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    Douglas Cooper • Beacon Securities Limited

    Doug Cooper is the Managing Director and Head of Research at Beacon Securities Limited, where he specializes in equity research with a strong focus on the cannabis and agricultural sectors, including companies such as Village Farms. Over a 12-year tenure at Beacon Securities, Cooper has been recognized for his in-depth analysis and actionable investment calls, exemplified by maintaining high conviction ratings and generating strong return opportunities, such as a recent price target implying a 194% return on Village Farms. His career began after earning an undergraduate degree from McGill University and an MBA from York University, with prior senior roles at Paradigm Capital as Head of Research and at GuestLogix as VP of Strategic Expansion. Cooper holds an MBA and brings a wealth of financial analysis expertise, but verifiable securities licenses or FINRA registrations are not publicly listed.

    Douglas Cooper's questions to Village Farms International Inc (VFF) leadership

    Douglas Cooper's questions to Village Farms International Inc (VFF) leadership • Q1 2025

    Question

    Douglas Cooper sought clarification on the remaining produce assets post-Vanguard deal, the profitability of those assets, pro forma financials for the cannabis business, the company's net cash position, M&A strategy, and the capacity and pricing environment in the Netherlands.

    Answer

    CEO Mike DeGiglio clarified that the Delta 1 facility, which has always been profitable, is the primary remaining produce asset. CFO Steve Ruffini confirmed the pro forma cannabis segment figures and stated the company's net cash position would be strong. DeGiglio reiterated a focus on organic growth over M&A and detailed that Netherlands capacity will grow from 2,000 kilos to 10,000-12,000 kilos with Phase 2.

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