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    Frederico Gomes

    Research Analyst at at ATB Capital Markets

    Frederico Gomes is a Research Analyst at ATB Capital Markets specializing in equity research with a primary focus on the cannabis sector, where he conducts in-depth analysis of leading companies such as Curaleaf, Cresco Labs, Green Thumb Industries, and Trulieve. Known for detailed financial modeling and market insights, Gomes consistently ranks among the top cannabis equity analysts and is recognized on platforms like TipRanks for a strong track record, including a high success rate on stock recommendations and positive average returns on covered calls. He began his career in investment analysis after completing his finance education, initially working at investment research firms before joining ATB Capital Markets in 2020, and has since become a key voice in cannabis sector research. Frederico Gomes holds relevant securities licenses and professional credentials necessary for equity research roles in Canada.

    Frederico Gomes's questions to ORGANIGRAM GLOBAL (OGI) leadership

    Frederico Gomes's questions to ORGANIGRAM GLOBAL (OGI) leadership • Q3 2025

    Question

    Frederico Gomes of ATB Capital Markets inquired about Organigram's adjusted gross margin outlook, specifically the drivers for the significant expansion expected in Q4 to meet the 35% full-year target. He also asked about the company's current strategy for cultivation capacity, given recent operational improvements and strong international demand.

    Answer

    CFO Greg Guyatt confirmed the 35% gross margin forecast, attributing the Q4 ramp-up to seasonality, the realization of Motif acquisition synergies currently in inventory, and a favorable product mix from growing international sales. CEO Beena Goldenberg addressed capacity, explaining that while they've added 14,000 kg through optimizations, they are re-evaluating an $8M CapEx plan to determine the most effective way to expand further to meet international demand without sacrificing their domestic market leadership.

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    Frederico Gomes's questions to ORGANIGRAM GLOBAL (OGI) leadership • Q3 2024

    Question

    Frederico Gomes questioned if the record yield per plant was driven by seed-based production and asked for a reminder of its expected margin impact. He also sought commentary on the Canadian pricing environment, noting the company's flat average selling price.

    Answer

    CEO Beena Goldenberg clarified that while seed-based harvests yielded an impressive 200 grams per plant, the overall record yield was driven by improvements in both clone-based and seed-based cultivation. She noted seed-based production improves margins through shorter cycle times and significant labor savings. On pricing, she stated that like-for-like flower pricing has stabilized and increased, but the company's overall average price was flat due to product mix, while also noting price compression in the edibles category.

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    Frederico Gomes's questions to Village Farms International (VFF) leadership

    Frederico Gomes's questions to Village Farms International (VFF) leadership • Q2 2025

    Question

    Frederico Gomes of ATB Capital Markets asked if there is potential upside to the Canadian cannabis gross margin beyond the current 30-40% target range, given strong international performance. He also inquired about the primary growth drivers for the second half of the year, considering the company is currently supply-constrained.

    Answer

    CFO Stephen Ruffini and COO Ann Gillin Lefever acknowledged that upside to the gross margin range is possible due to favorable SKU/customer mix and improved cost absorption from higher volumes. However, Lefever noted they are remaining prudent with the 30-40% target, citing the history of price compression in Canada and settling prices in new international markets. For H2 growth, CEO Michael Degiglio stated they expect performance to be similar to H1 as they are constrained on supply, with the exception of continued ramp-up and SKU diversification at the Lely facility in the Netherlands.

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    Frederico Gomes's questions to Canopy Growth (CGC) leadership

    Frederico Gomes's questions to Canopy Growth (CGC) leadership • Q1 2026

    Question

    Frederico Gomes of ATB Capital Markets inquired about the specific supply challenges in Poland mentioned in the call and asked for an update on whether the situation has normalized.

    Answer

    CEO Luc Mongeau clarified that the issue stemmed from an internal flower allocation process that hindered success in the Polish market. He stated that these processes have now been properly implemented and that the company looks forward to returning to growth in Poland soon.

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    Frederico Gomes's questions to Canopy Growth (CGC) leadership • Q3 2025

    Question

    Frederico Gomes requested more details on the Polish cannabis market, asking about its size, growth rate, competitive environment, and Canopy's market share, following comments about the company's 'outsized growth' there.

