Cannabist Company Holdings Inc · NEO:CBST
Cannabist — Columbia Care — FY2022 Earnings Presentation
29 slides from Cannabist's earnings presentation, Mar 29, 2023
Slide 1: Fourth Quarter & Full Year 2022 Investor Presentation
Exhibit 99.2 FOURTH QUARTER & FULL YEAR 2022 INVESTOR PRESENTATION NEO:CCHW | CSE:CCHW | OTCQX:CCHWF | FSE:3LP March 2023
Slide 2: Disclaimer and Forward-Looking Statements
2 DISCLAIMER AND FORWARD-LOOKING STATEMENTS Disclaimer Columbia Care Inc. (the “Company” or “Columbia Care”) derives a substantial portion of its revenues from the cannabis industry in certain U.S. states, which industry is illegal under U.S. federal Law. Columbia Care is directly involved in both t
Slide 3: Disclaimer and Forward-Looking Statements
3 DISCLAIMER AND FORWARD-LOOKING STATEMENTS Caution Concerning Forward-Looking Statements This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning Columbia Care’s o
Slide 4: Company Overview
4 4 COMPANY OVERVIEW Optimizing Scale, Improving Efficiency and Growing Profitability Across Strategic National Platform 32 16 94 US Cultivation & Jurisdictions in (1) US Retail Locations (1) US Manufacturing Facilities $35B+ +2M 150+ 2027 TAM in Licensed Sqft Cultivation & Acres Outdoor (2) (3) (3)
Slide 5: Vertical Integration on National Scale
5 5 VERTICAL INTEGRATION ON NATIONAL SCALE PENNSYLVANIA NEW YORK MASSACHUSETTS 1 3 2 8 1 3 Vertically Integrated UTAH COLORADO OHIO from Coast to Coast 1 5 26 1 5 NEW JERSEY 2 3 Wholesale Distribution in 15 Markets DELAWARE 2 3 MARYLAND 32 Cultivation and ILLINOIS WEST VIRGINIA 2 4 Manufacturing 1 2
Slide 6: One of the Most Strategically Positioned MSOs
6 6 ONE OF THE MOST STRATEGICALLY POSITIONED MSOs (1) Addressable market is >52% of the US population with significant upside potential (2) Columbia Care US Footprint Columbia Care Addressable Market Pursuit Activity Adult Use Anticipated Medical Only State Population (M) Est 2023 Sales (US$M) Est 2
Slide 7: 2022 Business Highlights
7 2022 BUSINESS HIGHLIGHTS Improving efficiencies and optimizing scale across strategic national portfolio Revenue +11% YoY; Adj. EBITDA +16.5% YoY, with 14 out of 17 markets EBITDA positive during Q4 1 2022 Year-end cash balance of $48.2M due to cost savings and working capital management; Company
Slide 8: Revenue and Retail Footprint
8 REVENUE AND RETAIL FOOTPRINT Ended 2022 with 84 retail locations, with 11 additional locations in development $160.0 100 95 $140.0 90 $120.0 84 84 84 84 85 79 $139 $100.0 $133 $126 $132 80 In Q4 2022, $130 75 Opened 2 new $110 $80.0 $123 75 Cannabist retail 73 $93 $82 locations Virginia 70 $60.0 6
Slide 9: Profitability Trends by Market
9 PROFITABILITY TRENDS BY MARKET Profitability metrics throughout national portfolio Top 5 Markets by Revenue Top 5 Markets by Adj. Gross Margin Top 5 Markets by Adj. EBITDA Top 5 Markets by Adj. EBITDA Margin Q4 2022 Q4 2022 Q4 2022 Q4 2022 Massachusetts Delaware Delaware California 57% 50% 73% 43%
Slide 10: 2023 Growth Catalysts
TBU - Add in NJ stats/language as catalysts 10 2023 GROWTH CATALYSTS 140,000 50 45% 42% 45 120,000 38% 40 117,506 27% 100,000 35 77,445 30 73,880 80,000 25 CapEx spend on purpose-built 60,000 20 Initial CAPEX investments continue to 42,885 infrastructure generates returns as 15 generate returns as i
Slide 11: Embedded Upside in Transitioning Growth Markets
11 11 EMBEDDED UPSIDE IN TRANSITIONING GROWTH MARKETS Columbia Care in New York Columbia Care in Maryland Columbia Care in Virginia $3B+ $5B+ $1B+ (1) (1) (1) Projected TAM Projected TAM Projected TAM 8 Retail Locations (4 Active, 4 In development) 12 Retail Locations (8 Active, 4 In Development) 4
Slide 12: Low-Cost Cultivation, Efficient & Scalable Production
12 12 LOW-COST CULTIVATION, EFFICIENT & SCALABLE PRODUCTION 28 operational / in development facilities with +2 million sq. ft of cultivation and manufacturing capacity Jurisdiction Facility Count Total Size (sqft) Status Arizona 2 34,800 Operational California 1 45,572 Operational Colorado 3 108,227
Slide 13: Financial Highlights
13 13 FINANCIAL HIGHLIGHTS (in US$ thousands) FY 2022A Q1 2022A Q2 2022A Q3 2022A Q4 2022A P&L / Cash Flow Revenue 511,578 123,087 129,571 132,733 126,187 Adj. EBITDA 67,377 16,832 12,029 20,993 17,523 Interest Expense 48,349 11,244 11,484 12,974 12,647 Capital Expenditure 73,887 29,511 29,162 11,85
Slide 14: Fourth Quarter & Full Year 2022 State Highlights
14 14 FOURTH QUARTER & FULL YEAR 2022 STATE HIGHLIGHTS Top 5 Markets by Q4 2022 Revenue: California, Colorado, New Jersey, Ohio, Virginia Top 5 Markets by Q4 2022 Adjusted EBITDA: Massachusetts, New Jersey, Ohio, Pennsylvania, Virginia Market Commentary • Average dispensary sales, average unit price
