1Q22 Investor Update
GROWTH TRAJECTORY & 2022 CATALYSTS
ẨM
CAPEX spend continues to generate
returns as infrastructure comes online
in operational markets, driving
increasing gross margin
Tripling canopy capacity in
Vineland & adding 1 retail
location in New Jersey as
adult use ramps in 2022
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Launched the state's largest
wholesale operation and
opened 4 retail locations, with
1 additional in development in
West Virginia
$Th
77,445
Increased product offerings
and expanded cultivation in
Ohio (4x canopy expansion) &
Pennsylvania (adding ~170k
sqft total capacity)
27%
38%
42,885
40%
7,232
CAPEX
43%
25,029
49%
40,062
Canopy expansion of 10x and
8 additional retail locations to
open in growing Virginia
medical program, in advance
of adult use transition
45%
Expanding branded product
distribution and Cannabist
retail network, expanding
product distribution in
wholesale channels
45,183
FY 2019 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Adj. Gross Margin* %
46%
29,511
60
50
40
30
*Excludes changes in fair value of biological assets and inventory sold for all periods presented, including $1.4 million in Q3 2021 and Q2 2021 and $0.1 million in Q1
2021 related to the mark-up of inventory acquired in acquisitions
Multiple Catalysts Propelling Growth in 2022
Ramping cultivation &
production capacity in ~1M
sqft greenhouse in New York
to be low-cost flower producer
and major supplier to
wholesale market
20
10
0
%
Expanded product offerings
with focus on CO2 and edibles
& operational improvements
will continue to drive growth
and profitability in Florida
Ramping in newly opened
markets of Missouri, Utah &
West Virginia, will contribute
to margin expansion in 2022
17
-
11
Steele, COView entire presentation