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    Pablo Zuanic • Zuanic and Associates

    Pablo Zuanic's questions to Chicago Atlantic BDC Inc (LIEN) leadership

    Pablo Zuanic's questions to Chicago Atlantic BDC Inc (LIEN) leadership • Q2 2025

    Question

    Pablo Zuanic of Zuanic and Associates inquired about the broader BDC sector sentiment, regulatory changes, the evolution of the company's deal pipeline since its transition from Silver Spike BDC, and the impact of cannabis rescheduling news on borrower behavior.

    Answer

    CEO Peter Sack explained that Chicago Atlantic's niche strategy insulates it from general market volatility. He noted it's too early to speculate on regulatory changes but highlighted that the deal pipeline has expanded into non-cannabis sectors and now includes new opportunities from cannabis company restructurings and ESOP transactions. Sack, along with President Dino Colonna, stated that rescheduling news has actually spurred capital demand rather than causing a pause, as operators are optimistic but also wary of past 'head fakes'.

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    Pablo Zuanic's questions to SNDL Inc (SNDL) leadership

    Pablo Zuanic's questions to SNDL Inc (SNDL) leadership • Q2 2025

    Question

    Pablo Zuanic of Zuanic & Associates asked for the specific international sales figure, SNDL's long-term market share aspirations in Canada, an update on the timeline for consolidating U.S. assets like Parallel and Skymint, and the current extent of SNDL's operational control over those assets.

    Answer

    CFO Alberto Paredero-Quiros provided the international sales figure of $3.8 million. CEO Zach George stated that the company is focused on profitable growth rather than solely market share, anticipating an oligopolistic Canadian market. He explained that consolidation of U.S. assets is pending delayed court rulings and that SNDL currently has no operational control over any U.S. plant-touching assets to maintain its NASDAQ listing.

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    Pablo Zuanic's questions to Tilray Brands Inc (TLRY) leadership

    Pablo Zuanic's questions to Tilray Brands Inc (TLRY) leadership • Q4 2025

    Question

    Pablo Zuanic of Zuanic & Associates asked how U.S. cannabis rescheduling would directly benefit Tilray and questioned how much of the beverage segment's recent decline was self-inflicted versus due to broader industry challenges.

    Answer

    CEO & Chairman Irwin Simon explained that rescheduling would allow U.S. market entry with medical products, attract institutional investment, and create acquisition opportunities. On beverages, he conceded some issues were 'self-inflicted,' including integration challenges and timing mistakes, but also noted the overall craft beer market is down. He emphasized Tilray's focus is on being a broader 'beverage business' with opportunities in energy drinks, Delta-9, and non-alcoholic products.

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    Pablo Zuanic's questions to Tilray Brands Inc (TLRY) leadership • Q3 2025

    Question

    Pablo Zuanic questioned the drivers of the strong growth in Tilray's German extracts business, asking if it was due to market growth or share gains. He also inquired about the company's involvement in clinical studies and its strategic view on other European markets like France and the Netherlands.

    Answer

    Chief Strategy Officer Denise Faltischek attributed the growth to both market expansion and share gains, driven by increased doctor education and improved reimbursement processes. She confirmed involvement in clinical studies and identified the U.K. and Italy as key growth markets, while noting they are monitoring France and see the Dutch pilot program as having limited commercial opportunity for now. Chairman and CEO Irwin Simon affirmed the company's commitment to investing in research.

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    Pablo Zuanic's questions to Tilray Brands Inc (TLRY) leadership • Q1 2025

    Question

    Pablo Zuanic of Swann Associates asked for an update on Tilray's strategy for U.S. plant-touching assets in light of competitor moves. He also requested details on Tilray's competitive advantages and asset strengths in the German cannabis market.

    Answer

    CEO Irwin Simon stated that Tilray is prepared to enter the U.S. market either organically, by leveraging its extensive operational experience from Canada and Europe, or through a strategic acquisition, supported by its strong balance sheet. Chief Strategy Officer Denise Faltischek detailed Tilray's German advantages, including a highly flexible supply chain (Germany, Portugal, Canada), an experienced commercial team with strong local relationships, and a trusted reputation as a market pioneer.

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    Pablo Zuanic's questions to Tilray Brands Inc (TLRY) leadership • Q2 2024

    Question

    Pablo Zuanic of Zuanic & Associates questioned if the DTC-heavy nature of the Delta-9 beverage market negates Tilray's distribution advantage and asked about the company's strategy for establishing a U.S. presence compared to peers.

    Answer

    An executive responded that the larger opportunity for Delta-9 is in brick-and-mortar retail, not DTC. CEO Irwin Simon stated his U.S. strategy is to remain prepared for medical legalization, leveraging existing infrastructure, rather than making speculative investments now. He noted the current focus is on the tangible Delta-9 opportunity and growing the beverage and wellness businesses.

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    Pablo Zuanic's questions to Curaleaf Holdings Inc (CURLF) leadership

    Pablo Zuanic's questions to Curaleaf Holdings Inc (CURLF) leadership • Q4 2024

    Question

    Pablo Zuanic asked a two-part question regarding the sequential decline in international wholesale revenue and how potential lenders might view the company's tax debt during its upcoming refinancing.

    Answer

    Chairman and CEO Boris Jordan attributed the international wholesale decline purely to foreign exchange effects. Regarding debt, CFO Ed Kremer noted current liabilities would be lower in Q1, while Boris Jordan added that they are continuing to pay down acquisition debt and are seeing 'very, very strong demand' from investors for the planned refinancing in the second half of the year.

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    Pablo Zuanic's questions to Curaleaf Holdings Inc (CURLF) leadership • Q2 2024

    Question

    Pablo Zuanic posed a 'crystal ball' question regarding the potential timing of federal cannabis rescheduling and a hypothetical political scenario where the Farm Bill could unite Democrats and Republicans on cannabis and hemp policy.

    Answer

    Executive Chairman Boris Jordan speculated that any pre-election rescheduling announcement would likely occur in late September or October for maximum political impact. He then pivoted to stress the strategic importance of the hemp market, particularly for beverages, and advocated for the regulated cannabis and hemp industries to collaborate on a unified regulatory framework based on cannabinoids, which could be addressed when the Farm Bill is taken up next year.

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    Pablo Zuanic's questions to Curaleaf Holdings Inc (CURLF) leadership • Q1 2024

    Question

    Pablo Zuanic asked for an estimate of the addressable market size for hemp-derived products and questioned Curaleaf's strategy for Florida expansion, asking if they are waiting for the adult-use ballot to pass before adding capacity.

    Answer

    Executive Chairman Boris Jordan estimated the hemp market is comparable in size to the regulated cannabis market. CEO Matt Darin addressed the Florida question, stating that the company is already expanding cultivation and retail on a modular basis to meet current medical demand. This approach allows them to proceed with necessary investments while retaining the flexibility to scale back if the ballot measure does not pass.

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