1Q21 Investor Update slide image

1Q21 Investor Update

GROWTH TRAJECTORY & 2021 CATALYSTS M CAPEX spend generating returns as infrastructure comes online in operational markets, driving increasing gross margin* Accelerating canopy development in New Jersey; 2 dispensaries to open in 2021 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Expected flower sales in Virginia medical program; opening 1 additional dispensary $Th Adult-use opening in downtown Boston, Massachusetts dispensary in Q2 2021 77,445 Added 1M sqft cultivation & production capacity in New York; flower entering market 27% FY 2019 CAPEX 38% 42,885 FY 2020 *Excludes changes in fair value of biological assets and inventory sold for all periods presented, as well as $1.4 million in Q4 2020 and $0.1 million in Q1 2021 related to the write-up of inventory acquired in The Green Solution, Project Cannabis and The Healing Center San Diego. Multiple Catalysts Will Propel Growth in 2021 Adj. Gross Margin* % Adult-use sales in Arizona dispensaries launched in 2021 41% 7,232 Launched Cannabist, new retail experience; rolling out national product brands in 2021 1Q 2021 45 40 35 30 25 20 15 10 5 0 Expanded product offerings & operational improvements to drive growth in Florida Opening new markets Utah (Q2 2021), West Virginia & Missouri (2H 2021) T W
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