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    Eric Des Lauriers

    Senior Research Analyst at Craig-Hallum Capital Group LLC

    Eric Des Lauriers is a Senior Research Analyst at Craig-Hallum Capital Group LLC, specializing in coverage of consumer staples, industrials, and select real estate companies. He closely tracks companies such as Lindblad Expeditions, Innovative Industrial Properties, GrowGeneration, The Vita Coco Company, and Agrify, and has issued over 20 stock ratings with a success rate near 50% and an average return of approximately -3.3%. Des Lauriers began his career at Craig-Hallum in 2016 as a Research Associate before being promoted to Senior Research Analyst in 2019. He holds relevant FINRA securities licenses and is recognized for his analytical rigor and sector expertise.

    Eric Des Lauriers's questions to Westrock Coffee (WEST) leadership

    Eric Des Lauriers's questions to Westrock Coffee (WEST) leadership • Q2 2025

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group LLC asked for clarification on the 'different mix' of results mentioned by management, inquired about the specifics of the company's partnership with Palantir and its impact on profitability, and sought an update on the timeline for the second Conway ready-to-drink (RTD) can line.

    Answer

    Co-Founder, Director & CEO Scott Ford explained that while the Conway facility's volume ramp-up was slower than initially planned, this was offset by stronger performance in the core business and significant profitability contributions from their data intelligence partnership with Palantir. Ford elaborated that Palantir helps optimize risk management by analyzing customer forecasts and futures data, and is now being deployed in manufacturing. He also confirmed the second RTD can line is on schedule for installation in October and production in early November.

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    Eric Des Lauriers's questions to Westrock Coffee (WEST) leadership • Q1 2025

    Question

    Eric Des Lauriers of Craig-Hallum Group asked for more detail on the recent customer wins that are offsetting macro headwinds from high coffee prices. He also questioned the company's remaining capacity to continue taking market share and inquired about the potential drivers of variability between the low and high ends of the company's guidance.

    Answer

    CEO Scott Ford stated they are winning 'across the board' in single-serve and attracting major brands to the new Conway RTD facility, and that they have capacity for more growth 'everywhere' due to infrastructure built for incremental expansion. CFO Chris Pledger explained that the guidance range accounts for two main variables: potential timing shifts in the large-scale Conway ramp-up and the uncertain impact of the macro environment, including tariffs and high costs, on overall consumer behavior.

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    Eric Des Lauriers's questions to Westrock Coffee (WEST) leadership • Q3 2024

    Question

    Eric Des Lauriers asked for clarification on the 2025 EBITDA growth drivers, wanting to distinguish between secured contracts and anticipated wins in the core coffee and single-serve segments, and also asked about the nature of the recent single-serve volume rebound.

    Answer

    CFO Chris Pledger confirmed that new core coffee retail customers were onboarded in late 2024, providing a full-year benefit in 2025. For single-serve, new volumes from existing customers are secured, while wins from new customers are an expectation. CEO Scott Ford added that due to winning new distribution and customers, Westrock's single-serve volumes could grow 60-80% in 2025, significantly outpacing the broader market.

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    Eric Des Lauriers's questions to Vital Farms (VITL) leadership

    Eric Des Lauriers's questions to Vital Farms (VITL) leadership • Q2 2025

    Question

    Eric Des Lauriers asked for more details on the decision to add on-site cold storage at the ECS and Seymour facilities and its impact on the supply chain. He also inquired about the risks associated with accelerating the onboarding of new family farms.

    Answer

    CEO Russell Diez-Canseco and CFO Thilo Wrede explained that co-located cold storage significantly improves operational efficiency and economics by eliminating truck transport between processing and storage. Regarding farm expansion, Russell Diez-Canseco stated they mitigate risk by intentionally building out their farm support team and technology ahead of the acceleration, ensuring quality and a balanced ramp-up with processing capacity.

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    Eric Des Lauriers's questions to Vital Farms (VITL) leadership • Q1 2025

    Question

    Eric Des Lauriers asked about recent consumer behavior, specifically if there have been any changes due to macro uncertainty or increased trial from new customers given high conventional egg prices. He also inquired about the dynamics of scaling the supply chain for the growing butter business.

    Answer

    President and CEO Russell Diez-Canseco highlighted the brand's resilience, noting a consistent consumer journey from trial to loyalty and a significant increase in aided brand awareness to 31%. He explained that the butter supply chain transition to Ireland in 2024 has removed previous bottlenecks, enabling the company to meet growing demand for years to come without anticipating further supply constraints.

