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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a 'CEO Quote vs Reality' structure to undermine management credibility.",
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      "text": "Spruce Point believes that Saputo’s ambitions to grow its U.S. dairy-free cheese business will be problematic given its current distribution partners.",
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      "text": "Spruce Point believes that Saputo's ambitions to grow its U.S. dairy-free cheese business will be problematic given its current distribution partners. We've reviewed many of the locations listed on its website, and believe many are small regional chains, some with only one or two locations. We conducted channel checks with a sample of the locations across the U.S. and more than few locations did not currently carry Vitalite.",
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      "text": "So on the U.S. retail cheese, we were launching in March, 6 SKUs under the Vitalite brand, and we have 1,000 points of distribution that has been secured. So the marketing campaigns are going to begin in conjunction with our retail launch. So exciting times to come on the retail side of the plant-based cheese for our U.S. platform.",
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      "text": "So on the U.S. retail cheese, we were launching in March, 6 SKUs under the Vitalite brand, and we have 1,000 points of distribution that has been secured. So the marketing campaigns are going to begin in conjunction with our retail launch. So exciting times to come on the retail side of the plant-based cheese for our U.S. platform. — Saputo CEO (Q3 2022 Conf Call)",
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      "text": "Succeeding In Plant-Based Cheese Requires Solid Distribution, Which We Believe Saputo Lacks",
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