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 .

Ayurcann Holdings Corp. logo (CNW Group/Ayurcann Holdings Corp.)

Ayurcann Market Segments

Extraction & Refinement – annualized capacity of up to 300,000 kg and offers services that include bulk extraction, winterization, and fractional distillation.

Bulk Oil Sales – growth with consistent inventory of over 300 kg of THC and CBD available, providing the gold standard for bulk oil for licensed producers, manufacturers, and brands in the medical and recreational cannabis space.

White Label – solutions by working with multiple national and international brands for product development and commercialization, the Corporation has the knowledge and experience to successfully bring products to market.

Results and Highlights

Ayurcann sold THC and CBD distillate containing over 1 billion milligrams of cannabinoids into the Canadian market for vapes, tinctures, topicals and edibles, working with top selling brands throughout Canada and internationally.

Ayurcann has been nominated and won 2 industry awards as Top Canadian Processors and Top Tolling Provider in the Canadian Cannabis industry.

Ayurcann has entered and has fulfilled multiple orders from Ontario , Manitoba , Alberta , Saskatchewan , and New Brunswick , with the Fuego Vapes brand establishing itself as top sellers in the provinces.

The Vida Tinctures and Glow Topicals are growing their market share by providing value and high potency.

The Corporation entered into a letter of intent with Tetra Oils Inc. to purchase a 100% interest in their wholly owned subsidiary, Joints and Hustle & Shake Inc. (" Joints and Hustle "), which holds assets comprising the 'Joints' and 'Hustle and Shake' brands (the " Acquisition "). The brands have multiple SKU's and distribution into the Provinces of Ontario , British Columbia , Alberta , Manitoba , Saskatchewan , and New Brunswick . Ayurcann currently supplies all the required CBD and THC distillate and isolate for their products. With market leading products, under the 'Joints' brand, Joints and Hustle offers a selection of high potency CBD oils, while the 'Hustle & Shake' legacy focused on 3 Vape SKUs which are in market. Consideration for the Acquisition has been set at $7,200,000 to be satisfied through the issuance of 40,000,000 common shares of Ayurcann (the " Consideration Shares "). Upon completion of the Acquisition, the Consideration Shares shall be deposited into escrow with an escrow agent and pursuant to the terms of the letter of intent will be released in batches upon Joints and Hustle achieving certain milestones within 12 months of closing of the Acquisition. If the milestones are not achieved within 12 months, the Consideration Shares which have not been released to Tetra Oils Corp. pursuant to the terms of the escrow agreement, shall be returned to the Corporation for cancellation.

Financial Results

Ayurcann provided its recent Q2 financials showing its fourth continuous quarter of positive results.

Ayurcann launched a normal course issuer bid and continues to engage with investors and shareholders to support its efforts for what it feels is an undervalued asset in the Cannabis industry in Canada .

Market Penetration and New Opportunities

Ayurcann is working with 8 recreational cannabis brands and has over 500 provincial listings

Ayurcann is launching new SKUs into the market with distillate-focused products leading the way. The vape brands are Bravo6, Xplor and Oy Vapes, and Her Highness for Intimacy oils.

  • Bravo6 is a highly potent THC vape line brand focused on gaming and cannabis enthusiasts.
  • Oy Vapes! is a partnership with culture specific, highly potent white label THC vape brand.
  • Xplor is a vape brand that is CBD and 1:1 formulation geared towards the medical consumer looking for alternatives.
  • Her Highness is an intimacy focused pleasure oils that enhances the experience consumers have with CBD and THC products in the bedroom.

Market Awareness

The Corporation has engaged Stockhouse Publishing Ltd. (" Stockhouse ") to assist in building awareness and to provide communications support for the Corporation. Stockhouse will arrange and disseminate independent research articles related to the Corporation as well as develop and implement social media strategy. The Corporation will pay Stockhouse $5,000 per month for its services over the next 6 months. For more info, please visit www.stockhouse.com .

The Corporation has engaged Independent Trading Group (" ITG ") to provide market making services in accordance Canadian Securities Exchange (" CSE ") policies. ITG will trade shares of the Corporation on the CSE and all other trading venues with the objective of maintaining a reasonable market and improving the liquidity of the Corporation's common shares. The Corporation will pay ITG $5,000 per month for its services. For more information, please visit www.independent-trading-group.com .