Slide 15: Fourth Quarter & Full Year 2022 State Highlights
15 15 FOURTH QUARTER & FULL YEAR 2022 STATE HIGHLIGHTS Top 5 Markets by Q4 2022 Revenue: California, Colorado, New Jersey, Ohio, Virginia Top 5 Markets by Q4 2022 Adjusted EBITDA: Massachusetts, New Jersey, Ohio, Pennsylvania, Virginia Market Commentary • Strain specific C02 carts and RSO Dablicator
Slide 16: Brands
16 BRANDS Tempe, AZ
Slide 17: Cannabist Experience
17 CANNABIST EXPERIENCE Columbia Care’s new retail storefront experience is centered on making shopping simple and approachable for the vast range of experience levels as cannabis use is normalized and legalized across the US, with knowledgeable staff and technology-enhanced interaction. 33 Cannabis
Slide 18: Building National Brand and Product Portfolio
18 BUILDING NATIONAL BRAND AND PRODUCT PORTFOLIO Growing our proprietary brand footprint through expanded market penetration and wholesale reach In-house brands accounted for over 65% of all flower sold at Columbia Care owned dispensaries in FY 2022. Owned brands also made up ~50% of sales in FY 202
Slide 19: Award-Winning Products & Services
19 19 AWARD-WINNING PRODUCTS & SERVICES High Times Cannabis Cup Illinois 2021 st • Hybrid Flower 1 Place: Triple 7, Rainbow Runtz nd • Indica Flower 2 Place: Seed & Strain, Velvet Glove nd • Pre-Roll 2 Place: Seed & Strain, Cherry Chem rd • Sativa Flower 3 Place: Triple 7, Tropical Runtz High Times
Slide 20: Seed & Strain: Rooted in Land & Harvested by Hand
20 ROOTED IN LAND & HARVESTED BY HAND We believe in the naturally restorative properties of cannabis and we proudly propagate that belief by sharing our bounty of flower with you. Upscale yet accessible, Seed & Strain is the most widely distributed brand across the entire portfolio. nd Seed & Strain
Slide 21: Triple Seven
21 Our Cannabis is at the uppermost end of the quality spectrum, and our strains are unwavering in consistency. We’ve gone above and beyond the highest industry standards to cultivate the best strains that deliver every time. Our ultra-premium brand has national penetration and is now available in 1
Slide 22: Classix: Amplify Today
22 AMPLIFY TODAY Classix is our every day, timeless lifestyle brand that celebrates incredible cannabis moments shared with friends. Now available in 14 markets, Classix successfully launched in 5 markets (AZ, MA, IL, DE, & NJ), and represented the single largest launch week for a brand in Columbia
Slide 23: Hedy
23 HEDY SLIDE Whichever path you choose, it’s always an exhilarating one. With HEDY the sky's the limit. Infused with Azuca fast-acting TiME INFUSION™, allowing high- quality cannabinoids to take effect in a groundbreaking, consistent, and predictable two to fifteen minutes. In Q3 2022, Hedy launche
Slide 24: Tyson Is Back
24 TYSON IS BACK. Tyson 2.0 is an extraordinary balance of premium and affordable, full-spectrum cannabis flower, concentrates, and consumables available at retailers nationwide. Tyson 2.0 launched with Columbia Care as its exclusive national cultivation and manufacturing partner. Tyson 2.0 currentl
Slide 25: AMBER
25 Formulations crafted by connoisseurs Vibes crafted by you Our customers have nominated AMBER for San Diego’s Best Concentrate Product and Best Overall Concentrate Brand 2022. Additional products launched in multiple markets during Q4 2022, including AMBER Diamonds, Cured Crumble, Diamond Sauce, L
Slide 26: Press 2.0
26 High potency and high quality aren’t mutually exclusive. Take control of your cannabis with hard pressed THC tablets formulated by industry experts for morning, day and night. The choice is yours. The pleasure is ours. PRESS 2.0 was created as a portable, convenient, and discreet option. Shine, R
Slide 27: A Retail Platform Built for Continuous Innovation
27 A RETAIL PLATFORM BUILT FOR CONTINUOUS INNOVATION How do you want to feel today? Technology and efficiency innovation will continue to heighten the in-store and at-home shopping experience at Cannabist and create an all-encompassing ecosystem from home to dispensary and online. Forage is our awar
Slide 28: Stash Cash App
28 Stash Cash app offers a streamlined shopping experience to build and track loyalty rewards, shop from anywhere and discover new products. Stash Cash has features that allow Earn rewards for enjoying cannabis. The Stash Cash app is a platform for users to set their favorite dispensary and It doesn
Slide 29: Columbia Care
(o Columbia Care