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    Matt Bottomley

    Research Analyst at Canaccord Genuity Group Inc.

    Matt Bottomley is a Managing Director, Equity Research at Canaccord Genuity Corp., specializing in coverage of the cannabis industry and alternative pharmaceuticals in both Canada and international markets. He covers over 40 stocks, including major cannabis companies such as Aphria, with performance metrics showing a 41% success rate and an average return per transaction of approximately 5%. With a career beginning in audit and assurance at PricewaterhouseCoopers and experience as a financial consultant specializing in business valuation for the pharmaceutical sector, Bottomley joined Canaccord Genuity after holding roles as an Associate and progressing to leadership in equity research. He holds the Chartered Professional Accountant (CPA) and Chartered Business Valuator (CBV) credentials and is a graduate of McMaster University with an Honors Bachelor of Commerce.

    Matt Bottomley's questions to Curaleaf Holdings (CURLF) leadership

    Matt Bottomley's questions to Curaleaf Holdings (CURLF) leadership • Q1 2025

    Question

    Matt Bottomley from Canaccord Genuity inquired about the future growth profile for Curaleaf's international operations and the associated capital expenditure outlook.

    Answer

    Chairman and CEO Boris Jordan stated that while he wouldn't speculate on new market openings, he anticipates international revenue growing from $107 million to around $170 million this year based on existing markets. He noted that while markets like the U.K. and Germany are underpenetrated, there is a threat of price compression from an influx of product. For CapEx, he estimated an additional $20 million over the next 1.5 years for Europe, noting most major investments are complete.

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    Matt Bottomley's questions to Curaleaf Holdings (CURLF) leadership • Q4 2024

    Question

    Matt Bottomley asked about potential administrative catalysts for the cannabis sector, specifically regarding the new administration's stance on reform like banking and rescheduling, and how this might affect the timing of Curaleaf's debt refinancing.

    Answer

    Chairman and CEO Boris Jordan stated his belief that the President will follow through on campaign indications to support banking reform and rescheduling. However, he cautioned that the timing is difficult to predict as the new administration settles in. He clarified that while they are hopeful, the company is not planning its business around these potential reforms.

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    Matt Bottomley's questions to Curaleaf Holdings (CURLF) leadership • Q2 2024

    Question

    Matt Bottomley inquired about Curaleaf's strategy for the newly launched adult-use market in Ohio, asking about plans to reach the state's retail store cap and the company's capacity to service both its own stores and the wholesale market.

    Answer

    Executive Chairman Boris Jordan reported that initial sales from their first adult-use stores in Ohio exceeded internal projections. He highlighted that their Ohio cultivation facility is the company's highest-yielding, positioning them well to meet significant wholesale demand at strong prices. He confirmed the plan to have all eight permitted stores open by the end of Q1 2025.

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    Matt Bottomley's questions to Curaleaf Holdings (CURLF) leadership • Q1 2024

    Question

    Matt Bottomley asked about the company's improved custodial solutions, questioning if a formal move to Schedule 3 is required to significantly increase capital inflows and institutional ownership for the broader industry.

    Answer

    Executive Chairman Boris Jordan clarified that Curaleaf's custody achievements with BNY Mellon, State Street, and Euroclear were due to specific company actions like its TSX uplisting. For the wider industry, he stated that while he is confident rescheduling will happen, the key will be subsequent guidance from the DOJ and FinCEN. He noted that the SAFER Banking Act remains the ultimate solution, though its passage is uncertain.

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    Matt Bottomley's questions to Tilray Brands (TLRY) leadership

    Matt Bottomley's questions to Tilray Brands (TLRY) leadership • Q3 2025

    Question

    Matt Bottomley asked about the strategic risk to Tilray's infrastructure investment if regulatory changes, like a new Farm Bill, were to shut down the hemp-derived beverage market. He also inquired about the overall growth of the THC beverage category in Canada.

    Answer

    An Unknown Executive and Chairman and CEO Irwin Simon addressed the risk, explaining it is mitigated by using third-party production, managing inventory levels, and pursuing a cautious state-by-state rollout. Simon noted that the Canadian THC beverage category, where Tilray has a 45% share, has massive growth potential if regulations allowed sales in mainstream channels like liquor or convenience stores.