Chief Executive Officer of Ayurcann, Mr. Igal Sudman commented: "We are excited about the direction Ayurcann has taken and are thrilled to see our market penetration and revenues growing consistently. With new SKUs now listed in recreational cannabis in various categories throughout Canada , we are proud to be able to show continued growth."

Mr. Sudman further commented on operational growth and entry into new markets; "we continue to grow our production, innovation, and partnerships. With extraction capacity for bulk biomass of up to 300,000 kilograms per year and the ability to co-fill up to 3 million production products for the medicinal and recreational markets, we are confident in providing value for our shareholders and gathering market share in the industry."

About Ayurcann

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: the Corporation completing the Acquisition upon the terms and timelines disclosed herein; the Corporation launching new SKUs into the market with distillate-focused products leading the way; the provision of services being provided by Stockhouse and ITG pursuant to the terms of their respective agreements; the Corporation continuing the normal course issuer bid and purchasing common shares for cancellation thereunder; 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; the Corporation completing the Acquisition upon the terms and timelines disclosed herein; the Corporation launching new SKUs into the market with distillate-focused products leading the way; the services being provided by Stockhouse and ITG pursuant to the terms of their respective agreements; the Corporation continuing the normal course issuer bid and purchasing common shares for cancellation thereunder; 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 will not complete the Acquisition upon the terms and timelines disclosed herein or at all; the Corporation will be unable to launch new SKUs into the market; services will not be provided by Stockhouse and ITG and their agreement will be cancelled; the Corporation will be unable to continue the normal course issuer bid and purchase common shares for cancellation thereunder; 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. 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. ANNOUNCES BUYBACK OF COMMON SHARES UNDER NORMAL COURSE ISSUER BID

AYURCANN HOLDINGS CORP. ANNOUNCES BUYBACK OF COMMON SHARES UNDER NORMAL COURSE ISSUER BID

Ayurcann Holdings Corp. ( CSE: AYUR OTCQB: AYUR F 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 its intention to initiate a normal course issuer bid (" NCIB ") through the facilities of the Canadian Securities Exchange (the " CSE ") or alternative trading systems

Under the NCIB, the Corporation intends to acquire up to 6,085,890 common shares in the capital of the Corporation (" Common Shares "), representing approximately 5% of its issued and outstanding Common Shares. As of February 28, 2022, there were 121,717,818 Common Shares issued and outstanding. On any given day, during the NCIB, the Corporation may only purchase up to 15,000 Common Shares, which is equivalent to 25% of the average daily trading volume of 60,000 calculated based on the trading volumes on the CSE over the past 12 months and may purchase once per calendar week, in a block trade, a greater number of Common Shares.

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Trulieve to Open Medical Cannabis Dispensary in Stuart, Florida

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Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced the opening of a new medical cannabis dispensary in Stuart, Florida .

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Trulieve Reports First Quarter 2024 Results Demonstrating Core Business Strength and Cash Generation

  • First quarter performance of $298 million in revenue, up 4% sequentially, and 58% gross margin
  • Strong cash flow from operations of $139 million and free cash flow of $124 million * in Q1 2024
  • Definitive progress made on Smart and Safe Florida adult use initiative and federal rescheduling of cannabis to Schedule III

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 March 31, 2024 . Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

Q1 2024 Financial and Operational Highlights*

  • Revenue of $298 million increased 4% sequentially and year over year , with 96% of revenue from retail sales. Strong first quarter sales were driven by higher retail traffic and average basket size.
  • Achieved GAAP gross margin of 58%, with gross profit of $174 million .
  • Reported net loss of $23 million , an improvement of 31% sequentially and 64% year over year . Adjusted net loss of $10 million * excludes non-recurring charges, asset impairments, disposals and discontinued operations.
  • Achieved EBITDA of $85 million *, or 29% of revenue and adjusted EBITDA of $106 million *, or 36% of revenue , up 21% sequentially and 35% year over year.
  • Generated cash flow from operations of $139 million and free cash flow of $124 million *.
  • Cash at quarter end was $327 million , inclusive of $50 million in tax refunds, from amended returns, related to our tax challenge of 280E received during the first quarter.
  • Opened three new dispensaries in Cocoa Beach , Palm Bay , and Pinellas Park, Florida .
  • Ended the quarter with 31% of retail locations outside of the state of Florida .

