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    Nicholas Anderson • ROTH Capital Partners

    Nicholas Anderson's questions to Turning Point Brands Inc (TPB) leadership

    Nicholas Anderson's questions to Turning Point Brands Inc (TPB) leadership • Q1 2025

    Question

    Nicholas Anderson asked about the advertising environment for modern oral products, wondering if regulations were becoming more relaxed due to the harm reduction narrative and how the company plans to market its offerings. He also inquired if the recent FDA headcount reductions could change expectations for the timing of PMTA application approvals.

    Answer

    An executive, Summer Frein, responded that while there is more advertising flexibility for nicotine pouches compared to traditional tobacco, restrictions still exist, and the company is focused on responsible marketing through digital and out-of-home channels. Regarding the FDA, executive Andrew Flynn stated that the timing for PMTA approvals remains difficult to predict given governmental changes and that there is no new clarity on the timeline.

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    Nicholas Anderson's questions to Turning Point Brands Inc (TPB) leadership • Q4 2024

    Question

    Nicholas Anderson of ROTH Capital Partners questioned the potential impact of the FDA capping nicotine levels and the broader regulatory outlook. He also asked about the direct-to-consumer (DTC) opportunity for nicotine pouches versus the traditional brick-and-mortar channel mix.

    Answer

    CEO Graham Purdy viewed the recent FDA marketing authorization for a competitor's full product range, including flavors, as a bullish sign for the category and expressed confidence in their own filings. Regarding channels, Purdy noted that while TPB's core strength is brick-and-mortar (the initial focus for FRE), the ALP brand may have an 'outsized opportunity' online due to its target audience and marketing dynamics.

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    Nicholas Anderson's questions to Tilray Brands Inc (TLRY) leadership

    Nicholas Anderson's questions to Tilray Brands Inc (TLRY) leadership • Q3 2025

    Question

    Nicholas Anderson, on for Bill Kirk, asked about the potential impact of rising aluminum costs on beverage margins and questioned the current supply-demand dynamics in the Canadian cannabis market given increased exports.

    Answer

    Chairman and CEO Irwin Simon stated that while aluminum costs could rise, they are expected to be manageable and offset by other cost-saving initiatives. Regarding Canadian cannabis supply, he confirmed that there is 'tremendous' demand for wholesale product as competitors have exited the market, and Tilray is increasing its cultivation to supply its own brands, international markets, and select third parties.

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