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    Neal Gilmer • Haywood Securities Inc.

    Neal Gilmer is Director and Head of Research at Haywood Securities Inc., specializing in special situations and the cannabis sector, with coverage across leading North American cannabis companies such as Tilray, Organigram Holdings, Trulieve, Green Thumb Industries, and Curaleaf. Known for his in-depth industry research, Gilmer has made over 50 analyst recommendations with a documented success rate of approximately 47% and an average return per transaction of -12.7%, though his most profitable call yielded a 271.8% gain on Aphria. He joined Haywood in May 2017 and previously built his expertise across several roles in the financial industry. Gilmer holds an MBA and is listed as a licensed analyst, contributing frequently to market insights and recognized for the breadth of his sector coverage.

    Neal Gilmer's questions to Rubicon Organics Inc (ROMJF) leadership

    Neal Gilmer's questions to Rubicon Organics Inc (ROMJF) leadership • Q1 2025

    Question

    Neal Gilmer of Haywood Securities Inc. inquired about Rubicon Organics' cannabis supply strategy, asking if the planned 2,000 kilos from contract grows in 2025 are incremental, and whether the company will continue these contracts after its new Hope facility is operational. He also sought clarity on the timeline for licensing and initial planting at the Hope facility and questioned the outlook for annual gross margins.

    Answer

    CEO Margaret Brodie confirmed that the 2,000 kilos from contract grows are entirely incremental to last year's supply. She stated that Rubicon intends to continue with its contract grow partners even after the Hope facility is running to maintain its position as a reliable partner. Brodie provided a conservative timeline for the Hope facility, expecting licensing by August 2025, which would allow for at least one harvest this year. For gross margins, she targeted around 35% for the year, noting that the arrival of pre-roll automation machinery would be a significant driver.

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    Neal Gilmer's questions to Rubicon Organics Inc (ROMJF) leadership • Q4 2024

    Question

    Neal Gilmer of Haywood Securities Inc. inquired about Rubicon's Q1 2025 performance, the specifics of the capital expenditures for the new Hope facility, and its GACP certification status.

    Answer

    Executive Margaret Brodie explained that the typical Q1 seasonality decline was less severe this year, around 15% versus a historical 25%. She detailed that the $2 million in CapEx for the Hope facility will primarily target HVAC, irrigation, and security systems, with the first harvest expected in late 2025. Brodie also clarified that the Hope facility does not yet have GACP certification, which is a project planned for later in the year or early 2026.

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    Neal Gilmer's questions to Rubicon Organics Inc (ROMJF) leadership • Q3 2024

    Question

    Neal Gilmer of Haywood Securities Inc. sought clarification on the projection that vapes would contribute 20% growth over 2023 net revenue by 2025. He also asked if the pressure on gross margins from externally produced branded products was primarily due to vapes and edibles.

    Answer

    CEO Margaret Brodie confirmed the 20% growth forecast for vapes by 2025 is based on 2023 revenue levels and remains unchanged since the product's launch. CFO Janis Risbin explained that margin pressure is indeed from sharing margins with external partners for high-growth categories like edibles and vapes. However, she noted that gross margins are now stabilizing and improving, a sentiment echoed by CEO Margaret Brodie, who also pointed to potential price increases in 2025 due to tightening market supply.

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