Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of Harvest Health & Recreation Inc. (OTCQX: HRVSF) to Trulieve Cannabis Corp. is fair to Harvest Health shareholders. Under the terms of the agreement, Harvest shareholders will receive 0.1170 of a subordinate voting share of Trulieve for each Harvest subordinate voting share (or equivalent) held.
Halper Sadeh encourages Harvest Health shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com .
The investigation concerns whether Harvest Health and its board of directors violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for Harvest Health shareholders; (2) determine whether Trulieve is underpaying for Harvest Health; and (3) disclose all material information necessary for Harvest Health shareholders to adequately assess and value the merger consideration. On behalf of Harvest Health shareholders, Halper Sadeh LLP may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits.
Halper Sadeh encourages Harvest Health shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com .
Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210510005986/en/
Halper Sadeh LLP
Daniel Sadeh, Esq.
Zachary Halper, Esq.
(212) 763-0060
sadeh@halpersadeh.com
zhalper@halpersadeh.com
https://www.halpersadeh.com
News Provided by Business Wire via QuoteMedia
Cannabis - Will The Fortune 500 Join The Party?
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
Spyder Cannabis Inc. (TSXV: SPDR) (“Spyder” or the “Company”), an established Canadian cannabis and vape retailer, announced today the appointment of Cameron Wickham as a Director, Chief Executive Officer and Corporate Secretary of the Company and Ankit Gosain as Chief Financial Officer of the Company, effective May 7, 2021.
Daniel Pelchovitz, the Company’s former Chief Executive Officer, will continue with Spyder as a Director of the Company and as Chief Executive Officer of Spyder Cannabis Subco Inc., the Company’s Alcohol and Gaming Commission of Ontario (AGCO)-licensed, wholly-owned subsidiary that currently operates a cannabis dispensary in Niagara Falls, Ontario and has submitted two additional Retail Store Authorizations to the AGCO, and The Green Spyder Inc., the Company’s Alberta Gaming, Liquor & Cannabis (AGLC)-licensed, wholly-owned subsidiary that currently operates a cannabis dispensary in Calgary, Alberta.
Mark Pelchovitz, the Company’s former Chief Financial Officer and Corporate Secretary, will continue with Spyder as a Director of the Company.
The board of directors of the Company (the “Board“) has also appointed Mark Pelchovitz as Executive Chair of the Board and Cameron Wickham as Executive Vice Chair of the Board. Furthermore, the Board has also appointed Steven Glaser, Mark Pelchovitz and Cameron Wickham to serve as members of the Audit Committee of the Board, with Steven Glaser to serve as Chair of the Audit Committee.
Cameron Wickham, Executive Vice Chair and CEO of Spyder, commented “I am excited to lead Spyder through its next phase of growth and leverage the strength of our recent 180 Smoke acquisition and its 26 retail locations across Ontario. This acquisition has given Spyder access to an iconic brand name, local customer base and a talented management team.” He continued, “The Company is now in a strong position to increase its current run rate revenue of $18.8 million both organically and through accretive acquisitions in both our cannabis and vape business divisions. Additionally, we look forward to immediately converting some of 180 Smoke’s existing vape retail locations to licensed cannabis dispensaries.”
Cameron Wickham has over nine years of experience in public company management and has been involved in a number of going public transactions in Canada and the United States in the cannabis, consumer finance and other regulated sectors. He specializes in navigating early-stage financing structures, M&A and ongoing management of public companies having significant experience in managing corporate finance, audit and legal teams. Mr. Wickham began his career in investment banking after obtaining his Bachelor of Commerce from Queen’s University. He currently serves as a director and Chief Executive Officer of Prime City One Capital Corp., as Chief Financial Officer of Baymount Incorporated, both non-operating listed issuers, and as an advisor to a number of public companies.
Ankit Gosain has over eight years of experience in providing business advisory, accounting and corporate strategy services to a variety of industries including cannabis, technology, pharmaceutical, real estate and natural resources. Mr. Gosain has helped numerous public companies in resolving complex accounting issues and implementing systems to address corporate governance, regulatory and reporting requirements. Mr. Gosain has assisted companies in going public transactions through CPCs and reverse takeovers. Mr. Gosain obtained his CPA, CA designation after graduating from Western University and has experience working in national and international accounting firms in Canada. Mr. Gosain currently serves as Chief Financial Officer of KMT-Hansa Corp., a non-operating listed issuer, and provides advisory services to a number of private and public companies.
