📝 Q2 2024 Investor Presentations

Select slides from investor decks for Curaleaf, GTI, Trulieve, Verano & Cresco Labs showing what the MSOs highlights as catalysts and their differentiation from competitors.

📈 Market Size, Momentum

• Rescheduling cannabis to a Schedule III drug would remove the onerous 280E tax provision which disallows the deductibility of operating expenses and taxes cannabis operators at the gross profit level

  • For FY 2024E, Curaleaf would save over ~$150M in 280E related taxes

• Rescheduling alone will not make cannabis federally legal and will not directly affect SAFE Banking

• Short of full federal legalization, legislative reform that specifically addresses cannabis banking is the only way to ensure that state-regulated cannabis businesses can access the same financial services as other legitimate businesses

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🧾 Curaleaf Holdings, Inc. (CURLF)

• Investor Presentation

• Financial Results

Note: From Q2 2024 Results.

Highlights:

• Q2 Revenue of $342M (2% YoY), $151M Adj. Gross Profit and Adj. EBITDA of $73M, add-backs include $25M of Interest Expenses, $31M Provision for Income Taxes and $52M Depreciation & Amortization and $8M other add-backs

• Adjusted Gross Profit from Continuing Operatoins adds back $2.7M which include labor and overhead write-downs primarily associated with idling capacity

• 1.8x Debt to Trailing Twelve Months (TTM) Adj. EBITDA ratio ($563M Debt/$308M LTM Adj. EBITDA), $89M Cash

• Curaleaf International revenue of $25M, representing 78% YoY revenue growth. 2024 legal cannabis market of $1.9 billion in 2024 (~742 million population)

• Committed to developing highly formulated products backed by science. 179 new products launched in 2023 (~26% of FY 2023 revenue was generated by new products launched in the last 12 months)

• Priorities: Extend U.S. leadership by continuing to build out geographically diverse network of dispensaries and portfolio of winning brands; Optimizing the foundation and infrastructure to rapidly capitalize upon future domestic growth; Leverage U.S. strategy across Europe to extend global leadership position

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🧾 Green Thumb Industries Inc. (GTBIF)

• Investor Presentation

• Financial Results

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🧾 Trulieve Cannabis Corp. (TCNNF)

• Investor Presentation

• Financial Results

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🧾 Verano Holdings Corp. (VRNOF)

• Investor Presentation

• Financial Results

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🧾 Cresco Labs Inc. (CRLBF)

• Investor Presentation

• Financial Results

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👋 Highly Objective is a weekly Cannabis newsletter and podcast curated by Dai Truong, who leads Cannabis Investment Banking at Arlington Capital Advisors. Third-party information presented here and links to third-party content are for informational purposes only and are not intended as a recommendation, offer or solicitation for the purchase or sale of any financial instrument, security or investment.  The information provided is not warranted as to completeness or accuracy and is subject to change without notice. Linking to third-party sites in no way implies an endorsement or affiliation of any kind between Arlington Capital Advisors, LLC, or its affiliates and any third party.  The information in this blog constitutes my own opinions (and any opinions posted by guest bloggers from time to time) and it should not be regarded as a description of services provided by Arlington Capital Advisors, LLC or any affiliate.