New Age Beverage Corp. (NBEV) · page 15 of 29
Text-only research-note layout: top-left page folio '15', top-right Grizzly Reports logo, body paragraphs followed by an orange section headline and two indented Chinese-language excerpts paired with English translations.
Research note · villain_critique · name_villain · dense density
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Argument from Analogy 60%
Morinda's situation in China is explicitly compared to NHTC's prior scenario as predictive evidence.
Authority citation 70%Excerpts from a 2018 Chinese report and a March 15 2017 China Consumer News article are cited verbatim to substantiate the illegality claim.
Villain naming 75%Morinda (and parent NBEV) is explicitly named as operating illegally in China, mirroring NHTC.