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    Matt Bottomley's questions to Tilray Brands (TLRY) leadership • Q1 2025

    Question

    Matt Bottomley from Canaccord Genuity inquired if recent European regulatory changes are expected to meaningfully impact the international revenue run-rate by year-end and asked about potential M&A opportunities within the wellness segment.

    Answer

    CEO Irwin Simon and Chief Strategy Officer Denise Faltischek responded, highlighting a 50% increase in German flower sales since regulatory changes. They noted that quarterly international revenue can be lumpy due to permit timing and should be viewed annually. Regarding wellness, Simon emphasized focusing on organic growth in the medical cannabis business by leveraging research and learnings from European operations, rather than focusing on M&A.

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    Matt Bottomley's questions to Tilray Brands (TLRY) leadership • Q2 2024

    Question

    Matt Bottomley of Canaccord Genuity asked for clarity on the recurring versus opportunistic components of the international cannabis revenue and inquired about any significant regulatory developments outside of Germany.

    Answer

    Denise Faltischek, Chief Strategy Officer, emphasized a focus on building a sustainable and profitable foundation, citing Germany's reimbursed medical extract business as a core, recurring revenue stream. CEO Irwin Simon added that the company's supply infrastructure in Europe and Canada positions them well to enter new markets as they open, with the U.K. becoming their international hub.

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    Matt Bottomley's questions to High Tide (HITI) leadership

    Matt Bottomley's questions to High Tide (HITI) leadership • Q1 2025

    Question

    Matt Bottomley inquired about the recent strategic changes in Germany, particularly concerning telemedicine regulations and the adult-use market outlook. He also asked about the drivers of the 5% same-store sales growth in Canada and the assumptions behind raising the Cabana Club membership target to 2.5 million.

    Answer

    President and CEO Harkirat Grover explained that uncertainty around Germany's new government's stance on telemedicine, a key part of the Purecan valuation, prompted a re-evaluation of the deal structure. He affirmed High Tide's commitment to entering the German medical market, potentially with a new partner. Regarding Canadian performance, Mr. Grover attributed the strong same-store sales growth to their differentiated discount club model, which has grown 142% since October 2021, and stated the long-term ambition is to reach a 15% market share. He projected the 2.5 million membership target could be achieved within approximately two years.

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    Matt Bottomley's questions to High Tide (HITI) leadership • Q1 2025

    Question

    Matt Bottomley inquired about the recent changes to High Tide's German market strategy, particularly concerning the Purecan deal and the role of telemedicine regulations. He also asked for details on the drivers of the 5% same-store sales growth in Canada, consumer behavior trends, and the assumptions underlying the increased 2.5 million member target for the Cabana Club.

    Answer

    President and CEO Harkirat Grover explained that uncertainty around Germany's new government's stance on telemedicine, a key part of Purecan's valuation, prompted a re-evaluation of the deal structure. He affirmed High Tide's commitment to entering the German medical market and readiness for potential recreational pilot programs. Regarding Canadian retail, Grover attributed the strong 142% cumulative same-store sales growth since 2021 to the success of the discount club model and stated a long-term goal of achieving 15% market share. He projected reaching the 2.5 million member target in approximately two years.

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    Matt Bottomley's questions to High Tide (HITI) leadership • Q1 2025

    Question

    Matt Bottomley inquired about the recent changes to High Tide's strategy in Germany, particularly concerning the Purecan deal and telemedicine regulations, and asked about the drivers behind the strong 5% same-store sales growth and the assumptions for the new 2.5 million Cabana Club membership target in Canada.

    Answer

    President and CEO Harkirat Grover explained that political shifts in Germany cast uncertainty on the telemedicine model, a key part of Purecan's valuation, prompting a re-evaluation of the deal structure. He confirmed High Tide remains committed to entering the German medical market, potentially with a different partner. Regarding Canada, Mr. Grover attributed the sales growth to the strength of their discount club model, noting cannabis is largely recession-resistant. He projected reaching the 2.5 million member target within approximately two years based on current growth rates.

