley...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:49:51.448+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d433c54d-c9f5-433b-86e2-4ddd22e6e242", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.49, "x": 0.17, "y": 0.53 }, "kind": "title", "text": "3.1 The Presence of Inkbridge, LLC is deeply worrying", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:49:51.448+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34ebc7a6-4007-4ac8-ab83-c9cbb9b082d3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.28, "x": 0.37, "y": 0.1 }, "kind": "title", "text": "3. Suspicious Funding Sources", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:49:51.448+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e42ed908-75f8-4d06-88cd-a22ba60b8652", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.16, "x": 0.11, "y": 0.7 }, "kind": "title", "text": "3.1.1 Sunnyland Solar", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:49:51.448+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b05a205-7266-4775-bf07-b4a64b9256f3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "tension", "title": "The slide uses a narrative of financial impropriety and potential criminal activity, linking specific individuals to questionable funding.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 8, "textChars": 1048, "nDataPoints": 6, "notes": "The slide uses a narrative of financial impropriety and potential criminal activity, linking specific individuals to questionable funding.", "elementsJson": [ "paragraph", "line_chart" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:50.479+00", "seconds": 3.108, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-d6fa7836acbf/5", "deck": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "It would almost seem like Burnette bought the company at $325,000, used government money and flipped into an instant 4x profit. 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As part of the amendment, only five licenses were to be issued to nurseries, one in each of five defined regions in the state. Also, the amendment installed seemingly arbitrary criteria such as being in business for 30 contiguous years, being able to maintain 400,000 plants, and a bunch of qualitative variables. 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When Halsey Beshears first ran for the House he was chief financial officer of Simpson Nurseries. Additionally, Beshears' cousin is Adam Hollingsworth, Gov. Scott's chief of staff. The Tampa Bay times called out a conflict of interest as early as 2014. Thad Beshears had already been working with Hackney nursery. 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Halsey himself used to be president of this very association. Rep. Halsey Beshears grew up with J.T. 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According to the Department of Agriculture and Consumer Services only five nurseries that met those minimum requirements at the time in the Northwest region.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:53.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf9a6f2f-109a-4b12-a1b6-4f095c068c33", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "paragraph", "text": "It even goes further. Burnette, Kim Rivers, and several associates and their businesses are reported to have set up loopholes to finance Halsey Beshears political progress. The same people mentioned in relationship to the campaign financing issue appear also on the FBI subpoena: Frank Whitley, Chad Kittrell, and Kim Rivers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:53.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e67a1e18-6628-4878-8dbb-8ddb044bf74a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "quote", "text": "\"The association did not help write the amendment. What (the association) did was throughout the session was to emphasize to legislators that if it was going to move forward on any type of medical marijuana bill, what they needed to do was ensure Florida agriculture, and especially nurseries that have greenhouse infrastructure, are not left on the cutting room floor.\" - Ben Bolusky, association CEO.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:53.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15b519f2-42d9-42a4-822c-2bd472bd2b5e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The association did not help write the amendment. 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their Governance consulting firm and committed bank fraud in real-estate deals...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:52.054+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49eb5bf9-82ca-4559-9eaa-7daaf47594b0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Maddox only goes through Burnette\", and \"Burnette is my guy\" — FBI indictment quotes", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:33:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f9-71ae-a679-ed8fa4185974", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.35, "y": 0.545 }, "kind": "title", "text": "5.1 Other Shady Characters", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:52.054+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04143197-c8e1-4384-84cc-8d25798e5f60", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "dc9743f8-7b94-4023-9b9a-900eb4fbe1fb", "evidence": "The slide details criminal indictments and suspicious associations to warn investors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:08:52.054+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 12, "type": "tension", "title": "Includes a snippet of a legal document (utility easement) as evidence of the connection between JT Burnette and the entities One More Wish, LLC and Big Wish, LL", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 10, "textChars": 2612, "nDataPoints": 6, "notes": "Includes a snippet of a legal document (utility easement) as evidence of the connection between JT Burnette and the entities One More Wish, LLC and Big Wish, LLC.", "elementsJson": [ "headline_text", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-17 03:27:38.316+00", "seconds": 10.885, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-d6fa7836acbf/12", "deck": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "One More Wish is like most of the companies in Kim Rivers’ and Burnette’s network: A murky company without business website, any kind of description about what it does, and a weird name.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:33:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f9-71ae-a67a-6c04969fde7c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.73 }, "kind": "image", "text": "Legal document snippet showing JT Burnette as authorized agent for One More Wish, LLC & Big Wish, LLC.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:38.316+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46d41862-c71b-439e-b346-94de217cd01a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.39 }, "kind": "paragraph", "text": "Florida county records show that One More Wish bought a property at Blue Star Highway in Quincy in June 2018 and sold it to Trulieve in August 2018 for a 42% gain which translates to over 800% annualized return. The timing of this transaction was also very suspicious, as it must have become clear to insiders that with the upcoming offering funds would come available to the firm. Why not flip some land for a nice gain into the own pockets. The letter of intent to reverse merge Trulieve into a public shell was signed in June 2018.