Sign in

    Bobby Burleson

    Research Analyst at Canaccord Genuity

    Bobby Burleson's questions to Glass House Brands (GLASF) leadership

    Bobby Burleson's questions to Glass House Brands (GLASF) leadership • Q2 2023

    Question

    Bobby Burleson asked about Glass House Brands' potential for aggressive strategic moves given its strong performance in a stressed California market, the dynamics of wholesale pricing for the second half of the year, and the lag effect of competitor shutdowns on market prices.

    Answer

    Co-Founder, Chairman and CEO Kyle Kazan stated that while the company is laser-focused on its SoCal farm, they are always evaluating opportunities. President Graham Farrar added that their cultivation strength allows for proactive positioning. Farrar noted that wholesale pricing is progressing as expected with seasonal softening but remains at favorable levels, supported by continued license attrition among competitors, which he described as a trailing indicator of decreasing market supply.

    Ask Fintool Equity Research AI

    Bobby Burleson's questions to Glass House Brands (GLASF) leadership • Q1 2023

    Question

    Bobby Burleson from Canaccord inquired about which cannabis product form factors are facing the most pressure amid a potential brand extinction event and questioned what the company's performance might have been if not for the difficult weather conditions in Q1.

    Answer

    Co-Founder, Chairman and CEO Kyle Kazan explained that the pressure on brands is less about form factor and more about the financial distress of retailers, who are struggling to pay bills. Co-Founder and President Graham Farrar added that flower and vape products would likely see the most pressure due to rising input costs for biomass and distillate. Regarding weather, Farrar stated that the adverse conditions highlighted the strength of the SoCal farm's climate management, and that with normal weather, the already strong production numbers would have been even higher.

    Ask Fintool Equity Research AI

    Bobby Burleson's questions to Glass House Brands (GLASF) leadership • Q4 2022

    Question

    Bobby Burleson of Canaccord inquired about the expected timeline for the ongoing "extinction event" in cultivation to impact the retail and CPG sectors, the market dynamics behind the decline in flower sales, and the assumptions baked into the company's wholesale pricing outlook.

    Answer

    Kyle Kazan (Co-Founder, Chairman and CEO) stated that timing a retail shakeout is difficult but expects it to occur in 2023, noting the company's vertical integration allows them to be cautious with retailers who can't pay. Graham Farrar (Co-Founder and President) added that the market is seeing supply rationalization, not a change in consumption, as unsustainable pricing forces cultivators to exit. Mark Vendetti (CFO) and Graham Farrar both emphasized that their strategy is focused on being the lowest-cost, highest-quality producer to weather any price environment.

    Ask Fintool Equity Research AI

    Bobby Burleson's questions to Jushi Holdings (JUSHF) leadership

    Bobby Burleson's questions to Jushi Holdings (JUSHF) leadership • Q2 2023

    Question

    Bobby Burleson of Canaccord Genuity inquired about the primary drivers behind the stronger-than-expected Q2 EBITDA margin and asked about the potential for waning consumer inflation to benefit product pricing.

    Answer

    Chairman and CEO Jim Cacioppo attributed the margin growth to significant operational efficiency gains at grower processors, including improved plant yields and quality, alongside a new budgeted retail labor model that reduced hours. He explained that rather than relying on easing inflation, the company is launching higher-margin products like infused flower and larger vape formats, which provide better value to consumers while improving Jushi's margins.

    Ask Fintool Equity Research AI

    Bobby Burleson's questions to Jushi Holdings (JUSHF) leadership • Q1 2023

    Question

    Bobby Burleson from Canaccord Genuity inquired about the company's profitability goals for its grower processors, asking for details on current capacity utilization and cost structures versus future targets.

    Answer

    CEO, Chairman and Founder Jim Cacioppo explained that grower processor profitability is a major lever for improvement. He noted that capacity utilization was low in 2022 but is now increasing significantly as new grow rooms in Pennsylvania and Virginia come online. He expects the Pennsylvania facility to reach full capacity by the end of Q2 2023, with Virginia and Massachusetts following. The target yield is approximately 75 grams per square foot, which will drive profitability in the second half of the year.