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    Matt Bottomley's questions to High Tide (HITI) leadership • Q1 2025

    Question

    Matt Bottomley inquired about the revised strategy for the German market, specifically the changes concerning the Purecan transaction and the role of telemedicine. He also asked about the drivers of the 5% same-store sales growth in Canada and the assumptions behind the increased Cabana Club membership target of 2.5 million.

    Answer

    President and CEO Harkirat Grover explained that political shifts in Germany cast uncertainty on the telemedicine model, a key part of Purecan's valuation, prompting a re-evaluation of the deal structure. He affirmed High Tide's commitment to entering the German medical market, potentially with a different partner. Regarding Canada, Mr. Grover attributed the strong sales growth to their successful discount club model and the recession-resistant nature of cannabis. He projected reaching the 2.5 million member target within approximately two years, supporting a long-term goal of at least 15% market share.

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    Matt Bottomley's questions to High Tide (HITI) leadership • Q4 2024

    Question

    Matt Bottomley inquired about recent market dynamics, specifically a perceived drop in market share in Alberta and Ontario, and the company's investment strategy for the German market following the Purecan acquisition.

    Answer

    Executive Harkirat Grover clarified that the market share figure was revised down from 12% to 11% due to updated data from Statistics Canada, not a change in competitive dynamics, noting that year-over-year share actually grew from 10%. Regarding Germany, he stated that no significant CapEx is required for the Purecan deal as infrastructure is in place, with the primary investment being working capital to manage payment cycles with Canadian licensed producers.

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    Matt Bottomley's questions to High Tide (HITI) leadership • Q3 2024

    Question

    Matt Bottomley asked about consumer purchasing patterns for CPG-style cannabis products and the future strategy for the declining e-commerce segment.

    Answer

    President and CEO Harkirat Grover noted that while some LP brands are gaining traction, achieving dominant brand loyalty remains challenging. He emphasized High Tide's ability to build its own brands like Queen of Bud. Regarding e-commerce, which now represents 6-7% of revenue, Grover teased a significant new strategy to transform it into a 'global cannabis community' with a strong white-label focus, promising more details soon.

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    Matt Bottomley's questions to High Tide (HITI) leadership • Q2 2024

    Question

    Matt Bottomley asked how the company balances M&A versus cherry-picking locations from bankrupt entities and inquired if recent Health Canada regulatory proposals were significant for the business.

    Answer

    President and CEO Raj Grover explained that they are highly selective in all acquisitions, including from bankruptcies, often avoiding deals due to poor locations or unfavorable lease terms signed by prior operators. He emphasized a disciplined approach, viewing 3.5x-4x EBITDA as a fair multiple and avoiding bidding wars. Regarding Health Canada, he noted the changes were incremental, like CBD labeling, and not majorly impactful to their retail operations at present.

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    Matt Bottomley's questions to Canopy Growth (CGC) leadership

    Matt Bottomley's questions to Canopy Growth (CGC) leadership • Q3 2025

    Question

    Inquired about the future use of the At-The-Market (ATM) financing program as the company moves towards cash flow breakeven, especially considering the challenging equity valuations in the cannabis sector.

    Answer

    Judy Hong explained that cash flow is expected to improve further in FY 2026 due to better operations and lower interest expenses. She stated that the current cash balance, combined with ongoing improvements and the ATM program, provides sufficient flexibility for reinvestment and growth.

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    Matt Bottomley's questions to Canopy Growth (CGC) leadership • Q3 2025

    Question

    Matt Bottomley questioned the future cadence of the At-The-Market (ATM) equity program, given the significant funds raised, and asked how it aligns with the company's path to breakeven amidst challenging sector-wide equity valuations.

    Answer

    CFO Judy Hong stated that cash flow is expected to see further improvement in fiscal 2026, driven by better operational profitability and lower cash interest expenses following recent debt paydowns. She noted that the current cash balance, combined with the ATM program, provides ample flexibility to reinvest in growth initiatives while managing obligations.

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    Matt Bottomley's questions to AURORA CANNABIS (ACB) leadership

    Matt Bottomley's questions to AURORA CANNABIS (ACB) leadership • Q3 2025

    Question

    Matt Bottomley from Canaccord Genuity asked about the international product mix, the proportion of sales from insured patients, and the medium-term strategy for the consumer cannabis segment.

