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    Yewon Kang

    Research Analyst at Canaccord Genuity

    Yewon Kang is an Equity Research Analyst at Canaccord Genuity specializing in the consumer staples sector, with a particular focus on beverages and cannabis-related companies. She actively covers companies such as SNDL Inc., OrganiGram Holdings, and TerrAscend Corp, issuing ratings and price targets; however, her recent published investment calls have an average return of approximately -29.72% and a reported success rate of 0%, ranking her in the lower tier of analysts. Kang's recent analyst activity includes earnings call engagements and ratings actions in 2024, though earlier career information and professional credentials such as FINRA registrations and securities licenses are not publicly disclosed. Despite limited disclosed career history, her primary expertise centers on cannabis and beverage companies in North America.

    Yewon Kang's questions to ORGANIGRAM GLOBAL (OGI) leadership

    Yewon Kang's questions to ORGANIGRAM GLOBAL (OGI) leadership • Q2 2025

    Question

    Yewon Kang asked for color on the significant sequential increase in international sales, questioning whether it was driven by new customers or expanded orders from existing partners. She also sought early insights from the Collective Projects acquisition, specifically regarding the U.S. market dynamics and any observed differences in consumer behavior.

    Answer

    CEO Beena Goldenberg confirmed the international sales growth was driven by increased demand from existing partners, such as Sanity Group in Germany and customers in Australia, not new ones. She highlighted that the quality of Canadian cannabis and established cultivars are driving repeat purchases. Regarding Collective Projects, she explained that since the deal closed on the last day of the quarter, it's early, but the focus in the U.S. is on building distribution and driving consumer trial and awareness to compete with other well-funded players, leveraging a superior-tasting product.

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    Yewon Kang's questions to ORGANIGRAM GLOBAL (OGI) leadership • Q1 2025

    Question

    Inquired about the strength of international markets like Germany, the potential for oversupply risk post-EU GMP certification, and the possible impact of a future Canadian federal election on excise tax reform.

    Answer

    The company is confident about international growth, citing a strong partnership with Sanity Group in Germany that will increase demand post-certification. While price compression is expected, Organigram's low-cost production and ability to export extracts provide a competitive advantage. Regarding politics, the company believes either a Conservative or Liberal government would likely support the industry and address excise tax reform to bolster Canada's position in the global market.

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    Yewon Kang's questions to ORGANIGRAM GLOBAL (OGI) leadership • Q3 2024

    Question

    Yewon Kang asked for an update on demand, supply, and pricing trends in the German medical cannabis market since the April 1st regulatory changes. She also inquired about what activities could lead to more stable yield and potency KPIs and the potential impact on margins.

    Answer

    CEO Beena Goldenberg reported increased demand in Germany as consumers shift from illicit to legal channels, with the primary constraint being supply availability. She noted their partner, Sanity Group, is waiting for adequate supply before launching a telemedicine platform. Regarding production KPIs, she explained that yield and potency are predictable for individual cultivars, but overall results fluctuate due to the changing mix of cultivars grown to meet consumer demand, not due to a lack of process control.

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    Yewon Kang's questions to TerrAscend (TSNDF) leadership

    Yewon Kang's questions to TerrAscend (TSNDF) leadership • Q1 2025

    Question

    Yewon Kang from Canaccord Genuity inquired about TerrAscend's brand differentiation strategy in an increasingly commoditized market and asked about the company's potential interest in entering the hemp-derived product space.

    Answer

    Executive Ziad Ghanem explained that brand strength comes from a seed-to-sale focus on quality, strain selection, and supply chain efficiency, which allows for targeted customer segmentation without broad discounting. Regarding hemp, Ghanem stated that while the company monitors the market, it currently sees better capital allocation opportunities and less regulatory risk within its core cannabis business.

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    Yewon Kang's questions to SNDL (SNDL) leadership

    Yewon Kang's questions to SNDL (SNDL) leadership • Q1 2025

    Question

    Yewon Kang from Canaccord Genuity Group Inc. asked for SNDL's perspective on the likelihood of Canadian federal excise tax reform and the potential impact of the ongoing Canada-U.S. trade dispute on operations.

    Answer

    Executive Zachary George expressed "cautious optimism" on regulatory reform but stated the company is not convinced material excise tax changes will occur in the near term. Regarding trade disputes, George asserted that SNDL does not expect any material disruption, noting minimal exposure in its liquor business and only modest potential packaging inflation on the cannabis side that would not materially impair margins.