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

Recent Developments

  • Smart & Safe Florida initiative for adult use will be included on the ballot for the November 2024 election. If passed by voters, sales are anticipated to begin in May 2025 .
  • Department of Justice confirmed progress on federal rescheduling of cannabis to Schedule III, which would allow research and remove 280E tax burden.
  • Opened one retail location in North Palm Beach, FL.
  • Currently operate 196 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States .

Management Commentary
"With strong performance in our core business and several meaningful catalysts on the horizon, the outlook has never been brighter," said Kim Rivers , Trulieve CEO. "The team has done a phenomenal job carrying forward the momentum from last year, driving further improvements in production and retail. Given our financial performance and significant scale in key markets, Trulieve is best positioned for the coming wave of growth catalysts."

Financial Highlights*

Results of Operations

For the Three Months Ended

(Figures in millions except per share data and %
change based on these figures)

March 31,
2024

March 31,
2023

change

December 31,
2023

change

Revenue

$

298

$

285

4 %

$

287

4 %

Gross Profit

$

174

$

150

16 %

$

154

13 %

Gross Margin %


58 %


53 %



54 %


Operating Expenses

$

128

$

133

(4 %)

$

125

2 %

Operating Expenses %


43 %


47 %



43 %


Net loss**

$

(23)

$

(64)

64 %

$

(33)

31 %

Net loss continuing operations

$

(23)

$

(34)

32 %

$

(37)

36 %

Adjusted net loss

$

(10)

$

(18)

43 %

$

(23)

55 %

Basic and diluted shares outstanding


189


189



189


EPS continuing operations

$

(0.16)

$

(0.18)

9 %

$

(0.19)

17 %

Adjusted EPS

$

(0.05)

$

(0.09)

44 %

$

(0.12)

58 %

Adjusted EBITDA

$

106

$

78

35 %

$

88

21 %

Adjusted EBITDA Margin %


36 %


27 %



31 %



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

**Net loss includes discontinued operations and non-controlling interest.

Conference Call
The Company will host a conference call and live audio webcast on May 9, 2024, at 8:30 A.M. Eastern time , to discuss its first quarter 2024 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: 1-844-824-3830


Passcode: 3368806




International: 1-412-542-4136


Passcode: 3368806

A live audio webcast of the conference call will be available at:
Trulieve Cannabis Corp Q1 2024 Earnings

A powerpoint presentation and archived replay of the webcast will be available at:
https: //investors.trulieve.com/events

The Company's Form 10-Q for the quarter ended March 31, 2024 , will be available on the SEC's website or at https://investors.trulieve.com/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/quarterly-results . This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

Trulieve Cannabis Corp.

Condensed Consolidated Balance Sheets (Unaudited)

(in millions, except for share data)






March 31,
2024


December 31,
2023

ASSETS




Current Assets:




Cash and cash equivalents

$                320.3


$                201.4

Restricted cash

6.6


6.6

Accounts receivable, net

5.9


6.7

Inventories

209.4


213.1

Prepaid expenses

17.4


17.6

Other current assets

20.3


23.7

Notes receivable - current portion, net

4.4


6.2

Assets associated with discontinued operations

0.9


2.0

Total current assets

585.3


477.3

Property and equipment, net

672.1


676.4

Right of use assets - operating, net

97.2


95.9

Right of use assets - finance, net

58.0


58.5

Intangible assets, net

901.7


917.2

Goodwill

483.9


483.9

Notes receivable, net

6.3


7.4

Other assets

12.8


10.4

Long-term assets associated with discontinued operations

2.0


2.0

TOTAL ASSETS

$            2,819.3


$            2,729.1

LIABILITIES




Current Liabilities:




Accounts payable and accrued liabilities

$                  82.8


$                  83.2

Income tax payable

1.2


Deferred revenue

2.1


1.3

Notes payable - current portion

3.8


3.8

Operating lease liabilities - current portion

10.5


10.1

Finance lease liabilities - current portion

7.8


7.6

Construction finance liabilities - current portion

1.6


1.5

Contingencies

4.4


4.4

Liabilities associated with discontinued operations

3.1


3.0

Total current liabilities

117.2


114.8

Long-Term Liabilities:




Private placement notes, net

363.6


363.2

Notes payable, net

115.0


115.9

Operating lease liabilities

93.6


92.2

Finance lease liabilities

61.6


61.7

Construction finance liabilities

136.4


136.7

Deferred tax liabilities

217.0


207.0

Uncertain tax position liabilities

278.0


180.4

Other long-term liabilities

5.0


7.1

Long-term liabilities associated with discontinued operations

40.9


41.6

TOTAL LIABILITIES

$            1,428.3


$            1,320.4

MEZZANINE EQUITY




Redeemable non-controlling interest

$                    7.7


$                      —

SHAREHOLDERS' EQUITY




Common stock, no par value; unlimited shares authorized. 187,253,410 and
186,235,818 shares issued and outstanding as of March 31, 2024 and
December 31, 2023, respectively.

$                      —


$                      —

Additional paid-in-capital

2,054.1


2,055.1

Accumulated deficit

(663.7)


(640.6)

Non-controlling interest

(7.0)


(5.9)

TOTAL SHAREHOLDERS' EQUITY

1,383.3


1,408.6

TOTAL LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS' EQUITY

$            2,819.3


$            2,729.1

Trulieve Cannabis Corp.

Condensed Consolidated Statements of Operations (Unaudited)

(in millions, except for share data)




Three Months Ended March
31,


2024


2023

Revenue

$            297.6


$            285.2

Cost of goods sold

123.8


135.0

Gross profit

173.8


150.2

Expenses:




Sales and marketing

61.1


60.7

General and administrative

40.2


39.3

Depreciation and amortization

27.8


29.6

Impairment and disposal of long-lived assets, net of (recoveries)

(1.4)


3.4

Total expenses

127.7


133.0

Income from operations

46.1


17.2

Other income (expense):




Interest expense, net

(14.7)


(21.2)

Interest income

3.3


1.1

Other (expense) income, net

(2.7)


4.1

Total other expense, net

(14.2)


(16.0)

Income before provision for income taxes

31.9


1.2

Provision for income taxes

55.4


35.5

Net loss from continuing operations

(23.5)


(34.3)

Net loss from discontinued operations, net of tax benefit of zero and $(0.5), respectively

(1.4)


(31.3)

Net loss

(24.8)


(65.6)

Less: net loss attributable to non-controlling interest from continuing operations

(1.4)


(1.0)

Less: net loss attributable to redeemable non-controlling interest from continuing
operations

(0.3)


Less: net loss attributable to non-controlling interest from discontinued operations


(0.5)

Net loss attributable to common shareholders

$            (23.1)


$            (64.1)





EPS Numerator Reconciliation




Net loss attributable to common shareholders

$            (23.1)


$            (64.1)

Net loss from discontinued operations

1.4


30.8

Adjustment of redeemable non-controlling interest to maximum redemption value

(8.8)


Net loss from continuing operations available to common shareholders

$            (30.6)


$            (33.3)





Net loss per share - Continuing operations:




Basic and diluted

$            (0.16)


$            (0.18)

Net loss per share - Discontinued operations:




Basic and diluted

$            (0.01)


$            (0.16)

Weighted average number of common shares used in computing net loss per share:




Basic and diluted

189.5


188.9

Trulieve Cannabis Corp.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in millions)




Three Months Ended March
31,


2024


2023

Cash flows from operating activities




Net loss

$            (24.8)


$            (65.6)

Adjustments to reconcile net loss to net cash provided by operating activities:




Depreciation and amortization

27.8


30.4

Depreciation included in cost of goods sold

13.5


13.6

Non-cash interest expense, net

0.4


1.4

Impairment and disposal of long-lived assets, net of recoveries

(1.4)


