Year of Notable Growth & Expanding Footprint
AWH
OVERVIEW
Vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts, New Jersey, Pennsylvania, and Maryland.
Owns and operates state-of-the-art cultivation facilities; grows award-winning strains and produces a curated selection of products.
Founded
2018
Revenue ($M)
576
519
600
Headquarters
New York
406
400
332
Employees
~2,300
200
144
States of Operation
IL, MD, MA, MI, OH NJ, PA
Dispensaries /
Cultivation
36 operating(¹) / 7 operating
0
(5)
2020
2021
2022
2023
2024E
EV(2)
$452M
Market Cap(2)
$216M
EV /
0.9x
2023 Revenue
EV /
4.2x
2023 Adj. EBITDA
Total Debt, net (4) /
$309M/$236M
Net Debt(4)
Adj. EBITDA ($M)
150
122
107
93
100
79
50
31
0
2020
2021
2022
2023
(5)
2024E
(1)
Includes store stat opened subsequent to quarter end.
(2)
(3)
(4)
งค
Includes 206.8M Class A Common Shares, 65k Class B shares, 16.0M of unvested Restricted Stock Units and/or Restricted Stock Awards. There are also 4.6M warrants outstanding, none of which were in the money at quarter-end; 1.3M have an exercise price of $4.00/sh; 3.1M have
an exercise price of $3.10/sh; and 0.2M have an exercise price of $2.64/sh. There are also 507k options exercisable, none of which were in the money at quarter-end. Dilution was calculated using the treasury stock method and a 12/31/23 share price of US$0.97 on the CSE.
Please see appendix of this presentation for reconciliation of "non-GAAP" to "GAAP" measures. We have not presented a quantitative reconciliation of the forward-looking non-GAAP financial measure "Adjusted EBITDA" to its most directly comparable GAAP financial measure
because it is impracticable to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of the periods in which such financial impact might be recognized.
Total Debt, net is equal to Total Debt less unamortized deferred financing costs. Net Debt is equal to Total Debt, net less Cash & Equivalents.
(5) Based on consensus estimates as of 2/16/24. See discussion of forward-looking statements on slide 2.View entire presentation