    Ask Fintool Equity Research AI

    Bobby Burleson's questions to Jushi Holdings (JUSHF) leadership • Q4 2022

    Question

    Bobby Burleson from Canaccord Genuity inquired about consumer behavior trends, such as price sensitivity and average basket size, and asked which states would be the primary beneficiaries of the company's cost-cutting efforts.

    Answer

    CEO Jim Cacioppo noted that consumer trends were stable and similar to peers but highlighted 'green shoots' like raising wholesale prices in Nevada and seeing tightening bulk flower supply in Pennsylvania. He clarified that cost-cutting initiatives, particularly the significant reduction in retail labor hours, are being implemented system-wide. However, he emphasized that the most substantial margin improvements are expected from the operational ramp-up and efficiency gains at the large grower-processors in Pennsylvania and Virginia.

    Ask Fintool Equity Research AI

    Bobby Burleson's questions to Ascend Wellness Holdings (AAWH) leadership

    Bobby Burleson's questions to Ascend Wellness Holdings (AAWH) leadership • Q1 2023

    Question

    Bobby Burleson from Canaccord Genuity asked about the profitability of Ascend's outlet stores compared to the rest of its retail network and inquired about the expected timing for the three Pennsylvania store openings planned for 2024.

    Answer

    Abner Kurtin, Executive Chairman, explained that while outlet stores have a 5-10 point lower margin, their significantly higher sales volume results in greater gross margin dollars. For the Pennsylvania expansion, Frank Perullo, President and Interim Co-CEO, and Daniel Neville, CFO and Interim Co-CEO, detailed that sites are being secured, with openings staggered through Q1, Q2, and early Q3 of the following year. Daniel Neville emphasized the focus on securing 'A-plus' sites suitable for future adult-use sales.

    Ask Fintool Equity Research AI

    Bobby Burleson's questions to Planet 13 Holdings (PLNH) leadership

    Bobby Burleson's questions to Planet 13 Holdings (PLNH) leadership • Q4 2022

    Question

    Bobby Burleson of Canaccord asked about recent tourist data in Las Vegas, questioning if the company is observing improved traffic from younger and international demographics at its SuperStore and how that impacts demand. He also inquired about the company's strategy to capitalize on struggling competitors in Nevada, including potential acquisitions.

    Answer

    Co-CEO Robert Groesbeck confirmed positive traffic and convention upticks, citing major upcoming events like F1 and the Super Bowl as strong potential draws, while noting macroeconomic pressures from interest rates could impact consumer spending. On capitalizing on struggling competitors, Groesbeck stated they are actively monitoring opportunities and receiving weekly inquiries for potential acquisitions. Co-CEO Larry Scheffler added that the failure of competing dispensaries also benefits the company by increasing its available customer base.

    Ask Fintool Equity Research AI

    Bobby Burleson's questions to TILT Holdings (TLLTF) leadership

    Bobby Burleson's questions to TILT Holdings (TLLTF) leadership • Q4 2022

    Question

    Bobby Burleson from Canaccord asked about the shelf velocity and re-sale performance of brand partner products, the current cadence for onboarding new brands, and whether the Jupiter business is positioned to gain market share.

    Answer

    CEO Gary Santo reported pleasantly surprising uptake and sell-through for brand partners like Highsman and 1906, noting they review shelf velocity quarterly with each brand. He stated the ideal onboarding cadence is now 90-120 days, which allows for a robust go-to-market strategy. Regarding Jupiter, Gary Santo affirmed there is a great opportunity to gain market share by focusing on innovation, white-glove service, and leveraging cross-selling opportunities between the hardware and plant-touching sales teams. CFO Dana Arvidson added that brand success is also tied to the partner's own commitment to in-market activation.

    Ask Fintool Equity Research AI