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    Noel Atkinson • Clarus Securities

    Noel Atkinson is Vice President and Research Analyst, Growth & Innovation Equities at Clarus Securities, specializing in covering emerging-growth companies, particularly in the healthcare and technology sectors. He covers over 30 companies, including Firan Technology Group, Savaria, Merus Labs International, and Greenhawk Resources, and holds a 40.63% overall success rate on TipRanks, with standout calls like a 518.5% return on DLCG. Atkinson began his career in equity research in the late 1990s, holding senior analyst and director roles at firms including Loewen Ondaatje McCutcheon and Keystone Equities Group, before joining Clarus in 2015. He holds the CFA designation and a Master's degree in International Affairs from Carleton University, with additional experience in corporate development and investment banking.

    Noel Atkinson's questions to Simply Better Brands Corp. (SBBCF) leadership

    Noel Atkinson's questions to Simply Better Brands Corp. (SBBCF) leadership • Q4 2024

    Question

    Inquired about the target channels for store expansion in 2025, sought clarification on the Q4 gross vs. net revenue and normalized trade spend, and asked for comparative performance data for TRUBAR against its peers.

    Answer

    The company is targeting all channels for growth, including convenience, grocery, and club. The difference between gross and net revenue is due to trade spend, which they aim to reduce over time to improve gross margins from ~30% to a target of 40%. SPINS data shows TRUBAR is outperforming competitors by over 30% in terms of sell-through.

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    Noel Atkinson's questions to Simply Better Brands Corp. (SBBCF) leadership • Q3 2024

    Question

    Asked for confirmation of the 2024 revenue guidance, the drivers for expected Q4 growth, upcoming direct-to-consumer promotions like Prime Day, and details about the Walmart mini bar giveaway strategy and its impact on shelf space.

    Answer

    The company confirmed its 2024 guidance, citing distribution expansion, a club event, and e-commerce as key Q4 drivers. Black Friday sales are planned for DTC, but no Prime Day. The mini bar giveaway at Walmart is a trial-driving initiative for online grocery orders to build brand awareness, not directly tied to gaining more shelf space.

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    Noel Atkinson's questions to Terrascend Corp (TSNDF) leadership

    Noel Atkinson's questions to Terrascend Corp (TSNDF) leadership • Q2 2024

    Question

    Noel Atkinson of Clarus Securities asked for the rationale behind expanding the Boonton, NJ facility, the amount of capital available for acquisitions from the new loan, and whether deal pricing in Ohio has changed with the start of adult-use sales.

    Answer

    President & COO Ziad Ghanem explained the Boonton expansion was driven by the stabilization and return to growth of their retail stores combined with continued wholesale demand. CFO Keith Stauffer noted that after paying off ~$120 million in debt, several million dollars remain from the new loan for M&A, which often involves seller notes and earn-outs. Executive Chairman Jason Wild stated that Ohio deal pricing remains attractive and unchanged, expressing confidence in entering the market within the first few months of adult-use sales.

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    Noel Atkinson's questions to Terrascend Corp (TSNDF) leadership • Q1 2024

    Question

    Noel Atkinson asked about the expected impact of the new Maryland store opening, the outlook for competitor production in New Jersey, and the potential timeline for the DEA's cannabis rescheduling process.

    Answer

    President Ziad Ghanem stated that the new, larger Maryland store, combined with a cultivation capacity expansion and increased verticality, will significantly drive growth in the second half of 2024. For New Jersey, Ghanem expressed confidence that wholesale demand will continue to outpace new supply, allowing TerrAscend's established brands to command a premium. Executive Chairman Jason Wild discussed the rescheduling process, expressing hope for a final rule by year-end while also highlighting the importance of the separate David Boies lawsuit as another path to reform that could help recover back taxes.

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