31.0

Amortization of operating lease right of use assets

2.6


2.6

Accretion of construction finance liabilities

0.2


0.4

Share-based compensation

5.2


2.4

Proceeds received from insurance - inventory and business interruption

1.5


Change in fair value of derivative liabilities - warrants


(0.3)

Non-cash change in contingencies


(3.7)

Allowance for credit losses

3.0


(0.2)

Deferred income tax expense (benefit)

10.0


(7.9)

Changes in operating assets and liabilities:




Inventories

3.5


0.3

Accounts receivable

1.5


1.6

Prepaid expenses and other current assets

1.0


(1.8)

Other assets

(2.4)


1.9

Accounts payable and accrued liabilities

1.0


9.2

Income tax payable

2.7


(13.4)

Other current liabilities


(5.4)

Operating lease liabilities

(2.2)


(2.5)

Deferred revenue

0.8


(4.5)

Uncertain tax position liabilities

97.6


9.8

Other long-term liabilities

(2.1)


1.2

Net cash provided by operating activities

139.2


0.4

Cash flows from investing activities




Purchases of property and equipment

(15.6)


(13.7)

Capitalized interest

0.1


(0.6)

Purchases of internal use software

(5.0)


(2.0)

Proceeds received from insurance recoveries on property and equipment

0.5


Cash paid for licenses


(3.5)

Proceeds from sales of long-lived assets


0.3

Payments received from notes receivable

0.3


0.2

Proceeds from sale of held for sale assets

0.7


0.6

Net cash used in investing activities

(19.0)


(18.8)

Cash flows from financing activities




Proceeds from redemption of non-controlling interest

3.0


Proceeds from equity exercises

0.2


Payments on notes payable

(0.9)


(3.4)

Payments on finance lease obligations

(1.9)


(2.0)

Payments on construction finance liabilities

(0.8)


(0.3)

Distributions to subsidiary non-controlling interest

(1.1)


(0.1)

Net cash used in financing activities

(1.6)


(5.8)

Net increase (decrease) in cash, cash equivalents, and restricted

118.6


(24.2)

Cash, cash equivalents, and restricted cash, beginning of period

208.0


213.8

Cash and cash equivalents of discontinued operations, beginning of period

0.3


5.7

Less: cash and cash equivalents of discontinued operations, end of period


(2.5)

Cash, cash equivalents, and restricted cash, end of period

$            326.9


$            192.8

The consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.

Non-GAAP Financial Measures (Unaudited)
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin %, adjusted net loss (income), adjusted net income (loss) per diluted share and free cash flow. The Company calculates EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization and also excludes certain extraordinary items; adjusted net income (loss) as net income (loss) less certain extraordinary items; and free cash flow as cash flow from operations less capital expenditures. 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 are not, and should not be considered as, measures of liquidity. 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 EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin % (Unaudited)
The following table presents a reconciliation of GAAP net loss to non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin %, for each of the periods presented:

(Amounts expressed in millions of United States dollars)

Three Months Ended

March 31,
2024

March 31,
2023

December 31,
2023

Net loss attributable to common shareholders

$

(23.1)

$

(64.1)

$

(33.4)

Add (deduct) impact of:







Interest expense, net

$

14.7

$

21.2

$

20.6

Interest income

$

(3.3)

$

(1.1)

$

(1.8)

Provision for income taxes

$

55.4

$

35.5

$

45.4

Depreciation and amortization

$

27.8

$

29.6

$

27.2

Depreciation included in cost of goods sold

$

13.5

$

12.1

$

14.5

EBITDA (Non-GAAP)

$

85.0

$

33.2

$

72.5

EBITDA Margin % (Non-GAAP)


29 %


12 %


25 %








Impairment and disposal of long-lived assets, net of (recoveries)

$

(1.4)

$

3.4

$

1.2

Legislative campaign contributions

$

9.2

$

10.5

$

0.5

Acquisition, transaction, and other non-recurring costs

$

3.7

$

1.9

$

10.7

Share-based compensation

$

5.2

$

2.4

$

3.2

Other expense (income), net

$

2.7

$

(4.1)

$

(0.7)