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    Eric Des Lauriers's questions to Vital Farms (VITL) leadership • Q1 2025

    Question

    Eric Des Lauriers asked about recent shifts in consumer behavior amid macroeconomic uncertainty and whether higher conventional egg prices were driving new customer trials. He also inquired about the supply chain dynamics for the rapidly growing butter business.

    Answer

    CEO Russell Diez-Canseco emphasized the brand's resilience, citing a significant increase in brand awareness from 26% to 31% and consistent consumer loyalty. Regarding butter, he explained that the 2024 transition to an Irish supply chain has successfully removed previous sourcing bottlenecks, positioning the category for sustained future growth without supply constraints.

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    Eric Des Lauriers's questions to Vital Farms (VITL) leadership • Q4 2024

    Question

    Eric Des Lauriers asked if the new Q4 production line would cause a step-function in revenue, and also inquired about the 2025 farm addition pace and the margin impact of accelerator farms.

    Answer

    CFO Thilo Wrede stated that while the new line provides a step-function in capacity, revenue growth will remain gradual and steady, gated by the predictable increase in egg supply from farms. He noted farm recruitment will continue at a similar healthy clip. He also explained that accelerator farms represent a negligible portion of production, so their impact on gross margin will be minimal, with a potential for long-term improvements from R&D findings.

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    Eric Des Lauriers's questions to Pursuit Attractions & Hospitality (PRSU) leadership

    Eric Des Lauriers's questions to Pursuit Attractions & Hospitality (PRSU) leadership • Q2 2025

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group LLC inquired about the long-term strategy for margin expansion, specifically regarding the mix of attractions revenue, and asked about the company's M&A appetite for larger platform acquisitions versus smaller bolt-ons.

    Answer

    President & CEO David Barry affirmed that Pursuit is an 'attractions first' company, leveraging the compelling economics and flow-through of that business segment. He outlined six growth levers, including market tailwinds, quality improvements, pricing power, cost discipline, organic investments, and strategic acquisitions. Regarding M&A, David Barry stated the approach is balanced, driven by opportunity rather than a preference for a specific deal size. CFO Bo Heitz added that with a pro forma net leverage of 1.5x and a target of 2.5-3.5x, the company has the financial capacity to be opportunistic and act on the right strategic investments, large or small.

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    Eric Des Lauriers's questions to Pursuit Attractions & Hospitality (PRSU) leadership • Q2 2025

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group LLC asked about the long-term strategy for margin expansion, specifically if there is a goal to increase the mix of higher-margin attractions. He also inquired about the company's M&A appetite, asking how they balance larger, premier acquisitions in new markets against smaller, bolt-on acquisitions in existing geographies.

    Answer

    President & CEO David Barry affirmed that Pursuit is fundamentally an 'attractions first' company, vertically integrating other services due to the compelling economics and flow-through of the attractions business. He outlined six key growth levers, including organic investments and strategic acquisitions, that drive performance. Regarding M&A, Barry described the approach as a balance, taking opportunities as they arise. CFO Bo Heitz added that with a pro forma net leverage of 1.5x, the company has significant financial capacity to be opportunistic on acquisitions of any size that fit their strategic criteria.

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    Eric Des Lauriers's questions to Turning Point Brands (TPB) leadership

    Eric Des Lauriers's questions to Turning Point Brands (TPB) leadership • Q2 2025

    Question

    Eric Des Lauriers inquired about the brick-and-mortar rollout strategy for the ALP nicotine pouch brand, its go-to-market approach relative to the Free brand, and the status of discussions with national retail chains.

    Answer

    CEO Graham Purdy stated that the ALP retail launch is in its "super early innings" but ahead of schedule due to strong online results. He noted that while the long-term goal is total distribution overlap with the Free brand, the initial rollout will be staggered. CRO Summer Frein added that the company is making significant progress with large national chains for Free distribution and expects more updates soon.

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    Eric Des Lauriers's questions to Turning Point Brands (TPB) leadership • Q2 2025

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group LLC inquired about the brick-and-mortar rollout strategy for the ALP nicotine pouch brand, asking if its timeline is ahead of schedule and how its go-to-market approach will compare to the existing FREE brand. He also asked for an update on conversations with national retail chains.

    Answer

    CEO Graham Purdy confirmed that strong online performance for ALP has accelerated its brick-and-mortar launch, which is in its very early stages. He stated that while the ultimate goal is ubiquitous distribution and total overlap with the FREE brand, the initial rollout will be less coordinated due to differing sales organization sizes. Chief Revenue Officer Summer Frein added that the company is making significant progress with large national chains for FREE's expansion across the U.S.