    Answer

    CEO Miguel Martin and CFO Simona King responded. Martin clarified that flower is the dominant product in all international markets. While precise data is scarce, he noted that the self-payer market is growing fastest in Germany, though insured coverage also remains strong. King added that these are finished goods, not bulk sales. Regarding consumer cannabis, Martin stated that while it's a challenging market, they remain active to gain consumer insights. King confirmed the recent margin decline was due to product mix changes, not price compression.

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    Matt Bottomley's questions to AURORA CANNABIS (ACB) leadership • Q3 2024

    Question

    The analyst inquired about the dynamics of the Canadian medical cannabis market, including its size and Aurora's strategy for growth, and also asked about the company's strategic criteria for capital allocation and M&A in international markets.

    Answer

    The executive explained that while the Canadian medical market is slightly declining, Aurora maintains its position through service and reimbursement advantages not found in the recreational market. He emphasized that leadership in Canada provides a valuable blueprint for global markets. For international strategy, decisions are based on a three-part analysis: the regulatory environment (favoring rigor like EU GMP), the size of the market opportunity, and the optimal business model for entry (e.g., full integration vs. partnership).

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    Matt Bottomley's questions to TerrAscend (TSNDF) leadership

    Matt Bottomley's questions to TerrAscend (TSNDF) leadership • Q2 2024

    Question

    Matt Bottomley of Canaccord Genuity Group Inc. asked for color on why Q2 revenue fell short of prior expectations and for details on the puts and takes behind the flat to slightly down guidance for Q3.

    Answer

    President & COO Ziad Ghanem attributed the Q2 revenue shortfall to New Jersey wholesale revenue, which, despite 100% YoY growth, was below internal expectations due to the choppy nature of the channel. For Q3 guidance, CFO Keith Stauffer outlined the puts and takes: expected wholesale growth in New Jersey and Maryland, stable retail in Maryland and Pennsylvania, offset by cautious assumptions for New Jersey retail, leading to an overall flattish forecast.

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    Matt Bottomley's questions to Ayr Wellness (AYRWF) leadership

    Matt Bottomley's questions to Ayr Wellness (AYRWF) leadership • Q2 2023

    Question

    Matt Bottomley of Canaccord Genuity inquired if further asset sales were being considered and asked for commentary on the M&A environment. He also questioned the key assumptions required to achieve the company's guidance of a mid-20s adjusted EBITDA margin for the remainder of the year, and whether it would necessitate sacrificing growth.

    Answer

    President & CEO David Goubert stated that the company is very satisfied with its current state footprint and is not considering any further asset dispositions. CFO Brad Asher added that AYR is not active in M&A and is focused on internal growth. Regarding the EBITDA margin outlook, Goubert explained that the company plans to aggressively sell through its significant inventory, which will create margin pressure. However, this is expected to be offset by ongoing cost-saving initiatives and operating leverage from revenue growth, allowing them to maintain the 25% EBITDA margin range without sacrificing growth.

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    Matt Bottomley's questions to Ayr Wellness (AYRWF) leadership • Q1 2023

    Question

    Matt Bottomley from Canaccord Genuity asked for commentary on Ayr's market share in New Jersey, which appears to be in the low single digits, and inquired about the expected cadence for catching up to market leaders. He also questioned the company's cash tax payment strategy and whether they plan to utilize the 18-month lag for federal tax payments.

    Answer

    President & CEO David Goubert acknowledged that Ayr is not yet at its target market share in New Jersey but expects an acceleration in the second half of the year, citing the upcoming expansion of the Eatontown store, talent upgrades, and increased marketing efforts as key drivers. CFO Brad Asher and CEO David Goubert both addressed the tax question, stating that the company is fully paid for 2021, expects to pay 2022 taxes during 2023, and does not currently need to change its strategy of paying on a one-year lag due to its projected cash position.

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    Matt Bottomley's questions to Ayr Wellness (AYRWF) leadership • Q4 2022

    Question

    Matt Bottomley questioned the company's balance sheet strategy, focusing on the significant debt load maturing by the end of 2024 and seeking insight into potential sources of capital or strategic pivots to ensure financial stability.

