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    Yewon Kang • Canaccord Genuity

    Yewon Kang's questions to SNDL Inc (SNDL) leadership

    Yewon Kang's questions to SNDL Inc (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 Inc (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 Inc (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 Inc (CRON) leadership

    Yewon Kang's questions to Cronos Group Inc (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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