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    Josh Felker • CB1 Capital Management LLC

    Josh Felker is a Junior Analyst at CB1 Capital Management LLC, specializing in cannabinoid-based wellness investments with coverage spanning all medical and adult-use cannabis markets. He provides research on major players within the medical and recreational cannabis sectors but specific companies and public performance metrics are not disclosed. Felker began tracking the Canadian cannabis legalization initiative in November 2016 and contributed to FelkerInvesting.com before joining CB1 Capital, which was founded in 2017. While no securities licenses or FINRA registration information is publicly available, his responsibilities at CB1 Capital focus on sector analysis rather than regulated trading or principal investment roles.

    Josh Felker's questions to Rubicon Organics Inc (ROMJF) leadership

    Josh Felker's questions to Rubicon Organics Inc (ROMJF) leadership • Q1 2025

    Question

    Josh Felker from CB1 Capital Management questioned management's confidence in their ability to sell the new production capacity from the Hope facility and asked about the levers available to stimulate demand. He also inquired about the current supply-demand dynamics in international markets, particularly within the premium cannabis segment.

    Answer

    CEO Margaret Brodie expressed high confidence in selling all new capacity from the Hope facility, citing significant unmet demand for larger format products domestically and growing opportunities in international markets. Regarding international supply, she acknowledged a recent normalization in the mainstream segment in markets like Germany but emphasized that a distinct and persistent undersupply of consistent, high-quality premium cannabis remains. Brodie positioned this premium supply shortage as a key opportunity for Rubicon's expansion.

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    Josh Felker's questions to Rubicon Organics Inc (ROMJF) leadership • Q4 2024

    Question

    Josh Felker from CB1 Capital asked for an update on international opportunities beyond Poland, such as the U.K., Germany, and Australia. He also inquired about the impacts of Canadian supply shortages on consumer trends.

    Answer

    Executive Margaret Brodie explained that due to capacity constraints, Rubicon is prioritizing the Canadian market in 2025, with international shipments limited to small 'test and learn' lots. She anticipates over 1,000 kilograms will be available for international markets in 2026, likely from the Hope facility. Regarding consumer trends, Brodie noted that supply shortages and market unpredictability are driving a shift towards trusted brands, as consumers seek consistent quality for their money, which builds brand loyalty.

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    Josh Felker's questions to Rubicon Organics Inc (ROMJF) leadership • Q4 2024

    Question

    Asked about the company's international strategy, particularly why the first export was to Poland instead of previously mentioned countries, the impacts of supply shortages in the Canadian market, and observed shifts in consumer trends.

    Answer

    The company explained that due to capacity constraints in 2025, their international strategy is a 'test and learn' approach with small shipments, with more significant international sales planned for 2026. The Canadian supply shortage is leading to less brand selection on shelves and is causing Rubicon to prioritize more profitable formats. The most significant consumer trend is a shift towards brand trust and loyalty.

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    Josh Felker's questions to Rubicon Organics Inc (ROMJF) leadership • Q3 2024

    Question

    Asked about the use of expanded flower capacity, the demand ceiling for the 1964 brand, and strategies to increase sales volumes beyond organic growth.

    Answer

    The expanded capacity will first serve unmet Canadian demand for the 1964 brand, with the remainder for international markets. The company believes demand for the 1964 brand can grow by at least 10% and likely more. They plan to cautiously increase their marketing spend from its current low level, tying it to volume growth with a 'test and learn' approach.

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    Josh Felker's questions to Rubicon Organics Inc (ROMJF) leadership • Q3 2024

    Question

    Josh Felker of CB1 Capital Management LLC asked how the planned 20% increase in flower capacity would be utilized and questioned the potential demand ceiling for the capacity-constrained 1964 brand. He also inquired about strategies to support volume growth beyond brand expansion, given the company's relatively low marketing spend.

    Answer

    CEO Margaret Brodie clarified that new capacity would first serve unmet Canadian demand for the 1964 brand, with excess supply directed to international markets. While not providing a demand ceiling, she estimated a low-end growth of over 10% for the brand. She acknowledged their marketing spend is low compared to peers (5.8% vs. 8-12%) and indicated it might increase slightly, but any new spending would follow a cautious 'test and learn' approach tied to volume growth rather than a large budget increase.

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