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    Yewon Kang's questions to SNDL (SNDL) leadership • Q4 2024

    Question

    Yewon Kang from Canaccord Genuity inquired about the key drivers of the Cannabis Operations revenue growth, excluding Indiva, and asked about the strategic importance of maintaining multiple retail banners versus converting more stores to the Value Buds model.

    Answer

    Executive Alberto Paredero-Quiros explained that Cannabis Operations saw strong double-digit growth driven by increased distribution across all product categories, particularly pre-rolls, vapes, and edibles, along with momentum in international and B2B sales. Executive Zachary George stated that the company employs a flexible retail strategy, continuing to convert stores to Value Buds for better returns while also remaining open to acquiring new banners to drive consolidation.

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    Yewon Kang's questions to SNDL (SNDL) leadership • Q3 2024

    Question

    Yewon Kang from Canaccord Genuity asked about plans for facility consolidation following the Indiva acquisition, the expected integration synergies, and whether SNDL is experiencing pressure on its retail stores from the illicit market, particularly in Ontario.

    Answer

    Executive Zachary George stated that the Indiva acquisition, which closed the previous day, will be margin accretive and that a thoughtful integration plan will be developed. He noted broader opportunities for facility consolidation and monetization of non-core real estate. Executive Alberto Paredero-Quiros added that teams are already exploring revenue and supply chain synergies. Regarding the illicit market, Zachary George described it as a constant headwind rather than a new pressure, emphasizing that SNDL remains focused on competing through convenience and value in the legal market while hoping for regulatory reform in 2025.

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    Yewon Kang's questions to Cronos Group (CRON) leadership

    Yewon Kang's questions to Cronos Group (CRON) leadership • Q2 2024

    Question

    Yewon Kang inquired about the rationale for investing in the Canadian-based GrowCo facility expansion versus international production facilities, and also asked about the future plans for the PEACE NATURALS facility following the termination of its sale-leaseback agreement.

    Answer

    Chairman, President and CEO Mike Gorenstein explained that the GrowCo investment addresses a growing shortage of high-quality cannabis flower for both Canadian and expanding international markets, viewing it as a strong risk-reward opportunity. He also clarified that the PEACE NATURALS facility is actively used for producing edibles and other derivative products, as well as for packaging and distribution, and is not considered an operational drag.

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    Yewon Kang's questions to Cronos Group (CRON) leadership • Q2 2024

    Question

    Yewon Kang of Canaccord Genuity Group Inc. inquired about the strategic rationale for investing in the Canadian-based GrowCo facility expansion versus international production sites, given the focus on global supply. She also asked for an update on the plans for the PEACE NATURALS facility and whether it represents an operational drag following the termination of its sale-leaseback agreement.

    Answer

    Mike Gorenstein, Chairman, President, and CEO, explained that the GrowCo investment addresses a growing shortage of high-quality cannabis flower, which is in demand both in Canada and expanding international markets. He noted that GrowCo is already profitable and consolidating it offers better control and a favorable risk-reward profile. Gorenstein clarified that the PEACE NATURALS facility is not idle but is actively used for producing edibles, derivative products, packaging, and distribution, making it a critical asset for future growth rather than a drag on operations.

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    Yewon Kang's questions to Cronos Group (CRON) leadership • Q2 2024

    Question

    Yewon Kang of Canaccord Genuity Group Inc. inquired about the rationale for investing in the Canadian-based GrowCo facility versus international production assets. She also asked about plans for the PEACE NATURALS facility after its sale-leaseback termination and its impact on operations.

    Answer

    Chairman, President and CEO Mike Gorenstein stated the GrowCo investment capitalizes on a shortage of high-quality flower amid rising global demand and contracting Canadian supply. He emphasized GrowCo's proven profitability and performance as a key factor. Gorenstein also clarified the PEACE NATURALS facility is actively used for edibles, packaging, and distribution, viewing it as a critical asset for future growth rather than an operational drag.

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    Yewon Kang's questions to Cronos Group (CRON) leadership • Q2 2024

    Question

    Yewon Kang of Canaccord Genuity Group Inc. asked about the rationale for investing in the Canadian-based GrowCo facility to supply international markets and inquired about the operational status of the PEACE NATURALS facility following a terminated sale-leaseback.

