Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Merger or Acquisition (October 2021)
20 slides from Trulieve Cannabis's merger presentation, Oct 1, 2021
Slide 1: Cultivate Together
CSE: TRUL OTCQX: TCNNF ir@trulieve.com Cultivate Together. Exhibit 99.2
Slide 2: Forward Looking Statements and Industry and Market Data
Forward Looking Statements and Industry and Market Data TRULIEVE: HARVEST ACQUISITION| October 2021 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 cons
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 f
Slide 4: Harvest Health & Recreation Acquisition
Harvest Health & Recreation Acquisition Trulieve has closed the acquisition of Harvest, solidifying its position as the largest and most profitable MSO. TRULIEVE: HARVEST ACQUISITION| Oct 2021
Slide 5: An Unparalleled Platform for Accelerated Growth
An Unparalleled Platform for Accelerated Growth Expansion Momentum Industry Leading Scale Largest footprint across the U.S. with 149 retail locations and > 3.1M sq ft cultivation The Most Profitable U.S. MSO Combined 2Q:2021 revenue of ~$318 million and Adjusted EBITDA1 of ~$123 million, the largest
Slide 6: Transaction Details
Transaction Details Expansion Momentum Trulieve acquired all issued and outstanding shares of Harvest Harvest shareholders received 0.1170 Trulieve share per Harvest share Trulieve acquired 434,823,273 Harvest shares in exchange for 50,874,175 Trulieve shares All share classes of Harvest’s stock wil
Slide 7: Largest Multi-State Operator by Cultivation and Retail
Largest Multi-State Operator by Cultivation and Retail Arizona California Colorado Connecticut Florida Massachusetts Maryland Nevada Pennsylvania Georgia West Virginia FL CA MA PA AZ MD WV NV CT AZ CO SOUTHWEST 21 stores 375K sq. ft. cultivation & production SOUTHEAST 105 stores 2.4 M sq. ft. cultiv
Slide 8: Southeast Hub
Southeast Hub FLORIDA 105 retail dispensaries supported by ~2.4M sq ft cultivation as of October 1, 2021 Market leader with 28% stores and 50% of market share as of September 24, 2021 Approximately 95% of registered patients have visited a Trulieve store ~616,000 registered patients as of September
Slide 9: Southwest Hub: Arizona and California
Southwest Hub ARIZONA 16 retail dispensaries supported by 320K sq ft of cultivation with indoor, greenhouse, and outdoor facilities Recreational sales launched in January 2021 Addition of three future retail locations Expansion of cultivation and processing ongoing ~313,000 registered patients as of
Slide 10: Southwest Hub: Nevada and Colorado
Southwest Hub NEVADA Wholesale operations serving medical and adult use markets 32,000 sq ft cultivation and production facility located in Cheyenne, Nevada 13,210 patients as of March 2021, and ~350,000 consumers in-state plus heavy tourism COLORADO Wholesale operations serving medical and adult us
Slide 11: Northeast Hub: Pennsylvania and Maryland
Northeast Hub PENNSYLVANIA 17 affiliated retail locations 126,800 sq ft indoor cultivation and processing through affiliated facilities Wholesale distribution to 100% of the PA market Ongoing expansion of cultivation and processing capacity ~550,000 registered patients as of Q2 2021 MARYLAND 3 retai
Slide 12: Northeast Hub: Massachusetts, West Virginia, Connecticut
Northeast Hub MASSACHUSETTS 2 retail dispensaries supported by 78K sq ft of cultivation and production Launching pad for new Trulieve brands Wholesale started in 2H21 ~94K patients and approximately1.3 - 1.6M consumers WEST VIRGINIA First to commence operations in the state and get plants in ground
Slide 13: Premier Brand Portfolio
Premier Brand Portfolio Cultivar Collection Sweet Talk Muse Momenta Alchemy Roll One TRULIEVE: HARVEST ACQUISITION| October 2021 Plus, additional select Harvest brands to add to stores shelves and wholesale channels Co2lors
Slide 14: Executive Management Team
Executive Management Team Over 15 years of experience running successful businesses from real estate to finance. Legal background in M&A and securities law. Rivers serves as second vice chair for the National Cannabis Roundtable. ALEX D’AMICO Chief Financial Officer Over 20 years of accounting and f
Slide 15: Q2 2021 Results
Q2 2021 Results Trulieve Highlights1 Harvest Highlights1 In millions Year Ended Dec 31 2020 3 Mo Ended Mar 31 2021 3 Mo Ended June 30 2021 Total Revenue $521.5 $193.8 $215.1 Gross Profit $386.4 $135.3 $144.5 Operating Expenses $155.5 $57.3 $61.5 Net Income $63.0 $30.1 $40.9 Adj. EBITDA2 $251.0 $90.8
Slide 16: Reconciliation of Non-GAAP Adjusted EBITDA
Reconciliation of Non-GAAP Adjusted EBITDA Trulieve1 Harvest1 In Millions Year Ended Dec 31, 2020 3 Mo Ended Mar 31, 2021 3 Mo Ended Jun 30, 2021 Net income (loss) before NCI (GAAP) $ (59.6) $ (23.0) $ (19.2) Add (deduct) impact of: Net interest and other financing costs 39.0 8.7 9.2 Income tax 3.7
Slide 17: Summary
Summary Expansion Trulieve completed the acquisition of Harvest, and is the most profitable MSO with industry leading scale Trulieve’s superior retail and expanding wholesale distribution model has us poised for expansion in multiple states able to offer our premier portfolio of in-house and partner
Slide 18: Revive Relax Relate
Revive Relax Relate
Slide 19: State market data
Population 21.5M Market Medical Arcview 25E Market Size $2.6B Approved Dispensaries 371 Cultivation & Production Operators (Vertical Market) 22 Population 12.9M Market Medical Arcview 25E Market Size $770M Operational Dispensaries 133 Cultivation & Production Licenses Operational 25 Population 7.2M
Slide 20: State market data (continued)
Population 5.8M Arcview 25E Market Size $2.5B Stores and Cultivators 428 stores 460 cultivators 219 processors Nevada – Adult-use Population 3.1M Arcview 25E Market Size $1.4B Stores and Cultivators 67 stores 158 cultivators 110 processors Population 40.3M Market Medical Adult-Use Arcview 25E Market
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