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    Eric Des Lauriers's questions to Turning Point Brands (TPB) leadership • Q2 2025

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group LLC inquired about the brick-and-mortar rollout strategy for the ALP nicotine pouch brand, asking how it would differ from the 'Free' brand's rollout and seeking an update on conversations with national chain retailers.

    Answer

    CEO Graham Purdy explained that strong online results for ALP have accelerated its brick-and-mortar launch, which is in its early stages. He noted that while the two brands' distribution will have limited overlap initially due to different organizational sizes, the ultimate goal is ubiquitous distribution for both. CRO Summer Frein added that the company is making significant progress with large, nationally recognized chains for expanding distribution.

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    Eric Des Lauriers's questions to Turning Point Brands (TPB) leadership • Q1 2025

    Question

    Eric Des Lauriers inquired about distribution gains for modern oral products, specifically store counts and online progress, and asked for a timeline on the brick-and-mortar rollout for the ALP brand. He also questioned the company's current domestic production capacity for nicotine pouches and its broader strategy for onshoring manufacturing.

    Answer

    An executive, Summer Frein, confirmed progress with major retailers like 7-Eleven and noted more rollouts are planned for later in the year. CEO Graham Purdy clarified that the ALP brand's initial rollout is focused on its online, direct-to-consumer channel, with a potential for physical store presence toward the end of the year. Regarding production, executive Andrew Flynn stated that current supply is adequate and that the company continues to explore onshoring options.

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    Eric Des Lauriers's questions to Turning Point Brands (TPB) leadership • Q4 2024

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group inquired about the 2025 outlook for getting modern oral products into national C-store chains and the potential for the modern oral portfolio to expedite Stoker's MST distribution growth.

    Answer

    Executive Summer Frein acknowledged that chain convenience stores are the primary channel and that the company is in active discussions, highlighting a recent regional rollout with 7-Eleven as a sign of progress. CEO Graham Purdy added that the oral nicotine portfolio is highly synergistic, creating cross-selling opportunities for Stoker's MST as the company expands its modern oral presence in chain accounts.

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    Eric Des Lauriers's questions to Turning Point Brands (TPB) leadership • Q3 2024

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group inquired about the growth outlook for the 'Free' modern oral brand, seeking a breakdown between velocity in existing stores versus new door penetration, and also asked for commentary on the rumored 'Alp' brand partnership.

    Answer

    Executive Summer Frein explained that 'Free' brand growth is focused on scaling national distribution, with a longer-term plan to penetrate major chain stores, aided by the upcoming launch of 3mg and 6mg nicotine strengths which represent the bulk of the market. CEO Graham Purdy declined to comment on the 'Alp' brand at this time but indicated updates would be provided in the near future.

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    Eric Des Lauriers's questions to LINDBLAD EXPEDITIONS HOLDINGS (LIND) leadership

    Eric Des Lauriers's questions to LINDBLAD EXPEDITIONS HOLDINGS (LIND) leadership • Q2 2025

    Question

    Eric Des Lauriers asked for more details on the Q2 increase in sales and marketing spend and its future trajectory, and also requested clarification on the timing and pace of the announced 38% reduction in non-revenue days through 2027.

    Answer

    CFO Rick Goldberg attributed the higher sales and marketing costs to investments in new channels like the Disney partnership, international expansion, and a contractual step-up in royalties to National Geographic. CEO Natalya Leahy clarified that the 38% reduction in non-revenue days compares the 2027 plan to the 2025 deployment, resulting from optimized dry dock and transition voyage planning.

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    Eric Des Lauriers's questions to Vita Coco Company (COCO) leadership

    Eric Des Lauriers's questions to Vita Coco Company (COCO) leadership • Q2 2025

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group sought clarity on the private label business outlook, the timing of the next Walmart shelf reset, and the strategic direction of innovation, particularly whether the focus on coconut milk-based beverages like Treats signifies a shift away from other areas.

    Answer

    CEO Martin Roper explained that Q2 private label results reflect known losses but noted a new business win will benefit 2026. He and Executive Chairman Michael Kirban projected the Walmart reset could occur in early Q4. Kirban clarified that the push into coconut milk beverages is an additional growth avenue inspired by Asian trends and does not detract from the core focus on coconut water as a hydration and sports drink.

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    Eric Des Lauriers's questions to Vita Coco Company (COCO) leadership • Q1 2025

    Question

    Eric Des Lauriers of Craig-Hallum asked for management's reasoning on why consumers would tolerate price increases and requested more detail on the planned step-up in international investments.

