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    William Kirk

    Managing Director and Senior Research Analyst at ROTH MKM

    William (Bill) Kirk is a Managing Director and Senior Research Analyst at Roth MKM, specializing in equity research across the beverage, food retail, and cannabis sectors. He covers companies including Flora Growth, Constellation Brands, United Natural Foods, and The Kroger Co., and is recognized for his fundamental research approach, though his recent performance metrics reflect a 41% success rate and an average return of -7.5% per rating. Kirk began his career over 15 years ago, with prior roles at firms such as Duff & Phelps, UBS, and RBC Capital Markets before joining Roth MKM in early 2023. He holds the CFA designation, reflecting advanced expertise in financial analysis, and is registered with FINRA to conduct securities research and investment advisory work.

    William Kirk's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership

    William Kirk's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership • Q1 2025

    Question

    William Kirk asked about the logistical process of taking possession of a property, specifically how the company remains compliant as a non-plant-touching entity and avoids issues with its exchange listing.

    Answer

    President and CEO Paul Smithers explained that the company utilizes a Management Service Agreement (MSA), engaging a third party to manage the property and facilitate the license transfer to a new tenant. This process ensures a smooth transition and maintains their non-plant-touching status in compliance with NYSE regulations.

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    William Kirk's questions to INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) leadership • Q4 2024

    Question

    William Kirk asked about the anticipated mix of future investment opportunities between cultivation and retail assets, and between multi-state operators (MSOs) versus smaller, single-state operators.

    Answer

    Executive Chairman Alan Gold reiterated that the company remains highly focused on cultivation assets, which constitute the primary share of their portfolio and opportunities. He also stated that while their underwriting criteria focuses on the best operators regardless of size, they continue to have a strong focus on multi-state operators.

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    William Kirk's questions to Sprouts Farmers Market (SFM) leadership

    William Kirk's questions to Sprouts Farmers Market (SFM) leadership • Q1 2025

    Question

    William Kirk noted the quarter's nearly 12% EBITDA margin and asked if Sprouts could be a double-digit EBITDA margin business long-term. He also questioned if tight in-stock levels, which helped shrink, had reached a point where they were negatively impacting sales.

    Answer

    CFO Curtis Valentine and CEO Jack Sinclair responded that while they aspire to continuous improvement and don't expect to go backwards from new high watermarks, the focus is on reinvesting profits into long-term growth initiatives like IT, supply chain, and team members. On inventory, Curtis Valentine stated they are getting the product needed to drive sales but acknowledged they want to improve in-stocks to better serve customers, which could mean they are leaving some sales 'on the table'.

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    William Kirk's questions to CONSTELLATION BRANDS (STZ) leadership

    William Kirk's questions to CONSTELLATION BRANDS (STZ) leadership • Q4 2025

    Question

    William Kirk asked if efforts by groups like the Teamsters to differentiate between American and imported beer are impacting consumers and questioned the potential influence of these groups on tariff policies.

    Answer

    CEO William Newlands emphasized Constellation's 80-year history as an American company, highlighting its billion-dollar annual investment in the US market, use of US-grown agricultural inputs, and significant job creation through its distributor network. He expressed confidence that the company's positive impact on US jobs is clear upon closer examination.

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    William Kirk's questions to CONSTELLATION BRANDS (STZ) leadership • Q2 2025

    Question

    William Kirk asked about the $2.25 billion goodwill impairment for the Wine and Spirits business, questioning the reason for the dramatic change in fair value in a short time and whether the impairment provides any new strategic flexibility.

    Answer

    CFO Garth Hankinson explained that the impairment amount is a noncash charge and is formulaic, based on assumptions about the future of the business. He advised not to read too much into the specific number, stating it was an accounting requirement that does not change the strategic outlook for the business or create new flexibility.

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    William Kirk's questions to UNITED NATURAL FOODS (UNFI) leadership

    William Kirk's questions to UNITED NATURAL FOODS (UNFI) leadership • Q2 2025

    Question

    William Kirk from Ross Capital asked about the financial and operational impact of the Fort Wayne distribution center closure, specifically regarding duplicate costs, potential depreciation step-downs, and key learnings applicable to future facility optimizations.

    Answer

    President & CFO Giorgio Tarditi confirmed that while some duplicate costs were incurred in Q2, the full financial benefits are expected going forward, contributing to the raised H2 EBITDA margin outlook. He noted there will be a depreciation step-down and emphasized that the primary learning was the critical importance of ensuring a smooth customer experience throughout the transition process.

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    William Kirk's questions to Curaleaf Holdings (CURLF) leadership

    William Kirk's questions to Curaleaf Holdings (CURLF) leadership • Q4 2024

    Question

    William Kirk inquired about the competitive marketplace in Florida following the failed adult-use initiative and asked about the potential next steps for the state to move toward adult-use cannabis.