Discontinued operations, net of tax, attributable to common shareholders

$

1.4

$

30.8

$

(1.8)

Gain on debt extinguishment, net

$

$

$

2.2

Adjusted EBITDA (Non-GAAP)

$

105.8

$

78.1

$

87.8

Adjusted EBITDA Margin % (Non-GAAP)


36 %


27 %


31 %

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


For the Three Months Ended

(Amounts expressed in millions of United States dollars)

March 31,
2024

March 31,
2023

December 31,
2023

Net loss attributable to common shareholders

$

(23.1)

$

(64.1)

$

(33.4)

Net loss (income) from discontinued operations

$

1.4

$

30.8

$

(1.8)

Adjustment of redeemable non-controlling interest to maximum redemption value

$

(8.8)

$

$

Net loss from continuing operations available to common shareholders

$

(30.6)

$

(33.3)

$

(35.2)

Add (deduct) impact of:







Adjustment of redeemable non-controlling interest to maximum redemption value

$

8.8

$

$

Fair value of derivative liabilities - warrants

$

$

(0.3)

$

Acquisition, transaction, and other non-recurring costs

$

3.7

$

1.9

$

10.7

Legislative campaign contributions

$

9.2

$

10.5

$

0.5

Impairment and disposal of long-lived assets, net of (recoveries)

$

(1.4)

$

3.4

$

1.2

Adjusted net loss (Non-GAAP)

$

(10.2)

$

(17.7)

$

(22.8)

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


For the Three Months Ended

(Amounts expressed are per share except for shares which are in millions)

March 31,
2024

March 31,
2023

December 31,
2023

Net loss attributable to common shareholders

$

(0.12)

$

(0.34)

$

(0.18)

Net loss (income) from discontinued operations

$

0.01

$

0.16

$

(0.01)

Adjustment of redeemable non-controlling interest to maximum redemption value

$

(0.05)

$

$

Net loss from continuing operations available to common shareholders

$

(0.16)

$

(0.18)

$

(0.19)

Add (deduct) impact of:







Adjustment of redeemable non-controlling interest to maximum redemption value

$

0.05

$

$

Fair value of derivative liabilities - warrants

$

$

0.00

$

Acquisition, transaction, and other non-recurring costs

$

0.02

$

0.01

$

0.06

Legislative campaign contributions

$

0.05

$

0.06

$

0.00

Impairment and disposal of long-lived assets, net of (recoveries)

$

(0.01)

$

0.02

$

0.01

Adjusted net loss per share (Non-GAAP)

$

(0.05)

$

(0.09)

$

(0.12)

Basic and diluted shares outstanding


189.5


188.9


189.0

Reconciliation of Non-GAAP Free Cash Flow (Unaudited)
The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:


For the Three Months Ended

(Amounts expressed in millions of United States dollars)

March 31,
2024

March 31,
2023

December 31,
2023

Cash flow from operating activities

$

139.2

$

0.4

$

131.5

Payments for property and equipment

$

(15.6)

$

(13.7)

$

(9.4)

Free cash flow

$

123.6

$

(13.3)

$

122.1

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 growth opportunities and and the Company's positioning for the future. 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, 2023 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., 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_
X: @Trulieve

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

Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-reports-first-quarter-2024-results-demonstrating-core-business-strength-and-cash-generation-302140588.html

SOURCE Trulieve Cannabis Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/09/c0061.html

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Trulieve Announces May 2024 Event Participation

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced planned event participation in May.

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

  • 19 th Annual Needham Technology, Media, & Consumer Conference, May 16, 2024 : Christine Hersey , VP of Investor Relations, will participate in virtual meetings on May 16 .

  • Canaccord Genuity 8th Annual Global Cannabis Conference, May 23, 2024 : Founder and CEO Kim Rivers will participate in a fireside chat and investor meetings.

Information about our events, links to events where available, and slide presentations can be found at: https://investors.trulieve.com/events

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., 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 _
X: @Trulieve

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

Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-announces-may-2024-event-participation-302137377.html

SOURCE Trulieve Cannabis Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/07/c6835.html

News Provided by Canada Newswire via QuoteMedia

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