Company News

Ayurcann Holdings Corp. ( CSE: AYUR OTCQB: CDCLF FSE: 3ZQ0 ) (the " Company "), a leading Canadian cannabis extraction company specializing in the processing and co-manufacturing of pharma grade cannabis and hemp to produce various derivative cannabis 2.0 products in the medical and recreational market, is pleased to announce the results of voting at its annual general and special meeting of shareholders which was held on December 20, 2021 in Toronto, Ontario (the " Meeting ").

All the resolutions, as described in the Company's management information circular dated November 19, 2021, were approved by the requisite majority of votes cast at the Meeting. At the Meeting, the shareholders voted to: (i) fix the number of directors of the Company at five (5); (ii) reelect Igal Sudman, Roman Buzaker, Maor Shayit, David Hackett and Alison Gordon as directors of the Company for the ensuing year; (iii) and reappoint Clearhouse LLP as the auditors of the Company for the ensuing year.

RSU Grant

The Company is pleased to announce the granting of an aggregate of 785,405 restricted share units (each, an " RSU ") to certain directors, officers, employees and consultants of the Company, pursuant to the Company's RSU plan. All RSUs granted vest immediately and the common shares issuable upon redemption will be subject to a four (1) month and one (1) day hold period under applicable securities laws.

About Ayurcann Holdings Corp.

Ayurcann is a leading post-harvest solution provider with a focus on providing and creating custom processes and pharma grade products for the adult use and medical cannabis industry in Canada. Ayurcann is striving to become a partner of choice for leading Canadian and international cannabis brands by providing best-in-class, proprietary services including extraction, formulation, product development and custom manufacturing.

For additional information, please contact:

Ayurcann Holdings Corp.
Igal Sudman, Chief Executive Officer
905-492-3322
info@ayurcann.com

Investor Relations:
Email: ir@ayurcann.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Certain statements included in this press release constitute forward-looking information or statements (collectively, " forward-looking statements "), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward- looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements, including but not limited to statements relating to the Company's expansion plans , future production capacity, the Company becoming a partner of choice for leading Canadian and international cannabis brands and the Company's intended directors and auditor for the ensuing year . These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties, and other factors.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company will expand and be able to maintain production capacity; the Company's ability to continue as a going concern; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the continued growth of the Company ; the Company will become a partner of choice for leading Canadian and international cannabis brands ; and the Company will maintain the same directors and auditor for the ensuing year.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to, failure to obtain regulatory approval, ability to increase production at the Company's facilities, the continued availability of capital and financing, general economic, market or business conditions , risk that the Company may not become a partner of choice for leading Canadian and international cannabis brands and risks that Company may change its directors and/or auditor prior to the next shareholder meeting . Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. Public health crises, including the ongoing novel coronavirus (COVID-19) pandemic, could have significant economic and geopolitical impacts that may adversely affect the Company's business, financial condition and/or results of operations. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.


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AYURCANN HOLDINGS CORP. REPORTS THIRD QUARTER FINANCIAL RESULTS

AYURCANN HOLDINGS CORP. REPORTS THIRD QUARTER FINANCIAL RESULTS

Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) (FSE: 3ZQ0) (" Ayurcann " or the " Company "), a leading Canadian cannabis extraction company specializing in the processing and co-manufacturing of pharma grade cannabis and hemp to produce various derivative cannabis 2.0 and 3.0 products in the medical and recreational markets, is pleased to report its financial and operating results for the three and nine-months ended March 31, 2022 . All figures reported in Canadian dollars.

(CNW Group/Ayurcann Holdings Corp.)

HIGHLIGHTS OF THE THREE- AND NINE-MONTHS ENDED MARCH 31, 2022 :
  • The Company reported revenues of $2.8 million for the three-months ended March 31, 2022 , compared to $2.6 million for the three-months ended March 31, 2021 . Revenues for the nine months ended March 31, 2022 , were $7.8 million , a 57% increase over the similar period in 2021 which surpassed the total revenues for the full fiscal year 2021.
  • The Company reported gross margins of $580,000 for the three-months ended March 31, 2022 , and $3.3 million for the nine months ending March 31, 2022 , maintaining strong control over its expenses
  • The Company reported a loss of $306,000 of operating income for the three-months ended March 31,2022 , which was partially due to increased inventory in anticipation of new sales and products entering the market across Canada set to begin in July 2022 . The company continues to maintain a strong positive operating income of $650,000 for the nine-months ended March 31, 2022 , continuing its profitable operations.
Market Penetration and New Opportunities:
  • The Company has started to concentrate on its recreational brands and expanded into the majority of recreational markets throughout Canada with its products available in over 1,000 locations. The Fuego-branded vapes are consistently ranked in the top 5 SKUs in market, Vida-branded tinctures and Glow-branded topicals having been shipped to Ontario , New Brunswick , Saskatchewan , Manitoba , and Alberta and soon across the rest of the country.
  • The Company has started to manufacture and ship new products across the country including bestselling tinctures under the Joints brand. The Joint tinctures come in 15ml, 30 ml and 60ml sizes offering consumers a high potency CBD product at value. Legacy market vapes under the Hustle & Shake. The gamer vape is highlighted with Bravo6 with specific indica and sativa SKUs. For those who are looking for Harmony, CBD focused or 1:1 offering can be found with the XPLOR brands. Ayurcann is creating products to meet the demand of Canadian consumers.
  • The Company has an additional 12 new SKUS accepted by the various retail boards including vapes, tinctures, dablicators, flower and pre-rolls with a goal of beginning cross country shipping in July 2022 .

Igal Sudman , Chief Executive Officer of Ayurcann, said, "as we gain more traction in the market, grow our offerings, and establish ourselves as a major player in the industry, we have proven again that Ayurcann is able to maintain a growing business and expand its market share. "

About Ayurcann:

Ayurcann Holdings Corp. (CSE: AYUR, OTCQB: AYURF, FSE: 3ZQ0) is a leading post-harvest solution provider with a focus on providing and creating custom processes and pharma grade products for the adult use and medical cannabis industry in Canada . Ayurcann is striving to become a partner of choice for leading Canadian and international cannabis brands by providing best-in-class, proprietary services including extraction, formulation, product development and custom manufacturing.

The Company's unaudited interim financial statements and management's discussion and analysis for the three-month and nine-month periods ended March 31, 2022 , are available under the Company's SEDAR profile at www.sedar.com .

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the Company generating further sales with its exclusive partnership brands; the Company continuing to grow and show positive operating income; the Company generating new sales and launching new products across Canada upon the timelines identified therein, and the ability of the Company to become the partner of choice for leading Canadian cannabis brands.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company will expand and be able to maintain production capacity; the Company's ability to continue as a going concern; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the continued growth of the Company; the Company generating further sales with its exclusive partnership brands; the Company continuing to show positive operating income; the Company generating new sales and launching new products across Canada upon the timelines identified therein and the Company becoming the partner of choice for leading Canadian cannabis brands.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company's inability to expand and/or maintain production capacity; the potential inability of the Company to continue as a going concern; the risks associated with the cannabis industry in general; increased competition in the cannabis extraction market; the potential future unviability of the cannabis market; risks associated with potential governmental and/or regulatory action with respect to the cannabis industry; the Company's inability to generate further sales with its exclusive partnership brands; the Company being unable to grow and / or show positive operating income in future quarters, the Company being unable to generate new sales and/or launch new products across Canada upon the timelines identified herein; and the inability of the Company to become the partner of choice for leading Canadian cannabis brands and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's management's discussion and analysis dated May 26 ,, 2022 and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com .

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events, or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

SOURCE Ayurcann Holdings Corp.

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The Power Play by The Market Herald Releases New Interviews with Ayurcann Holdings, Affinity Metals, i-80 Gold, and Silver Bullet Mines

The Power Play by The Market Herald Releases New Interviews with Ayurcann Holdings, Affinity Metals, i-80 Gold, and Silver Bullet Mines

The Power Play by The Market Herald has announced the release of new interviews with Ayurcann Holdings, Affinity Metals, i-80 Gold, and Silver Bullet Mines on their latest news

The Power Play by The Market Herald provides investors with a quick snapshot of what they need to know about the company's latest press release through exclusive insights and interviews with company executives.