    Answer

    Chairman and CEO Boris Jordan described the Florida market as stable, with low single-digit growth driven by seasonality and less aggressive price competition than anticipated. Regarding future steps, he noted it is too early to tell but confirmed that the industry is actively working on an initiative to get adult-use on the ballot in 2026.

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    William Kirk's questions to BOSTON BEER CO (SAM) leadership

    William Kirk's questions to BOSTON BEER CO (SAM) leadership • Q4 2024

    Question

    William Kirk asked for an industry-wide perspective on marketing spend requirements and inquired about plans to reinvigorate the Samuel Adams brand family.

    Answer

    CEO Michael Spillane and Founder and Chairman C. Koch declined to speak for the industry but affirmed Boston Beer's strategy to over-invest in its brands for growth. For Samuel Adams, they highlighted a key priority is the national launch of Samuel Adams American Light, which they believe fills an unmet need for a premium, trade-up option in the light beer category, supported by its award-winning status and quality American ingredients.

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    William Kirk's questions to BOSTON BEER CO (SAM) leadership • Q3 2024

    Question

    William Kirk of ROTH MKM questioned the Q4 earnings outlook, noting the guidance implies a significant quarterly loss, and asked for the underlying drivers. He also followed up on the company's progress toward its full-year in-house production goal.

    Answer

    Founder and Chairman C. Koch explained the implied Q4 loss is due to several factors: the quarter's small size makes it sensitive to volume and timing shifts, and it is when the company typically incurs contractual shortfall fees, which negatively impact margins. Regarding production, he stated the in-house percentage can fluctuate based on regional sales mix and is not necessarily a negative indicator if the target is missed.

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    William Kirk's questions to MOLSON COORS BEVERAGE (TAP) leadership

    William Kirk's questions to MOLSON COORS BEVERAGE (TAP) leadership • Q4 2024

    Question

    William Kirk of Wealth Capital Partners asked for a view on a competitor's effort to rebrand the 'domestic beer' segment to 'American beer' and whether such a change could benefit the category.

    Answer

    CEO Gavin Hattersley chose not to comment directly on the competitor's strategy, instead emphasizing that Molson Coors is proud of its brands' deep heritage in the U.S. and Canada. He reiterated that the company's focus remains on executing its own acceleration plan and managing its portfolio, which has successfully gained and retained significant market share.

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    William Kirk's questions to Canopy Growth (CGC) leadership

    William Kirk's questions to Canopy Growth (CGC) leadership • Q3 2025

    Question

    William Kirk asked new CEO Luc Mongeau for his initial impressions after five weeks, specifically how his view on opportunities differs from his predecessor's and which aspects of the current strategy he supports.

    Answer

    CEO Luc Mongeau responded that it was too early to detail strategic changes but noted he is impressed with the quality of Canopy's talent, processes, and supply chain. He explained that he is currently validating existing strategies and is encouraged by his findings, promising a more detailed update on the next earnings call.

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    William Kirk's questions to Canopy Growth (CGC) leadership • Q1 2025

    Question

    William Kirk from ROTH Capital Partners asked how Canopy Growth determines its supply allocation across different markets, balancing the immediate margin potential of some sales against the longer-term strategic importance of other markets.

    Answer

    CEO David Klein explained that the company is not interrupting supply to European markets from Canada. The allocation decisions are primarily made within Canada, where, in times of supply constraint, product is directed to higher-margin channels like medical over recreational to optimize profitability. CFO Judy Hong added that the Canadian supply is a hybrid model of internal cultivation and strategic sourcing, with a focus on securing favorable costs to maintain strong margins.

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    William Kirk's questions to AURORA CANNABIS (ACB) leadership

    William Kirk's questions to AURORA CANNABIS (ACB) leadership • Q3 2025

    Question

    William Kirk of Roth MKM inquired about potential supply constraints amid rising sales and asked if any non-recurring, opportunistic sales benefited the third quarter's results.

    Answer

    CEO Miguel Martin confirmed that Aurora Cannabis feels confident in its supply capacity to meet global demand, viewing its ability to navigate complex international regulations (EU GMP, TGA GMP) as a core competitive advantage. He also stated that there were no significant one-time items that artificially inflated the quarter's results, noting that while international markets can have some volatility due to permitting, this tends to normalize over the full fiscal year.

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    William Kirk's questions to High Tide (HITI) leadership

    William Kirk's questions to High Tide (HITI) leadership • Q4 2024

    Question

    William Kirk questioned the selection criteria for products and brands to be offered in Germany and inquired about the company's appetite for expansion into other countries beyond Germany.

    Answer

    Executive Harkirat Grover responded that the German medical market is growing so rapidly that the strategy is to build the largest and most comprehensive cannabis menu, including top Canadian brands, white-label products, and various price points. He confirmed a strong appetite for further international growth, identifying Germany as a gateway to other European markets like the U.K. and Poland, as well as Australia, but emphasized a 'walk before we run' approach.

