Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy rating and $8 price target and conservatively leaving our 2024 and 2025 revenue and Adjusted EBITDA projections unchanged after urban-gro registered upside in 1Q top and Adjusted EBITDA and reiterated prior 2024 guidance.</li><li>That said, with the Drug Enforcement Agency approving the reclassification of cannabis from a Schedule I to Schedule III drug, and the potential for Florida to approve recreational cannabis usage in November, we believe our 2H24 and especially 2025 projections could prove highly conservative.</li><li>As such, we are reiterating our Buy rating and $8 price target.</li></ul>

We are reiterating our Buy rating and $8 price target and conservatively leaving our 2024 and 2025 revenue and Adjusted EBITDA projections unchanged after urban-gro registered upside in 1Q top and Adjusted EBITDA and reiterated prior 2024 guidance.That said, with the Drug Enforcement Agency approving the reclassification of cannabis from a Schedule I to Schedule III drug, and the potential for Florida to approve recreational cannabis usage in November, we believe our 2H24 and especially 2025 projections could prove highly conservative.As such, we are reiterating our Buy rating and $8 price target.

UGRO: 1Q Review: Remain Calm & Conservative; Reiterate Buy, $8 PT

Canada

Canopy Growth Corporation, through its subsidiaries, is a producer of medical marijuana. The Company's group of brands represents distinct voices and market positions designed to appeal to an array of customers, doctors and strategic industry partners.

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Canopy Growth (WEED CN)

UGRO: 1Q Review: Remain Calm & Conservative; Reiterate Buy, $8 PT

We are reiterating our Buy rating and $8 price target and conservatively leaving our 2024 and 2025 revenue and Adjusted EBITDA projections...

Small Cap Consumer Research

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