    Answer

    CFO Judy Hong explained that the Polish market is relatively insulated from competition because the government issues specific import permits, which Canopy has successfully secured. She noted that demand is currently exceeding supply, allowing Canopy to fulfill all its import registrations and establish a leadership position in that market.

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    Frederico Gomes's questions to Canopy Growth (CGC) leadership • Q1 2025

    Question

    Asked for clarification on the drivers of the impressive growth in the Canadian medical cannabis segment and its potential for future upside, given the overall market is relatively flat.

    Answer

    The growth is attributed to strong execution by the medical team, a marketplace model offering a broad assortment of both Canopy and third-party products, and providing best-in-class service. They are gaining market share in a stagnant market and believe they are well-positioned to continue this trend by offering high-quality products to patients.

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    Frederico Gomes's questions to AURORA CANNABIS (ACB) leadership

    Frederico Gomes's questions to AURORA CANNABIS (ACB) leadership • Q1 2026

    Question

    Frederico Gomes of ATB Capital Markets questioned the potential timing and impact of regulatory changes in Germany and asked if sales volumes in Poland have recovered to previous levels.

    Answer

    CEO Miguel Martin projected more clarity on German regulations by the end of the calendar year, noting that stricter rules often benefit experienced operators like Aurora. He stated the impact would be less severe than what was seen in Poland. Regarding Poland, Martin confirmed that demand has resumed and Aurora has grown its market share, successfully launching new high-potency products, effectively resolving the previous headwinds.

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    Frederico Gomes's questions to SNDL (SNDL) leadership

    Frederico Gomes's questions to SNDL (SNDL) leadership • Q2 2025

    Question

    Frederico Gomes of ATB Capital Markets asked about SNDL's international sales growth, its potential prioritization over domestic sales, the outlook for exports, the progress of the Rise Rewards loyalty program, and the company's strategy regarding cultivation expansion.

    Answer

    CEO Zach George clarified that while international growth is expected to be meaningful, it comes from a small base and does not detract from their focus on the Canadian market. He noted the loyalty program is in its early days with six-figure members and that the company is currently leveraging procurement for biomass needs rather than investing heavily in new cultivation, using its existing facility as a hedge.

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    Frederico Gomes's questions to Tilray Brands (TLRY) leadership

    Frederico Gomes's questions to Tilray Brands (TLRY) leadership • Q4 2025

    Question

    Frederico Gomes of ATB Capital Markets requested more details on the beverage and wellness expansion into Europe and Asia, including timing and strategy, and asked about the progress of the Canadian cultivation expansion.

    Answer

    CEO & Chairman Irwin Simon stated the international expansion is happening 'now,' driven organically and through potential M&A, with a focus on non-alcoholic beverages and high-protein hemp foods in the Middle East and India. Regarding cultivation, he noted the expansion is underway to meet demand, with the majority of the increased output destined for the Canadian market to support new product innovation, and a smaller portion for international export.

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    Frederico Gomes's questions to Curaleaf Holdings (CURLF) leadership

    Frederico Gomes's questions to Curaleaf Holdings (CURLF) leadership • Q4 2024

    Question

    Frederico Gomes inquired about the hemp-derived market, asking if the trend of regulated cannabis companies entering the space will persist and whether Curaleaf would consider acquisitions to build capabilities.

    Answer

    Chairman and CEO Boris Jordan expressed a 'cautiously optimistic' view, citing legislative risk from the one-year Farm Bill extension. He believes the beverage category is likely safe but expects a rollback of synthetic products. Consequently, Curaleaf is not currently considering acquisitions and is instead focusing on organic growth with new product launches until there is more regulatory clarity.

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    Frederico Gomes's questions to Curaleaf Holdings (CURLF) leadership • Q2 2024

    Question

    Frederico Gomes asked for details on Curaleaf's international strategy, specifically focusing on the market opportunity and competitive landscape in Australia following the company's first shipments to the region.