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    William Kirk's questions to Flora Growth (FLGC) leadership

    William Kirk's questions to Flora Growth (FLGC) leadership • Q3 2024

    Question

    William Kirk of ROTH Capital Partners questioned the strategic role of the Hoshi facility in Portugal, sought clarity on the Curaleaf supply relationship, and asked about the long-term product strategy for the U.S. beverage brands.

    Answer

    CEO Clifford Starke explained the Hoshi investment is a historical one, now with a GACP license, and will supply product to Germany in the coming quarters. He clarified the Curaleaf relationship is a rebuilt supply agreement to bring high-quality flower into Germany. Regarding beverages, Starke noted the focus is on D9-infused products for distributors like Total Wine, but they are also developing mocktail versions for big-box retailers not yet ready for THC.

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    William Kirk's questions to Flora Growth (FLGC) leadership • Q2 2024

    Question

    Asked for details on the impact of new wholesale accounts, the competitive landscape and legislative conflict between the hemp and THC markets, and the source of increased competition.

    Answer

    The new wholesale accounts are expected to boost sales by 2-3% in the short term. The company acknowledges conflict in the hemp space due to irresponsible players but is focused on building a credible business, particularly in the beverage category, and believes proper regulation will ultimately prevail. The increased competition mentioned is indeed from these other players in the D9 and illicit markets.

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    William Kirk's questions to Flora Growth (FLGC) leadership • Q2 2024

    Question

    William Kirk asked for the total number of wholesalers for JustCBD and Vessel to contextualize new customer additions and questioned the conflict between the intoxicating hemp market and proposed THC legislation in the U.S.

    Answer

    CFO Dany Vaiman estimated the new wholesalers would contribute a 2-3% sales increase in the short term. CEO Clifford Starke addressed the hemp market, acknowledging issues with some operators but emphasizing Flora's focus on credibility and the beverage sector. He noted the political complexity but felt comfortable with their position.

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    William Kirk's questions to Flora Growth (FLGC) leadership • Q1 2024

    Question

    William Kirk asked for insight into Flora Growth's expected future sales mix by business division and geography, and questioned if the JustCBD segment's profitability is expected to improve following the discontinuation of unprofitable product lines.

    Answer

    CEO Clifford Starke explained that while he couldn't provide specific forward guidance on the sales mix, he anticipates growth from both the German medical cannabis market and the U.S.-based Vessel brand. He noted that Germany currently represents 50-55% of sales. For JustCBD, Starke stated that after resolving regulatory issues and cutting low-margin products, the segment is now well-positioned for a significant relaunch and growth, particularly from new product initiatives.

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    William Kirk's questions to Grocery Outlet Holding (GO) leadership

    William Kirk's questions to Grocery Outlet Holding (GO) leadership • Q3 2024

    Question

    William Kirk inquired about the competitive pressure from the increasing availability of e-commerce grocery options and what independent operators are observing in their markets.

    Answer

    Interim President and CEO Eric Lindberg responded that there has not been significant new competition from e-commerce at the value end of the market, as delivery options inherently add cost. He emphasized that the in-store 'treasure hunt' experience remains a powerful draw for customers seeking value and is a key differentiator that is difficult to replicate online. E-commerce remains a minor part of their strategy.

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    William Kirk's questions to Albertsons Companies (ACI) leadership

    William Kirk's questions to Albertsons Companies (ACI) leadership • Q3 2024

    Question

    William Kirk asked if conversations with potential bidders for stores have continued post-merger termination and requested details on performance differences between food categories like fresh and packaged goods.

    Answer

    CEO Vivek Sankaran stated the company is focused on operations and is not currently in divestiture conversations, clarifying that any future store closures would be part of normal business hygiene. He explained their strategy leads with a strong, value-added fresh assortment as a key differentiator, while work continues on the center store. President and CFO Sharon McCollam added that they would remain open to any strategic transaction that creates shareholder value.

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    William Kirk's questions to Tilray Brands (TLRY) leadership

    William Kirk's questions to Tilray Brands (TLRY) leadership • Q2 2024

    Question

    William Kirk of Roth MKM questioned how Tilray would achieve the significant revenue acceleration needed in the second half to meet its full-year guidance and asked for the basis of their confidence in a $250 million U.S. medical cannabis opportunity.

    Answer

    CFO Carl Merton cited seasonality and the inclusion of new craft beer brands in the spring retail reset as key drivers for H2 revenue. CEO Irwin Simon added that over 100 new product launches and resolved European supply issues would also contribute. Regarding the U.S., Simon described the $250M figure as a "crystal ball" estimate based on capturing a small share of a potential $8-10B market, believing a business-focused administration would favor legalization for its tax revenue potential.

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