Cannabist Company Holdings Inc · NEO:CBST
Cannabist — Columbia Care — Q1 2023 Earnings Presentation
27 slides from Cannabist's earnings presentation, May 15, 2023
Slide 1: First Quarter 2023 Investor Presentation
Exhibit 99.2 FIRST QUARTER 2023 INVESTOR PRESENTATION NEO:CCHW | CSE:CCHW | OTCQX:CCHWF | FSE:3LP May 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: First Quarter 2023 Business Highlights
7 FIRST QUARTER 2023 BUSINESS HIGHLIGHTS Improving efficiencies and optimizing scale across strategic national portfolio Revenue +1% YoY; 13 out of 16 markets EBITDA 1 positive during Q1 2023 Quarter-end cash balance of $40.2M; Company Capital expenditures during the quarter of $5.7M 2 were primaril
Slide 8: Revenue and Retail Footprint
8 REVENUE AND RETAIL FOOTPRINT 85 retail locations and 9 additional locations in development $160.0 100 95 $140.0 90 84 $120.0 85 84 84 84 85 $132 $13979 In Q1 2023, Columbia $100.0 $133 $125 80 $126 Care: $110 $130 $123 • Opened 3 new $80.0 75 $93 75 Cannabist retail 73 locations – 1 in WV 70 $60.0
Slide 9: Profitability Trends by Market & 2023 Catalysts
9 PROFITABILITY TRENDS BY MARKET & 2023 CATALYSTS Profitability metrics throughout national portfolio (1) (1) 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 Q1 2023 Q1 2023 Q1 2023 Q1 2023 Maryland Delaware Delaware Colora
Slide 10: Embedded Upside in Transitioning Growth Markets
10 10 EMBEDDED UPSIDE IN TRANSITIONING GROWTH MARKETS Columbia Care in New York Columbia Care in Maryland Columbia Care in Virginia $3B+ $5B+ $1B+ (1) (1) (1) Projected TAM Projected TAM Projected TAM 8 Retail Locations (4 Active, 4 In development) 12 Retail Locations (9 Active, 3 In Development) 4
Slide 11: Low-Cost Cultivation, Efficient & Scalable Production
11 11 LOW-COST CULTIVATION, EFFICIENT & SCALABLE PRODUCTION 28 operational / in development facilities with +2 million sq. ft of cultivation and manufacturing capacity Jurisdiction Facility Count Total Size (sqft) Status Arizona 2 34,800 Operational California 1 45,572 Operational Colorado 3 108,227
Slide 12: Financial Highlights
12 12 FINANCIAL HIGHLIGHTS (in US$ thousands) FY 2022A Q2 2022A Q3 2022A Q4 2022A Q1 2023A P&L / Cash Flow Revenue 511,578 129,571 132,733 126,187 124,535 Adj. EBITDA 67,377 12,029 20,993 17,523 16,364 Interest Expense 48,349 11,484 12,974 12,647 12,573 Capital Expenditure 73,887 29,162 11,851 3,363
Slide 13: First Quarter 2023 State Highlights
13 13 FIRST QUARTER 2023 STATE HIGHLIGHTS Top 5 Markets by Revenue: Colorado, New Jersey, Ohio, Pennsylvania, Virginia Top 5 Markets by Adjusted EBITDA: Maryland, New Jersey, Ohio, Pennsylvania, Virginia Market Commentary • Revenue declined sequentially; Gross Margin +4% QoQ as a result of efficienc
Slide 14: Brands
14 BRANDS Tempe, AZ
Slide 15: Cannabist Experience
15 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. 35 Cannabis
Slide 16: Building National Brand and Product Portfolio
16 BUILDING NATIONAL BRAND AND PRODUCT PORTFOLIO Growing our proprietary brand footprint through expanded market penetration and wholesale reach In-house brands accounted for over 60% of all flower sold at Columbia Care owned dispensaries in Q1 2023. Owned brands also made up over 47% of sales in Q1
Slide 17: Award-Winning Products & Services
17 17 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 18: Seed & Strain
18 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 Available in
Slide 19: Triple Seven
19 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 20: Classix
20 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 21: Hedy
21 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 Q4 2022, Hedy launche
Slide 22: Tyson 2.0
22 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 23: Amber
23 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 24: Press 2.0
24 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 25: A Retail Platform Built for Continuous Innovation
25 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 26: Stash Cash App
26 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 27: Columbia Care
(o Columbia Care