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Neal Gilmer

Research Analyst at 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 High Tide (HITI) leadership

Neal Gilmer's questions to High Tide (HITI) leadership • Q3 2025

Question

Neal Gilmer inquired about High Tide's capital allocation strategy following the Remexian acquisition, including investment requirements for German market expansion and the approach (organic vs. M&A) to achieve 300 Canadian stores. He also asked for insights into resolving Portugal's supply chain issues and Remexian's gross profit margin profile.

Answer

Raj Grover, Founder, CEO & President of High Tide, explained that the remaining half of the $30 million Kronos financing would support Remexian's working capital, with the business largely self-funding through its profits. For Canadian store growth, Mr. Grover reiterated a focus on consistent organic expansion (20-30 new stores annually) in high-quality locations, with M&A as a potential accelerator. He projected Portugal's supply issues to normalize from November onwards and estimated Remexian's gross margins in the mid-20s, with potential for improvement by leveraging High Tide's procurement power.

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

Neal Gilmer's questions to Rubicon Organics (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 (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 (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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Neal Gilmer's questions to 4Front Ventures (FFNTF) leadership

Neal Gilmer's questions to 4Front Ventures (FFNTF) leadership • Q2 2023

Question

Neal Gilmer from Haywood Securities asked for details on the strategic shift in California, questioning the change in tone from the previous quarter and whether the company plans a full exit or will maintain a smaller, profitable presence. He also sought clarification on what the company considers "normalized gross margins" and the timeline for achieving them, specifically asking if Q3 would still be impacted before a Q4 recovery.

Answer

Consulting President Karl Chowscano explained that the company could no longer sustain the significant quarterly losses in California and has downsized operations to a point where they are no longer a cash drain. President of California Operations Ray Landgraf added that they eliminated flower and pre-roll categories to focus on higher-margin vape and edibles. Chief Investment Officer Andrew Thut stated that normalized gross margins are expected in the high 40s to low 50s. He confirmed that Q3 would still show some impact from the transition, with a more normalized margin profile expected in Q4 and into 2024.

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Neal Gilmer's questions to 4Front Ventures (FFNTF) leadership • Q1 2023

Question

Neal Gilmer from Haywood Securities inquired about the key drivers for California's strong April performance and its path to cash flow positivity. He also asked about the timeline and potential risks for connecting power to the new Illinois facility, and sought clarity on the future trajectory of sales and marketing expenses.

Answer

Ray Landgraf, President of California Operations, attributed the state's performance to disciplined growth across all three business units, particularly in bulk wholesale, which has a better cash conversion cycle. Karl Chowscano, President, added that cost reductions are also a key factor. Regarding Illinois, Brandon Mills, President of Illinois and Massachusetts Operations, stated the power line extension is roughly 50% complete and he is confident in the Q3 2023 timeline. CFO Keith Adams explained that the uptick in sales and marketing was for new product launches and could increase further with better market conditions.

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Neal Gilmer's questions to 4Front Ventures (FFNTF) leadership • Q4 2022

Question

Neal Gilmer from Haywood Securities inquired about the factors contributing to the low implied Q4 EBITDA, specifically asking about gross margin impacts. He also requested details on the timeline and CapEx for the newly announced third retail license in Illinois and the remaining capital required for the Matteson facility.

Answer

CFO Keith Adams confirmed that Q4 gross margins were negatively impacted by pricing pressure and onetime audit adjustments, but he expects a return to the mid-40s percentage range in Q1. Brandon Mills, President of Illinois and Massachusetts operations, projected a six-to-eight-month timeline for the new Illinois store. President Karl Chowscano added that the store build-out is budgeted between $800,000 and $1.2 million, which can be funded by operations. He also stated the Matteson facility requires an additional $2 million to $3 million in equipment CapEx, for which they are pursuing financing options alongside positive debt extension negotiations.

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Neal Gilmer's questions to Ascend Wellness Holdings (AAWH) leadership

Neal Gilmer's questions to Ascend Wellness Holdings (AAWH) leadership • Q2 2023

Question

Neal Gilmer from Haywood Securities Inc. inquired about the gross margin trajectory, specifically the impact from New Jersey cultivation issues and whether margins could return to the mid-40% range by Q4. He also asked for an update on the company's outlet store strategy.

Answer

CFO Dan Neville clarified that the New Jersey issues accounted for a 400 basis point margin impact, with another 100 basis points from the outlet store mix shift. He projected margins would recover to the low 40% range in the near term, not the mid-40s. CEO John Hartmann added that the company is very pleased with the outlet model's performance and is thoughtfully considering future locations in competitive markets.

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Neal Gilmer's questions to Verano Holdings (VRNOF) leadership

Neal Gilmer's questions to Verano Holdings (VRNOF) leadership • Q1 2022

Question

Neal Gilmer requested an update on the timeline for the Goodness Growth divestitures and asked about the initial consumer adoption of the company's newly launched mobile applications.

Answer

CEO George Archos indicated the goal is for the Goodness Growth divestitures to close concurrently with the main transaction toward the end of the year. He also reported that the company was 'pleasantly surprised' by the tremendous number of signups for its new mobile app, highlighting a strong and loyal customer following.

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