Trulieve Cannabis Corp. · OTC:TCNNF

Trulieve Cannabis — Investor Presentation (June 2021)

28 slides from Trulieve Cannabis's investor presentation, Jun 4, 2021

  1. Slide 1: Relief you can rely on – Investor Presentation June 2021

    Exhibit 99.1 Relief you can rely on Investor Presentation | June 2021Exhibit 99.1 Relief you can rely on Investor Presentation | June 2021

  2. 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 prospectus refer to Trulieve Cannabis Corp. and its subsidiaries. Certain statements in this presentation constitute forward-looking statements within the

  3. 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

  4. Slide 4: Company Overview

    Company Overview Founded in 2015 MISSION and VISION Nearly 5,000 employees as of Dec. 31, 2021 Our mission is to provide the 6 states (FL, CA, MA, CT, PA, WV) highest level of cannabis products and customer experiences *87 stores (FL, CA, CT, PA) through authentic and reciprocal relationships. Appro

  5. Slide 5: Trulieve Timeline – A History of Firsts

    Trulieve Timeline – A History of Firsts 2015 2017 2019 2021 Expected organic Won the First First to sell Filed for growth and expansion Medical smokable flower (and won) through M&A and Marijuana in Florida ability to 2016 2018 2020 application processes Application in grandfather in CT Acquisition

  6. Slide 6: A Top Performing Multi-State Operator

    A Top Performing Multi-State Operator Building out our hub strategy in the Northeast and Southeast States* Current Reach: WASHINGTON 6 MONTANA NORTH MAINE DAKOTA OREGON MINNESOTA VERMONT NEW HAMPSHIRE IDAHO SOUTH DAKOTA WISCONSIN NEW YORK MASSACHUSETTS WYOMING RHODE ISLAND MICHIGAN Operational CONNE

  7. Slide 7: 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 600+ SKUs with multiple concentration ratios and strains Powerful brand name partnerships Helping our market grow faster with na

  8. Slide 8: Definitive Agreement to Acquire Harvest Health & Recreation

    Announced Definitive Agreement on May 10, 2021 to Acquire Harvest Health & Recreation - Creating the Most Profitable MSO The Trulieve and Harvest combination expands the most profitable MSO. Our regional hub strategy provides leading market positions in the most attractive markets. This combination

  9. Slide 9: Combined Trulieve + Harvest Footprint

    Combined Trulieve + Harvest Footprint MA CT NORTHEAST HUB ⚫16 dispensaries ⚫282K sq. ft. of MA cultivation & CT production PA PA WV NV CA AZ SOUTHWEST UT CO CA MD WV HUB MD ⚫20 dispensaries ⚫380K sq. ft. of AZ AZ cultivation & production CO NV FL SOUTHEAST FL HUB ⚫90 dispensaries UT ⚫2.430 M sq. ft.

  10. Slide 10: Transaction Summary

    Transaction Summary • Trulieve to acquire all of the issued and outstanding shares of Harvest PROPOSED • Unanimously approved by the board of directors of each company TRANSACTION • Accretive to Trulieve shareholders 1 CONSIDERATION • 0.1170 Trulieve share per Harvest share TO HARVEST • Implies $4.7

  11. Slide 11: Going Deep in Florida Provides Scale in Operations

    Going Deep in Florida Provides Scale in Operations One of the Largest US Cultivation Footprints – approaching 2.2M sq. ft. – Approximately 2.1M sq. ft. of cultivation capacity in FL (as of 6/1/21) • Indoor Cultivation – approximate turns of 5 • Greenhouse – approximate turns of 2 – Building out to 9

  12. Slide 12: Bringing New Innovations to Florida

    Bringing New Innovations to Florida • Edibles – DOH approval August 2020, launched September 2020 – Trulieve Branded edibles: TruGels, TruChocolates, and TruNanoGels, TruGel Puckers – Partner Brands: Love’s Oven -- cookies, brownies Binske -- Peruvian chocolates • R&D team delivering new offerings –

  13. Slide 13: Florida dispensaries and market share

    Florida Florida 82* dispensaries in Florida ~48% Market Share Fernandina Beach of Florida Medical Pensacola x2 Jacksonville x4 Cannabis Market Tallahassee Orange Park Ft. Walton St. Augustine Destin Gainesville Palm Coast Panama City Ocala Daytona Beach Summerfield Lady Lake Edgewater Longwood Clerm

  14. Slide 14: Retail Sales Metrics

    Retail Sales Metrics Strong Brand and Customer Experiences are Key Q120 Customer Retention Rate 84% (Q1 Earnings Call) Same Store Sales increase of 39% (Q1 Earnings Call) Active Patients visited 2.8/mo Basket average of $113/visit (Q1 Earnings Call) Avg $ per sq ft run rate of $3163 Across 75 stores

