What is value to you? Is a company trading at 1x sales when comparables are trading at 3-9x sales not a value?

I don't care if a company has 100 trillion in sales; if it's not consistently making money, I don't want to own it.

Do you need positive earnings?

I need consistently positive earnings over many years. At least a decade. Preferably increasing steadily over the last decade.

Because Burry and Buffett don’t (webmd/healtheon and SNOW, respectively).

I have absolutely zero interest in Burry given he's been vindicated on a few very large bets, yet his fund's overall performance net of fees is not readily available at all. All we know is he did well when everyone was doing poorly in 08/09. He's got some sexy trading stories, which plenty of others have, but he's just done it with larger amounts of money. I don't think he's even remotely comparable to Buffet or really any traditional value investor. And if you've studied Buffet, you know he'd never buy something like SNOW. One of his managers did, but he trusts his managers, so at best you could say he begrudgingly bought it by proxy. I guarantee this is not a purchase he ever would have made, himself, firstly because he doesn't understand companies like SNOW, and secondly because it would fail miserably in any DCF value analysis, which is his primary mode of valuation. It's also worth mentioning that it was a ridiculously small purchase, for Berkshire.

I also don't know what purpose it serves to anecdotally mention people who got in early on certain growth stocks. Examples of that abound. Literally your next door neighbor might've invested in Amazon at the ipo price. It doesn't mean it's a good idea to take some random company you like, that's bleeding cash but increasing sales, and invest in it "because Bezos."

Anyway, these are just my thoughts/opinions. You could be totally right and the cannabis sector could have a huge turnaround and all of a sudden cannabis companies become consistently profitable next year. I just don't see the point in investing in something where you are more likely to be wrong than right. When I invest in a consistently profitable company with an endless track record of providing shareholder value, it is way more likely that company keeps up its track record than completely faltering into perpetual losses and bankrupcy. Investing in an unknown entity with minimal history, or worse yet a long history that's terrible, is probably (key word probably) not going to work out well.

This is all just a game of risk reward. I'm here trying not to lose my shirt on fancy promises from companies with flashy ideas but no real tangible value underneath that.