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    Ty Collin

    Director of Institutional Equity Research at Eight Capital

    Ty Collin is a Director of Institutional Equity Research at CIBC World Markets, previously serving as an Equity Research Analyst at Eight Capital with a focus on the North American cannabis sector. Throughout his tenure at Eight Capital from 2021 to early 2024, he covered major companies such as Curaleaf Holdings, Green Thumb Industries, and Organigram, frequently offering market insights and stock recommendations that shaped investor perspectives. Collin's research was recognized for highlighting risk/reward dynamics in U.S. cannabis stocks and his calls on sector performance during periods of legislative change. He holds recognized industry credentials, including experience providing institutional research, with a history of rigorous public company coverage and regular participation in earnings calls with sector leaders.

    Ty Collin's questions to Curaleaf Holdings (CURLF) leadership

    Ty Collin's questions to Curaleaf Holdings (CURLF) leadership • Q2 2024

    Question

    Ty Collin asked about the current level of promotional activity across Curaleaf's markets and how it has been affected by consumer headwinds and a weakening job market.

    Answer

    Executive Chairman Boris Jordan acknowledged macro pressures but explained that as Curaleaf's product quality has improved, the need to discount has decreased. While noting significant price compression from competitors in Florida and Arizona, he emphasized that quality is the primary defense. He also cited the introduction of a mid-tier brand in Germany as a strategy to capture price-sensitive consumers without eroding overall margins.

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    Ty Collin's questions to High Tide (HITI) leadership

    Ty Collin's questions to High Tide (HITI) leadership • Q2 2024

    Question

    Ty Collin asked for the reasons behind the strong performance in data and analytics sales despite LP distress and inquired about the deployment plans for the new $15 million debt financing.

    Answer

    President and CEO Raj Grover explained that High Tide's growing market share and high-performing stores generate valuable data, leading to more new Cabanalytics customers than those lost to insolvency. He stated the new debt financing strengthens the balance sheet, fuels store growth, and strategically provides funds in November to address a December debt maturity without incurring interim interest.

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    Ty Collin's questions to Jushi Holdings (JUSHF) leadership

    Ty Collin's questions to Jushi Holdings (JUSHF) leadership • Q2 2023

    Question

    Ty Collin of Eight Capital requested elaboration on the company's long-term M&A strategy, specifically the comment about pursuing a larger transaction once markets normalize, and how it connects to the recent debt modification.

    Answer

    Chairman and CEO Jim Cacioppo stated that Jushi is pausing M&A to focus inward on profitability, debt reduction, and organic growth from potential adult-use conversions in Pennsylvania and Virginia. He believes this preserves the company's strategic value for a larger, less-overlapping transaction in the future when capital markets improve, avoiding shareholder dilution at current valuations. The focus is on riding out the market storm and capitalizing on internal strengths.

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    Ty Collin's questions to Jushi Holdings (JUSHF) leadership • Q1 2023

    Question

    Ty Collin of Eight Capital asked for commentary on same-store sales trends, such as volume and basket size, in light of the strong year-over-year retail sales growth.

    Answer

    CEO, Chairman and Founder Jim Cacioppo stated that the company does not disclose specific same-store sales metrics. However, he provided color on retail performance, noting a sales decline in two Illinois stores due to Missouri's adult-use launch. He highlighted strong growth in Virginia, where newer stores are in a 'ramp phase,' and described the Pennsylvania market as relatively flat, with new retail growth not expected until 2024.

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    Ty Collin's questions to Jushi Holdings (JUSHF) leadership • Q4 2022

    Question

    Ty Collin of Eight Capital sought clarification on Jushi's M&A strategy for 2023, noting that the company had previously discussed potential retail acquisitions in Ohio and Illinois.

    Answer

    CEO Jim Cacioppo stated that the previous growth plan, which included M&A, was contingent on the passage of SAFE Banking. Since that did not occur, the plan was 'torn up.' He confirmed that the company is not pursuing any acquisitions in 2023 and will not consider them until it achieves sustainable positive free cash flow. The focus has shifted entirely to optimizing existing assets and improving margins, given the high cost of capital.

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    Ty Collin's questions to Green Thumb Industries (GTBIF) leadership

    Ty Collin's questions to Green Thumb Industries (GTBIF) leadership • Q1 2023

    Question

    Ty Collin from Eight Capital asked for an update on the M&A landscape, questioning if the current market stress is creating actionable opportunities for Green Thumb to deploy its cash.

    Answer

    Founder and CEO Ben Kovler reiterated that the company's focus remains on organic growth and internal investment, which he views as having higher and more measurable returns. He described the M&A market as fraught with 'noise and hair and problems,' making external acquisitions unattractive compared to investing in their own business. The bar for M&A remains very high.

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    Ty Collin's questions to 4Front Ventures (FFNTF) leadership

    Ty Collin's questions to 4Front Ventures (FFNTF) leadership • Q4 2022

    Question

    Ty Collin from Eight Capital asked if Illinois is now the primary M&A focus, whether reaching the 10-store cap by year-end is feasible, and how these acquisitions would be financed. He also requested the company-wide CapEx forecast for 2023 and clarification on whether achieving free cash flow positivity is a realistic goal for the year.

    Answer

    President Karl Chowscano explained that while securing 10 licenses by year-end is possible, opening all 10 stores is not. He stressed that financing for additional stores is contingent on finalizing a long-term debt extension to clean up the balance sheet, which is currently under negotiation. CFO Keith Adams clarified the goal is operating cash flow positive, not free cash flow positive, and projected a 2023 CapEx plan of just over $5 million, including Matteson equipment and other upgrades. Karl Chowscano added that they have an LOI for equipment financing that could cover this amount.

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    Ty Collin's questions to Ascend Wellness Holdings (AAWH) leadership

    Ty Collin's questions to Ascend Wellness Holdings (AAWH) leadership • Q4 2022

    Question

    Ty Collin from Eight Capital asked about the anticipated capital investment for the pending Maryland acquisition, including store renovations and cultivation plans. He also sought clarification on the drivers behind the Q4 inventory increase.

    Answer

    Executive Chairman Abner Kurtin stated there are no current plans for a cultivation facility in Maryland and that store renovation CapEx will be minimal, emphasizing capital discipline. CFO and Interim Co-CEO Daniel Neville estimated retrofit costs around $3 million. Daniel Neville explained the inventory build was mainly due to doubling cultivation capacity in New Jersey and opening new stores. He also clarified that a write-down in Michigan was a non-cash adjustment. Abner Kurtin noted inventory may continue to build slightly in H1 2023 as more capacity comes online.

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    Ty Collin's questions to Trulieve Cannabis (TCNNF) leadership

    Ty Collin's questions to Trulieve Cannabis (TCNNF) leadership • Q4 2022

    Question

    Ty Collin from Eight Capital questioned the decision to refrain from providing full-year sales and EBITDA guidance and asked what revenue assumptions underpin the $100 million operating cash flow target. He also inquired about how the company's view of the Arizona market has evolved since the Harvest acquisition.

    Answer

    CEO Kim Rivers stated that given the macroeconomic uncertainty, the company chose to provide guidance on metrics it can control, making cash flow the most meaningful focus for 2023. President Steve White addressed the Arizona market, explaining their view has not changed; the primary opportunity lies in increasing the sell-through of efficiently produced, internal products through their market-leading retail network.

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