  15. Slide 15: Jefferson County, FL

    Jefferson County, FL • 84.97 acres of land purchased in 2019 in Jefferson County Future • Plans for ~ 1M sq ft 337K sq ft of state-of-the-art Construction indoor growing building facilities. • 24K sq ft buildings operational • 337,000 sq ft building will come online in 2021 24K sq ft buildings 15 │

  16. Slide 16: Pennsylvania

    Pennsylvania • PurePenn – 35K sq. ft. state-of-the-art cultivation & extraction facilities, expanding to 90K sq. ft. (1H 2021) to meet market demand – Contiguous land available for expansion – Wholesales to 118 stores – 100% of the Pennsylvania market • Solevo Wellness – 3 dispensaries in the Pittsb

  17. Slide 17: Massachusetts

    Massachusetts • In MA, Trulieve operates as Life Essence, Inc DBA Trulieve • Trulieve holds final licenses for both adult use retail and a vertically integrated medical license, and provisional licenses for adult use cultivation and product manufacturing facilities. • Planting started March 2021 • F

  18. Slide 18: Connecticut & California

    Connecticut & California • Connecticut – Acquisition of The Healing Corner, rebranded to Trulieve Q1 20 – Opened in 2014, it’s 1 of 18 dispensaries in the state – Serves approximately 10% of CT medical patient population • California – Acquisition of Leef Industries • Licensed medical/adult-use cann

  19. Slide 19: West Virginia

    West Virginia • Application Process – Won a processing permit in November 2020 – Won four dispensary permits in January 2021 – Locations: South Charleston in the greater Charleston area, Weston, Buckhannon, and Morgantown near the Pennsylvania border • Announced Acquisitions – Acquired Mountaineer H

  20. Slide 20: Financial Highlights

    Financial Highlights 20 │ © 2021 Trulieve. All Rights Reserved.Financial Highlights 20 │ © 2021 Trulieve. All Rights Reserved.

  21. Slide 21: Q1 2021 Results

    Q1 2021 Results Year Ended Year Ended 3 Mo Ended Dec 31 2019 Dec 31 2020 March 31 2021 In millions Total Revenue $252.8 $521.5 $193.8 Gross Profit $191.8 $386.4 $135.3 Operating Expenses $73.4 $155.5 $57.3 Net Income $53.1 $63.0 $30.1 1 Adj. EBITDA $ 126.4 $251.0 $90.8 Q1 2021 HIGHLIGHTS % 1 REVENUE

  22. Slide 22: Strong Growth and Margin Profile

    Strong Growth and Margin Profile (As of March 23, 2021) 1 REVENUE Adjusted EBITDA & MARGIN FY2021 in US$ millions in US$ millions Incorporates our expansion into Massachusetts and West Virginia as $815 - $850 well as continued growth in Florida, $355-$375 Pennsylvania, Connecticut, and California. T

  23. Slide 23: Significant Opportunity for Value Creation

    Significant Opportunity for Value Creation Regulatory Opportunities • SAFE Banking Act has passed House 3x and Expansion reintroduced in March 2021. Passing would: o Offer traditional banking loans/mortgages • Strategic opportunities through M&A pipeline o Potential for credit cards • Explore attrac

  24. Slide 24: Appendix

    Appendix 24 │ © 2020 Trulieve. All Rights Reserved.Appendix 24 │ © 2020 Trulieve. All Rights Reserved.

  25. Slide 25: Executive Management Team

    Executive Management Team ALEX D’AMICO KYLE LANDRUM KIM RIVERS Chief Financial Officer Chief Production Officer Chief Executive 20 years of accounting 10 years of multi-site Officer and finance experience operations management in technology, and successfully led healthcare large teams to achieve ent

  26. Slide 26: Board of Directors

    Board of Directors THAD BESHEARS, Director KIM RIVERS, Chief Executive Officer Co-Owner/President of Simpson Nurseries of FL and TN where he develops and implements 12 years of experience running successful businesses. Several years in private practice as a strategic vision while monitoring the mark

  27. Slide 27: Reconciliation of Non-GAAP Adjusted EBITDA

    Reconciliation of Non‐GAAP Adjusted EBITDA Reconciliation of Non‐GAAP Adjusted EBITDA For the Three Months Ended, Three Months Ended March, (Figures in millions and % change based on these figures) March 31, 2021 December 31, % change 2021 2020 % change 2020 Net Income (GAAP) $ 30.1 $ 3.0 889% $ 30.

  28. Slide 28: Questions?

    Questions? 28 │ © 2020 Trulieve. All Rights Reserved.Questions? 28 │ © 2020 Trulieve. All Rights Reserved.

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