Cannabist Company Holdings Inc · NEO:CBST
Cannabist — The Cannabist Company — Q3 2025 Earnings Presentation
22 slides from Cannabist's earnings presentation, Nov 10, 2025
Slide 1: The Cannabist Company Investor Presentation
THE CANNABIST COMPANY INVESTOR PRESENTATION November 2025 Cboe CN: CBST OTCQB: CBSTF
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
The Cannabist Company Cultivating a Higher Experience The Cannabist Company, formerly known as Columbia Care, is one of the most experienced cultivators, manufacturers and providers of cannabis products and related services, with operations in 12 US jurisdictions. The Company operates 77 facilities
Slide 5: Company Overview By the Numbers
Company Overview By the Numbers 12 61 16 Cultivation & Manufacturing US Jurisdictions Retail Locations(1) Facilities (1) ~1.8M $80M $3M Sqft Cultivation & Production Q3 2025 Revenue Q3 2025 Adjusted EBITDA(3) Capacity(2) 1) Includes retail facilities under development 2) Total capacity under existin
Slide 6: A More Focused Strategic Footprint
A More Focused Strategic Footprint PENNSYLVANIA NEW YORK MASSACHUSETTS 1 2 8 1 2 OHIO COLORADO 2 8 NEW JERSEY 2 19 2 3 DELAWARE 1 3 MARYLAND 2 4 ILLINOIS VIRGINIA 1 2 1 6 CALIFORNIA WEST VIRGINIA 1 1 5 61 Retail Locations* (52 Active / 9 In Development) 16 Cultivation & Manufacturing Facilities* 11
Slide 7: Optimizing the Retail Portfolio
Optimizing the Retail Portfolio 52 active retail locations across 12 markets In 2024: March: Sold 1 location in Utah June: Closed 2 retail locations in New York, 1 in Colorado and 1 in Washington, DC; Opened Cannabist Richmond, Virginia August: Sold 6 locations in Eastern Virginia & 2 in Arizona Oct
Slide 8: 2025 Mandate Simplification & Optimization
2025 Mandate Finalize Simplification of Portfolio Simplification & Optimization Complete divestitures, reduce operating and overhead costs to align with more focused footprint Continued Optimization of Assets Refine inventory assortment, limited CAPEX spend prioritizing retail locations in key marke
Slide 9: Multiple Catalysts In Key Growth Markets
Multiple Catalysts In Key Growth Markets Optimization of canopy capacity in Leveraging scale in New York to accelerate Vineland with wholesale growth & 3 margin expansion and scale adult-use market adult-use retail locations in New Jersey share via wholesale growth and partnerships to reach state ma
Slide 10: 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 adult-use sales, which began August 6, 2024 $200M+ Delaware Market Updates • Regulations remove all penalties for use or possession of up to 1 • Adult use sales began a
Slide 11: Scaled Cultivation & Manufacturing Footprint
Scaled Cultivation & Manufacturing Footprint Market Facility Count Total Size (sqft) Status Colorado 2 87,932 Operational Delaware 1 20,000 Operational Illinois 1 32,802 Operational Maryland 2 59,040 Operational Massachusetts 1 38,890 Operational New Jersey 2 320,724 Operational 148,346 Operational
Slide 12: Financial Results Q3 2025
Financial Results Q3 2025
Slide 13: Top Performing Markets
Top Performing Markets Third Quarter 2025 Revenue Adj. Gross Margin Adj. EBITDA Adj. Adj. EBITDA EBITDA Margin Margin $ % $ % Colorado Colorado Delaware Delaware Maryland Delaware Maryland Maryland New Jersey Maryland New Jersey New Jersey Ohio Ohio Ohio Ohio Virginia Virginia Virginia Virginia 78%
Slide 14: Financial Performance Third Quarter 2025
14 Title Here Financial Performance Third Quarter 2025 (in US$ thousands) FY 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 P&L / Cash Flow Revenue 458,722 96,138 87,440 86,350 79,912 Adjusted EBITDA 54,711 7,054 7,054 8,483 3,041 Interest Expense 37,978 9,484 9,154 14,685 8,285 Capital Expenditure 5,831 1,68
Slide 15: Financial Results Third Quarter 2025
15 Title Here Financial Results Third Quarter 2025 TABLE 1 - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in US $ thousands, except share and per share figures, unaudited) Three Months Ended Sept 30, 2025 June 30, 2025 Sept 30, 2024 Revenue $ 79,912 $ 86,350 $ 114,783 Cost of sales (57,001) (69,
Slide 16: Financial Results: Balance Sheet and Cash Flows
16 Title Here Financial Results Third Quarter 2025 TABLE 2 - CONDENSED CONSOLIDATED BALANCE SHEET (SELECT ITEMS) (in US $ thousands, unaudited) Three Months Ended Sept 30, 2025 June 30, 2025 March 31, 2025 Cash $ 17,761 $ 15,456 $ 33,607 Total current assets 144,733 168,693 194,997 Property and equi
Slide 17: Reconciliation of US GAAP to Non-GAAP Measures
17 Title Here Financial Results Third Quarter 2025 TABLE 4 - RECONCILIATION OF US GAAP TO NON-GAAP MEASURES (in US $ thousands, unaudited) Three Months Ended Sept 30, 2025 June 30, 2025 Sept 30, 2024 Net income (loss) $ (14,655) $ (77,386) $ (1,763) Income tax (benefit) expense 6,334 43,221 21,838 D
Slide 18: Brands & Innovation
Brands & Innovation Vy oy | antl CANNABIST
Slide 19: Our House Brands
Our House Brands Optimized house brand strategy delivering targeted consumer solutions through a simplified portfolio of flower, pre-rolls, concentrates, vapes, edibles and tinctures. • FPO
Slide 20: Award-Winning Products & Services
AWARD-WINNING PRODUCTS & SERVICES Recognized across top national cannabis competitions for product innovation and quality. 2023 2025 ERRL CUP Isolate Category Ist Place: Amber, Dat Flava Diamond Dust Sun Grown Flower Ist Place: Classix, Ice Cream Cake Sun Grown Flower 2nd Place: Seed & Strain, Ghost
Slide 21: Stash Cash & Stash Cash+: Unified Shopping + Loyalty
Stash Cash & Stash Cash+: Unified Shopping + Loyalty One loyalty program, delivered through two app experiences depending on market platform. STASH CASH — Loyalty Program (Non-Sweed Markets) • One loyalty program for earning and redeeming rewards across our stores. • Simple earn: 1 point per $1; 100
Slide 22: Thank You
Thank You
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