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    Aaron Gray

    Research Analyst at Alliance Global Partners

    Aaron Grey, CFA, CPA, is Managing Director and Head of Consumer and Cannabis Research at Alliance Global Partners, specializing in coverage of companies such as Verano Holdings and Alkaline Water Co., with a focus on the consumer and cannabis sectors. Previously, he served as Vice President at J.P. Morgan on an Institutional Investor All-American ranked research team covering consumer retail, and earlier worked on the consumer staples team at Cowen and Company as well as in Deloitte & Touche’s audit practice. Grey joined Alliance Global Partners in 2020, has been recognized as a Business Insider Rising Star of Equity Research, and frequently contributes to leading financial media. He holds a CFA charter, is a Certified Public Accountant in New York, and earned degrees in Finance and Accountancy from Villanova University.

    Aaron Gray's questions to Verano Holdings (VRNOF) leadership

    Aaron Gray's questions to Verano Holdings (VRNOF) leadership • Q3 2022

    Question

    Aaron Gray of Alliance Global Partners asked about the competitive dynamics in Florida, questioning why Verano's market share remained flat despite significant store openings and inquiring about the company's pricing strategy. He also sought details on the revised, lower CapEx plan, asking which markets were deprioritized and if this included the now-terminated Goodness Growth acquisition plans.

    Answer

    CEO & Founder George Archos acknowledged market softness in Florida, attributing it to hurricane impacts and broader economic pressures. He explained that Verano is introducing value-tier brands like Savvy to attract new customers without altering the pricing of its popular premium brands. Regarding CapEx, Archos confirmed the reduction is due to pausing projects in Pennsylvania and Florida and eliminating spending for New York and Minnesota following the terminated acquisition, which preserves cash.

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    Aaron Gray's questions to Verano Holdings (VRNOF) leadership • Q2 2022

    Question

    Aaron Gray from Alliance Global Partners inquired about Verano's inventory levels and wholesale opportunities in New Jersey, overall wholesale performance, and targets for vertical integration in key markets like Pennsylvania.

    Answer

    CEO George Archos confirmed that New Jersey inventory is strong with new SKUs being added weekly, expressing a positive outlook for both retail and wholesale. He acknowledged some Q2 wholesale headwinds but noted incremental growth heading into Q3. Archos also explained that the rollout of the Essence and Savvy brands will enhance vertical integration across different price points. He clarified that the reduced CapEx guidance reflects adjusted adult-use timelines in Pennsylvania and Florida, but the company remains positioned to scale quickly.

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    Aaron Gray's questions to ALKALINE WATER Co (WTER) leadership

    Aaron Gray's questions to ALKALINE WATER Co (WTER) leadership • Q3 2022

    Question

    Aaron Gray of Alliance Global Partners inquired about the company's 9% price increase, its price positioning relative to competitors, and the current state of retail shelf resets following COVID-related delays.

    Answer

    President & CEO Ricky Wright responded that the company's pricing is well within the industry mean according to Nielsen data, and they have not yet observed any demand elasticity from the increases. He also confirmed that the retail environment has normalized, expressing confidence in achieving their goal of expanding from approximately 80,000 stores to between 90,000 and 110,000 stores in the next year, supported by new banners and increased SKU adoption by existing retailers.

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