The number of Directors on the Company’s Board is four following these changes. The appointment of Mr. Wickham and Mr. Gosain remain subject to review and approval by the TSX Venture Exchange.
About Spyder Cannabis Inc.
Spyder is an established cannabis and vape retailer that owns and operates two licensed-dispensaries under the brand SPDR Cannabis in Ontario and Alberta and the vape retail brands 180 Smoke and Spyder Vape. 180 Smoke is a leading omni-channel Canadian vape retailer with 26 locations across Ontario and a strong e-commerce presence with over 95,000 registered customers. 180 Smoke and Spyder Vape retail stores sell vape and nicotine-related products, herbal vaporizers and accessories, and other smoking cessation products. Spyder’s vape brands are committed to help adult smokers who seek alternatives to traditional combustible tobacco products.
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance of the Company. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “may”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company increasing its revenue run rate, completing acquisitions in the cannabis and vape sectors, and converting vape retail locations to cannabis dispensaries. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include that the Company’s management possesses the skills and competencies necessary to increase the revenue generated by the 180 Smoke business, that the Company’s management will be able to identify acquisition targets in the cannabis and vape sectors that will increase the Company’s revenue on terms that are satisfactory to the Company, regulatory and other third-party approvals, and licensing. Forward-looking information necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Such risks and factors include, but are not limited to, the risk that the Company’s management is unable to increase revenue generated from the 180 Smoke business organically, that the Company’s management fails to identify acquisition targets in the cannabis and vape sectors on terms satisfactory to the Company, and that the Company is unable to obtain licensing and other regulatory approvals necessary to convert the vape retail locations to cannabis dispensaries. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
For further information, please contact:
Spyder Cannabis Inc.
Cameron Wickham
Executive Vice Chair & CEO
T: (905) 330-1602
E: corporate@spydercannabis.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83516
News Provided by Newsfile via QuoteMedia
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”) , a leading international provider of consumer products in cannabis, today reported its financial and operating results for the first quarter ended March 31, 2021 . All financial information is provided in U.S. dollars unless otherwise indicated.
1Q 2021 Financial Highlights (Unaudited)
|
($ thousands, except per share amounts) |
Q1 2021 |
Q4 2020 |
% qoq |
Q1 2020 |
% yoy |
|||||||||||
|
Total Revenue |
$ |
260,320 |
$ |
230,253 |
13% |
$ |
96,496 |
170% |
||||||||
|
Gross profit before impact of biological assets |
$ |
128,467 |
$ |
110,595 |
16% |
$ |
52,483 |
145% |
||||||||
|
Gross profit on cannabis sales (1) |
$ |
128,030 |
$ |
109,625 |
17% |
$ |
33,042 |
287% |
||||||||
|
Gross margin on cannabis sales (1) |
49% |
48% |
43% |
|||||||||||||
|
Adjusted EBITDA (1) |
$ |
62,625 |
$ |
53,784 |
16% |
$ |
20,006 |
213% |
||||||||
|
Net income (loss) attributable to Curaleaf Holdings Inc. |
$ |
(17,211) |
$ |
(35,274) |
$ |
(15,089) |
||||||||||
|
Net income (loss) per share – basic and diluted |
$ |
(0.03) |
$ |
(0.05) |
$ |
(0.03) |
||||||||||
|
(1) |
See “Non-IFRS Financial and Performance Measures” below for more information regarding Curaleaf’s use of Non-IFRS financial measures and other reconciliations. |
|||||||||||||||
|
Earnings Call: Monday, May 10, 2021, at 5:00 P.M. ET |
|
|
Conference ID # is 6935525 |
|
|
Replay ID # is 10155488 |
|
|
U.S. Callers: 1 (888) 317 6003 |
U.S. Replay: 1 (877) 344 7529 |
|
International Callers: 1 (412) 317 6061 |
International Replay (Toll): 1 (412) 317 0088 |
|
Canadian Callers: 1 (866) 284 3684 |
Canadian Replay: 1 (855) 669 9658 |
|
The teleconference will be rebroadcasted starting at 7:00 P.M. ET |
|
|
on May 10, 2021 and will end at 7:00 P.M. ET on May 17, 2021 |
|
Joe Bayern , Chief Executive Officer of Curaleaf stated, “Curaleaf delivered record first quarter 2021 financial results with total revenue exceeding the high-end of our guidance range as we extended our U.S. leadership, all while creating a new foundation for future international growth opportunities. The stronger than expected first quarter performance drove record adjusted EBITDA as well as approximately 640 basis points of improvement in gross margin year-over-year. These impressive results reflect the leverage of the strategic investments we have made across the organization in cultivation, product innovation as well as expanding our branded retail and wholesale distribution channels. Curaleaf launched a range of innovative new products to our retail and wholesale channels during the quarter, including our new Select Squeeze THC-infused beverage enhancer which marked our most successful product launch ever and represented one of the cannabis industry’s widest national product launches to date. With our revenue projected to increase to $305 million to $315 million in the second quarter, we also expect to generate significant improvements in terms of achieving positive net income and positive operating cash flows in the back half of 2021.”
