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    Paul Penney

    former Managing Director and Senior Research Analyst at Northland Capital

    Paul Penney is a former Managing Director and Senior Research Analyst at Northland Capital, where he specialized in special situations and the cannabis sector, covering companies such as iAnthus Capital Holdings, WIFI, GEENQ, and IRDM. During his tenure, he covered 17 stocks and delivered recommendations with a 29% success rate and an average return per transaction of -26%, though his top-rated recommendation achieved a 94% annual return. Penney began his career as a Senior REIT Analyst at Robertson Stephens and later served in research and investment roles across private equity and the consumer brands sector before joining Northland Capital in 2016; he has since held roles as portfolio manager and co-founder in the cannabis industry. He holds a BS in Business (Accounting) from Santa Clara University and is a non-active CPA, with deep domain knowledge in CPG, real estate, and cannabis investing.

    Paul Penney's questions to iANTHUS CAPITAL HOLDINGS (ITHUF) leadership

    Paul Penney's questions to iANTHUS CAPITAL HOLDINGS (ITHUF) leadership • Q4 2018

    Question

    Paul Penney of Northland Capital inquired about the expected wholesale versus retail sales breakdown from Massachusetts cultivation in the near and long term. He also asked for an updated timeline on launching a unified national brand and the strategy for the MPX brand. Lastly, he requested figures on the average CapEx to open a new store and long-term OpEx targets.

    Answer

    CFO Julius Kalcevich explained that while the sales mix is a state-by-state decision, wholesale is a key part of their strategy to build a ubiquitous national brand, citing the success of MPX products in third-party dispensaries. CEO Hadley Ford added that a new unified retail brand would be announced soon and that the company is looking to expand the successful MPX product brand nationwide. Kalcevich provided a CapEx range of $500,000 to $800,000 per new store and stated that OpEx guidance would be provided after Q1, post-MPX integration.

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