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:38.316+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0106d17a-3a64-49d5-97d8-40dbfa3e90e7", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.52 }, "kind": "paragraph", "text": "This exact property was sold in a sale leaseback commitment to IIPR for $1,700,000, which is very weird because our otgdd indicates that this is not the property described in the press release by IIPR. Our on the ground research showed that this parcel has the warehouses described in the PR, which Trulieve also happened to have acquired from One More Wish. In fact, One More Wish sold two more properties to Trulieve for spectacular gains. One more Wish bought this property in December 2017 for $20,000 and this property in April 2017 for $1,200,000. Both were sold together to Trulieve in June 2018 for $2,170,000.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:38.316+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32ff79be-a815-4ec2-b810-b526a0520101", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.1, "y": 0.23 }, "kind": "paragraph", "text": "One More Wish is like most of the companies in Kim Rivers' and Burnette's network: A murky company without business website, any kind of description about what it does, and a weird name. Trulieve doesn't disclose its existence.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:38.316+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1f03acd-7033-4606-866d-1165d755c1e6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.14 }, "kind": "paragraph", "text": "We established before that Trulieve is lying about the related party nature of certain lenders. But these are not the only shady undisclosed related party dealings we found.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:38.316+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8eb07e2-39bf-4064-8885-e42b86e93f07", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.3 }, "kind": "paragraph", "text": "The Principal address of One More Wish, LLC is 178 May Nursery Rd, Havana, FL 32333, which is the address of the May Nursery, and was changed in February 2018. Warranty records show that previously One More Wish's address was 3919 W Millers Bridge Road, Tallahassee, FL 32312, which is Kim Rivers and Burnette's home address.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:38.316+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd2e4abd-0b07-4d2b-9d37-d33c0dee48b1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.1, "y": 0.65 }, "kind": "paragraph", "text": "We also note that One More Wish buys properties from an entity with the peculiar name Big Wish LLC. We were able to link Big Wish to the very same network. Records don't show any registered agents or addresses for Big Wish that have anything to do with insiders, but we found an easement from 2017 where JT Burnette signed as the representative of both One More Wish LLC and Big Wish LLC.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:38.316+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc2e4e78-964e-4590-b71e-eba4bbe3366b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.1 }, "kind": "title", "text": "6. More Undisclosed related Party Dealings", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:38.316+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8498a516-1938-4515-b84c-5528298bd60c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.2 }, "kind": "title", "text": "6.1 One More Wish", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:27:38.316+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfc6e32f-2490-42c0-85b8-0947d3bdebd1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bf85503e-87bd-4cfc-a247-753388b336ef", "evidence": "The slide systematically links insider entities to undisclosed real estate transactions to demonstrate self-dealing.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:27:38.316+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 13, "type": "tension", "title": "The slide links specific construction payments ($8.7M in 2018, $28M in 2019) to a company owned by a spouse of a Trulieve officer, connecting it to FBI subpoena", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 6, "textChars": 1600, "nDataPoints": 3, "notes": "The slide links specific construction payments ($8.7M in 2018, $28M in 2019) to a company owned by a spouse of a Trulieve officer, connecting it to FBI subpoenas.", "elementsJson": [ "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:56.123+00", "seconds": 7.165, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-d6fa7836acbf/13", "deck": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This exact company was also mentioned in the FBI subpoena and deeply involved in the projects where we speculate money was siphoned off.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:33:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f9-71ae-a67a-24ef8cdc0e52", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.23 }, "kind": "paragraph", "text": "Burnette is obviously in trouble for serious charges, and we expect further investigations into his and Kim River's activities when it comes to raising money from the CRA and how these funds are used. Trulieve discloses that a spouse of an officer and director is a minority owner of a company that provides construction services to Trulieve. In 2018 that construction company received payments of $8.7million and in the first three quarters of 2019 the construction company was already paid almost $28 million. 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This exact company was also mentioned in the FBI subpoena and deeply involved in the projects where we speculate money was siphoned off.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:56.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc21a346-2794-4166-a618-b3726f832329", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.11 }, "kind": "paragraph", "text": "There seems to be a pattern where Big Wish LLC purchases properties at distressed prices, sells them to One More Wish, which then sells them on. 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Hackney nursey is in Quincy, we were told by locals that Trulieve has hired about half of the small town. 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The facility consisted of two large dark green buildings. The larger building was massive in size. The smaller of the two was easily 300 feet long by 80 feet wide. The entire facility was surrounded by a 9 foot chain linked fence with barbed wire, there was a security booth at the main gate and they had security cameras and a hummer driving security personnel. We moved freely outside this facility, it was located in a residential neighborhood of modest homes. 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"kind": "paragraph", "text": "Even though the company has portrayed it is profitable, we are highly suspicious. 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