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    Howard Penney

    Research Analyst at Hedgeye Risk Management

    Howard Penney is Managing Director and Partner at Hedgeye Risk Management, specializing in U.S. restaurant industry equities and broader Consumer Staples sectors including supermarkets, food distribution, beverage, alcohol, and cannabis. He has covered notable companies such as Pepsi, General Mills, and Chilis, leveraging a data-driven approach that aims to generate actionable investment ideas both on the long and short side, though detailed public performance metrics like TipRanks rankings or average returns are not available. Penney joined Hedgeye in 2008 and has nearly two decades of experience in financial research and analysis; his earlier career steps and professional registrations are not detailed in public records. His research is recognized for offering comprehensive insights that help institutional investors risk-manage portfolios across multiple consumer sub-sectors.

    Howard Penney's questions to Glass House Brands (GLASF) leadership

    Howard Penney's questions to Glass House Brands (GLASF) leadership • Q1 2023

    Question

    Howard Penney of Hedgeye asked how the company plans to balance its desire to grow its retail network with its commitment to maintaining positive free cash flow, given the capital-intensive nature of opening new stores.

    Answer

    Co-Founder and President Graham Farrar emphasized that maintaining positive free cash flow is a priority and that cash flow is expected to accelerate through the year from its seasonal Q1 low. He stated the company is taking a 'watch and wait' approach to retail, looking for capital-efficient opportunities rather than engaging in a 'land grab.' CEO Kyle Kazan reinforced this, stating a land grab strategy is not their approach. CFO Mark Vendetti confirmed that the current financial outlook is based on the existing 10 stores, with no immediate plans for further expansion.

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