    Answer

    CEO David Goubert acknowledged that addressing the December 2024 Senior Secured Notes is a critical focus for the management team. While he could not disclose specific plans, he outlined a two-pronged approach: first, to strengthen the company's financial position by growing revenue and EBITDA while generating positive operating cash flow, and second, to actively work on resolving the balance sheet challenges.

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    Matt Bottomley's questions to Green Thumb Industries (GTBIF) leadership

    Matt Bottomley's questions to Green Thumb Industries (GTBIF) leadership • Q2 2023

    Question

    Matt Bottomley from Canaccord Genuity Corp. asked about market trends in Illinois, specifically regarding price compression, and requested an update on new retail store openings in the state.

    Answer

    President Anthony Georgiadis noted that price compression in Illinois has been a "slow and steady" process. He stated that while 20-30 new competitor stores have opened—a slower pace than anticipated—the new competition has impacted Green Thumb's ten-store retail portfolio, and the company continues to monitor the market closely.

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    Matt Bottomley's questions to Green Thumb Industries (GTBIF) leadership • Q1 2023

    Question

    Matt Bottomley of Canaccord sought clarity on free cash flow dynamics, asking about the relationship between operating cash flow, capital expenditures, and interest payments, and also requested the total cash tax payment for 2022.

    Answer

    Founder and CEO Ben Kovler confirmed the remaining 2023 CapEx of about $100 million is fully funded by cash on hand and operating cash flow. He noted the company is actively managing its debt, which is due in 2025. He also disclosed that total cash taxes paid in 2022 were approximately '$120 million plus,' with a significant portion attributable to Section 280E.

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    Matt Bottomley's questions to Green Thumb Industries (GTBIF) leadership • Q4 2022

    Question

    Matt Bottomley from Canaccord Genuity asked for more color on the market dynamics in Nevada beyond price compression and questioned whether Green Thumb might consider streamlining its portfolio or exiting non-core markets, similar to its peers.

    Answer

    CEO Ben Kovler addressed the Nevada market, noting it was down significantly in 2022 due to severe price erosion, the larger-than-expected impact of tribal operations, and illicit product crossing state lines from California. CFO Matt Faulkner responded to the portfolio question, stating that Green Thumb has no plans to exit any markets. He described the company's portfolio as being built in a 'calculated, precise surgical manner' and noted that competitor exits actually create better market stability for remaining operators.

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    Matt Bottomley's questions to Green Thumb Industries (GTBIF) leadership • Q2 2022

    Question

    Matt Bottomley from Canaccord Genuity asked about the potential for wholesale growth in New Jersey, given the limited retail footprint and operators' focus on vertical sales.

    Answer

    CEO Ben Kovler explained that while the next major step-up in growth requires more retail stores, incremental growth will come from both channels. He noted that as the market expands, even vertically-focused stores will purchase wholesale products to diversify their offerings, creating opportunities for B2B sales.

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    Matt Bottomley's questions to Intercure (INCR) leadership

    Matt Bottomley's questions to Intercure (INCR) leadership • Q4 2022

    Question

    Matt Bottomley asked for an update on gross margin trends into Q1 2023 and the expected pricing cadence for the remainder of the year. He also sought clarity on the significance of the upcoming prescription reform in Israel and the company's operational capacity to handle a potential 70% surge in market demand.

    Answer

    CEO & Director Alexander Rabinovitch confirmed that the pricing pressure impacting margins continued into Q1 2023, with a potential inflection point in the second half of the year as the market consolidates. He emphasized that the prescription reform is a professional, not political, initiative to remove a major patient access bottleneck. Rabinovitch assured that InterCure is prepared for the resulting market growth, having scaled up its cultivation operations and international supply agreements in anticipation.

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    Matt Bottomley's questions to Verano Holdings (VRNOF) leadership

    Matt Bottomley's questions to Verano Holdings (VRNOF) leadership • Q3 2022

    Question

    Matt Bottomley from Canaccord Genuity requested a more detailed breakdown of the drivers behind Verano's margin profile, seeking to distinguish between macro-level pricing pressures and internal factors like facility utilization. He also asked for clarity on the full-year cash flow profile, specifically concerning the timing of cash tax payments.

