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    Matthew Baker

    Research Analyst at Cantor Fitzgerald

    Matthew Baker's questions to Green Thumb Industries (GTBIF) leadership

    Matthew Baker's questions to Green Thumb Industries (GTBIF) leadership • Q4 2022

    Question

    On behalf of Pablo Zuanic, Matthew Baker of Cantor Fitzgerald asked for an explanation of the steep drop in Illinois retail prices and inquired about the company's 2023 plans for new capacity and store openings.

    Answer

    President Anthony Georgiadis responded that while Green Thumb has observed some price impact in Illinois, it is not as severe as suggested and may be influenced by Missouri's adult-use launch affecting border stores. For 2023, he outlined a goal to open a mid-teen number of new retail stores across Virginia, Pennsylvania, Minnesota, Nevada, and Florida, along with CPG capacity expansions in Virginia, Minnesota, New Jersey, Connecticut, and New York.

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    Matthew Baker's questions to Verano Holdings (VRNOF) leadership

    Matthew Baker's questions to Verano Holdings (VRNOF) leadership • Q2 2022

    Question

    Matthew Baker, on behalf of Pablo Swank at Cantor Fitzgerald, asked for commentary on the market sales cadence in New Jersey and how Verano's stores benchmark against competitors in the state.

    Answer

    CEO George Archos described New Jersey as a very strong market with continued growth potential and a significant wholesale opportunity. While not providing direct peer comparisons, he benchmarked Verano's stores by highlighting their strategic high-traffic locations, large parking lots, high point-of-sale counts, and extensive SKU variety, which positions the company well for both retail throughput and wholesale supply.

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    Matthew Baker's questions to Agrify (AGFY) leadership

    Matthew Baker's questions to Agrify (AGFY) leadership • Q1 2022

    Question

    Matthew Baker, on behalf of Pablo Zuanic at Cantor Fitzgerald, inquired about the company's cash burn and funding needs for the next 12 months. He also asked about the value proposition of Agrify's VFUs, specifically the cost per pound and potency compared to traditional indoor cultivation.

    Answer

    CFO Timothy Oakes addressed the financials, stating the company has approximately $64 million in unrestricted cash and believes it is sufficient to get through the year, though it will be tight. Executive Raymond Chang discussed the value proposition, noting that customers see an operating cost of around $320 per pound with VFUs, compared to an industry average of $450-$500. He also highlighted superior potency, with one customer achieving THC levels as high as 34% with high consistency.

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