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    Frederico Yokota Gomes

    Vice President and Equity Research Analyst at at ATB Capital Markets

    Frederico Yokota Choucair Gomes is a Vice President and Equity Research Analyst at ATB Capital Markets, specializing in the cannabis and Canadian consumer sectors. He covers companies including RORA and Canopy, providing data-driven insights and sector analysis for institutional investors. Gomes joined ATB Capital Markets after building experience in financial services and research roles, demonstrating a commitment to equity research since his entry into the industry. He maintains strong professional credentials consistent with industry standards, including registration with relevant securities authorities.

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

    Frederico Yokota Gomes's questions to Village Farms International (VFF) leadership • Q1 2025

    Question

    Frederico Yokota Gomes asked about Village Farms' capital allocation strategy following the Vanguard transaction and its outlook on pricing trends in the non-branded Canadian cannabis market.

    Answer

    CEO Mike DeGiglio stated the company is focused on building its cash reserves for future U.S. market optionality, prioritizing organic growth, and considering further Canadian capacity expansion for 2026. COO Ann Gillin Lefever confirmed that non-branded wholesale pricing continues to strengthen year-over-year, driven by tighter supply and strong international demand.

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    Frederico Yokota Gomes's questions to Village Farms International (VFF) leadership • Q4 2024

    Question

    Frederico Yokota Gomes from ATB Capital Markets requested clarification on the guidance for tripling international sales in 2025, asking how much would come from the Netherlands versus other medical markets. He also questioned the risk of a new oversupply cycle in the Canadian wholesale market.

    Answer

    CEO Mike DeGiglio clarified that the projected tripling of international sales is exclusively from the medicinal export business and does not include the Netherlands recreational market, which is a separate business segment. Regarding the Canadian market, Orville Bovenschen, President of Canadian Cannabis, stated that demand for their high-quality flower remains very high and steady, and they are not seeing trends that suggest an impending oversupply of quality product.

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

    Frederico Yokota Gomes's questions to ORGANIGRAM GLOBAL (OGI) leadership • Q2 2025

    Question

    Frederico Yokota Gomes inquired about the drivers behind the negative operating cash flow in the quarter, particularly the changes in working capital. He also asked for the company's cash flow expectations for the remainder of the fiscal year, considering CapEx, margin expansion, and seasonality. Additionally, he questioned Organigram's strategy for differentiating in the crowded U.S. hemp-derived THC beverage market and the timeline for that segment to become margin-accretive.

    Answer

    CFO Greg Guyatt clarified that the negative cash flow was impacted by the $6 million Collective Projects acquisition and a deliberate investment in working capital, mainly inventory, to prepare for the seasonally strong Q3 and Q4. He affirmed the company expects to be cash flow positive for the full fiscal year. CEO Beena Goldenberg addressed the U.S. strategy, stating the immediate focus is on investing in marketing and sampling to drive trial and awareness for the Collective Projects brand. She noted that while the product is high-quality, short-term margins are being reinvested to build market share, with accretive growth being a longer-term goal.

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    Frederico Yokota Gomes's questions to TerrAscend (TSNDF) leadership

    Frederico Yokota Gomes's questions to TerrAscend (TSNDF) leadership • Q1 2025

    Question

    Frederico Yokota Gomes from ATB Capital Markets inquired about the Ohio market, asking if valuations have shifted since the Ratio Cannabis acquisition was announced, and about the drivers of gross margin improvement in the challenging Michigan market.

    Answer

    Ziad Ghanem, an executive, confirmed that TerrAscend remains pleased with the performance of its Ohio acquisition and is actively seeking other accretive deals at the right price. Regarding Michigan, executive Keith Stauffer attributed the margin improvement to persistent efforts in optimizing the cost structure, while noting the market remains challenging and the company is not yet ready to expand its footprint there.

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    Frederico Yokota Gomes's questions to TerrAscend (TSNDF) leadership • Q4 2024

    Question

    Frederico Yokota Gomes asked about the M&A environment, questioning if private company valuations are declining and how aggressively TerrAscend plans to add stores in Ohio. He also inquired about the potential impact of new store openings on the company's operations and market position in Maryland.

    Answer

    Executive Jason Wild confirmed that M&A price expectations have decreased, particularly for private targets in Ohio, allowing for more attractive multiples. Executive Ziad Ghanem addressed the Maryland market, stating the company is well-prepared for new store openings, which are primarily social equity or non-vertical operators. He explained that TerrAscend's expanding cultivation capacity will allow it to capitalize on the increased wholesale demand from these new retailers, similar to its successful strategy in New Jersey.

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    Frederico Yokota Gomes's questions to TerrAscend (TSNDF) leadership • Q2 2024

    Question

    Frederico Yokota Gomes from ATB Capital Markets inquired about TerrAscend's #1 market share position in New Jersey, asking if it was due to market share gains or changes in reporting methodology, and also questioned the status of the outstanding tax refunds.