    Answer

    Executive Chairman Boris Jordan described Australia as a large, expanding, but highly competitive market, contrasting it with New Zealand, which is smaller with higher margins. He explained that Curaleaf is currently using third-party distributors to introduce its brands and is evaluating whether to establish a direct, vertically-integrated presence in these markets, consistent with its European strategy.

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    Frederico Gomes's questions to Curaleaf Holdings (CURLF) leadership • Q1 2024

    Question

    An analyst on behalf of Frederico Gomes asked about the international business, seeking to identify the key levers Curaleaf can pull to reduce the segment's margin drag and improve profitability.

    Answer

    Executive Chairman Boris Jordan stated that the primary lever is achieving volume and scale, with the segment on track for over $100 million in revenue this year. CEO Matt Darin added that building a vertical supply chain is crucial, citing the recent acquisition of supplier Northern Green Canada as a key step to capture margin and control the supply of high-quality EU-GMP flower.

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    Frederico Gomes's questions to High Tide (HITI) leadership

    Frederico Gomes's questions to High Tide (HITI) leadership • Q2 2024

    Question

    Frederico Gomes questioned the recent slowdown in industry sales growth and High Tide's key growth drivers. He also asked for an update on international expansion plans for Germany and the U.S. given regulatory shifts.

    Answer

    President and CEO Raj Grover identified significant growth potential in Ontario, with room for 87 more stores, and reiterated a 20-30 store organic growth target for the year, which could be exceeded with M&A. On international strategy, he confirmed Germany is a high priority pending Pillar 2 regulations. For the U.S., he stated the company is monitoring rescheduling but will avoid complex ownership structures and wait for a clear path for its NASDAQ-listed entity to operate directly.

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    Frederico Gomes's questions to Ayr Wellness (AYRWF) leadership

    Frederico Gomes's questions to Ayr Wellness (AYRWF) leadership • Q2 2023

    Question

    Frederico Gomes from ATB Capital Markets asked about the pricing and discount environment in Florida and the company's store expansion plans for the state into 2024. He also inquired about the current pricing environment in Pennsylvania.

    Answer

    President & CEO David Goubert acknowledged ongoing price compression in Florida but highlighted the upcoming exclusive launch of Kiva edibles in Q4 as a key initiative to improve margins, as AYR is currently under-indexed in that category. He noted a revised plan to open 2-3 more Florida stores in 2023 (for a total of ~64) and ~10 in 2024, slowing the pace to focus on ramping up new stores and on openings in other states. For Pennsylvania, CFO Brad Asher confirmed some pricing pressure but noted it was partially offset by increased transactions, while Goubert added that the state's profitability continues to improve despite top-line softness.

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    Frederico Gomes's questions to Cresco Labs (CRLBF) leadership

    Frederico Gomes's questions to Cresco Labs (CRLBF) leadership • Q2 2023

    Question

    Frederico Gomes of ATB Capital Markets inquired about shifts in consumer trends regarding product tiers and how Cresco is adapting its 'good, better, best' strategy. He also asked for commentary on wholesale pricing trends in Michigan.

    Answer

    Chief Transformation Officer Greg Butler noted a consumer shift towards both value and premium tiers, with Cresco addressing this through its value brand High Supply and premium innovations like FloraCal. He stated that for Michigan, they do not anticipate any price improvement in the second half and are focused on expanding distribution of their quality brands into independent stores.

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    Frederico Gomes's questions to Ascend Wellness Holdings (AAWH) leadership

    Frederico Gomes's questions to Ascend Wellness Holdings (AAWH) leadership • Q2 2023

    Question

    Frederico Gomes of ATB Capital Markets asked for an update on Maryland's adult-use retail sales, including pricing, product availability, and sales trends. He also sought details on Q2 cash flow from operations, the influence of working capital and taxes, and the impact of 280E decoupling in Illinois and New Jersey.

    Answer

    CEO John Hartmann reported strong, growing sales in Maryland, running at 2.5 times previous medical levels with no product constraints. CFO Dan Neville explained that the $8 million in cash from operations was generated after paying $7 million in taxes. He noted that 280E decoupling in NJ and IL will provide a future annual cash flow benefit of $9-10 million but did not impact Q2.

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