    Answer

    Chairman, President and CEO Mike Gorenstein explained that the GrowCo investment leverages a proven, profitable partner to meet a growing shortage of high-quality flower for both Canadian and international markets, representing a strong risk-reward. He also clarified that the PEACE NATURALS facility is not idle but is actively used for edibles production, packaging, and distribution, making it a critical asset for future growth rather than an operational drag.

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    Yewon Kang's questions to Cronos Group (CRON) leadership • Q2 2024

    Question

    Yewon Kang of Canaccord Genuity Group Inc. questioned the rationale behind investing further in the Canadian-based GrowCo facility versus international production assets to supply global markets. She also inquired about the operational status and future plans for the PEACE NATURALS facility after its sale-leaseback termination, and whether it was a drag on performance.

    Answer

    Chairman, President and CEO Mike Gorenstein responded that the GrowCo expansion capitalizes on a shortage of high-quality flower for both domestic and international demand, representing a favorable risk-reward. He clarified the PEACE NATURALS facility is not idle but is a crucial hub for edibles, derivatives, and packaging, and is not a drag on operations.

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    Yewon Kang's questions to Cronos Group (CRON) leadership • Q2 2024

    Question

    Yewon Kang of Canaccord Genuity Group Inc. inquired about the strategic rationale for expanding the Canadian GrowCo facility to supply international markets instead of investing directly in overseas production. She also asked for an update on the PEACE NATURALS facility following the termination of its sale-leaseback and whether it was a drag on operations.

    Answer

    Chairman, President and CEO Mike Gorenstein explained that the GrowCo investment addresses a growing shortage of high-quality cannabis flower for both Canadian and international markets, representing a strong, de-risked growth opportunity. He clarified that the PEACE NATURALS facility is not idle but is actively used for producing edibles and other derivatives, as well as for packaging and distribution, making it a critical asset for future growth.

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    Yewon Kang's questions to 4Front Ventures (FFNTF) leadership

    Yewon Kang's questions to 4Front Ventures (FFNTF) leadership • Q2 2023

    Question

    Yewon Kang from Canaccord Genuity inquired about the Q2 margin compression, asking if the sequential decline in gross and EBITDA margins was solely due to California or if other markets contributed. She also asked about the target for normalized adjusted EBITDA following the California scale-back and questioned the status of the additional financing for Illinois growth, asking if it was secured.

    Answer

    Consulting President Karl Chowscano confirmed the margin drag was "all California," noting that Illinois and Massachusetts operated at expected margins in the high 40s and low 50s, respectively. While not providing specific guidance, he highlighted that eliminating a quarterly loss of around $4 million from California would significantly lift EBITDA. He also clarified that the additional financing is not yet secured but that the company has a "clear line of sight" towards obtaining it, which is a recent positive development.

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    Yewon Kang's questions to 4Front Ventures (FFNTF) leadership • Q1 2023

    Question

    Yewon Kang from Canaccord Genuity asked for details on the milestones needed to reach the mid-20% adjusted EBITDA margin target by year-end, beyond the improvements in California. She also inquired about the M&A environment for retail licenses in Illinois, specifically regarding valuation trends and the nature of ongoing discussions.

    Answer

    CFO Keith Adams clarified that turning California from a loss center to a positive contributor is the primary driver for margin expansion. President Karl Chowscano added that selling through the inventory built up in Q1 will also contribute to EBITDA. Regarding Illinois M&A, Brandon Mills, President of Illinois and Massachusetts Operations, noted that license prices have fallen significantly, creating a buyer's market. Karl Chowscano confirmed that the company's recent debt renegotiation provides the capital to pursue these retail acquisitions.

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    Yewon Kang's questions to 4Front Ventures (FFNTF) leadership • Q4 2022

    Question

    Yewon Kang from Canaccord Genuity asked for management's perspective on the pricing pressures in the Illinois market. She inquired if 4Front views competitors potentially reducing production as an opportunity, especially with the Matteson facility coming online, and sought insights on the future direction of the Illinois market.

    Answer

    Brandon Mills, President of Illinois and Massachusetts operations, stated that while the Matteson facility's construction finishes in April, power activation is expected in Q3. He views competitors stepping back as beneficial and believes their current cultivation is appropriately sized. He anticipates a robust wholesale channel will develop as social equity licenses come online, aligning with Matteson's increased capacity. CEO Leo Gontmakher emphasized the company's foundation is built to compete in price-compressed markets. President Karl Chowscano cited their success in Massachusetts as proof of their model and highlighted their strength in producing value-added products to outcompete rivals.

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