    Answer

    CEO Martin Roper expressed confidence in consumer tolerance for price hikes because cost pressures are category-wide, affecting private label as well, which should limit negative price elasticity. Executive Chairman Michael Kirban explained that the increased international investment is twofold: adding 'boots on the ground' to secure new retail accounts and increasing marketing spend to build brand awareness in developing markets.

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    Eric Des Lauriers's questions to Vita Coco Company (COCO) leadership • Q4 2024

    Question

    Eric Des Lauriers asked for more details on the additional production capacity secured for 2025 and its impact on flexibility. He also inquired about the timing of distribution gains from upcoming shelf resets and requested an update on the food service channel.

    Answer

    CEO Martin Roper explained that new capacity is coming online now, with product flow strengthening second-half availability and allowing the company to operate at 80-85% of capacity. Executive Michael Kirban noted that shelf reset impacts are expected in Q2. Regarding food service, management described it as a key focus where they are making good progress in hotels, hospitals, and schools, though it remains a multi-year build-out.

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    Eric Des Lauriers's questions to Vita Coco Company (COCO) leadership • Q3 2024

    Question

    Eric Des Lauriers asked about the relative maturity of the U.K. and German markets compared to the U.S. and the expected timeline for other European markets to become significant. He also questioned if the Q4 sales rebound would be stronger for private label versus branded.

    Answer

    CFO Corey Baker described the U.K. market as quite developed in distribution, with growth now coming from increased consumption. He noted that other Western European markets are developing faster than Germany initially did due to higher global awareness of the category. CEO Martin Roper stated that modeling the private label versus branded rebound is difficult due to variables like transit times, but the company aims to restore inventory for all customers.

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    Eric Des Lauriers's questions to Lovesac (LOVE) leadership

    Eric Des Lauriers's questions to Lovesac (LOVE) leadership • Q1 2026

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group LLC requested details on the marketing and distribution rollout for EverCouch and asked for an outlook on working capital changes for the remainder of the fiscal year.

    Answer

    President & COO Mary Fox outlined a phased rollout for EverCouch, starting with 27 showrooms to perfect the demo before expanding to 100 showrooms in the summer, with a supporting marketing campaign to launch in the second half of the year. EVP & CFO Keith Siegner explained that working capital should be straightforward, as the Q1 cash use was primarily to pay for the Q4 inventory build. He expects inventory levels to be slightly lower by year-end, even with the EverCouch launch.

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    Eric Des Lauriers's questions to Mama's Creations (MAMA) leadership

    Eric Des Lauriers's questions to Mama's Creations (MAMA) leadership • Q1 2026

    Question

    Eric Des Lauriers asked about the timeline for increasing the mix of in-house trimmed chicken to 100% and inquired about any significant CapEx projects planned for the next twelve months.

    Answer

    CEO Adam L. Michaels confirmed that achieving 100% in-house chicken trimming is a goal for the current fiscal year, stating that operational capacity is already in place and the focus is now on selling in the new products that utilize the trim. He also clarified that no major CapEx projects are planned for the year, as the company is shifting its capital allocation focus from internal investments towards strategic M&A opportunities.

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    Eric Des Lauriers's questions to Mama's Creations (MAMA) leadership • Q4 2025

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group LLC asked for insights into the drivers of chicken breast inflation, the structure of the company's fixed-price protein contracts, and the progress and market penetration of new products designed to utilize chicken breast trimmings.

    Answer

    CEO Adam Michaels attributed chicken breast price hikes to shifts from more expensive proteins like beef, increased demand from fast-food chains, and some supply constraints. He clarified that the fixed-price contracts cover over half of their protein needs for the entire year, with weekly deliveries ensuring a smooth margin profile. Michaels noted that while new products using chicken trimmings are exceeding expectations with strong initial sales at Costco and Albertsons, they remain significantly underpenetrated, representing a major growth opportunity.

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    Eric Des Lauriers's questions to Mama's Creations (MAMA) leadership • Q3 2025

    Question

    Eric Des Lauriers followed up on gross margins, asking if commodity price improvements were necessary to reach the high 20s target and what factors would enable the new long-term target of low 30s. He also questioned if any new significant CapEx projects were planned for the upcoming quarters.

    Answer

    CEO Adam Michaels asserted that the company does not need commodity price relief to achieve its high 20% gross margin target, citing internal operational improvements like SKU rationalization. He explained that reaching the low 30s will depend on optimizing new capabilities, such as the chicken trimming process. He also stated that while there are opportunities for future CapEx at the East Rutherford facility, the company will be patient and digest the recent Farmingdale investments first.

