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
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