Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Investor Presentation (October 2021)
23 slides from Trulieve Cannabis's investor presentation, Oct 12, 2021
Slide 1: Investor Presentation October 2021
CSE: TRUL OTCQX: TCNNF ir@trulieve.com Investor Presentation October 2021 Exhibit 99.1
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 presentation refer to Trulieve Cannabis Corp. and its subsidiaries. Certain statements in this presentation constitute forward-looking statements within t
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: Dispensaries (as of October 1, 2021) States (including GA Notice of Intent to Award
149 Dispensaries (as of October 1, 2021) 11 States (including GA Notice of Intent to Award Class 1 Production License) ~3.1M sq ft Cultivation (as of October 1, 2021) 14 Consecutive quarters profitability (through June 30, 2021)
Slide 5: 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. Our industry leading footprint serves as a platform to accelerate our national expansion strategy and go deeper in the markets where we operate. Th
Slide 6: An Unparalleled Platform for Accelerated Growth
An Unparalleled Platform for Accelerated Growth 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 Combined1 2Q:2021 revenue of ~$318 million and Adjusted EBITDA2 of ~$123 million, the largest reported for U.S.
Slide 7: Transaction Details
Transaction Details 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 were delisted Concurre
Slide 8: Largest Multi-State Operator by Cultivation and Retail
Largest Multi-State Operator by Cultivation and Retail Operational States Arizona California Colorado Connecticut Florida Massachusetts Maryland Nevada Pennsylvania Pre-Revenue Georgia West Virginia FL CA MA PA AZ MD WV NV CT AZ CO SOUTHWEST 21 stores 375K sq. ft. cultivation & production SOUTHEAST
Slide 9: 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 for flower as of October 1, 2021 Approximately 95% of registered patients have visited a Trulieve store 619,228 registered patients as of Oct
Slide 10: Southwest Hub
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 Licenses for three additional retail locations Expansion of cultivation and processing ongoing ~313,000 registered patients
Slide 11: Southwest Hub
Southwest Hub NEVADA Wholesale operations serving medical and adult use markets 32,000 sq ft cultivation and production facility located in Cheyenne 13,210 patients as of March 2021, and ~350,000 consumers in-state plus heavy tourism COLORADO Wholesale operations serving medical and adult use market
Slide 12: Northeast Hub
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 13: Northeast Hub
Northeast Hub MASSACHUSETTS 2 retail dispensaries supported by 78K sq ft of cultivation and production ~94K patients and ~1.3 - 1.6M consumers WEST VIRGINIA First to commence operations in the state and get plants in ground in July 2021 Vertical operation in a well-located, low-cost state ready for
Slide 14: Premier Brand Portfolio
Premier Brand Portfolio Cultivar Collection Sweet Talk Muse Momenta Alchemy Roll One Co2lors Includes Trulieve and Harvest branded products:
Slide 15: Bringing New Innovations to Market
Designed to provide a growing variety of offerings for patients and consumers. Bringing New Innovations to Market 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 offerings cha
Slide 16: 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 900+ SKUs with multiple concentration ratios and strains Powerful brand name partnerships Helping markets grow faster with nati
Slide 17: Significant Opportunity for Value Creation
Significant Opportunity for Value Creation Maintain market leadership in core markets Integrate acquisitions and deploy talent and resources Streamline and automate processes and facilities Execution Expansion Grow organically through expansion in cornerstone states Pursue strategic M&A opportunitie
Slide 18: 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 19: Board of Directors
Board of Directors KIM RIVERS, Chief Executive Officer Experienced entrepreneur with successful track record in multiple sectors including cannabis and real estate. Rivers joined Trulieve at its inception and has been the key driver for the Company’s customer-centric vision, strong growth, strategic
Slide 20: 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. EBITDA3 $251.0 $90.8
Slide 21: 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 22: State Market Data: Florida, Pennsylvania, Arizona, Maryland
Florida Population 21.5M Market Medical Arcview 25E Market Size $2.6B Approved Dispensaries 371 Cultivation & Production Operators (Vertical Market) 22 Pennsylvania Population 12.9M Market Medical Arcview 25E Market Size $770M Operational Dispensaries 133 Cultivation & Production Licenses Operationa
Slide 23: State Market Data: Colorado, Nevada, California, Massachusetts, Connecticut
Colorado – Adult-use 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 California Population 40.3M Market Medi
Trulieve Cannabis — Investor Presentation (October 2021) on 6ix