1Q22 Investor Update slide image

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, CO
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