    Answer

    CFO Keith Stauffer clarified that a methodology improvement by market data firm BDSA revealed TerrAscend has held the #1 position for some time. President & COO Ziad Ghanem added that despite increased competition, their retail business has returned to growth, prompting an expansion of their Boonton facility. Regarding the tax refund, Stauffer confirmed that of the $30 million total owed, $8 million has been received, with $22 million still outstanding and none denied.

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    Frederico Yokota Gomes's questions to TerrAscend (TSNDF) leadership • Q1 2024

    Question

    Frederico Yokota Gomes inquired about the margin impact of New Jersey's revenue mix shifting towards wholesale, the company's remaining production capacity, and the potential for market share gains and upside in Pennsylvania.

    Answer

    CFO Keith Stauffer explained that the margin impact from the New Jersey wholesale shift was anticipated and mitigated by improved yields, automation, and steady wholesale pricing. President Ziad Ghanem added that wholesale revenue is more efficient at an EBITDA level due to lower overhead. Regarding Pennsylvania, Ghanem noted the stable market allows their brand quality to drive wholesale growth, with significant upside expected from potential adult-use legalization. Executive Chairman Jason Wild emphasized that TerrAscend has substantial unused cultivation capacity in Pennsylvania to meet future recreational demand.

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    Frederico Yokota Gomes's questions to SNDL (SNDL) leadership

    Frederico Yokota Gomes's questions to SNDL (SNDL) leadership • Q1 2025

    Question

    Frederico Yokota Gomes from ATB Capital Markets inquired about SNDL's potential U.S. market entry strategy, its M&A outlook for Canadian cannabis retail, and the expected benefits from its new loyalty program.

    Answer

    Executive Zachary George explained that a U.S. entry would leverage existing SunStream credit investments, converting them to equity without a large cash outlay, and that lessons from Canada's challenging market provide a key competitive advantage. George also confirmed an active M&A pipeline for Canadian retail. Executive Alberto Paredero-Quiros added that the loyalty program is designed to enhance consumer communication and value, with potential expansion to the liquor segment.

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    Frederico Yokota Gomes's questions to SNDL (SNDL) leadership • Q4 2024

    Question

    Frederico Yokota Gomes of ATB Capital Markets asked about the outlook for the Liquor Retail segment's weak same-store sales, the operational performance and potential capital needs of U.S. investments, and the rationale behind the CSE listing application.

    Answer

    Executive Alberto Paredero-Quiros addressed the liquor segment, attributing weakness to a market slowdown and forecasting flat revenue for 2025 with long-term growth of 1-1.5%. Executive Zachary George discussed U.S. investments, noting that while SNDL cannot currently engage in plant-touching activities, U.S. opportunities are a high priority for capital deployment. Regarding the CSE listing, George stated it creates 'optionality' for international growth but did not confirm specific plans.

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    Frederico Yokota Gomes's questions to SNDL (SNDL) leadership • Q3 2024

    Question

    Frederico Yokota Gomes from ATB Capital Markets inquired about the strategic rationale for acquiring the remaining stake in Nova, the key drivers of the significant margin improvement in Cannabis Operations, and the company's capital allocation priorities, including share repurchases and valuation.

    Answer

    Executive Zachary George explained that fully owning Nova ensures SNDL shareholders capture the entire cash flow and earnings potential of the retail business. Regarding margins, Executive Alberto Paredero-Quiros cited a holistic productivity program, including the Olds facility closure and automation, as the primary driver. Zachary George added that eliminating high-cost biomass was critical and expressed confidence in reaching gross margins in the 30% range. On capital allocation, George reiterated priorities in Canadian retail growth and potential U.S. investments, stating that share buybacks are for taking advantage of discounted valuations for long-term holders, not for propping up the stock.

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

    Frederico Yokota Gomes's questions to Tilray Brands (TLRY) leadership • Q3 2025

    Question

    Frederico Gomes asked about the market impact of recent telemedicine restrictions in Poland, the potential for similar changes in Germany, and the current pricing environment in the German medical cannabis market amid rising competition.

    Answer

    Chief Strategy Officer Denise Faltischek acknowledged a temporary prescription drop in Poland but noted a Q4 recovery. She stated that Germany's medical cannabis framework is expected to remain stable and that while competition has led to price segmentation, high-quality products still command premium prices. Chairman and CEO Irwin Simon emphasized that Tilray's vertical integration with CC Pharma provides a significant competitive advantage in Germany.

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    Frederico Yokota Gomes's questions to Tilray Brands (TLRY) leadership • Q2 2024

    Question

    Frederico Yokota Gomes of ATB Capital Markets asked why the cannabis beverage category remains a small part of the Canadian market, unlike the fast-growing U.S. Delta-9 beverage segment.

    Answer

    Chairman and CEO Irwin Simon attributed the limited market size primarily to distribution constraints, as these beverages can only be sold in licensed cannabis stores. He stated that despite this, Tilray holds a 45% market share in the category, and believes the market would be substantially larger if sales were permitted in mainstream channels.

