Cannabist Company Holdings Inc · NEO:CBST
Cannabist — The Cannabist Company — Q1 2025 Earnings Presentation
22 slides from Cannabist's earnings presentation, May 8, 2025
Slide 1: The Cannabist Company Investor Presentation First Quarter 2025
THE CANNABIST COMPANY INVESTOR PRESENTATION FIRST QUARTER 2025 Cboe CN: CBST OTCQB: CBSTF FSE: 3LP
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 81 facilities
Slide 5: Company Overview By the Numbers
Company Overview By the Numbers 12 64 17 Cultivation & Manufacturing US Jurisdictions Retail Locations (1) Facilities ~2M $87M $8M Sqft Cultivation & Production Q1 2025 Revenue Q1 2025 Adjusted EBITDA(3) Capacity(2) 1) Includes facilities under development and excludes 2 locations operating under MS
Slide 6: A More Focused Strategic Footprint
A More Focused Strategic Footprint PENNSYLVANIA NEW YORK MASSACHUSETTS 1 3 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 1 5 64 Retail Locations* (53 Active / 11 In Development) 17 Cultivation & Manufacturing Facilities
Slide 7: Optimizing the Retail Portfolio
Optimizing the Retail Portfolio 53 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 low-cost production in New York Vineland with wholesale growth & expected to accelerate margin expansion and opened 1 retail location in New Jersey to scale adult-use market share via wholesale reach maximum of 3,
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 • New regulations remove all penalties for use or possession of up to 1 • Adult use sales beg
Slide 11: Scaled Cultivation & Manufacturing Footprint
Scaled Cultivation & Manufacturing Footprint Market Facility Count Total Size (sqft) Status California 1 45,572 Operational 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
Slide 12: Financial Results Q1 2025
Financial Results Q1 2025
Slide 13: Top Performing Markets
Top Performing Markets First Quarter 2025 Revenue Adj. Gross Margin Adj. EBITDA Adj. Adj. EBITDA EBITDA Margin Margin $ % $ % Colorado Delaware Colorado Delaware Maryland Colorado Maryland New Jersey New Jersey New York New Jersey New York Ohio Ohio Ohio Ohio Virginia Virginia Virginia Virginia 72%
Slide 14: Financial Snapshot
14 Title Here Financial Snapshot First Quarter 2025 (in US$ thousands) FY 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Revenue 458,722 125,190 114,783 96,138 87,440 Adjusted EBITDA 54,711 17,475 14,815 7,054 7,054 Interest Expense 37,978 9,716 9,744 9,484 9,154 Capital Expenditure 5,831 1,664 1,518 1,684 2,
Slide 15: Financial Results
15 Title Here Financial Results First Quarter 2025 TABLE 1 - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in US $ thousands, except share and per share figures, unaudited) Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Revenue $ 87,440 $ 96,138 $ 122,611 Cost of sales (58,155
Slide 16: Financial Results
16 Title Here Financial Results First Quarter 2025 TABLE 2 - CONDENSED CONSOLIDATED BALANCE SHEET (SELECT ITEMS) (in US $ thousands, unaudited) Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Cash $ 18,936 $ 33,607 $ 44,473 Total current assets 186,519 194,997 189,887 Property and
Slide 17: Financial Results
17 Title Here Financial Results First Quarter 2025 TABLE 4 - RECONCILIATION OF US GAAP TO NON-GAAP MEASURES (in US $ thousands, unaudited) Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Net income (loss) $ (32,206) $ (55,152) $ (34,568) Income tax (benefit) expense 794 2,959 8,86
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
20 Award-Winning Products & Services 2022 2023 2024 High Times Cannabis Cup California Errl Cup Errl Cup Sativa Flower 2nd Place: Triple 7, Super Boof Isolate Category 1st Place: Amber, Dat Flava Diamond Dust Isolate Category 1st Place: Amber, Cake Crasher Live Resin Diamond Dust Indica Flower 3rd P
Slide 21: 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 22: Thank You
Thank You
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