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    Eric Des Lauriers's questions to Mama's Creations (MAMA) leadership • Q2 2025

    Question

    Eric Des Lauriers inquired about the typical timeline for new customers to add more products, the remaining scope of the facility construction, and the progress of penetrating the convenience store channel.

    Answer

    CEO Adam Michaels explained that new item adoption can happen remarkably fast, sometimes even before the first order is delivered. He clarified that the construction is now in a 'fine-tuning' phase for the new grills, which will take days or weeks, not months. He acknowledged that C-store penetration has been slower than planned due to personnel transitions but emphasized it's a small part of the overall strategy and will not significantly affect annual results.

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    Eric Des Lauriers's questions to FARMER BROTHERS (FARM) leadership

    Eric Des Lauriers's questions to FARMER BROTHERS (FARM) leadership • Q3 2025

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group inquired about Farmer Brothers' ability to maintain its 40%+ gross margin target amid market headwinds, the remaining potential for operational cost reductions, and whether allied products could become a significant growth driver.

    Answer

    Executive Vance Fisher confirmed confidence in maintaining gross margins above the 40% target in coming quarters. CEO John Moore added that while optimization is ongoing, the primary focus is shifting to customer growth. Moore also characterized the opportunity in allied products as 'tremendous,' noting a specific initiative is already yielding positive returns by expanding sales within the existing customer base.

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    Eric Des Lauriers's questions to FARMER BROTHERS (FARM) leadership • Q2 2025

    Question

    Eric Des Lauriers inquired about the new specialty tier brand, the materiality of the Eurest partnership, and the strategy behind the recently launched direct-to-consumer e-commerce platform.

    Answer

    CEO John Moore detailed that the specialty brand aligns with younger consumer trends and will first optimize operations via SKU consolidation before becoming a long-term growth driver. He clarified the Eurest partnership involves custom brands, showcasing Farmer Bros.' manufacturing capabilities. Moore also explained the D2C site refresh was a precursor to a more significant B2B web-based ordering platform launching in Q4 to drive product penetration and customer convenience.

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    Eric Des Lauriers's questions to FARMER BROTHERS (FARM) leadership • Q1 2025

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group asked about the financial impact of re-entering the specialty coffee market, whether the national rollout of the Boyd's brand would create incremental revenue, the expected gross margin differences between coffee tiers, the drivers of recent margin expansion, and the potential for future asset sales.

    Answer

    CEO John Moore stated the new specialty brand will first consolidate existing specialty volume before a national rollout drives incremental revenue. He confirmed the national launch of the Boyd's brand also presents incremental opportunities. Moore clarified that while margin percentages are similar across tiers, the dollar contribution from specialty is higher. CFO Vance Fisher added that gross margin expansion was driven by proactive pricing actions taken in response to rising commodity markets. Moore concluded that any future asset disposals would be opportunistic rather than a core part of their business strategy.

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    Eric Des Lauriers's questions to FARMER BROTHERS (FARM) leadership • Q4 2024

    Question

    Eric Des Lauriers inquired about the progress of fulfillment rates, the status of the brand pyramid overhaul, and the market acceptance of innovative products like SHOTT and liquid ambient coffee.

    Answer

    Executive John Moore reported that fulfillment rate issues are now in an "almost... completely resolved state," with significant progress in both finished goods and equipment availability. He confirmed the Farmer Brothers and Boyd's rebrands are on schedule and nearly complete, with a new specialty brand launching by the end of the calendar year. Moore also noted positive customer adoption and growth for innovative products like SHOTT syrups and Boyd's liquid ambient coffee, highlighting improved supply chain control.

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    Eric Des Lauriers's questions to Zevia PBC (ZVIA) leadership

    Eric Des Lauriers's questions to Zevia PBC (ZVIA) leadership • Q1 2025

    Question

    Eric Des Lauriers asked about recent changes in consumer behavior due to macro uncertainty and whether Zevia sees a market share opportunity as consumers become more price-conscious.

    Answer

    CEO Amy Taylor responded that while it's too early to see definitive shifts in consumer behavior, Zevia is well-positioned to be resilient. She believes the brand's value proposition as an affordable, great-tasting, clean-label option compared to higher-priced functional beverages presents a potential market share advantage if consumers become more price-sensitive, as Zevia is priced like a soda.

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    Eric Des Lauriers's questions to TerrAscend (TSNDF) leadership

    Eric Des Lauriers's questions to TerrAscend (TSNDF) leadership • Q4 2024

    Question

    Eric Des Lauriers inquired about New Jersey operations, asking how the potential acquisition of seven new stores would impact the balance between wholesale growth and vertical integration. He also asked for details on new product types planned for the state and the key factors behind TerrAscend's success in New Jersey that could be replicated elsewhere.

