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    Spencer Hanus

    Research Analyst at Wolfe Research

    Spencer Hanus's questions to Green Thumb Industries (GTBIF) leadership

    Spencer Hanus's questions to Green Thumb Industries (GTBIF) leadership • Q4 2022

    Question

    Spencer Hanus of Wolfe Research asked about quarter-to-date sales trends and sought a broader perspective on the potential catalysts for industry-wide price stabilization and when market capacity might begin to exit.

    Answer

    CFO Matt Faulkner addressed the near-term outlook, stating that due to seasonality, Q1 revenue is expected to dip by a mid-single-digit percentage from Q4. CEO Ben Kovler added that pricing stabilization is market-specific and linked to capital flows. He noted that rising interest rates and tax burdens are slowing new capital, which should help stabilize supply, but it is still too early to declare a bottom for pricing.

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    Spencer Hanus's questions to Green Thumb Industries (GTBIF) leadership • Q2 2022

    Question

    Spencer Hanus of Wolfe Research asked for details on the sales cadence in New Jersey during the quarter and whether the company was confident in its product supply for the second half of the year.

    Answer

    CFO Anthony Georgiadis reported that while it's still early, there have been no major supply issues. He noted that Green Thumb is selling a significant amount of its own product and that operators are building additional capacity to support growth.

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    Spencer Hanus's questions to Verano Holdings (VRNOF) leadership

    Spencer Hanus's questions to Verano Holdings (VRNOF) leadership • Q3 2022

    Question

    Spencer Hanus from Wolfe Research asked when the industry-wide pullback in CapEx might translate to improved pricing trends. He also inquired how the 2023 CapEx target of $25-$50 million compares to maintenance levels and what strategies could drive growth in New Jersey's under-stored market.

    Answer

    CEO & Founder George Archos explained that any pricing stabilization from reduced CapEx will take time and depend on market-specific factors like adult-use transitions and the economy. CFO Brett Summerer specified that annual maintenance CapEx is approximately $10 million. Regarding New Jersey, Archos stated that the most significant growth driver will be the opening of more dispensaries to improve consumer access across the state.

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    Spencer Hanus's questions to Verano Holdings (VRNOF) leadership • Q1 2022

    Question

    Spencer Hanus asked how Verano's New Jersey stores performed relative to the industry average, inquired about potential inventory issues among peers, and requested quantification of Q2 sales trends and the outlook for basket size.

    Answer

    CEO George Archos declined to provide specific store sales data but stated they are performing 'tremendously well' with ample supply. He expects the recent 2% decline in basket size to remain a consistent trend. CFO Brett Summerer confirmed that Q2 revenue is expected to be higher than Q1, with more formal guidance to come.

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    Spencer Hanus's questions to Verano Holdings (VRNOF) leadership • Q4 2021

    Question

    Spencer Hanus of Wolfe Research asked for commentary on transaction volumes and ticket sizes seen in the first week of New Jersey's adult-use market. He also inquired about pricing trends in early 2022, particularly in Florida and Pennsylvania, and whether the pressures from Q4 had persisted.

    Answer

    CEO George Archos stated it was too early to comment on specific New Jersey sales metrics like basket size. Regarding pricing, he clarified that Verano has not dropped prices on its premium product lines, as quality and demand remain high. Instead, the company is introducing new mid-tier and value-priced brands to address different consumer segments. COO Darren Weiss added that seasonal discounting was lower in Q1 compared to the Q4 holiday period.

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