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    Michael Regan

    Research Analyst at Excelsior Equities

    Michael Regan is the former Director of Research and Founding Partner at Excelsior Equities, specializing in equity analysis focused on the North American cannabis sector and regulated marijuana industry. He has led coverage of specific companies including Village Farms International and Green Thumb Industries, achieving recognition for in-depth sector research and accurate investment calls, including the publication of comprehensive industry white papers and buy-rated analytical reports. Regan began his finance career with research roles at Credit Suisse, Deutsche Bank, and hedge funds Roubaix Capital and Hawkshaw Capital, before moving into cannabis sector specialization in 2019 through Excelsior Equities, MJResearchCo, and MJBizDaily. Holding over 20 years of experience as an investment and strategic analyst, his professional credentials include founding research-driven firms and continued advancement to senior analytical and investor relations roles at Safe Harbor Financial.

    Michael Regan's questions to Village Farms International (VFF) leadership

    Michael Regan's questions to Village Farms International (VFF) leadership • Q3 2024

    Question

    Michael Regan sought to clarify the margin potential of the Netherlands facility, asking if its profitability would significantly exceed that of the Canadian operations given the much higher pricing and lack of excise tax. He also questioned whether the non-branded sales in Canada were opportunistic or part of a more recurring, relationship-based strategy.

    Answer

    CEO Mike DeGiglio confirmed that margins from the Netherlands facility will be 'well in excess' of Canadian margins and more aligned with their U.S. business, which operates in the 60-70% range. COO Ann Gillin Lefever clarified that the non-branded B2B sales in the quarter were opportunistic, driven by favorable strengthening in market pricing, rather than a strategic shift to an asset-light model. Mr. DeGiglio added that B2B and international sales are also attractive because they do not incur the Canadian excise tax.

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    Michael Regan's questions to High Tide (HITI) leadership

    Michael Regan's questions to High Tide (HITI) leadership • Q3 2024

    Question

    Michael Regan questioned the impact of the Tokyo Smoke bankruptcy on the competitive landscape and asked for details on the resurgence of the illicit market.

    Answer

    President and CEO Harkirat Grover stated that while High Tide is evaluating closed Tokyo Smoke locations, many are unattractive due to large footprints and high legacy rents. On the illicit market, Grover confirmed a recent surge in illicit brick-and-mortar stores is pressuring legal sales and has forced High Tide to lower margins in certain areas to compete, which he believes will further squeeze weaker legal operators.

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    Michael Regan's questions to High Tide (HITI) leadership • Q2 2024

    Question

    Michael Regan asked about the drivers behind the significant gross margin expansion in the brick-and-mortar segment and inquired about the state of cannabis supply from licensed producers.

    Answer

    President and CEO Raj Grover stated that the 9-quarter high in gross margin was driven by a large base of mature stores and the ability to raise prices as nearby competitors close down. He also noted a positive, albeit small, impact from higher e-commerce margins. Regarding supply, Grover confirmed it remains consistent and is not an issue, as the pain felt by LPs, who often sell at a loss, becomes a benefit for retailers who can offer value to consumers.

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    Michael Regan's questions to TerrAscend (TSNDF) leadership

    Michael Regan's questions to TerrAscend (TSNDF) leadership • Q2 2024

    Question

    Michael Regan of Excelsior Equities asked if the 47-50% gross margin range is still a reasonable expectation for Q3, inquired about any observed trends in Michigan border stores since Ohio's adult-use launch, and asked about the financial impact of a California store closure.

    Answer

    CFO Keith Stauffer confirmed that the gross margin is expected to remain in the 48% to 50% range for Q3. President & COO Ziad Ghanem stated it was too early to see any trends in Michigan border stores and noted that the closure of a small California store had a negligible financial impact as the company was simply waiting for the lease to expire.

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    Michael Regan's questions to TerrAscend (TSNDF) leadership • Q1 2024

    Question

    Michael Regan asked about the strategy for closing acquisitions in Ohio before adult-use sales begin, given the accelerated timeline, and whether the vertical integration of Maryland stores is primarily a revenue or margin opportunity.

    Answer

    Executive Chairman Jason Wild responded that the company is moving with urgency to secure an Ohio deal before adult-use sales commence, similar to its Maryland strategy, but does not believe a slight delay would materially alter deal terms. President Ziad Ghanem explained that vertical integration in Maryland is both a margin and a revenue opportunity, as selling their own quality brands in their stores drives higher margins and can also increase overall sales.

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