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Ayurcann Receives Flower Sales License From Health Canada

Ayurcann Receives Flower Sales License From Health Canada

Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) (FSE: 3ZQ0) (" Ayurcann " or the " Corporation "), a leading Canadian cannabis extraction company specializing in the processing and co-manufacturing of pharma grade cannabis and hemp to produce various derivative cannabis 2.0 and 3.0 products in the medical and recreational market, is pleased to announce that it has received its flower sales license amendment from Health Canada effective April 19, 2022 (the " Flower Sales License "). The Flower Sales License will allow Ayurcann to sell dried cannabis flower products in Canada through authorized distributors and retailers.

Ayurcann Logo (CNW Group/Ayurcann Holdings Corp.)

"With our specialty in extraction and Cannabis 2.0 brands in Vapes and Oils available throughout Canada , receiving the Flower Sales License is another avenue for Ayurcann to gather market share and pursue higher-margin growth within the cannabis market. With our current suppliers and large volume purchasing power we can leverage our current relationships by offering an expanded portfolio of other products targeted at the value conscious consumer. Our offerings will include pre-rolls and dried flower," stated Igal Sudman , Chief Executive Officer of Ayurcann.

Cannabis flower is in high demand from provincial distributors and consumers. With national distribution and the ability to produce products on a large scale, the new flower stock keeping units (" SKUs ") will help grow and increase sales for Ayurcann, while continuing to be profitable and gaining market share.

Ayurcann is a leading post-harvest solution provider with a focus on providing and creating custom processes and pharma grade products for the adult use and medical cannabis industry in Canada . Ayurcann is striving to become a partner of choice for leading Canadian and international cannabis brands by providing best-in-class, proprietary services including extraction, formulation, product development and custom manufacturing.

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Corporation selling dried cannabis flower products pursuant to the Flower Sales License; Ayurcann utilizing the Flower Sale License as another avenue to gather market share and pursue higher-margin growth within the cannabis market; the Corporation leveraging its current relationships by offering an expanded portfolio of products, including pre-rolls and dried flower; the new flower SKUs helping to grow and increase sales for Ayurcann; Ayurcann growing its exposure and market share throughout the country; Ayurcann maintaining a continuous path of profitability and growth; and the ability of the Corporation to become the partner of choice for leading Canadian cannabis brands.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Corporation will expand and be able to maintain production capacity; the Corporation's ability to continue as a going concern; continued approval of the Corporation's activities by the relevant governmental and/or regulatory authorities; the continued growth of the Corporation; the Corporation's successful implementation of its strategy to expand market share in extract and extract derivatives while providing exceptional products to consumers; the Corporation's continuing ability to meet the requirements necessary to remain listed on the Canadian Securities Exchange and alternative exchanges; the Corporation selling dried cannabis flower products pursuant to the Flower Sales License; Ayurcann utilizing the Flower Sale License as another avenue to gather market share and pursue higher-margin growth within the cannabis market; the Corporation leveraging its current relationships by offering an expanded portfolio of products, including pre-rolls and dried flower; the new flower SKUs helping to grow and increase sales for Ayurcann; Ayurcann growing its exposure and market share throughout the country; Ayurcann maintaining a continuous path of profitability and growth; and the Corporation becoming the partner of choice for leading Canadian cannabis brands.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Corporation's inability to expand and/or maintain production capacity; the potential inability of the Corporation to continue as a going concern; the risks associated with the cannabis industry in general; increased competition in the cannabis extraction market; the potential future unviability of the cannabis market; risks associated with potential governmental and/or regulatory action with respect to the cannabis industry; the Corporation's inability to obtain continued regulatory approvals ; the Corporation's inability to successfully implement its strategy to expand market share in extract and extract derivatives while providing exceptional products to consumers ; the Corporation's inability to meet the requirements necessary to remain listed on the Canadian Securities Exchange and alternative exchange; the Corporation's inability to sell dried cannabis flower products pursuant to the Flower Sales License and/or the Flower Sales License being revoked; Ayurcann being unable to utilize the Flower Sale License as another avenue to gather market share and pursue higher-margin growth within the cannabis market; the Corporation's inability to leverage its current relationships by offering an expanded portfolio of products, including pre-rolls and dried flower; the new flower SKUs being unable to help to grow and increase sales for Ayurcann; the Corporation's inability to grow its exposure and market share; the Corporation being unable to maintain a continuous path of profitability and growth; and the inability of the Corporation to become the partner of choice for leading Canadian cannabis brands.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Corporation's expectations as of the date hereof and are subject to change thereafter. The Corporation undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events, or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

SOURCE Ayurcann Holdings Corp.

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Ayurcann Holdings Corp. - 1,000th Distribution Point of its Bestselling Products in Canada and Grants Options and RSUs

Ayurcann Holdings Corp. - 1,000th Distribution Point of its Bestselling Products in Canada and Grants Options and RSUs

Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) (FSE: 3ZQ0) (" Ayurcann " or the " Corporation "), a leading Canadian cannabis extraction company specializing in the processing and co-manufacturing of pharma grade cannabis and hemp to produce various derivative cannabis 2.0 and 3.0 products in the medical and recreational market, is pleased to announce that it has grown its distribution to 1,000 with its vapes and tinctures products in Canada .

Ayurcann Branded products are available in over 1,000 distribution points in Canada (CNW Group/Ayurcann Holdings Corp.)

Ayurcann has been on fire with its best-selling Fuego vapes in every province it has entered. Now, having crossed its 1,000 th distribution point and with the introduction of new brands such as Bravo6, Xplor, Her Highness, Hustle & Shake, Joints, and Vida coming to market, Ayurcann is growing its exposure and market share throughout the country. The right product, the right value and access to a growing group of retailers in NB, ON, MB, AB, SK keeps Ayurcann on a continuous path of profitability and growth.

Option and RSU Grants

The Company is also pleased to announce the grant of stock options (each an " Option ") and restricted share units (each an " RSU ") pursuant to the Company's stock option plan and restricted share unit plan, respectively.

The Company has granted an aggregate of 133,233 Options and an aggregate of 821,500 RSUs to certain directors, officers, employees, and consultants of the Company. Each Option is exercisable at a price of $0.17 per common share, expires three years from the date of grant and vests immediately. Each Option is exercisable to purchase one common share in the capital of the Company.

Each RSU granted vests immediately. All of the RSUs (and any common shares issuable upon redemption) will be subject to a four month and one day hold period pursuant to the polices of the Canadian Securities Exchange (" CSE ") and applicable securities laws.

Ayurcann is a leading post-harvest solution provider with a focus on providing and creating custom processes and pharma grade products for the adult use and medical cannabis industry in Canada . Ayurcann is striving to become a partner of choice for leading Canadian and international cannabis brands by providing best-in-class, proprietary services including extraction, formulation, product development and custom manufacturing.

Neither the CSE nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: Ayurcann growing its exposure and market share throughout the country; Ayurcann maintaining a continuous path of profitability and growth; and the ability of the Corporation to become the partner of choice for leading Canadian cannabis brands.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Corporation will expand and be able to maintain production capacity; the Corporation's ability to continue as a going concern; continued approval of the Corporation's activities by the relevant governmental and/or regulatory authorities; the continued growth of the Corporation; the Corporation's successful implementation of its strategy to expand market share in extract and extract derivatives while providing exceptional products to consumers ; the Corporation's continuing ability to meet the requirements necessary to remain listed on the CSE and alternative exchanges; Ayurcann growing its exposure and market share throughout the country; Ayurcann maintaining a continuous path of profitability and growth; and the Corporation becoming the partner of choice for leading Canadian cannabis brands.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Corporation's inability to expand and/or maintain production capacity; the potential inability of the Corporation to continue as a going concern; the risks associated with the cannabis industry in general; increased competition in the cannabis extraction market; the potential future unviability of the cannabis market; risks associated with potential governmental and/or regulatory action with respect to the cannabis industry; the Corporation's inability to obtain continued regulatory approvals ; the Corporation's inability to successfully implement its strategy to expand market share in extract and extract derivatives while providing exceptional products to consumers ; the Corporation's inability to meet the requirements necessary to remain listed on the CSE and alternative exchange; the Corporation's inability to grow its exposure and market share; the Corporation being unable to maintain a continuous path of profitability and growth; and the inability of the Corporation to become the partner of choice for leading Canadian cannabis brands.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Corporation's expectations as of the date hereof and are subject to change thereafter. The Corporation undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events, or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

SOURCE Ayurcann Holdings Corp.

