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    Jesse Redmond • Water Tower Research LLC

    Jesse Redmond is a Managing Director and Head of Cannabis Research at Water Tower Research LLC, specializing in equity research for the cannabis industry. He provides in-depth coverage of leading companies such as Curaleaf, Green Thumb Industries, Trulieve, Cresco Labs, and Verano Holdings, with his analysis frequently cited for its actionable insights and industry accuracy. Before joining Water Tower Research in March 2022, Redmond founded and led Redmond Equity Research and previously served as a Senior Analyst at Wells Fargo Advisors, establishing a track record of strong returns and successful investment recommendations in alternative and emerging sectors. He is FINRA registered with Series 7 and Series 63 licenses, and has been recognized for his thought leadership and performance in the cannabis investment community.

    Jesse Redmond's questions to Rubicon Organics Inc (ROMJF) leadership

    Jesse Redmond's questions to Rubicon Organics Inc (ROMJF) leadership • Q3 2024

    Question

    Asked about plans for vape product diversification (input oils, form factors) and the company's view on international market opportunities for premium products.

    Answer

    The company is focused on premium vape offerings like live resin/rosin and is exploring new form factors but is unlikely to enter the distillate market. They see a significant and growing international demand for premium flower and plan to enter that market in 2025.

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    Jesse Redmond's questions to Rubicon Organics Inc (ROMJF) leadership • Q3 2024

    Question

    Jesse Redmond of Water Tower Research LLC asked if Rubicon plans to diversify its vape portfolio with different input oils like distillate or new form factors like all-in-ones. He also inquired about the potential for international expansion, particularly for premium products.

    Answer

    CEO Margaret Brodie explained that while new form factors are being explored, the company is unlikely to enter the lower-margin distillate market, as its customers prefer premium experiences like live resin. She then confirmed a significant opportunity exists internationally, citing an 'avalanche of inbound demand' from markets like Australia, the UK, and Germany. She stated that Rubicon expects to enter the international market in 2025 to capitalize on this demand.

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    Jesse Redmond's questions to Hydrofarm Holdings Group Inc (HYFM) leadership

    Jesse Redmond's questions to Hydrofarm Holdings Group Inc (HYFM) leadership • Q3 2024

    Question

    Jesse Redmond from Water Tower Research asked about the implications of the Florida cannabis vote, potential M&A opportunities given the company's balance sheet, and the future trajectory of SG&A expenses.

    Answer

    Executive William Toler stated that the Florida vote was a setback but has limited direct impact due to the company's small footprint in the state, with federal rescheduling being a more significant catalyst. Regarding M&A, Toler explained that while dialogues are ongoing, the company is preserving cash and being prudent, though it may see volume from smaller players outsourcing manufacturing. Executive B. John Lindeman added that there is still some room for further SG&A reductions in 2025, although it is becoming more challenging.

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    Jesse Redmond's questions to Hydrofarm Holdings Group Inc (HYFM) leadership • Q3 2024

    Question

    Asked about the impact of the Florida vote not passing, potential M&A opportunities given the company's financial strength, and the outlook for further SG&A reductions in 2025.

    Answer

    The executive stated the Florida vote was a setback but has minimal direct impact on Hydrofarm, with federal rescheduling being more significant. On M&A, they are exploring prudent options, including potential manufacturing outsourcing from smaller players. Further SG&A cuts are possible in 2025, though opportunities are becoming smaller.

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    Jesse Redmond's questions to MariMed Inc (MRMD) leadership

    Jesse Redmond's questions to MariMed Inc (MRMD) leadership • Q3 2024

    Question

    Jesse Redmond of Water Tower Research questioned the criteria MariMed uses for market entry, particularly concerning price compression, and asked about the key lessons learned from recent operational and preopening delays.

    Answer

    CEO Jon Levine explained that the company targets limited-license states transitioning to adult-use, like Ohio, aiming for full vertical integration. He also mentioned looking at markets like Missouri, New York, and Texas. Regarding lessons learned from delays, Levine noted a strategic shift toward acquiring already operating businesses with existing cash flow to avoid the lengthy approval processes associated with building from scratch.

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