Cannabist Company Holdings Inc · NEO:CBST
Cannabist — The Cannabist Company — Q1 2024 Earnings Presentation
38 slides from Cannabist's earnings presentation, May 9, 2024
Slide 1: The Cannabist Company Investor Relations Presentation First Quarter 2024
THE CANNABIST COMPANY INVESTOR RELATIONS PRESENTATION FIRST QUARTER 2024
Slide 2: Disclaimer and Forward-Looking Statements
2 Disclaimer and Forward-Looking Statements Disclaimer The Cannabist Company Holdings Inc. (the “Company” or “The Cannabist Company”) 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. The Cannabist Compa
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 The Cannabist Com
Slide 4: The Cannabist Company At a Glance
The Cannabist Company At a Glance
Slide 5: Who We Are
Who We Are Cultivating a Higher Experience The Cannabist Company, formerly known as Columbia Care, is one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with operations in 15 US jurisdictions. The Company operates 123 facilitie
Slide 6: Company Overview By the Numbers
Company Overview By the Numbers 15 92 27 US Cultivation & Manufacturing US Jurisdictions US Retail Locations(1) Facilities(1) +2M $123M $15M Sqft Cultivation & Production Q1 2024 Revenue Q1 2024 Adjusted EBITDA(3) Capacity(2) 1) Pro forma facilities either open or under development. Does not include
Slide 7: Strategic Footprint On A National Scale
Strategic Footprint On A National Scale PENNSYLVANIA MASSACHUSETTS 1 3 1 3 NEW YORK 2 8 OHIO COLORADO 2 5 NEW JERSEY 2 22 2 3 DELAWARE 2 3 $35B MARYLAND 2028 TAM in Licensed ILLINOIS 2 4 US States(1) 1 2 WEST VIRGINIA 1 5 WASHINGTON DC 2 1 CALIFORNIA ARIZONA FLORIDA 1 5 2 2 4 14 VIRGINIA 2 12 92 Ret
Slide 8: One Of The Most Strategically Positioned MSOs
One Of The Most Strategically Positioned MSOs The Cannabist Company US Footprint The Cannabist Company Addressable Market(1) Pursuit ActivityMedical Only Adult Use Anticipated State Population (M) Est 2024 Sales (US$M) Est 2028 Sales (US$M) Status Licenses Adult Use & Medical California 39.0 $ 5,160
Slide 9: Revenue and Retail Footprint
Revenue and Retail Footprint 84* active retail locations, 8 locations in development In Q1 2024: $140.0 $133 • Retail revenue decreased from Q4 2023, due to seasonality, $130 $129 $129 $128 a decrease in average basket size and continued pricing $123 $126 $125 $123 pressures in some markets $120.0 •
Slide 10: Profitability Trends By Market First Quarter 2024
Profitability Trends By Market First Quarter 2024 Top 5 Markets by Revenue Top 5 Markets by Adj. Gross Margin(1) Top 5 Markets by Adj. EBITDA(1) Top 5 Markets by Adj. EBITDA Margin(1) Colorado Delaware Colorado Delaware Maryland Maryland Maryland Maryland New Jersey Massachusetts New Jersey New Jers
Slide 11: Multiple Catalysts Propelling Profitability Growth
Multiple Catalysts Propelling Profitability Growth Optimization of canopy capacity in Leveraging low-cost production in New York to Vineland with wholesale growth & adding accelerate margin expansion and scale adult- 1 retail location in New Jersey to reach use market share via wholesale growth and
Slide 12: Embedded Upside in Transitioning Growth Markets
Embedded Upside in Transitioning Growth Markets Ohio Market Updates • In November 2023, voters approved Issue 2, paving the way for Delaware Market Updates • adult-use sales Current medical dispensaries associated with a cultivator or $200M+ • New regulations remove all penalties for use or possessi
Slide 13: Low-Cost Cultivation Efficient & Scalable Production
Low-Cost Cultivation Efficient & Scalable Production Jurisdiction Facility Count Total Size (sqft) Status Arizona 2 34,800 Operational California 1 45,572 Operational Colorado 2 108,227 Operational 20,000 Operational Delaware 2 37,524 Under development Florida 4 105,373 Operational Illinois 1 32,802
Slide 14: Financial Highlights Overview
Financial Highlights Overview
Slide 15: Compelling Value Proposition
15 Compelling Value Proposition Financial Highlights Diverse, Geographic Footprint Presence in attractive, growing markets: mature, emerging, and poised to transition to adult-use Improving Financial Profile Right-sizing balance sheet; Optimizing income statement; Improving profitability margin with
Slide 16: Capital Allocation Priorities
Capital Allocation Priorities Financial Highlights Invest in Organic Growth CAPEX prioritization of retail locations in high- growth markets, improved production Committed to disciplined capital allocation, capabilities, investment in high ROI continued debt reduction, improved cash flow technology
Slide 17: Financial Results First Quarter 2024
Financial Results First Quarter 2024
Slide 18: Business Highlights First Quarter 2024