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AYURCANN HOLDINGS CORP. PROVIDES CORPORATE UPDATE

AYURCANN HOLDINGS CORP. PROVIDES CORPORATE UPDATE

Production Increase and Market Growth in Recreational Cannabis

Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) (FSE: 3ZQ0) (" Ayurcann " or the " Corporation "), a leading Canadian cannabis extraction company specializing in the processing and co-manufacturing of pharma grade cannabis and hemp to produce various derivative cannabis 2.0 and 3.0 products in the medical and recreational market, is pleased to provide an update to its growth in production and market share in recreational cannabis in Canada .

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Centurion Reports Results of AGSM

Centurion Minerals Ltd. (TSXV: CTN) ("Centurion", or the "Company") reports that shareholders approved all proposed management resolutions at its Annual General and Special Meeting ("AGSM") held August 12, 2022. Below are the approved resolutions:

  1. The number of Directors for the Company was set at four;
  2. The four members elected to the Board of Directors include: David G. Tafel, Jeremy Wright, Kenneth A. Cawkell, and Joseph Del Campo;
  3. Manning Elliot LLP, Chartered Accountants, was reappointed as auditor of the Company;
  4. The Company's New Long Term Incentive Plan was ratified;
  5. The Plan of Arrangement under section 288 of the Business Corporations Act (British Columbia) involving the Company and SpinCo. (The purpose of the Arrangement is to restructure the Company by creating SpinCo, which will become a reporting issuer in the Provinces of British Columbia and Alberta upon completion of the Arrangement. SpinCo will hold the Company's Cannabis Assets, as more fully set forth in the Management Circular. Centurion will retain its remaining assets and working capital and continue as a mineral exploration company.)

ABOUT CENTURION
Centurion Minerals Ltd. is a Canadian-based company with a focus on mineral asset development in the Americas. The Company's lead investment is its interest in the Ana Sofia Agri-Gypsum Fertilizer Project, and it is also reviewing additional prospective, precious mineral exploration projects.

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TerrAscend Second Quarter 2022 Revenue Increases 31% Sequentially to $65 Million

TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) ( OTCQX: TRSSF), a leading North American cannabis operator, today reported its financial results for the second quarter ending June 30, 2022 . All amounts are expressed in U.S. dollars unless indicated otherwise and are prepared under U.S. Generally Accepted Accounting principles (GAAP).

TerrAscend Corp. (CNW Group/TerrAscend)

Second Quarter 2022 Financial Highlights

  • Net Sales increased 31% sequentially to $65 million as compared to $50 million in Q1 2022.
  • Gross Profit Margin was 35.5% as compared to 30.4% in Q1 2022.
  • Adjusted Gross Profit Margin 1 was 47.1% as compared to 38.4% in Q1 2022.
  • Adjusted EBITDA 1 was $5.8 million as compared to $3.3 million in Q1 2022.
  • Adjusted EBITDA Margin 1 was 8.9% as compared to 6.6% in Q1 2022.
  • GAAP Net Income was $14.2 million as compared to net loss of $16 million in Q1 2022.
  • Cash and Cash Equivalents totaled $49 million as of June 30, 2022 .

Jason Wild , Executive Chairman of TerrAscend, commented, "We grew revenue 31% sequentially for the second quarter as New Jersey adult-use sales got off to a great start.  Growth should continue as we remain on track for each of our stores in New Jersey to achieve at least a $40 million run rate in their first full year of adult-use sales.  Adjusted EBITDA and margins grew sequentially, and I expect this to continue into the second half of the year.  The leadership team, which has been significantly bolstered over the past few quarters, remains focused on building the business for success over the long term and we will continue to make decisions with that mindset."

Ziad Ghanem , President and Chief Operating Officer, added, "TerrAscend is focused on engaging our team members, listening to our customers, delivering quality products, and achieving operational excellence. Between our state line up and the wide-open map that will allow us to be selective on where we go next, TerrAscend is set up for strong growth for years to come. We will achieve that growth while improving margins and driving profitability."

Financial Summary Q2 2022 and Comparative Periods

(in millions of U.S. Dollars)


Q2 2021



Q1 2022



Q2 2022


Revenue, net



58.7




49.7




64.8


QoQ increase



10.1

%



0.9

%



30.5

%

YoY increase



71.6

%



-6.9

%



10.4

%











Gross profit



34.8




15.1




23.0


Adjusted Gross profit 1



35.9




19.1




30.5


Adjusted gross margin %



61.1

%



38.4

%



47.1

%











Share-based compensation expense



4.6




3.4




4.4


General & Administrative expense (excluding share based comp)



16.1




19.2




29.5


% of revenue, net



27.4

%



38.7

%



45.5

%











Adjusted EBITDA 1



23.2




3.3




5.8


Adjusted EBITDA % of revenue, net



39.5

%



6.6

%



8.9

%











Net income (loss)



(29.7)




(16.0)




14.2


Cash used in operations



(16.3)




(18.8)




(16.1)


1. Adjusted EBITDA and the respective margin and Adjusted Gross Profit and the respective margin are non-GAAP measures. Please see discussion and reconciliation of non-GAAP measures at the end of this press release.

Second Quarter 2022 Business and Operational Highlights

  • Held the grand opening of adult-use sales on April 21 st at its Apothecarium stores in Maplewood and Phillipsburg, New Jersey , two of only twelve dispensaries at the time to open for adult-use sales in the state.
  • Approved for hydrocarbon extraction in New Jersery with initial products launched in the quarter.
  • Successfully launched Cookies and Gage brands in New Jersey , resulting in a 40% increase in sales for the first full weekend versus the prior weekend with continued momentum and growth since launch.
  • Signed lease on new facility in New Jersey , which will accommodate expanded capacity up to the 150,000 square foot canopy limit over time.
  • Received home delivery license for medical patients in New Jersey .
  • Partnered with Cookies to open third Cookies-branded dispensary in Michigan , located in Ann Arbor .
  • Announced agreement to acquire KISA Enterprises MI, LLC and KISA Holdings, LLC ("Pinnacle"), a dispensary operator in Michigan with 5 operational locations.
  • Operationalized extraction lab and packaging facility in Michigan .
  • Introduced Khalifa Kush , a premium cannabis brand founded by Grammy Award-nominated recording artist Wiz Khalifa , at Gage Cannabis dispensaries in Michigan .
  • Announced agreement to acquire Allegany Medical Marijuana Dispensary ("AMMD") located in Cumberland, Maryland , which will enable the Company to become vertically integrated in the state.
  • Appointed Lynn Gefen as Chief Legal Officer and Corporate Secretary.

Subsequent Events

  • Opened third New Jersey Apothecarium Dispensary in Lodi .
  • Opened first "Cookies Corner" at The Apothecarium location in Maplewood, New Jersey .
  • Exclusively launched Chris Webber's "Players Only" premium cannabis brand in Gage and Cookies dispensaries in Michigan .

Second Quarter 2022 Financial Results
Net sales for the second quarter of 2022 totaled $64.8 million , an increase of 30.5% sequentially and 10.4% year over year, mainly related to a partial quarter of adult use sales in New Jersey along with a full quarter of contribution related to the acquisition of Gage, partially offset by the Company's decision to discontinue non-branded wholesale sales in Michigan.

Gross margin for the second quarter of 2022 was 35.5%. Adjusted gross margin was 47.1% as compared to 38.4% in the previous quarter, an improvement of 870 basis points quarter over quarter. The sequential margin expansion was driven by strong improvements across all of the Company's core businesses.  Adjusted gross margin excludes the one-time impact of reserves and write-downs related to aged inventory in Pennsylvania , dating back to the revamp of its cultivation facility in the second half of 2021.

General & Administrative expenses (G&A), excluding stock-based compensation, increased $10 million versus the first quarter of 2022 to $29.5 million , mainly driven by the full quarter addition of the Gage acquisition. Excluding Michigan , G&A expenses were up $1.1 million quarter over quarter related to additional staffing and other pre-opening expenses in preparation for the start of adult use sales in New Jersey . As a percentage of revenue, G&A increased to 45.5% in the second quarter from 38.7% in the previous quarter. The increase as a percentage of revenue was impacted by the addition of Gage for a full quarter as well as staffing for all three stores in New Jersey despite the delayed opening of the Lodi store, which opened subsequent to the quarter.

