Sign in

    Aaron Grey • Alliance Global Partners

    Aaron Grey's questions to Innovative Industrial Properties Inc (IIPR) leadership

    Aaron Grey's questions to Innovative Industrial Properties Inc (IIPR) leadership • Q2 2025

    Question

    Aaron Grey of Alliance Global Partners asked how the decision to diversify with IQHQ relates to supporting the dividend amid uncertainty from cannabis tenant defaults, and requested an update on the PharmaCann situation.

    Answer

    Executive Chairman Alan Gold explained the investment provides current income and diversification, giving the company time to work through its cannabis portfolio issues. Regarding PharmaCann, President and CEO Paul Smithers stated that IIPR is aggressively pursuing eviction to recover the properties and is focused on re-leasing them, rather than on PharmaCann's separate corporate debt issues.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Innovative Industrial Properties Inc (IIPR) leadership • Q1 2025

    Question

    Aaron Grey inquired how the need to maintain active cultivation operations influences the timing of resolutions with tenants and asked for more color on where the company sees opportunities to deploy its ~$220 million in liquidity, including outside of cannabis.

    Answer

    President and CEO Paul Smithers stated that transitioning a fully operational facility is the goal, which is more structured in a receivership but can also be achieved during an eviction through tenant cooperation. Executive Chairman Alan Gold noted that while they are evaluating many opportunities, any investment must be accretive, and they hope to announce new investments within 3-6 months, both in cannabis and other unique situations.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Innovative Industrial Properties Inc (IIPR) leadership • Q4 2024

    Question

    Aaron Grey requested more color on the security deposits applied for the four tenants other than PharmaCann and asked about the company's investment pipeline and potential for committed capital in 2025.

    Answer

    Executive Chairman Alan Gold explained that each tenant situation is unique and being handled directly, but he could not disclose specifics due to confidentiality agreements. Chief Investment Officer Ben Regin added that tenant health is linked to the overall industry's health. Regarding the pipeline, Mr. Regin stated that the company continues to be opportunistic and disciplined, leveraging its $235 million in liquidity to capitalize on the best available opportunities.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Honest Company Inc (HNST) leadership

    Aaron Grey's questions to Honest Company Inc (HNST) leadership • Q2 2025

    Question

    Aaron Grey from Alliance Global Partners questioned the full-year 2025 guidance, asking for clarity on why second-half EBITDA is projected to be lower than the first half despite higher sales. He also inquired if the marketing for the new diaper launch could represent potential sales upside and asked for more details on those marketing initiatives.

    Answer

    CFO Curtiss Bruce explained the second-half outlook, noting that Q3 revenue will be impacted by lapping prior-year promotional events and a diaper distribution loss, with growth expected to re-accelerate in Q4. He detailed that a gross tariff impact of $8 million is now included in the full-year guide. CEO Carla Vernón added that the new diaper launch is supported by a full-surround marketing campaign across digital, streaming, and traditional media, influencer partnerships, and new packaging designed to highlight key benefits like leak protection and softness.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Honest Company Inc (HNST) leadership • Q1 2025

    Question

    Aaron Grey asked for clarification on the Q1 sales beat, questioning the impact of shipment timing and the implied guidance for Q2, which suggests a potential sales decline. He also inquired about the marketing strategy and spending plans for 2025.

    Answer

    CEO Carla Vernon and CFO Dave Loretta explained that Q1 revenue included a 5-percentage-point pull-forward in shipments, primarily to Amazon, as part of their tariff mitigation strategy. They expect this to reverse in Q2, and combined with a tough comparison to a large retailer event in the prior year, this leads to a first-half growth rate in line with the annual outlook. Carla Vernon added that the company will continue to invest strongly in marketing to support the new diaper launch and expanded distribution, funded by SG&A efficiencies.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Honest Company Inc (HNST) leadership • Q4 2024

    Question

    Aaron Grey of Alliance Global Partners asked about the cadence of the 2025 revenue guidance and the key distribution growth opportunities for the upcoming year.

