Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Investor Presentation (August 2021)
27 slides from Trulieve Cannabis's investor presentation, Aug 24, 2021
Slide 1: Live without limits. August 2021
Exhibit 99.1 Live without Investor Presentation limits. August 2021Exhibit 99.1 Live without Investor Presentation limits. August 2021
Slide 2: Forward Looking Statements and Industry and Market Data
Forward Looking Statements and Industry and Market Data Unless the context otherwise requires, the terms “Trulieve,” “we,” “us” and “our” in this prospectus refer to Trulieve Cannabis Corp. and its subsidiaries. Certain statements in this presentation constitute forward-looking statements within the
Slide 3: Management's Use of Non-GAAP Financial Measures
Management’s Use of Non-GAAP Financial Measures Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non- GAAP
Slide 4: Company at a glance: dispensaries, states, cultivation
98 7 Dispensaries States (as of August 15, 2021) (including GA Notice of Intent to Award Class 1 Production License) 14 2.2Msq ft Consecutive Cultivation quarters in US profitability (as of June 30, 2021) (through June 30, 2021)98 7 Dispensaries States (as of August 15, 2021) (including GA Notice of
Slide 5: Trulieve Timeline – A History of Firsts
Trulieve Timeline – A History of Firsts 2015 2017 2019 2021 Expected organic growth and Won the First First to sell Filed for expansion through M&A and Medical smokable flower (and won) application processes Marijuana in Florida ability to 2016 2018 2020 Application in grandfather in WV Acquisitions
Slide 6: Harvest Health & Recreation Acquisition
Harvest Health & Recreation Acquisition We believe the Trulieve and Harvest combination will expand our regional hub strategy and provide leading market positions in the most attractive markets. The combination will allow us to accelerate our national expansion strategy and go deeper in the markets
Slide 7: A Top Performing Multi-State Operator: Combined Footprint with Harvest
A Top Performing Multi-State Operator Operations Today Building our Hub Strategy – Combined Footprint with Harvest Florida California Connecticut PA MA NORTHEAST 22 stores Pennsylvania 330K sq. ft. Massachusetts cultivation & MA production CT WV PA CT NV Under Construction CO CA MD WV MD West Virgin
Slide 8: States Where We Operate Today
States Where we operate today 8 TRULIEVE IR PRESENTATION | AUGUST 2021States Where we operate today 8 TRULIEVE IR PRESENTATION | AUGUST 2021
Slide 9: SE HUB: Florida
SE HUB: Florida Original application state. Leader with number of firsts in the state. • 88 stores supported by ~2M sq ft cultivation as of August 15, 2021 • Outperform with 24% stores and 46% of market share at end Q2 2021 • Over 550,000 patients, or 94% of registered patients have visited a Trulie
Slide 10: SE HUB: Georgia
SE HUB: Georgia Won application and notified of intent to award one of two top Class I Production licenses in the state. • Plan to open a cultivation and production facility in Adel, GA • Will be allowed 5 dispensaries with the license • 16 qualifying conditions • Approximately 18,000 patients regis
Slide 11: NE HUB: Pennsylvania
NE HUB: Pennsylvania th Entered the 5 most populated and limited license state via acquisitions of cultivation facility and dispensary portfolios. • Cultivation operations in Pittsburgh — State-of-the-art cultivation & extraction facilities, expanding to meet market demand • Contiguous land availabl
Slide 12: NE HUB: Massachusetts
NE HUB: Massachusetts Launched operations for medical and adult use at the end of Q2 2021. • 140K sq ft cultivation and production facility in Holyoke, MA • 78K sq ft of cultivation and production • Opened first store in June 2021 and second store in August • Launching pad for new Trulieve brands •
Slide 13: NE HUB: Connecticut
NE HUB: Connecticut Latest state to approve adult use with plans to roll out in 2022. • Acquisition of The Healing Corner in Bristol, CT in 2019 • Rebranded to Trulieve Q1 2020 • Outperforms as one of 18 dispensaries in the state, yet serves approximately 9% of medical patient population • State reg
Slide 14: NE HUB: West Virginia