    Answer

    CFO Keith Stauffer explained that managing the balance between wholesale and retail after acquisitions involves many variables, and the company's current capacity expansion is designed to support both channels. Executive Ziad Ghanem detailed the innovation strategy, including introducing new flower strains and edible form factors like chocolates. He attributed New Jersey's success to a long-term strategy of brand building and innovation, which has created a successful playbook now being applied to markets like Maryland to gain market share.

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    Eric Des Lauriers's questions to TerrAscend (TSNDF) leadership • Q2 2024

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group inquired about key learnings from past M&A transactions and what gives the company confidence to expand cultivation capacity in Pennsylvania ahead of potential adult-use legalization.

    Answer

    Executive Chairman Jason Wild highlighted that even single-state deals in markets like Ohio can be transformational. President & COO Ziad Ghanem added that a key learning is to use long-term earn-outs to mitigate risk. CFO Keith Stauffer emphasized their robust integration playbook. Regarding Pennsylvania, Ghanem cited strong current retail and wholesale performance, the need to prepare for adult-use timing, and a healthy inventory position as reasons for the planned expansion.

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    Eric Des Lauriers's questions to TerrAscend (TSNDF) leadership • Q1 2024

    Question

    Eric Des Lauriers inquired about the importance of proprietary brands in M&A evaluations, whether the company's brand portfolio is considered fully built out, and the strategic balance between premium and value brands.

    Answer

    President Ziad Ghanem explained that brands are highly correlated with M&A, citing how the Gage brand's equity can be leveraged in new Midwest markets. He affirmed the strategy of offering a mix of premium and value brands tailored to each market. Executive Chairman Jason Wild added that even value brands must deliver consistent quality and that the primary M&A focus for new states like Ohio is securing a strong retail footprint that is operational on day one of recreational sales.

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    Eric Des Lauriers's questions to Curaleaf Holdings (CURLF) leadership

    Eric Des Lauriers's questions to Curaleaf Holdings (CURLF) leadership • Q4 2024

    Question

    Eric Des Lauriers asked about Curaleaf's push into premium flower, questioning what work remains to be done and if further investments are planned for 2025 to support this initiative.

    Answer

    Chairman and CEO Boris Jordan explained that major investments in automation, lighting, and genetics were completed in 2024, and 2025 CapEx will be substantially lower. The current focus is on building inventory to launch premium offerings in early April, particularly in two large markets where Curaleaf was previously absent in that high-margin category.

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    Eric Des Lauriers's questions to Curaleaf Holdings (CURLF) leadership • Q2 2024

    Question

    Eric Des Lauriers asked about wholesale gross margins, their expected impact on overall company margins as wholesale becomes a larger part of the business, and the degree of improvement seen since a new operations executive joined the company.

    Answer

    Executive Chairman Boris Jordan stated that Curaleaf's internal target for wholesale gross margin is 50%. He clarified that this target is more achievable in Eastern and Midwestern states, while Western markets like Arizona face more price compression. He noted that the retail channel typically commands higher margins than wholesale.

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    Eric Des Lauriers's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership

    Eric Des Lauriers's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership • Q4 2024

    Question

    Eric Des Lauriers sought clarification on whether 'strategic investments' implied a move beyond cannabis assets, asked for more detail on the 'green shoots' in the industry, and questioned if other tenants are now requesting rent reductions following the PharmaCann resolution.

    Answer

    Executive Chairman Alan Gold clarified that while investment opportunities have broadened, the primary focus remains on generating real estate-related income from the cannabis industry. President and CEO Paul Smithers detailed 'green shoots' such as 10% projected industry growth, progress in states like Pennsylvania and Florida, and strong sales in New York and Ohio. Both Mr. Gold and Mr. Smithers firmly stated that any resolution like PharmaCann's involves significant tenant concessions and is not an open invitation for simple rent cuts, as the company expects all tenants to honor their lease agreements.

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    Eric Des Lauriers's questions to Sow Good (SOWG) leadership

    Eric Des Lauriers's questions to Sow Good (SOWG) leadership • Q3 2024

    Question

    Eric Des Lauriers asked about the scope of the melted product issue, questioning if it was a broad-based problem or limited to specific customers. He also inquired about the status of other key retailers like 7-Eleven and Target, shelf space defense, future production plans given the inventory buildup, and the drivers behind the significant gross margin volatility.