Adjusted EBITDA for the quarter was $5.8 million versus $3.3 million in the first quarter of 2022. Adjusted EBITDA margin improved from 6.6% in the first quarter to 8.9% in the second quarter. The improvement was driven by higher sales and improved gross margin, offset by higher G&A expenses with the addition of Gage for a full quarter and costs associated with the launch of adult-use in New Jersey .

GAAP Net income for the quarter was $14.2 million , compared to a Net loss of $16.0 million in first quarter of 2022.

Balance Sheet and Cash Flow
Cash and cash equivalents were $49 million as of June 30, 2022 , compared to $88 million as of March 31, 2022 . The Company has ample liquidity and access to capital, mainly through its capacity for additional borrowing related to its unencumbered owned assets and minimal usage of sale leasebacks. The Company also has the ability to raise equity should the capital markets improve.

Cash used from operations was $16.1 million for the three months ended June 30, 2022 , mainly driven by tax payments of $9.2 million and interest payments of $6.4 million . Current income taxes payable at the end of the period was $13 million .

Capital expenditures, including deposits, were $12.3 million in the quarter, primarily related to the on-going expansion work at the Company's Maryland and Michigan cultivation and processing facilities. The Company also made final note payments of $5 million related to its previous acquisitions of HMS in Maryland and KCR in Pennsylvania.

As of August 11, 2022 , there were 318 million basic shares outstanding including 253 million common shares, 13 million preferred shares as converted, and 52 million exchangeable shares.

Conference Call
TerrAscend will host a conference call today, August 11, 2022 , to discuss these results. Jason Wild , Executive Chairman, Ziad Ghanem , President and Chief Operating Officer, and Keith Stauffer , Chief Financial Officer, will host the call starting at 5:00 p.m. Eastern time . A question-and-answer session will follow management's presentation.

CONFERENCE CALL DETAILS



DATE:

Thursday, August 11, 2022

TIME:

5:00 p.m. Eastern Time

WEBCAST:

Click Here

DIAL-IN NUMBER:

1-888-664-6392

CONFERENCE ID:

81354387

REPLAY:

416-764-8677 or 1-888-390-0541
Available until 12:00 midnight Eastern Time Thursday, August 26, 2022

Replay Code: 354387#


Financial results and analyses are available on the Company's website ( www.terrascend.com ) and SEDAR ( www.sedar.com ).

The Canadian Securities Exchange ("CSE") has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Definition and Reconciliation of Non-GAAP Measures
In addition to reporting the financial results in accordance with GAAP, the Company reports certain financial results that differ from what is reported under GAAP. Non-GAAP measures used by management do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other companies. The Company believes that certain investors and analysts use these measures to measure a company's ability to meet other payment obligations or as a common measurement to value companies in the cannabis industry, and the Company calculates Adjusted Gross Profit as Gross Profit adjusted for certain material non-cash items and Adjusted EBITDA as EBITDA adjusted for certain material non-cash items and certain other adjustments management believes are not reflective of the ongoing operations and performance. Such information is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company believes this definition is a useful measure to assess the performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of the Company's underlying business performance and other one-time or non-recurring expenses.

The table below reconciles Gross Profit and Adjusted Gross Profit for the quarters ended June 30, 2022 , March 31, 2022 , and June 30, 2021


For the Three Months Ended


(in millions of U.S. Dollars)


June 30, 2021



March 31, 2022



June 30, 2022


Gross profit



34,835




15,140




22,993


Add (deduct) the impact of:










Vape recall






1,894




1,071


Accelerated depreciation






238





Non-cash write downs of inventory



449







5,894


Relief of fair value of inventory upon acquisition



567




1,806




549


Adjusted gross profit



35,851




19,078




30,507



The table below reconciles net loss to EBITDA and Adjusted EBITDA for the quarters ended June 30, 2022 , March 31, 2022 , and June 30, 2021


For the Three Months Ended




June 30, 2021



March 31, 2022



June 30, 2022












Net income (loss)


$

(29,662)



$

(16,006)



$

14,162


Add (deduct) the impact of:










Provision for income taxes



6,937




3,743




4,688


Finance expenses



6,424




6,699




9,427


Amortization and depreciation



3,529




5,084




7,046


EBITDA



(12,772)




(480)




35,323


Add (deduct) the impact of:










Relief of fair value of inventory upon acquisition



567




1,806




549


Non-cash write downs of inventory



449




-




5,894


Vape recall



-




1,894




1,071


Share-based compensation



4,648




3,356




4,463


Impairment of goodwill and intangible assets



8,640








Loss on disposal of fixed assets



36







929


Revaluation of contingent consideration



(7)




119




34


Restructuring and executive severance



467








Legal settlements



740








Other one-time items



860




1,974




924


(Gain) loss on fair value of warrants and purchase option derivative asset



19,891




(5,713)




(47,345)


Indemnification asset release



2,599




(25)




3,998


Unrealized and realized loss (gain) on investments



(5,964)







234


Unrealized and realized foreign exchange loss



3,055




356




(306)


Adjusted EBITDA


$

23,209



$

3,287



$

5,768


About TerrAscend
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Michigan and California, licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com .

Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States . Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute, or possess cannabis in the United States . Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.

While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance.

Forward Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions, and include statements with respect to future revenue and profits. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States ; and the risk factors set out in the Company's most recently filed MD&A, filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com .

The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether, as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.

Unaudited Interim Condensed Consolidated Balance Sheets
(Amounts expressed in thousands of United States dollars, except for per share amounts)



At



At




June 30, 2022



December 31, 2021


Assets







Current Assets







Cash and cash equivalents


$

48,426



$

79,642


Restricted cash



605





Accounts receivable, net



22,189




14,920


Investments



4,072





Inventory



54,371




42,323


Prepaid Expenses and other current assets



7,655




6,336





137,318




143,221


Non-Current Assets







Property and equipment, net



238,797




140,762


Deposits



4,698





Operating lease right of use assets



30,570




29,561


Intangible assets, net



351,638




168,984


Goodwill



240,598




90,326


Indemnification asset



-




3,969


Other non-current assets



4,998




5,111





871,299




438,713


Total Assets


$

1,008,617



$

581,934









Liabilities and Shareholders' Equity







Current Liabilities







Accounts payable and accrued liabilities


$

57,535



$

30,340


Deferred revenue



2,404




1,071


Loans payable, current



58,856




8,837


Contingent consideration payable, current



3,028




9,982


Operating lease liability, current



1,394




1,171


Lease obligations under finance leases, current



384




22


Corporate income tax payable



13,189




9,621


Other current liabilities



3,613




-





140,403




61,044


Non-Current Liabilities







Loans payable, non-current



180,781




176,306


Contingent consideration payable, non-current



2,620




2,553


Operating lease liability, non-current



31,680




30,573


Lease obligations under finance leases, non-current



4,794




181


Warrant liability



6,176




54,986


Deferred income tax liability



73,087




14,269


Financing obligations



11,606





Other long term liabilities



12,502




13,068





323,246




291,936


Total Liabilities



463,649




352,980


Commitments and Contingencies







Shareholders' Equity







Share Capital







Series A, convertible preferred stock, no par value, unlimited shares authorized; 12,658 and 13,708 shares outstanding as of June 30, 2022 and December 31, 2021 respectively







Series B, convertible preferred stock, no par value, unlimited shares authorized; 610 and 610 shares outstanding as of June 30, 2022 and December 31, 2021 respectively







Series C, convertible preferred stock, no par value, unlimited shares authorized; nil and 36 shares outstanding as of June 30, 2022 and December 31, 2021 respectively







Series D, convertible preferred stock, no par value, unlimited shares authorized; nil and nil shares outstanding as of June 30, 2022 and December 31, 2021 respectively







Proportionate voting shares, no par value, unlimited shares authorized; nil and nil shares outstanding as of June 30, 2022 and December 31, 2021 respectively







Exchangeable shares, no par value, unlimited shares authorized; 52,395,071 and 38,890,571 shares outstanding as of June 30, 2022 and December 31, 2021 respectively







Common stock, no par value, unlimited shares authorized; 252,707,325 and 190,930,800 shares outstanding as of June 30, 2022 and December 31, 2021 respectively







Additional paid in capital



854,948




535,418


Accumulated other comprehensive income (loss)



(1,063)




2,823


Accumulated deficit



(315,132)




(314,654)


