Retail Update and Investment Thesis
OVERVIEW
Vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts, New Jersey, and Pennsylvania.
AWH
Owns and operates state-of-the-art cultivation facilities; grows award-winning strains and produces a curated selection of products.
Tickers
Founded
CSE: AAWH.U; OTCQX: AAWH
EV1
$631M
2018
Market Cap¹
$541M
Revenue /
2020
Headquarters
New York
YoY Growth
2021
$144M/+1100%
$332M/+131%
Adj. EBITDA /
2020
$31M / 21.5%
Employees
~1,500
Margin
2021
$79M / 23.9%
EV /
1.9x
States of Operation
NJ, MI, OH, IL, MA, PA
2022E Revenue(2)
EV/
5.9x
Dispensaries
21 open
2022E Adj. EBITDA (2)
Cultivation
5 open
Total Debt/
Cash
$234M / $144M
1.
Market Cap: 181.1M of fully diluted shares outstanding times $2.99 share price (CSE) on 5/30/22 equals $536M market cap. Market cap plus $90M of net debt equals $631M enterprise value
2. 2022 estimates based on consensus and stock price as of 5/9/22.
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