    Answer

    Executive Claudia Goldfarb explained the melted product issue primarily affected three key customers (Five Below, Cracker Barrel, H-E-B) and specific heat-sensitive SKUs like the worm candies. She noted that while some large CPG competitors are pressuring retailers like Circle K and Target for exclusivity, Sow Good is aggressively pursuing new shelf space, citing a new PO from Toys "R" Us Canada. Goldfarb confirmed they are pausing production on over-inventoried items and re-engaging with private label opportunities. Executive Brendon Fischer attributed the Q3 gross margin decline to production yield variances, product loss from breakage, and fixed cost deleverage on lower sales.

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    Eric Des Lauriers's questions to GrowGeneration (GRWG) leadership

    Eric Des Lauriers's questions to GrowGeneration (GRWG) leadership • Q3 2024

    Question

    Eric Des Lauriers sought clarification on the new B2B portal, asking how it improves upon previous e-commerce capabilities and whether it's primarily a margin expansion or revenue growth initiative. He also asked about the anticipated margin difference compared to the traditional business.

    Answer

    CEO Darren Lampert and CFO Greg Sanders addressed the questions, with Lampert explaining the B2B portal is a major step towards automation, replacing a manual ordering process. It will provide customers with individualized pricing and real-time inventory, freeing up the sales team to focus on customer acquisition and support. Lampert described it as 'GrowGen 2.0,' which should drive margin improvement through cost savings and logistical efficiencies. He clarified that the margin uplift will come from these efficiencies and a greater mix of high-margin proprietary products, rather than different pricing on the portal itself.

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    Eric Des Lauriers's questions to Village Farms International (VFF) leadership

    Eric Des Lauriers's questions to Village Farms International (VFF) leadership • Q3 2024

    Question

    Eric Des Lauriers inquired about the company's overall pricing plans, asking whether the strategy is focused on mix-shifting products to higher-priced international markets or involves broader price increases in Canada. He also asked about the confidence in the cost structure and operational execution of the new indoor grow facility in the Netherlands.

    Answer

    COO Ann Gillin Lefever stated that while the Canadian market has stabilized, across-the-board price increases are unlikely. Instead, the company is successfully executing targeted, SKU-by-SKU price increases that benefit both VFF and its retail partners. CEO Mike DeGiglio expressed high confidence in the Netherlands indoor facility, noting that while cultivation costs are higher than in a greenhouse, the significantly higher selling price of approximately EUR 6 per gram and the absence of an excise tax will drive strong profitability and margins.

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    Eric Des Lauriers's questions to urban-gro (UGRO) leadership

    Eric Des Lauriers's questions to urban-gro (UGRO) leadership • Q1 2024

    Question

    Eric Des Lauriers of Craig-Hallum asked about the typical project timeline from discussion to revenue, how quickly a potential industry-wide CapEx increase from DEA rescheduling would become visible, and the drivers behind the Q1 gross margin expansion.

    Answer

    CEO Bradley Nattrass explained that project timelines range from nine months to two years and that a clearer view of the DEA news impact will be evident in Q2 results, particularly in services and equipment backlog. CFO Dick Akright and Nattrass attributed the strong Q1 gross margin to improved productivity, higher-margin construction projects, the completion of legacy projects, and better controls from a unified ERP system, stating it was not a one-time event.

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    Eric Des Lauriers's questions to Green Thumb Industries (GTBIF) leadership

    Eric Des Lauriers's questions to Green Thumb Industries (GTBIF) leadership • Q2 2023

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group LLC inquired about the capital expenditure outlook for 2024, given the updated guidance of $90 million to $100 million for the second half of 2023.

    Answer

    President Anthony Georgiadis responded that while it is too early for specific 2024 figures, CapEx is expected to be "materially less" than in 2023. He emphasized that the company is nearing the end of its major capital investment cycle and will have more visibility after completing 2024 budgeting exercises.

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    Eric Des Lauriers's questions to Green Thumb Industries (GTBIF) leadership • Q1 2023

    Question

    Eric Des Lauriers from Craig-Hallum requested commentary on the working capital changes that influenced the strong cash flow from operations during the quarter.

    Answer

    CFO Matt Faulkner explained that a primary driver for the strong cash flow was a timing benefit, as there was no federal tax payment due in Q1. He cautioned that this will be offset in Q2, which will include two tax payments, resulting in an expected 'flattish' cash flow from operations for the second quarter.

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    Eric Des Lauriers's questions to Green Thumb Industries (GTBIF) leadership • Q4 2022

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group highlighted the significant decrease in normalized operating expenses and asked if the Q4 level represents a new sustainable base, or if further reductions could be expected in 2023.

