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    Scott Fortune • Roth MKM

    Scott Fortune's questions to Farmland Partners Inc (FPI) leadership

    Scott Fortune's questions to Farmland Partners Inc (FPI) leadership • Q3 2024

    Question

    Scott Fortune asked for a geographic breakdown of the recent asset sales to understand the portfolio's resulting concentration, particularly in the Corn Belt versus other regions. He also inquired about the financial health of farmers amid commodity price volatility and the company's expectations for rent increases in 2025.

    Answer

    Executive Chairman Paul Pittman detailed that the sold assets were primarily located in the Southeastern U.S., the Delta region, and Nebraska, which increases the portfolio's concentration in high-quality Illinois farmland. Pittman described the current farming environment as challenging but stable, with farmer margins being thin but positive. Consequently, he revised 2025 rent growth expectations down from a potential 5-10% to a range of flat to at best 5% up.

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    Scott Fortune's questions to High Tide Inc (HITI) leadership

    Scott Fortune's questions to High Tide Inc (HITI) leadership • Q3 2024

    Question

    Scott Fortune inquired about High Tide's 2025 store growth strategy, the economics of new stores, the timeline for white-label product sales, and the strategic use of its new events JV.

    Answer

    President and CEO Harkirat Grover confirmed the company will continue its organic growth strategy into 2025, aiming for the high end of its 20-30 store guidance for 2024. He stated they are holding the line on gross margins to pressure competitors. Grover detailed a long-term goal for white-label products to reach 20-25% of sales, highlighting upcoming Queen of Bud launches. He also confirmed the events JV will be a key channel for promoting in-house brands.

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    Scott Fortune's questions to High Tide Inc (HITI) leadership • Q2 2024

    Question

    Scott Fortune inquired about the drivers behind the accelerated growth of ELITE members and the strategy for increasing ELITE-specific product inventory. He also asked about the private label opportunity in Alberta and any associated strategic risks.

    Answer

    President and CEO Raj Grover attributed the record ELITE membership growth (to 44,000) to strong customer value, with ELITE-specific inventory holding at 12% as overall SKU selection expanded. Regarding private label, Grover expressed excitement for the new Alberta opportunity, supported by the Queen of Bud acquisition, but cautioned a disciplined rollout is necessary due to market price volatility and long product lead times.

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    Scott Fortune's questions to Curaleaf Holdings Inc (CURLF) leadership

    Scott Fortune's questions to Curaleaf Holdings Inc (CURLF) leadership • Q2 2024

    Question

    Scott Fortune asked for more details on Curaleaf's strategy in Florida, focusing on its capital expenditure plans for production and retail expansion ahead of the potential adult-use legalization, and its involvement in funding the campaign.

    Answer

    Executive Chairman Boris Jordan confirmed that Curaleaf is in discussions for a second round of funding for the legalization campaign. He detailed a phased CapEx strategy, with investments scaling up if the November vote is positive to be ready for a potential May/June 2025 launch. He noted the investment is hedged, as expanded capacity would also benefit the existing medical market.

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    Scott Fortune's questions to Curaleaf Holdings Inc (CURLF) leadership • Q1 2024

    Question

    Scott Fortune followed up on the Germany opportunity, asking for specifics on Curaleaf's strategy to establish its brands as a leading choice for physicians and consumers, including marketing and educational initiatives.

    Answer

    Executive Chairman Boris Jordan detailed a multi-pronged strategy, including close partnerships with major telemedicine platforms to market products directly to patients. He outlined a tiered brand approach, with 'Four 20' positioned as the premium brand and 'Curaleaf' branded products launching for the mid-tier. He emphasized that their large in-country infrastructure is focused on aggressive, early promotion to build brand loyalty.

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