Non-controlling interest



6,215




5,367


Total Shareholders' Equity



544,968




228,954


Total Liabilities and Shareholders' Equity


$

1,008,617



$

581,934



Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss
(Amounts expressed in thousands of United States dollars, except for per share amounts)



For the Three Months Ended



For the Six Months Ended




June 30, 2022



June 30, 2021




June 30, 2022



June 30, 2021


Revenue


$

65,367



$

61,977




$

115,812



$

118,473


Excise and cultivation tax



(563)




(3,254)





(1,349)




(6,396)


Revenue, net



64,804




58,723





114,463




112,077
















Cost of Sales



41,811




23,888





76,330




42,300
















Gross profit



22,993




34,835





38,133




69,777
















Operating expenses:














General and administrative



33,981




20,750





56,533




41,142


Amortization and depreciation



3,016




1,844





5,634




3,717


Total operating expenses



36,997




22,594





62,167




44,859
















(Loss) income from operations



(14,004)




12,241





(24,034)




24,918


Other expense (income)














Revaluation of contingent consideration



34




(7)





153




2,990


(Gain) loss on fair value of warrants and purchase option derivative asset



(47,345)




19,891





(53,058)




25,301


Finance and other expenses



13,902




8,919





20,758




15,309


Transaction and restructuring costs



627




432





1,242




432


Impairment of goodwill






5,007








5,007


Impairment of intangible assets






3,633








3,633


Unrealized and realized foreign exchange loss



(306)




3,055





50




5,838


Unrealized and realized loss (gain) on investments



234




(5,964)





234




(6,192)


Income (loss) before provision from income taxes



18,850




(22,725)





6,587




(27,400)


Provision for income taxes



4,688




6,937





8,431




16,373


Net income (loss)


$

14,162



$

(29,662)




$

(1,844)



$

(43,773)
















Foreign currency translation



280




(3,025)





3,887




(5,214)


Comprehensive income (loss)


$

13,882



$

(26,637)




$

(5,731)



$

(38,559)
















Net income (loss) attributable to:














Common and proportionate Shareholders of the Company


$

13,217



$

(30,660)




$

(3,140)



$

(44,834)


Non-controlling interests



945




998





1,296




1,061
















Comprehensive income (loss) attributable to:














Common and proportionate Shareholders of the Company


$

12,937



$

(27,635)




$

(7,027)



$

(39,620)


Non-controlling interests



945




998





1,296




1,061
















Net income (loss) per share, basic and diluted














Net income (loss) per share - basic


$

0.05



$

(0.17)




$

(0.01)



$

(0.25)


Weighted average number of outstanding common and proportionate voting shares



252,305,425




182,369,839





231,829,926




176,901,119


Net income (loss) per share - diluted


$

0.05



$

(0.17)




$

(0.01)



$

(0.25)


Weighted average number of outstanding common and proportionate voting shares, assuming dilution



257,883,711




182,369,839





231,829,926




176,901,119



Unaudited Interim Condensed Consolidated Statements of Cash Flows
(Amounts expressed in thousands of United States dollars, except for per share amounts)


For the Six Months Ended




June 30, 2022



June 30, 2021


Operating activities







Net loss

$


(1,844)


$


(43,773)


Adjustments to reconcile net income to net cash provided by (used in) operating activities







Non-cash write downs of inventory



8,495




699


Accretion expense



1,936




(544)


Depreciation of property and equipment and amortization of intangible assets



12,131




7,050


Amortization of operating right-of-use assets



1,074




2,269


Share-based compensation



7,819




8,215


Deferred income tax (recovery) expense



(787)




285


(Gain) loss on fair value of warrants and purchase option derivative



(53,058)




25,301


Revaluation of contingent consideration



153




2,990


Impairment of intangible assets






3,633


Impairment of goodwill






5,007


Loss on disposal of fixed assets



929





Release of indemnification asset



3,973




3,796


Forgiveness of loan principal and interest






(766)


Unrealized and realized foreign exchange loss



50




5,838


Unrealized and realized loss (gain) on investments



234




(6,192)


Changes in operating assets and liabilities







Receivables



475




(950)


Inventory



208




(9,879)


Prepaid expense and deposits



1,474




(507)


Deposits



206





Other assets



461




389


Accounts payable and accrued liabilities and other payables



(8,299)




639


Operating lease liability



(614)




(1,889)


Other liability



(10,353)





Contingent consideration payable



(410)




(11,394)


Corporate income tax payable



5




(293)


Deferred revenue



766





Net cash used in operating activities



(34,976)




(10,076)


Investing activities







Investment in property and equipment



(12,500)




(10,856)


Investment in intangible assets



(1,330)




(40)


Principal payments received on lease receivable



392




359


Distributions of earnings from associates






469


Deposits for property and equipment



(10,036)




(10,583)


Deposits for business acquisition



(852)





Payments made for land contracts



(429)





Cash received on acquisition



24,716





Cash portion of consideration paid in acquisitions, net of cash acquired






(42,736)


Net cash used in investing activities



(39)




(63,387)


Financing activities







Proceeds from options and warrants exercised



24,158




12,921


Loan principal paid



(5,203)





Loan amendment fee paid



(1,200)





Proceeds from loans payable






766


Cash distributions to NJ partners



(1,436)





Capital contributions received (paid) from (to) non-controlling interests



(448)




(383)


Payments of contingent consideration



(6,630)




(18,274)


Payments made for financing obligations



(460)





Proceeds from private placement, net of share issuance costs






173,477


Net cash provided by financing activities



8,781




168,507


Net (decrease) increase in cash and cash equivalents and restricted cash during the period



(26,234)




95,044


Net effects of foreign exchange



(4,377)




(89)


Cash and cash equivalents and restricted cash, beginning of period



79,642




59,226


Cash and cash equivalents and restricted cash, end of period

$


49,031


$


154,181









Supplemental disclosure with respect to cash flows







Income taxes paid

$


9,213


$


16,381


Interest paid

$


14,641


$


13,290


Lease termination fee paid

$


3,300




-


Non-cash transactions







Equity and warrant liability issued as consideration for acquisition

$


294,800


$


34,427


Promissory note issued as consideration for acquisitions

$


-


$


6,750


Shares issued for liability settlement

$


22


$


57


Accrued capital purchases

$


9,776


$


336


SOURCE TerrAscend

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/11/c5405.html

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Goodness Growth Holdings Announces Second Quarter 2022 Results

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The Greenrose Holding Company to Hold Second Quarter 2022 Conference Call on August 15, 2022 at 5:00 p.m. ET

The Greenrose Holding Company to Hold Second Quarter 2022 Conference Call on August 15, 2022 at 5:00 p.m. ET

The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) ("Greenrose" or the "Company"), a multi-state grower and producer of cannabis brands and products will hold a conference call on Monday, August 15, 2022, at 5:00 p.m. Eastern time to discuss its results for the second quarter ended June 30, 2022. The Company will provide its financial results in a press release prior to the conference call.

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Trulieve Delivers Record Second Quarter 2022 Results Driven by Organic Retail Sales

  • Revenue of $320.3 million , up 49% year over year and 1% sequentially
  • Retail revenue grew 3% sequentially across industry leading U.S. network of 168 dispensaries as of June 30, 2022
  • GAAP gross margin of 57% and Adjusted EBITDA* margin of 35%

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended June 30, 2022 . Results are reported in U.S. dollars unless otherwise indicated.

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

Q2 2022 Financial Highlights*

  • Revenue increased 49% year over year to $320.3 million from $215.1 million and 1% sequentially.
  • Retail revenue increased 3% to $298.6 million and wholesale, licensing and other revenue declined by 22% sequentially to $21.7 million .
  • Gross profit of $182.2 million and GAAP gross margin of 57% in the second quarter compared to gross profit of $178.2 million and GAAP gross margin of 56% in the first quarter of 2022.
  • Net loss of $22.5 million , a sequential improvement of 30%. Adjusted net loss of $1.1 million * excludes $11.8 million of transaction, acquisition, integration, and other non-recurring charges primarily associated with the Harvest acquisition, a $5.2 million earnout payment for acquired cultivation in Arizona , $4.3 million in asset impairments associated with the closing of redundant cultivation facilities in Florida and a loss of $0.7 million due to the repurposing of a development stage production site in Arizona .
  • Adjusted EBITDA grew 17% year over year to $111.0 million *, or 35% of revenue in the second quarter compared to Adjusted EBITDA of $105.5 million *, or 33% of revenue in the first quarter of 2022.
  • Cash at quarter end of $181.4 million .

