Investor Presentaiton
FINANCIAL SUMMARY
Comparable company analysis
שיי
TEV / Net Revenue
(US$ millions, except per share amounts)
Mkt. Cap
TEV
CY20E2
CY21E3
CY22E3
TEV / Adjusted EBITDA¹
CY20E CY21E3 CY22E3
Net Revenue CAGR
22E/20E3 21E/20E3
Adjusted EBITDA Margins¹
CY20E CY21E3 CY22E3
Curaleaf
$12,688
$12,639
19.8x
10.0x
6.8x
87.5x
32.8x
19.5×
70%
98%
23%
31%
35%
GTI
Cresco
Trulieve
$8,447
$8,447
15.3x
10.3x
7.9x
48.6x
29.4x
21.5x
39%
50%
32%
35%
37%
$6,725
$6,785
14.2x
8.4x
6.3x
60.1x
25.6x
17.6x
50%
69%
24%
33%
36%
$6,730
$6,714
13.0x
8.3x
6.7x
26.6x
18.4x
14.4x
40%
56%
49%
45%
46%
TerrAscend
$4,314
$4,370
28.2x
15.0x
10.4x
98.1x
36.9x
23.7x
65%
88%
29%
41%
44%
AYR Wellness
$2,370
$2,496
15.9x
6.1x
3.5x
43.5×
15.2x
8.4x
113%
163%
37%
40%
42%
Columbia Care
$2,444
$2,340
12.7x
4.9x
3.3x
neg
26.8x
12.3x
95%
159%
neg
18%
27%
Jushi
$2,013
$1,976
24.5x
9.0x
5.7x
neg
45.1x
19.9x
107%
174%
neg
20%
29%
Harvest
$1,742
$1,870
8.2x
5.2x
4.2x
89.0x
22.8x
15.7x
40%
57%
9%
23%
27%
Planet 13
$1,596
$1,470
20.0x
10.4x
7.8x
nmf
34.5x
23.5x
61%
93%
19%
30%
33%
4Front
$1,160
$1,188
18.3x
8.2x
5.2x
nmf
25.7x
16.0x
87%
123%
8%
32%
33%
Average
17.3x
8.7x
6.2x
64.8x
28.5x
17.5x
70%
103%
25%
32%
35%
Parallel 2,3
$1,966
$1,884
7.7x
4.2x
2.4x
NA
18.5x
7.1x
79%
82%
8%
23%
34%
Parallel (COVID-Adjusted)2,3
6.1x
30.9x
60%
45%
20%
1. See "Non-GAAP Measures, Reconciliation and Discussion" disclaimer on page 5 and Adjusted EBITDA reconciliation on page 59. 2. Parallel cash and debt reflect pro-forma capitalization shown on slide 40. 2020 financials are preliminary and are subject to change
upon finalization of Parallel's audited financials. 3. See "Forward-Looking Statements" disclaimer on pages 3-4 and financial assumptions on pages 57-58. Note: Adjusted for subsequent events, market data as of February 10, 2021. Sources: Capital IQ, public filings,
and Company management.
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