1Q22 Investor Update
FIRST QUARTER 2022 STATE HIGHLIGHTS
Top 5 Markets by Revenue: California, Colorado, Massachusetts, Pennsylvania, Virginia
Top 5 Markets by Adjusted EBITDA: Colorado, Maryland, Massachusetts, Pennsylvania, Virginia
Market
New York
Ohio
Pennsylvania
Virginia
West Virginia
Commentary
Ramp up of cultivation at Riverhead cultivation facility in 2022 as medical market expands and preparations made for adult use
Converted Brooklyn location to Cannabist in Q1 2022
YOY Gross Margin improvement of 200bps and Adjusted EBITDA margin of 800bps
Gross margin and EBITDA growth driven by better flower and products in market; Gross Margin and Adj. EBITDA both up ~300bps QoQ
Canopy expansion in Mt. Orab underway; canopy expanded nearly 4x previous levels
Useable flower up 13% QoQ and patient satisfaction with strains improved; transactions increased;
Strong wholesale relationships; Columbia Care flower in almost all dispensaries in the state
Additional 174K sqft of cultivation capacity under development in Saxton, PA; Phase I expected to be completed in 1H 2022
Awaiting final approval for introduction of additional brands to the market
Adjusted EBITDA Margin increased 300bps sequentially in Q1 2022, indicating a rebound from Q4 2021 softness
Cultivation expansion of nearly 10x is underway to meet demand with growing medical program, including whole flower
Opened Virginia Beach dispensary in Q1 2022; 8 additional retail locations in development for a total of 12 retail locations
Working with all licensed operators in the state to continue to build wholesale opportunities
Four retail locations opened in Q1 2022
First harvest in Q1 2022; manufacturing site also authorized in 2H 2021
Strong wholesale opportunities for cultivation and processing sites
Garden ramping up; supplying dispensaries to open in 2022
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