*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

Q2 2022 Operational Highlights

  • Opened 6 new dispensaries in Fort Myers and Zephyrhills, Florida ; Framingham, Massachusetts ; Coatesville, Pennsylvania ; and Parkersburg and South Charleston, West Virginia . Relocated one dispensary in New Port Richey, Florida .
  • Exited the second quarter with operations in 11 states, with 32% of our retail locations outside of the state of Florida .
  • Produced over 10 million finished goods units in the second quarter, up 79% year over year.
  • Received Notice of Award of Provisional Dispensary License for District Southeast-3 in Columbus, Ohio .
  • Successfully launched Modern Flower TM , Muse TM , Roll One TM , and Sweet Talk TM branded products across markets including Arizona , Florida , Maryland , Pennsylvania and West Virginia .
  • Hosted inaugural Analyst Day event featuring production facility tours including a new 750 thousand square foot automated cultivation facility and corporate presentation showcasing production, retail, branding and marketing, and data analytics capabilities.
  • Expanded roll out and applications of Customer Data Platform for targeted marketing campaigns.

Recent Events

  • Celebrated six year anniversary of first retail sale in Florida .
  • Opened 7 new dispensaries in Phoenix, Arizona ; Apopka , Coral Springs , Hollywood , and Kissimmee, Florida ; and Hurricane and Morgantown, West Virginia .
  • New Phoenix dispensary represented first branded Trulieve store in Arizona , kicking off statewide rebranding efforts to continue over the next year.
  • Currently operate 175 retail dispensaries and over 4.0 million square feet of cultivation and processing capacity in the United States .
  • Elected to discontinue wholesale operations in Nevada and are currently evaluating options to exit the market.
  • Made an initial contribution to the Smart and Safe Florida campaign, which aims to legalize adult use marijuana in Florida through a ballot initiative in November 2024 .

Management Commentary
"Our team delivered strong second quarter results with topline growth and margin improvement by staying focused on our plan," said Kim Rivers , Trulieve CEO. "During our mid-year strategic review, we identified proactive measures to address the rapidly evolving economic landscape."

Rivers continued, "We are committed to meeting customer needs, improving performance in core markets, managing cash wisely, and streamlining operations across the company. We strongly believe that taking firm and decisive action now will better position the organization to capitalize on numerous catalysts in the years ahead. Trulieve has the capital, discipline, and experience to navigate short term headwinds and emerge as a stronger company."

Financial Guidance
Factoring in strategic changes across our business, the impact of inflation on consumer spending, softness in wholesale markets, and the lack of visibility in the current macroeconomic environment, we are adjusting 2022 revenue guidance by 5% from the low end of our prior outlook to $1.25 billion to $1.3 billion . Accordingly, we anticipate Adjusted EBITDA will be in the range of $415 million to $450 million .

Financial Highlights

Results of Operations

For the Three Months Ended

For the Six Months Ended





(Figures in millions and
% change based on these
figures)

June 30,
2022

June 30,
2021

change

March 31,
2022

change

June 30,
2022

June 30,
2021

change





Revenue

$

320.3

$

215.1

49 %

$

318.3

1 %

$

638.6

$

408.9

56 %



Gross Profit

$

182.2

$

144.5

26 %

$

178.2

2 %

$

360.3

$

279.7

29 %



Gross Margin %


57 %


67 %



56 %



56 %


68 %




Adjusted Gross Profit

$

183.4

$

146.7

25 %

$

185.4

-1 %

$

368.8

$

285.7

29 %



Adjusted Gross Margin %


57 %


68 %



58 %



58 %


70 %




Operating Expenses

$

144.2

$

68.2

111 %

$

149.5

-4 %

$

293.7

$

130.9

124 %



Operating Expenses %


45 %


32 %



47 %



46 %


32 %




Net Income (Loss)

$

(22.5)

$

40.9

---

$

(32.0)

---

$

(54.5)

$

71.0

---



Adjusted Net Income (Loss)

$

(1.1)

$

47.0

---

$

1.7

---

$

0.6

$

85.5

---



Diluted Shares Outstanding


187.2


133.0



187.1



187.1


127.9




EPS

$

(0.12)

$

0.31

---

$

(0.17)

---

$

(0.29)

$

0.55

---



Adjusted EPS

$

(0.01)

$

0.35

---

$

0.01

---

$

0.00

$

0.67

---



Adjusted EBITDA

$

111.0

$

94.9

17 %

$

105.5

5 %

$

216.5

$

185.7

17 %



Adjusted EBITDA Margin %


35 %


44 %



33 %



34 %


45 %




Conference Call
The Company will host a conference call and live audio webcast on August 10 , 2022, at 8:30 A.M. Eastern time , to discuss its second quarter 2022 financial results.

Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.

North American toll free: 1-888-317-6003             passcode: 6100603
International: 1-412-317-6061                               passcode: 6100603

A live audio webcast of the conference call will be available at:
https://app.webinar.net/eNPDleGz6oj

A powerpoint presentation is available at
https://investors.trulieve.com/events-presentations

An archived replay of the webcast will be available at:
https://investors.trulieve.com/events-presentations

The Company's Form 10-Q for the quarter ended June 30, 2022 , will be available on the SEC's website or at https://investors.trulieve.com/financial-information/quarterly-results . The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on SEDAR and on its website at https://investors.trulieve.com/financial-information/quarterly-results . This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted gross profit, adjusted net income, adjusted net income per diluted share, and adjusted cash flow from operations. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

Reconciliation of Non-GAAP Adjusted Gross Profit
The following table presents a reconciliation of GAAP gross profit to non-GAAP adjusted gross profit, for each of the periods presented:

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Gross Profit GAAP

$

182.2

$

144.5

$

178.2

$

360.3

$

279.7



Gross Margin % GAAP


57 %


67 %


56 %


56 %


68 %



Add (Deduct) Impact of:













Inventory Step Up Fair Value

$

0.6

$

0.0

$

0.4

$

1.0

$

2.5



Transaction, Acquisition, and Integration Costs

$

0.6

$

2.2

$

6.8

$

7.4

$

3.5



Adjusted Gross Profit Non-GAAP

$

183.4

$

146.7

$

185.4

$

368.8

$

285.7



Adjusted Gross Margin % Non-GAAP


57 %


68 %


58 %


58 %


70 %



Reconciliation of Non-GAAP Adjusted Net Income
The following table presents a reconciliation of GAAP net income (loss) to non-GAAP adjusted net income, for each of the periods presented:

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Net Income (Loss) GAAP

$

(22.5)

$

40.9

$

(32.0)

$

(54.5)

$

71.0



Add (Deduct) Impact of:













Warrant Liability Adjustment

$

(1.4)

$

0.0

$

(0.8)

$

(2.3)

$

0.0



Inventory Step Up Fair Value

$

0.6

$

0.0

$

0.4

$

1.0

$

2.5



Transaction, Acquisition, and Integration Costs

$

17.0

$

4.5

$

17.2

$

34.2

$

6.5



Covid Related Expenses

$

0.2

$

1.7

$

0.4

$

0.6

$

5.5



Divestment Non-Operating Assets

$

0.7

$

0.0

$

2.7

$

3.4

$

0.0



Impairment and Disposal of Long-lived Assets

$

4.3

$

0.0

$

13.8

$

18.1

$

0.0



Adjusted Net Income (Loss) Non-GAAP

$

(1.1)

$

47.0

$

1.7

$

0.6

$

85.5



Reconciliation of Non-GAAP Adjusted Earnings Per Share
The following table presents a reconciliation of GAAP earnings (loss) per share to non-GAAP adjusted earnings per share, for each of the periods presented:

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Earnings (Loss) Per Share GAAP

$

(0.12)

$

0.31

$

(0.17)

$

(0.29)

$

0.55



Add (Deduct) Impact of:













Warrant Liability Adjustment

$

(0.01)

$

0.00

$

0.00

$

(0.01)