    Answer

    CFO Matt Faulkner explained that normalized operating costs have been in the 21-22% range for the past two years, and the company expects this trend to continue. While they will maintain a close watch on spending, he noted that the fixed cost base of retail operations creates a natural floor, but management is confident in its ability to maintain current efficiency levels.

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    Eric Des Lauriers's questions to Green Thumb Industries (GTBIF) leadership • Q2 2022

    Question

    Eric Des Lauriers from Craig-Hallum followed up on the wholesale market, asking about volume dynamics versus pricing and if there was a noticeable consumer shift between premium and value products.

    Answer

    CEO Ben Kovler responded that there was no material downtick in unit volume. He confirmed a consumer trend of trading down to value-oriented, larger-format products to get a cheaper per-unit price, but noted overall cannabis demand remains strong.

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    Eric Des Lauriers's questions to Trulieve Cannabis (TCNNF) leadership

    Eric Des Lauriers's questions to Trulieve Cannabis (TCNNF) leadership • Q4 2022

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group asked for a quantification of how much of the new 750,000 square foot facility is currently ramped. He also asked if the company expects to have all older, higher-cost facilities fully shuttered by the end of 2023.

    Answer

    CEO Kim Rivers did not provide a specific ramp percentage, emphasizing that the focus is on the shifting blend of inventory from the new and legacy facilities, which depends on product velocity. She clarified that by year-end, the goal is to achieve a 'stable, steady run rate' that balances the new facility with 'legacy designed' facilities, noting the distinction is about the efficiency of the design, not necessarily the age of the assets.

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    Eric Des Lauriers's questions to AGFY leadership

    Eric Des Lauriers's questions to AGFY leadership • Q3 2022

    Question

    Eric Des Lauriers from Craig-Hallum asked about the overall demand for extraction products and whether a Turnkey (TTK) type offering for extraction is part of the near-term strategy.

    Answer

    CEO Raymond Chang confirmed a rebound in extraction demand for Q4, with particularly strong sales in parts and e-commerce. He noted that while the Rapid Deployment Program (RDP) now offers a complementary turnkey extraction solution, a full TTK model for extraction is not yet ready as it requires developing remote control and monitoring capabilities for the equipment.

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    Eric Des Lauriers's questions to AGFY leadership • Q2 2022

    Question

    Eric Des Lauriers of Craig-Hallum asked about the reasons for the sales pipeline reduction from $375 million to $250 million. He also inquired about the company's current cash needs for remaining TTK projects, working capital requirements amidst debt refinancing, and the expected revenue composition for the second half of the year.

    Answer

    CEO Raymond Chang attributed the pipeline reduction to the strategic decision to stop pursuing new large TTK deals without a pre-committed financing partner. Regarding cash, management noted that Q3 cash burn will be significantly lower than in H1, and the company has sufficient cash to operate into Q1 2023 after the debt repayment. CFO Timothy Oakes declined to share specific refinancing terms until finalized but stated the majority of the H2 revenue guidance of $25M-$30M will be from the extraction division, with design-build revenue decreasing.

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    Eric Des Lauriers's questions to AGFY leadership • Q1 2022

    Question

    Eric Des Lauriers of Craig-Hallum inquired about the new debt partnership, asking if it was for specific projects or an enterprise-level agreement. He also asked for details on the significant Q1 inventory investment and the outlook for working capital flows for the remainder of 2022.

    Answer

    Executive Raymond Chang clarified the debt partnership, explaining the initial term sheet is for a single project but is structured to serve as a template for future, larger deals with REITs. CFO Timothy Oakes addressed the inventory, stating the $16.4 million build was for VFU production to mitigate supply chain issues. He explained that working capital will be focused on inventory, which will convert to fixed assets, and that construction loan repayments will begin to improve cash flow as projects are completed.

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    Eric Des Lauriers's questions to AGFY leadership • Q4 2021

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group asked for an update on the Bud & Mary's project, assuming it was the source for the newly announced Q3 recurring revenue, and requested more detail on the number of VFUs contributing to this initial recurring revenue stream.

    Answer

    CEO Raymond Chang clarified that the initial Q3 recurring revenue will not come from Bud & Mary's, but from legacy customers in Las Vegas, Washington, and Colorado who were converted to the TTK program. He stated these legacy customers represent approximately 400 VFUs. Chang confirmed the Bud & Mary's project remains on schedule for a Q4 completion, with its recurring revenue stream expected to begin in Q1 2023.

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