    Answer

    CFO David Loretta explained that Q1 2025 growth is expected to be higher than the full-year average due to a soft comparable period in Q1 2024, with more challenging comps in the back half of the year. CEO Carla Vernon added that significant distribution opportunities remain, not just in new channels like dollar and club, but also by increasing product depth and assortment within existing key retail partners like Walmart.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Honest Company Inc (HNST) leadership • Q3 2024

    Question

    Aaron Grey of Alliance Global Partners asked for quantification of the shipment benefits that impacted Q3 revenue and inquired about the company's confidence in continuing to invest in marketing and trade spend for growth versus prioritizing bottom-line profitability.

    Answer

    CFO David Loretta explained that approximately 3-4 percentage points of the 15% revenue growth were attributable to shipments for retail events, with the balance from strong underlying consumption. Loretta affirmed the company's confidence and flexibility in using marketing and trade spend to drive brand trial and awareness, citing the 23 basis point increase in household penetration as evidence of success, a strategy they plan to continue.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Turning Point Brands Inc (TPB) leadership

    Aaron Grey's questions to Turning Point Brands Inc (TPB) leadership • Q2 2025

    Question

    Aaron Grey from Alliance Global Partners questioned the drivers of the strong gross margins in the Stoker's segment, particularly the impact of nicotine pouches. He also asked for color on the second-half pouch sales outlook, expected new distribution, and how the expanding sales team is being incentivized.

    Answer

    CEO Graham Purdy responded that heritage Stoker's brand margins remain healthy and are expanding. For modern oral pouches, he noted the company is bullish on the long-term margin profile despite expected lumpiness from investments. Regarding the second half, Purdy attributed the guidance range to the newness of the ALP retail launch but expressed confidence in the plan to double the sales force by 2026 to drive distribution in what he called a 'trench warfare' environment.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Turning Point Brands Inc (TPB) leadership • Q1 2025

    Question

    Aaron Grey asked for clarification on any significant shipment timing impacts for nicotine pouches in the quarter, such as initial channel fill for new retailers. He also inquired about the strategy to capitalize on the strong early brand awareness for ALP and whether its distribution would be accelerated. His second question focused on the Stoker's segment gross margin, which remained elevated despite the higher mix of lower-margin pouches, seeking more color on the pouch margin profile.

    Answer

    CEO Graham Purdy explained that the ALP brand's go-to-market strategy is distinct, focusing on an online model connected to its TCM affiliation, while the company concentrates on brick-and-mortar distribution for the FRE brand. Regarding margins, executive Andrew Flynn confirmed that the pouch margin profile is within the range previously communicated by the company.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Turning Point Brands Inc (TPB) leadership • Q4 2024

    Question

    Aaron Grey from Alliance Global Partners asked for more color on the distinct marketing strategies for the FRE and ALP brands. He also inquired about the drivers behind the Zig-Zag segment's gross margin decline and its sales and margin outlook for 2025.

    Answer

    CEO Graham Purdy clarified that the ultimate goal is to leverage multiple brands across all channels to capture the widest possible consumer base. For the Zig-Zag segment, Purdy reiterated a mid-single-digit growth outlook for 2025, supported by sales team investments. He attributed the recent margin pressure to a product mix shift into lower-margin categories, a trend he expects to continue but be moderated by leveraging fixed costs.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to SNDL Inc (SNDL) leadership

    Aaron Grey's questions to SNDL Inc (SNDL) leadership • Q2 2025

    Question

    Aaron Grey from Alliance Global Partners inquired about SNDL's international supply chain, the margin profile of European sales versus Canadian sales, and the key drivers behind the liquor retail segment's return to growth, questioning if it was due to company initiatives or broader market trends.

    Answer

    CEO Zach George and CFO Alberto Paredero-Quiros explained that international margins are currently accretive but subject to volatility in the emerging European market. George attributed the liquor segment's growth to specific banner management, particularly the success of Wine and Beyond, which challenges the narrative of secular decline in alcohol consumption. Paredero-Quiros confirmed international sales margins are higher than the Canadian average.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Tilray Brands Inc (TLRY) leadership

    Aaron Grey's questions to Tilray Brands Inc (TLRY) leadership • Q4 2025

    Question

    Aaron Grey of Alliance Global Partners questioned the key drivers behind the fiscal 2026 EBITDA guidance, expected seasonality, and the supply-demand dynamics and potential pricing pressure in the German cannabis market.