$

0.00



Inventory Step Up Fair Value

$

0.00

$

0.00

$

0.00

$

0.01

$

0.02



Transaction, Acquisition, and Integration Costs

$

0.09

$

0.03

$

0.09

$

0.18

$

0.05



Covid Related Expenses

$

0.00

$

0.01

$

0.00

$

0.00

$

0.04



Divestment Non-Operating Assets

$

0.00

$

0.00

$

0.01

$

0.02

$

0.00



Impairment and Disposal of Long-lived Assets

$

0.02

$

0.00

$

0.07

$

0.10

$

0.00



Adjusted Earnings Per Share Non-GAAP

$

(0.01)

$

0.35

$

0.01

$

0.00

$

0.67



Reconciliation of Non-GAAP Adjusted EBITDA
The following table presents a reconciliation of GAAP net income (loss) to non-GAAP Adjusted EBITDA, for each of the periods presented:

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Net Income (Loss) GAAP

$

(22.5)

$

40.9

$

(32.0)

$

(54.5)

$

71.0



Add (Deduct) Impact of:













Interest Expense, net

$

19.7

$

6.6

$

17.9

$

37.6

$

14.5



Provision For Income Taxes

$

44.8

$

29.1

$

42.3

$

87.1

$

63.7



Depreciation and Amortization

$

30.9

$

6.7

$

29.3

$

60.2

$

12.1



Depreciation in COGS

$

13.8

$

5.0

$

10.7

$

24.5

$

8.7



EBITDA

$

86.7

$

88.3

$

68.2

$

154.9

$

169.9
















Inventory Step Up Fair Value

$

0.6

$

0.0

$

0.4

$

1.0

$

2.5



Integration and Transition Costs

$

5.1

$

1.5

$

5.3

$

10.4

$

1.9



Acquisition and Transaction Costs

$

7.0

$

1.6

$

3.3

$

10.3

$

3.2



Share-Based Compensation

$

5.7

$

0.7

$

4.6

$

10.3

$

1.5



Other Non-Recurring Expenses

$

4.9

$

1.4

$

8.6

$

13.5

$

1.4



Covid Related Expenses

$

0.2

$

1.7

$

0.4

$

0.6

$

5.5



Impairment and Disposal of Long-lived Assets

$

4.3

$

0.0

$

13.8

$

18.1

$

0.0



Divestment and Sale of Non-Operating Assets

$

0.7

$

0.0

$

2.7

$

3.4

$

0.0



Non-Controlling Interest

$

(1.1)

$

0.0

$

0.0

$

(1.1)

$

0.0



Other Expense (Income), net

$

(1.7)

$

(0.3)

$

(0.9)

$

(2.6)

$

(0.3)



Fair Value of Derivative Liabilities - Warrants

$

(1.4)

$

0.0

$

(0.8)

$

(2.3)

$

0.0



Adjusted EBITDA Non-GAAP

$

111.0

$

94.9

$

105.5

$

216.5

$

185.7



Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company's expected revenue and adjusted EBITDA for fiscal 2022, its plans for streamlining operations and navigating short term headwinds to emerge stronger, and potential expansion of the Company's operations.  Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 and in our periodic reports subsequently filed with the United Sates Securities and Exchange Commission and in the Company's filings on SEDAR at www.sedar.com . Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise.

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .

Facebook: @Trulieve
Instagram: @Trulieve _
Twitter: @Trulieve

Investor Contact
Christine Hersey , Executive Director of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

Media Contact
Rob Kremer , Executive Director of Corporate Communications
+1 (404) 218-3077
Robert.Kremer@Trulieve.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-delivers-record-second-quarter-2022-results-driven-by-organic-retail-sales-301603021.html

SOURCE Trulieve Cannabis Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/10/c8218.html

News Provided by Canada Newswire via QuoteMedia

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Trulieve Delivers Record Second Quarter 2022 Results Driven by Organic Retail Sales

  • Revenue of $320.3 million , up 49% year over year and 1% sequentially
  • Retail revenue grew 3% sequentially across industry leading U.S. network of 168 dispensaries as of June 30, 2022
  • GAAP gross margin of 57% and Adjusted EBITDA* margin of 35%

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended June 30, 2022 . Results are reported in U.S. dollars unless otherwise indicated.

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

Q2 2022 Financial Highlights*

  • Revenue increased 49% year over year to $320.3 million from $215.1 million and 1% sequentially.
  • Retail revenue increased 3% to $298.6 million and wholesale, licensing and other revenue declined by 22% sequentially to $21.7 million .
  • Gross profit of $182.2 million and GAAP gross margin of 57% in the second quarter compared to gross profit of $178.2 million and GAAP gross margin of 56% in the first quarter of 2022.
  • Net loss of $22.5 million , a sequential improvement of 30%. Adjusted net loss of $1.1 million * excludes $11.8 million of transaction, acquisition, integration, and other non-recurring charges primarily associated with the Harvest acquisition, a $5.2 million earnout payment for acquired cultivation in Arizona , $4.3 million in asset impairments associated with the closing of redundant cultivation facilities in Florida and a loss of $0.7 million due to the repurposing of a development stage production site in Arizona .
  • Adjusted EBITDA grew 17% year over year to $111.0 million *, or 35% of revenue in the second quarter compared to Adjusted EBITDA of $105.5 million *, or 33% of revenue in the first quarter of 2022.
  • Cash at quarter end of $181.4 million .

*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

Q2 2022 Operational Highlights

  • Opened 6 new dispensaries in Fort Myers and Zephyrhills, Florida ; Framingham, Massachusetts ; Coatesville, Pennsylvania ; and Parkersburg and South Charleston, West Virginia . Relocated one dispensary in New Port Richey, Florida .
  • Exited the second quarter with operations in 11 states, with 32% of our retail locations outside of the state of Florida .
  • Produced over 10 million finished goods units in the second quarter, up 79% year over year.
  • Received Notice of Award of Provisional Dispensary License for District Southeast-3 in Columbus, Ohio .
  • Successfully launched Modern Flower TM , Muse TM , Roll One TM , and Sweet Talk TM branded products across markets including Arizona , Florida , Maryland , Pennsylvania and West Virginia .
  • Hosted inaugural Analyst Day event featuring production facility tours including a new 750 thousand square foot automated cultivation facility and corporate presentation showcasing production, retail, branding and marketing, and data analytics capabilities.
  • Expanded roll out and applications of Customer Data Platform for targeted marketing campaigns.

Recent Events

  • Celebrated six year anniversary of first retail sale in Florida .
  • Opened 7 new dispensaries in Phoenix, Arizona ; Apopka , Coral Springs , Hollywood , and Kissimmee, Florida ; and Hurricane and Morgantown, West Virginia .
  • New Phoenix dispensary represented first branded Trulieve store in Arizona , kicking off statewide rebranding efforts to continue over the next year.
  • Currently operate 175 retail dispensaries and over 4.0 million square feet of cultivation and processing capacity in the United States .
  • Elected to discontinue wholesale operations in Nevada and are currently evaluating options to exit the market.
  • Made an initial contribution to the Smart and Safe Florida campaign, which aims to legalize adult use marijuana in Florida through a ballot initiative in November 2024 .

Management Commentary
"Our team delivered strong second quarter results with topline growth and margin improvement by staying focused on our plan," said Kim Rivers , Trulieve CEO. "During our mid-year strategic review, we identified proactive measures to address the rapidly evolving economic landscape."

Rivers continued, "We are committed to meeting customer needs, improving performance in core markets, managing cash wisely, and streamlining operations across the company. We strongly believe that taking firm and decisive action now will better position the organization to capitalize on numerous catalysts in the years ahead. Trulieve has the capital, discipline, and experience to navigate short term headwinds and emerge as a stronger company."

Financial Guidance
Factoring in strategic changes across our business, the impact of inflation on consumer spending, softness in wholesale markets, and the lack of visibility in the current macroeconomic environment, we are adjusting 2022 revenue guidance by 5% from the low end of our prior outlook to $1.25 billion to $1.3 billion . Accordingly, we anticipate Adjusted EBITDA will be in the range of $415 million to $450 million .