NE HUB: West Virginia Entered state through processor and dispensary application wins. • Broadened reach in the state and created a vertical with the acquisition of cultivation and dispensaries licenses • First to commence operations in the state and get plants in ground in July 2020 • Creates a ver
Slide 15: SW HUB: California
SW HUB: California This location is used for research & development to gain insights into west coast brands. • Acquisition of Leef Industries • Dispensary in Palm Springs, California • Opened in May 2018 • Licensed medical/adult-use cannabis dispensary • Estimates of 6-7M consumers in the state MJBi
Slide 16: Brands
Brands Opportunity for all consumers to live their best life Brands Opportunity for all consumers to live their best life
Slide 17: Our new brand portfolio
Our new brand portfolio In addition to our Trulieve branded portfolio, we recently launched a new family of products: Cultivar Muse Sweet Talk Momenta Collection You know you Unlock what Empower your Crafted for an Elevated want some is within wellness journey Experience Craveable confections The Mu
Slide 18: Bringing New Innovations to Market
Bringing New Innovations to Market Designed to provide a growing variety of offerings for patients and consumers. • R&D teams and an Innovation Lab to explore and deliver new product offerings • National brand partnerships • Carefully curated local partners • Future-focused and ready as market offer
Slide 19: Go-to-Market Strategy
Go-to-Market Strategy Providing the highest quality products, premier national brands, cherished local brands and the best consumer experience. Large & growing product line 700+ SKUs with multiple concentration ratios and strains Powerful brand name partnerships Helping markets grow faster with nati
Slide 20: Financial Highlights
Financial Highlights As of Q2 2021 TRULIEVE IR PRESENTATION | AUGUST 2021 20Financial Highlights As of Q2 2021 TRULIEVE IR PRESENTATION | AUGUST 2021 20
Slide 21: Q2 2021 Results
Q2 2021 Results REVENUE Highlights QoQ % Change Year 3 Mo 3 Mo 11% Ended Ended Ended YoY % Change Dec 31 Mar 31 June 30 2020 2021 2021 In millions 78% Total Revenue $521.5 $193.8 $215.1 Gross Profit $386.4 $135.3 $144.5 Adj. EBITDA Operating $155.5 $57.3 $61.5 Expenses QoQ % Change Net Income $63.0
Slide 22: Strong Growth and Margin Profile: FY2021 Guidance
Strong Growth and Margin Profile FY2021 Guidance GUIDANCE: Incorporates our expansion $815-$850 into Massachusetts and $521.5 West Virginia as well as REVENUE in US$ millions continued growth in $252.8 Florida, Pennsylvania, Connecticut, and $102.8 California. Targeting 114 Stores by year end. 2021E
Slide 23: Significant Opportunity for Value Creation
Significant Opportunity for Value Creation Regulatory Opportunities Expansion ▪ SAFE Banking Act passing would: o Offer traditional banking • Strategic opportunities through M&A pipeline loans/mortgages ▪ Federal legalization -- MORE • Explore attractive state license application processes Act/STATE
Slide 24: Appendix
Relax APPENDIX Revive RelateRelax APPENDIX Revive Relate
Slide 25: Executive Management Team
Executive Management Team ALEX D’AMICO KYLE LANDRUM KIM RIVERS Chief Financial Officer Chief Production Officer Chief Executive 20 years of accounting 10 years of multi-site Officer and finance experience operations management in technology, and successfully led healthcare large teams to achieve ent
Slide 26: Board of Directors
Board of Directors KIM RIVERS, Chief Executive Officer PETER T. HEALY , Lead Director Experienced entrepreneur running a number of successful businesses. Several years in Attorney with a focus on capital markets, M&A, & private equity transactions. Clients have included corporate issuers, Wall Stree
Slide 27: Reconciliation of Non-GAAP Adjusted EBITDA
Reconciliation of Non-GAAP Adjusted EBITDA Reconciliation of Non-GAAP Adjusted For the Three Months Ended For the Six Months Ended For the Three Months Ended, EBITDA June, June, (Figures in millions and % change based on June 30, March 31, % change 2021 2020 % change 2021 2020 % change these figures
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