    Answer

    CFO Carl Merton stated that the EBITDA growth will be driven by the international business, improvements in Canada and beverage, and cost savings from Project 420, with Q4 remaining the strongest seasonal quarter. CEO Irwin Simon added that achieving scale is a major factor. Regarding Germany, Chief Strategy Officer Denise Faltischek acknowledged price compression but noted Tilray is prepared through significant cost reductions and a robust supply chain.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Tilray Brands Inc (TLRY) leadership • Q3 2025

    Question

    Aaron Grey asked about Tilray's strategy of allocating cannabis to more profitable international markets at the potential expense of Canadian market share, and inquired about growth targets and marketing initiatives for the emerging hemp-derived beverage segment.

    Answer

    Chairman and CEO Irwin Simon explained that the company prioritizes overall profitability, driven by higher margins and no excise tax in international medical markets, over maintaining Canadian market share at any cost. For hemp-derived beverages, he highlighted the goal of building a multi-million dollar business by leveraging existing distribution, educating consumers, and implementing regional marketing and sponsorships.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Tilray Brands Inc (TLRY) leadership • Q1 2025

    Question

    Aaron Grey of Alliance Global Partners asked about Tilray's strategy for balancing business investment with profitable growth, the expected cadence and drivers for EBITDA throughout the fiscal year, and for clarification on the distribution strategy for its new hemp-derived THC beverages.

    Answer

    Chairman and CEO Irwin Simon explained that the first quarter is seasonally the lowest and that results were impacted by the timing of new product rollouts and cost-saving integrations. He noted that the Molson Coors acquisition impact is not yet reflected. Simon clarified that the new hemp-derived beverages will be distributed primarily through brick-and-mortar retail via the company's existing beer distribution network in 19 states.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Tilray Brands Inc (TLRY) leadership • Q2 2024

    Question

    Aaron Grey of Alliance Global Partners questioned the potential impact of the delayed Farm Bill and a new political administration on the regulatory landscape for hemp-derived Delta-9 THC beverages.

    Answer

    Chairman and CEO Irwin Simon characterized the Farm Bill's two-year delay as "good news," stating he anticipates no immediate regulatory changes. He emphasized the significant opportunity, citing strong demand from distributors and retailers and millions in sales already achieved in the quarter.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Curaleaf Holdings Inc (CURLF) leadership

    Aaron Grey's questions to Curaleaf Holdings Inc (CURLF) leadership • Q4 2024

    Question

    Aaron Grey asked for an outlook on Curaleaf's international business, inquiring about opportunities in Germany amid potential government changes and the impact of increasing competition in the European market.

    Answer

    Chairman and CEO Boris Jordan stated that Curaleaf does not anticipate changes to Germany's medical cannabis program, viewing a potential slowdown in adult-use as a positive. He acknowledged rising competition but noted that Curaleaf's margins in Europe are expanding due to its premium product offerings and operational scale, a trend expected to continue in 2025.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Curaleaf Holdings Inc (CURLF) leadership • Q2 2024

    Question

    Aaron Grey inquired about the distribution strategy for Curaleaf's new hemp business, including direct-to-consumer, brick-and-mortar, and partnerships like DoorDash. He also asked about the nature of recent SG&A expenses related to international and hemp investments and their impact on the margin outlook.

    Answer

    CEO Matt Darin detailed the hemp launch, highlighting direct-to-consumer shipping to 25 states, a DoorDash partnership expanding to 13 states, and forthcoming brick-and-mortar distribution deals. Executive Chairman Boris Jordan clarified that the recent hemp and international integration costs were largely one-time startup expenses and that he expects gross margins to continue improving from the 50% level seen at the end of Q2.

    Ask Fintool Equity Research AI

    Aaron Grey's questions to Curaleaf Holdings Inc (CURLF) leadership • Q1 2024

    Question

    Aaron Grey inquired about the early progress of cannabis reform in Germany, seeking details on initial demand, physician and pharmacy adoption, patient growth, and Curaleaf's educational initiatives since the April 1st legislative change.

    Answer

    Executive Chairman Boris Jordan responded that initial progress has surpassed expectations, with telemedicine platforms adding more patients in April than in their entire history. He noted that while Curaleaf's revenue growth is strong, the market is still in its early stages. Key bottlenecks include training doctors and scaling pharmacy packaging capabilities, but he confirmed the early signs are very positive.

    Ask Fintool Equity Research AI