    Answer

    CEO & Founder George Archos explained that margins fluctuate due to the ongoing integration of acquisitions and operational streamlining, which helps offset external pricing pressures. CFO Brett Summerer added that pricing headwinds were largely balanced by a 6% increase in the sell-through of Verano's own products. Regarding cash taxes, Summerer reiterated the strategy of using tax payables as a low-cost capital source, with payment timing decided quarterly to maximize returns, making a precise Q4 forecast difficult.

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    Matt Bottomley's questions to Verano Holdings (VRNOF) leadership • Q2 2022

    Question

    Matt Bottomley from Canaccord Genuity requested commentary on consumer trends and pricing in the Florida retail market and asked for expectations on the ramp-up timeline for the 185 new social equity retail licenses in Illinois.

    Answer

    CEO George Archos noted that consumer behavior in Florida mirrors other markets, with a shift towards value-oriented products, validating the company's launch of the Essence and Savvy brands. For Illinois, he anticipates a gradual rollout of the new licenses, with some opening by year-end and more throughout the following year, which he views as a healthy, sustainable pace for the market.

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    Matt Bottomley's questions to Verano Holdings (VRNOF) leadership • Q1 2022

    Question

    Matt Bottomley requested more detail on the cash flow profile, particularly regarding the timing of tax payables, and asked about the company's M&A strategy for portfolio expansion.

    Answer

    CFO Brett Summerer explained that the company manages deferred taxes as low-cost debt, targeting about a year's worth, and made payments in Q2 to reduce the balance. CEO George Archos added that while Verano is content with its current footprint, it remains open to tuck-in acquisitions if the price and cultural fit are right.

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    Matt Bottomley's questions to Verano Holdings (VRNOF) leadership • Q4 2021

    Question

    Matt Bottomley of Canaccord Genuity asked for quantification of how the accounting change to U.S. GAAP impacted the margin profile, to distinguish it from fundamental business factors. He also inquired about the company's capital position and the sufficiency of its credit facility to fund initiatives, given the challenging equity market conditions.

    Answer

    CFO Brett Summerer explained that the impact on Adjusted EBITDA margin was minimal, as items like depreciation are added back. CEO George Archos addressed capital sufficiency by emphasizing that Verano is a free cash flow positive business that can self-fund its capital expenditures. He stated the credit facility is maintained primarily to provide M&A optionality, not for operational funding.

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    Matt Bottomley's questions to iANTHUS CAPITAL HOLDINGS (ITHUF) leadership

    Matt Bottomley's questions to iANTHUS CAPITAL HOLDINGS (ITHUF) leadership • Q3 2019

    Question

    Matt Bottomley of Canaccord Genuity requested color on the pro forma adjusted EBITDA including Sierra Well and managed revenues. He also asked for a performance breakdown of the Arizona operations since the MPX acquisition and inquired about CapEx plans for New York and New Jersey.

    Answer

    CFO Julius Kalcevich stated that on a pro forma basis, the company would have a slight Q3 EBITDA loss but is moving confidently toward profitability. He also clarified that some historical MPX Arizona revenue is now classified as managed revenue, with the retail side up 10-15% year-over-year. Regarding NY/NJ, both Julius Kalcevich and COO Pat Tiernan confirmed a prudent approach, with minimal CapEx planned until adult-use programs have more visibility.

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    Matt Bottomley's questions to iANTHUS CAPITAL HOLDINGS (ITHUF) leadership • Q2 2019

    Question

    Matt Bottomley from Canaccord Genuity asked about the monthly revenue progression during Q2 to reach the $25 million pro forma figure, the components of the pro forma revenue delta, and the timeline for that gap to close. He also requested the current pro forma dispensary count and a year-end target.

    Answer

    CFO Julius Kalcevich explained that April was the strongest month due to the 4/20 holiday. He broke down the pro forma delta, which includes a full quarter of CBD For Life and managed revenues from Colorado and Arizona. He expects this gap to shrink as Colorado revenue becomes reportable in early 2020. He confirmed the current dispensary count is 18 and stated a year-end target would be provided once there is more regulatory clarity.

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