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

    Frederico Yokota Gomes's questions to High Tide (HITI) leadership • Q1 2025

    Question

    Frederico Yokota Gomes asked for a timeline on High Tide's entry into the German market, whether with Purecan or another partner. He also questioned the potential impact of tariffs, specifically from China, on the company's accessories business.

    Answer

    President and CEO Harkirat Grover stated that while he could not give an exact date, a partnership decision for the German market would be made in the coming months, not quarters, as they are in discussions with multiple parties to find the right fit. Regarding tariffs, Mr. Grover clarified that High Tide's business is minimally exposed, as 99% of sales are domestically sourced and sold within Canada and the U.S., insulating them from significant tariff impacts.

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    Frederico Yokota Gomes's questions to High Tide (HITI) leadership • Q1 2025

    Question

    Frederico Yokota Gomes asked for a timeline regarding High Tide's entry into the German market, questioning if the company would move on from Purecan to another partner soon. He also inquired about the potential impact of tariffs on the company's accessories business, particularly for products sourced from China.

    Answer

    President and CEO Harkirat Grover stated that while he could not provide a definitive timeline, the company is actively pursuing the right partnership in Germany and expects a resolution within a 'couple more months,' not quarters. He confirmed discussions are ongoing with other groups beyond Purecan. On the topic of tariffs, Grover asserted the impact is 'very, very minimal,' as 99% of the business is domestically sourced and sold within Canada and the U.S., insulating it from U.S.-China tariff issues.

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    Frederico Yokota Gomes's questions to High Tide (HITI) leadership • Q1 2025

    Question

    Frederico Yokota Gomes asked for a timeline on High Tide's entry into the German market, whether with Purecan or another partner, and questioned the potential impact of tariffs, particularly from China, on the company's accessories business.

    Answer

    President and CEO Harkirat Grover stated that while entry into the German market is a priority, finding the right partner is critical, and a decision is expected within a 'couple more months,' not quarters. He confirmed discussions are ongoing with other groups besides Purecan. On tariffs, Mr. Grover asserted the impact is minimal, as 99% of the business is domestically sourced and sold within Canada and the U.S., insulating them from U.S.-China trade issues.

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    Frederico Yokota Gomes's questions to High Tide (HITI) leadership • Q1 2025

    Question

    Frederico Yokota Gomes asked for a timeline on High Tide's entry into the German market, whether with Purecan or another partner, and inquired about the potential impact of tariffs on accessories sourced from China.

    Answer

    President and CEO Harkirat Grover stated that while they are still in discussions with Purecan, they are also exploring other, potentially better, opportunities and expect to finalize a partnership within a couple of months. He emphasized the importance of finding the right partner to leverage High Tide's significant purchasing power. Regarding tariffs, Mr. Grover clarified that the impact is minimal as 99% of their business is domestic to Canada or the U.S. and does not involve cross-border tariffs, effectively insulating the company.

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    Frederico Yokota Gomes's questions to High Tide (HITI) leadership • Q4 2024

    Question

    Frederico Yokota Gomes asked about the potential for price increases in the Canadian market in 2025 and the company's strategy regarding the U.S. hemp-derived THC market.

    Answer

    Executive Harkirat Grover explained that High Tide is maintaining its current pricing to pressure competitors, citing the recent creditor protection filing of a major rival. He indicated that as more competitors exit the market, the opportunity to increase gross margins will emerge. On hemp-derived THC, he stated that while the company has some offerings, revenue is immaterial, and it is not a current focus due to the complex legal landscape, with resources better allocated to the core Canadian and new German operations.

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

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

    Question

    Requested more specific details about the cannabis market in Poland, including its size, growth rate, competitive landscape, and Canopy's market share.

    Answer

    Judy Hong described Poland as a key growth driver in Europe, noting the market is somewhat insulated from competition due to a government-controlled import permit system. Canopy has successfully secured these permits by providing consistent, high-quality products, and demand is currently exceeding supply.

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

    Question

    Frederico Yokota Gomes from ATB Capital Markets asked for more clarity on the drivers behind the impressive, multi-quarter growth in the Canadian medical cannabis segment and its future upside, especially given the overall Canadian medical market is flat.

    Answer

    CEO David Klein attributed the sustained growth to strong, day-in-and-day-out execution by the medical team, which operates a marketplace model offering best-in-class service and hand-selected products. CFO Judy Hong added that while the broader market is stagnant, Canopy is successfully gaining market share by providing patients with a broad assortment of high-quality products, including those from third parties.

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

    Frederico Yokota Gomes's questions to AURORA CANNABIS (ACB) leadership • Q3 2025

    Question

    Frederico Yokota Gomes from ATB Capital Markets asked about the competitive landscape in international medical markets and the company's capital allocation priorities now that it is generating positive free cash flow.

    Answer

    CEO Miguel Martin explained that international markets are more consolidated than North America, with high barriers to entry like EU GMP certification favoring established companies like Aurora. Regarding capital allocation, he emphasized the strength of their balance sheet, which is free of cannabis-related debt. The strategy is to remain patient but be opportunistic with accretive M&A that enhances their core medical cannabis business, continuing the disciplined approach that has led to their current success.

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