Financial Highlights

Results of Operations

For the Three Months Ended

For the Six Months Ended





(Figures in millions and
% change based on these
figures)

June 30,
2022

June 30,
2021

change

March 31,
2022

change

June 30,
2022

June 30,
2021

change





Revenue

$

320.3

$

215.1

49 %

$

318.3

1 %

$

638.6

$

408.9

56 %



Gross Profit

$

182.2

$

144.5

26 %

$

178.2

2 %

$

360.3

$

279.7

29 %



Gross Margin %


57 %


67 %



56 %



56 %


68 %




Adjusted Gross Profit

$

183.4

$

146.7

25 %

$

185.4

-1 %

$

368.8

$

285.7

29 %



Adjusted Gross Margin %


57 %


68 %



58 %



58 %


70 %




Operating Expenses

$

144.2

$

68.2

111 %

$

149.5

-4 %

$

293.7

$

130.9

124 %



Operating Expenses %


45 %


32 %



47 %



46 %


32 %




Net Income (Loss)

$

(22.5)

$

40.9

---

$

(32.0)

---

$

(54.5)

$

71.0

---



Adjusted Net Income (Loss)

$

(1.1)

$

47.0

---

$

1.7

---

$

0.6

$

85.5

---



Diluted Shares Outstanding


187.2


133.0



187.1



187.1


127.9




EPS

$

(0.12)

$

0.31

---

$

(0.17)

---

$

(0.29)

$

0.55

---



Adjusted EPS

$

(0.01)

$

0.35

---

$

0.01

---

$

0.00

$

0.67

---



Adjusted EBITDA

$

111.0

$

94.9

17 %

$

105.5

5 %

$

216.5

$

185.7

17 %



Adjusted EBITDA Margin %


35 %


44 %



33 %



34 %


45 %




Conference Call
The Company will host a conference call and live audio webcast on August 10 , 2022, at 8:30 A.M. Eastern time , to discuss its second quarter 2022 financial results.

Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.

North American toll free: 1-888-317-6003             passcode: 6100603
International: 1-412-317-6061                               passcode: 6100603

A live audio webcast of the conference call will be available at:
https://app.webinar.net/eNPDleGz6oj

A powerpoint presentation is available at
https://investors.trulieve.com/events-presentations

An archived replay of the webcast will be available at:
https://investors.trulieve.com/events-presentations

The Company's Form 10-Q for the quarter ended June 30, 2022 , will be available on the SEC's website or at https://investors.trulieve.com/financial-information/quarterly-results . The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on SEDAR and on its website at https://investors.trulieve.com/financial-information/quarterly-results . This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted gross profit, adjusted net income, adjusted net income per diluted share, and adjusted cash flow from operations. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

Reconciliation of Non-GAAP Adjusted Gross Profit
The following table presents a reconciliation of GAAP gross profit to non-GAAP adjusted gross profit, for each of the periods presented:

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Gross Profit GAAP

$

182.2

$

144.5

$

178.2

$

360.3

$

279.7



Gross Margin % GAAP


57 %


67 %


56 %


56 %


68 %



Add (Deduct) Impact of:













Inventory Step Up Fair Value

$

0.6

$

0.0

$

0.4

$

1.0

$

2.5



Transaction, Acquisition, and Integration Costs

$

0.6

$

2.2

$

6.8

$

7.4

$

3.5



Adjusted Gross Profit Non-GAAP

$

183.4

$

146.7

$

185.4

$

368.8

$

285.7



Adjusted Gross Margin % Non-GAAP


57 %


68 %


58 %


58 %


70 %



Reconciliation of Non-GAAP Adjusted Net Income
The following table presents a reconciliation of GAAP net income (loss) to non-GAAP adjusted net income, for each of the periods presented:

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Net Income (Loss) GAAP

$

(22.5)

$

40.9

$

(32.0)

$

(54.5)

$

71.0



Add (Deduct) Impact of:













Warrant Liability Adjustment

$

(1.4)

$

0.0

$

(0.8)

$

(2.3)

$

0.0



Inventory Step Up Fair Value

$

0.6

$

0.0

$

0.4

$

1.0

$

2.5



Transaction, Acquisition, and Integration Costs

$

17.0

$

4.5

$

17.2

$

34.2

$

6.5



Covid Related Expenses

$

0.2

$

1.7

$

0.4

$

0.6

$

5.5



Divestment Non-Operating Assets

$

0.7

$

0.0

$

2.7

$

3.4

$

0.0



Impairment and Disposal of Long-lived Assets

$

4.3

$

0.0

$

13.8

$

18.1

$

0.0



Adjusted Net Income (Loss) Non-GAAP

$

(1.1)

$

47.0

$

1.7

$

0.6

$

85.5



Reconciliation of Non-GAAP Adjusted Earnings Per Share
The following table presents a reconciliation of GAAP earnings (loss) per share to non-GAAP adjusted earnings per share, for each of the periods presented:

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Earnings (Loss) Per Share GAAP

$

(0.12)

$

0.31

$

(0.17)

$

(0.29)

$

0.55



Add (Deduct) Impact of:













Warrant Liability Adjustment

$

(0.01)

$

0.00

$

0.00

$

(0.01)

$

0.00



Inventory Step Up Fair Value

$

0.00

$

0.00

$

0.00

$

0.01

$

0.02



Transaction, Acquisition, and Integration Costs

$

0.09

$

0.03

$

0.09

$

0.18

$

0.05



Covid Related Expenses

$

0.00

$

0.01

$

0.00

$

0.00

$

0.04



Divestment Non-Operating Assets

$

0.00

$

0.00

$

0.01

$

0.02

$

0.00



Impairment and Disposal of Long-lived Assets

$

0.02

$

0.00

$

0.07

$

0.10

$

0.00



Adjusted Earnings Per Share Non-GAAP

$

(0.01)

$

0.35

$

0.01

$

0.00

$

0.67



Reconciliation of Non-GAAP Adjusted EBITDA
The following table presents a reconciliation of GAAP net income (loss) to non-GAAP Adjusted EBITDA, for each of the periods presented:

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Net Income (Loss) GAAP

$

(22.5)

$

40.9

$

(32.0)

$

(54.5)

$

71.0



Add (Deduct) Impact of:













Interest Expense, net

$

19.7

$

6.6

$

17.9

$

37.6

$

14.5



Provision For Income Taxes

$

44.8

$

29.1

$

42.3

$

87.1

$

63.7



Depreciation and Amortization

$

30.9

$

6.7

$

29.3

$

60.2

$

12.1



Depreciation in COGS

$

13.8

$

5.0

$

10.7

$

24.5

$

8.7



EBITDA

$

86.7

$

88.3

$

68.2

$

154.9

$

169.9
















Inventory Step Up Fair Value

$

0.6

$

0.0

$

0.4

$

1.0

$

2.5



Integration and Transition Costs

$

5.1

$

1.5

$

5.3

$

10.4

$

1.9



Acquisition and Transaction Costs

$

7.0

$

1.6

$

3.3

$

10.3

$

3.2



Share-Based Compensation

$

5.7

$

0.7

$

4.6

$

10.3

$

1.5



Other Non-Recurring Expenses

$

4.9

$

1.4

$

8.6

$

13.5

$

1.4



Covid Related Expenses

$

0.2

$

1.7

$

0.4

$

0.6

$

5.5



Impairment and Disposal of Long-lived Assets

$

4.3

$

0.0

$

13.8

$

18.1

$

0.0



Divestment and Sale of Non-Operating Assets

$

0.7

$

0.0

$

2.7

$

3.4

$

0.0



Non-Controlling Interest

$

(1.1)

$

0.0

$

0.0

$

(1.1)

$

0.0



Other Expense (Income), net

$

(1.7)

$

(0.3)

$

(0.9)

$

(2.6)

$

(0.3)



Fair Value of Derivative Liabilities - Warrants

$

(1.4)

$

0.0

$

(0.8)

$

(2.3)

$

0.0



Adjusted EBITDA Non-GAAP

$

111.0

$

94.9

$

105.5

$

216.5

$

185.7



Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company's expected revenue and adjusted EBITDA for fiscal 2022, its plans for streamlining operations and navigating short term headwinds to emerge stronger, and potential expansion of the Company's operations.  Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 and in our periodic reports subsequently filed with the United Sates Securities and Exchange Commission and in the Company's filings on SEDAR at www.sedar.com . Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise.

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .

Facebook: @Trulieve
Instagram: @Trulieve _
Twitter: @Trulieve

Investor Contact
Christine Hersey , Executive Director of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

Media Contact
Rob Kremer , Executive Director of Corporate Communications
+1 (404) 218-3077
Robert.Kremer@Trulieve.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-delivers-record-second-quarter-2022-results-driven-by-organic-retail-sales-301603021.html

SOURCE Trulieve Cannabis Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/10/c8218.html

News Provided by Canada Newswire via QuoteMedia

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