Business Highlights First Quarter 2024 Generated Revenue of $123 million and Adjusted EBITDA(1,2) of $15 million 1 2 3 4 Quarter-end cash balance of Adj. EBITDA grew 22% from Announced strategic $45M; capital expenditures Improvement in cultivation Q4 2023 driven by margin commercial partnership wit
Slide 19: Financial Performance First Quarter 2024
19 Title Here Financial Performance First Quarter 2024 (in US$ thousands) FY 2023A Q2 2023A Q3 2023A Q4 2023A Q1 2024A P&L / Cash Flow Revenue 511,327 129,244 129,183 128,365 122,611 Adjusted EBITDA 69,645 20,318 20,493 12,472 15,304 Interest Expense 50,687 12,726 13,471 11,917 9,974 Capital Expendi
Slide 20: Strategic Footprint Cannabist Markets
Strategic Footprint Cannabist Markets
Slide 21: Arizona, California, Colorado, Delaware
Arizona $1B+ California $6B+ Projected TAM(1) Projected TAM(1) • Adult-use & Medical • Adult-use & Medical • Limited License Market • Unlimited License Market Cannabist Footprint Cannabist Footprint 2 Retail Locations 5 Retail Locations 2 Cultivation & Production Facilities 1 Cultivation & Productio
Slide 22: Florida, Illinois, Maryland, Massachusetts
Florida $4B+ Illinois $2B+ Projected TAM(1) Projected TAM(1) • Medical Only • Adult-use & Medical • Limited License Market • Limited License Market Cannabist Footprint Cannabist Footprint 14 Retail Locations 2 Retail Locations 4 Cultivation & Production Facilities 1 Cultivation & Production Facility
Slide 23: New Jersey, New York, Ohio, Pennsylvania
New Jersey $3B+ New York $5B+ Projected TAM(1) Projected TAM(1) • Adult-use & Medical • Adult-use & Medical • Limited License Market • Limited License Market Cannabist Footprint Cannabist Footprint 3 Retail Locations 8 Retail Locations 2 Cultivation & Production Facilities 2 Cultivation & Production
Slide 24: Virginia, Washington D.C., West Virginia
Virginia $3B+ Washington D.C. $40M Projected TAM(1) Projected TAM(1) • Medical Only, adult-use • Medical Only anticipated • Limited License Market • Limited License Market Cannabist Footprint Cannabist Footprint 12 Retail Locations 1 Retail Locations 2 Cultivation & Production Facilities 2 Cultivati
Slide 25: Product Portfolio
Product Portfolio Recognize us.
Slide 26: Brands & Innovation
Brands & Innovation WW ay | antl CANNABIST
Slide 27: Cannabist Retail Brand
Early Insights Cannabist Rebrand Impact Cannabist Retail Brand Villa Park, IL Case Study(1) Revitalizing the Retail • +15% increase in revenue • +19% increase in number of Experience transactions The Cannabist retail storefront experience is centered on making • Top 3 all-time highest weekly sales s
Slide 28: Innovative National Brand Strategic Overview
Innovative National Brand Strategic Overview In-house brands accounted for over 60% of all flower sold at The Cannabist Company owned dispensaries in Q1 2024. Owned brands also made up approximately 48% of sales in Q1 2024 The Cannabist Company house brands are currently available in all 15 operatio
Slide 29: Seed & Strain
Seed & Strain Category: Flower, Vapes 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
Slide 30: Triple Seven
Triple Seven Category: Flower Cannabis, Connected 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
Slide 31: Classix
Classix Category: Flower Amplify Today Classix is our every day, timeless lifestyle brand that celebrates incredible cannabis moments shared with friends. Now available in all markets where the Cannabist Company is located, Classix successfully launched in 5 markets (AZ, MA, IL, DE, & NJ), and repre
Slide 32: Hedy
Hedy Category: Edibles Goodness in every dose 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 m
Slide 33: Amber
Amber Category: Concentrates, Vapes Formulations crafted by connoisseurs. Vibes crafted by you Additional products launched in multiple markets during Q4 2022, including AMBER Diamonds, Cured Crumble, Diamond Sauce, Live Resin and Shatter. AMBER has won multiple awards, including 1st Place in the Er
Slide 34: Press 2.0
Press 2.0 Category: Edibles Ready to fine tune your day? 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
Slide 35: Forage
Forage 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
Slide 36: Stash Cash
Stash Cash Cannabis Rewarded Earn rewards for enjoying cannabis. It doesn’t get any simpler than that. Build your stash, save your cash Stash Cash app offers a streamlined shopping experience to build and track loyalty rewards, shop from anywhere and discover new products. The Stash Cash app is a pl
Slide 37: Award-Winning Products & Services
37 Award-Winning Products & Services 2022 2023 2024 High Times Cannabis Cup California Errl Cup Sativa Flower 2nd Place: Triple 7, Super Boof Isolate Category 1st Place: Amber, Dat Flava Diamond Dust Indica Flower 3rd Place: Triple 7, Pancakes #7 Sun Grown Flower 1st Place: Classix, Ice Cream Cake E
Slide 38: Thank You
Thank You
The Cannabist Company — Q1 2024 Earnings Presentation on 6ix