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    Sonny Randhawa

    Managing Director and Senior Research Analyst at Seaport Global Holdings LLC

    Sonny Randhawa is a Managing Director and Senior Research Analyst at Seaport Global Holdings LLC, specializing in cannabis equity research with a focus on companies such as Curaleaf Holdings, Ascend Wellness Holdings (AAWH), Green Thumb Industries (GTBIF), Jushi Holdings, and Terrascend Corp. He has earned recognition for maintaining Buy ratings and achieving an average return of 10.5% on his ratings in recent quarters, with a personal success rate of 73% over one month and 62% over three months according to analyst tracking platforms. Randhawa began overseeing the cannabis sector at Seaport Global Securities in the early 2020s, previously developing equity research expertise at other financial institutions before joining Seaport. He holds professional securities credentials and is listed as an analyst on institutional research platforms, further demonstrating his standing within the financial services industry.

    Sonny Randhawa's questions to TerrAscend (TSNDF) leadership

    Sonny Randhawa's questions to TerrAscend (TSNDF) leadership • Q2 2024

    Question

    Sonny Randhawa from Seaport Global Holdings LLC sought clarification on where the bad debt reversal was captured in the income statement and asked for the net proceeds from the recent debt refinancing.

    Answer

    CFO Keith Stauffer explained the $4.2 million bad debt reversal was credited to operating expenses on a GAAP basis but was adjusted out for the non-GAAP adjusted EBITDA calculation. President & COO Ziad Ghanem added that underlying operating expenses still declined quarter-over-quarter. Regarding the refinancing, Stauffer reiterated that the company was not disclosing the exact net proceeds but stated it amounted to 'several million dollars' after paying off existing loans and fees.

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    Sonny Randhawa's questions to Green Thumb Industries (GTBIF) leadership

    Sonny Randhawa's questions to Green Thumb Industries (GTBIF) leadership • Q2 2023

    Question

    Sonny Randhawa of Seaport Global Holdings LLC asked if Green Thumb's sales in the newly launched Maryland adult-use market were tracking at 2x to 2.5x medical volumes, consistent with peer reports.

    Answer

    President Anthony Georgiadis confirmed that the company's performance in Maryland is "consistent with what others have indicated" and that they are off to a strong start. He cautioned that it is still very early in the market's transition but expressed encouragement with their position, which includes four stores and a healthy wholesale business.

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    Sonny Randhawa's questions to Green Thumb Industries (GTBIF) leadership • Q1 2023

    Question

    Sonny Randhawa from Seaport inquired about the drivers of industry price weakness, Green Thumb's positioning in the value segment, and the quarterly cadence of planned store openings for the year.

    Answer

    President Anthony Georgiadis explained it's difficult to parse the exact cause of price compression but noted the company reacted early by investing in its value brands, Good Green and &Shine. Regarding store openings, he confirmed a plan for approximately 15 new stores in 2023, with two already open and the balance of 8-10 expected in the second half of the year.

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    Sonny Randhawa's questions to Ayr Wellness (AYRWF) leadership

    Sonny Randhawa's questions to Ayr Wellness (AYRWF) leadership • Q1 2023

    Question

    Sonny Randhawa from Seaport Research Partners commented on the adjusted EBITDA improvements in Nevada and Pennsylvania and asked how much more progress could be made there. He also asked for details on the markets that drove the Q1 wholesale strength and the outlook for the wholesale business as a percentage of sales for the rest of the year.

    Answer

    President & CEO David Goubert expressed pride in the 29% and nearly 20% adjusted EBITDA growth in Nevada and Pennsylvania, respectively, attributing it to the new 360-degree state management structure and better promotional discipline. He expects these improvements to continue. On wholesale, which grew to 12% of sales, Goubert explained it was driven by both overall operational improvements and specific inventory reduction efforts, particularly in Massachusetts. He expects the wholesale mix to continue growing, supported by the launch of operations in Ohio.

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    Sonny Randhawa's questions to Ascend Wellness Holdings (AAWH) leadership

    Sonny Randhawa's questions to Ascend Wellness Holdings (AAWH) leadership • Q1 2023

    Question

    Sonny Randhawa from Seaport Global inquired about the potential impact of New Jersey inventory levels on second-quarter sales and asked for details on the market rollout and product expansion of the Simply Herb value brand.

    Answer

    Frank Perullo, President and Interim Co-CEO, confirmed that Ascend maintains a strong inventory position in New Jersey and does not anticipate any impact on sales. Daniel Neville, CFO and Interim Co-CEO, elaborated that while revenue grew, margins were temporarily impacted by increased costs from the facility expansion without a corresponding increase in yield, expecting a full financial impact in Q2 before improving. Regarding Simply Herb, Frank Perullo noted it is available in all vertical markets except Ohio, with vape products launching soon. Daniel Neville added that the brand is outperforming in price-sensitive markets like Michigan and Massachusetts.

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