Boris Jordan , Executive Chairman of Curaleaf commented, “With the acceleration of cannabis liberalization momentum at the state and federal levels, Curaleaf’s prospects for growth in the United States have never been stronger. The recent approvals of adult-use cannabis in New Jersey and New York , which are states where Curaleaf has a leading market share, will unlock vast new markets, worth an estimated $2.1 billion and $5 billion in sales respectively. We raised approximately $300 million in new capital during the first quarter to help support our ability to scale for new adult-use markets while also allowing us to be opportunistic for highly attractive assets that further strengthen our position as the global cannabis market leader.”
First Quarter Highlights
- Record revenue of $260 million , a growth of 170% YoY, above guidance of $250 million to $255 million .
- Record adjusted EBITDA of $63 million , a growth of 213% YoY, and equivalent to a margin of 24%.
- Raised net proceeds of $240.6 million in a public offering and net proceeds of $49.9 million from a tack-on to the existing secured credit facility.
- Closed the quarter with 102 retail locations and 1,992 wholesale partner accounts.
- Launched Select Squeeze, a THC-infused beverage enhancer, to date the widest cannabis product launch in the nation, available in 14 states.
- Retail revenue grew by 14% sequentially, and 231% YoY, representing 72% of total revenue.
- Wholesale revenue grew by 12% sequentially, and 254% YoY, representing 28% of total revenue.
Post First Quarter Highlights
- Successfully closed the acquisition of EMMAC, Europe’s largest vertically integrated independent cannabis company, while securing $80 million in new capital into the European business subsidiary from a strategic investor to support future growth.
- Opened four new stores since March 31, 2021 in Illinois and Pennsylvania , bringing total retail locations to 106.
Financial Results for the First Quarter Ended March 31, 2021
Total revenue increased by 170% to $260 million during the first quarter of 2021, compared to $96 million in the first quarter of 2020.
|
Revenue (Unaudited) |
||||||
|
($ thousands) |
||||||
|
Q1 2021 |
Q4 2020 |
Q1 2020 |
||||
|
Retail revenue |
$ |
187,677 |
$ |
164,932 |
$ |
56,633 |
|
Wholesale revenue |
72,206 |
64,351 |
20,422 |
|||
|
Management fee income |
437 |
970 |
19,441 |
|||
|
Total Revenue |
$ |
260,320 |
$ |
230,253 |
$ |
96,496 |
Retail revenue increased by 231% to $188 million during the first quarter of 2021, compared to $57 million in the first quarter of 2020, representing 72% of total revenue. Growth in retail revenue was primarily due to strong organic growth across Curaleaf’s footprint, the opening of six new stores across Florida , Maine , and Pennsylvania , and the rapid acceleration of revenue growth in Arizona after the introduction of adult-use sales in January of 2021.
Wholesale revenue increased 254% to $72 million during the first quarter of 2021, compared to $20 million in the first quarter of 2020, representing 28% of total revenue. Growth in wholesale revenue was due primarily to the continued national expansion of the Select brand in both the Central and Northeastern markets including Massachusetts , New York , New Jersey , Maryland , Illinois , and Pennsylvania , and the successful launch of new products such as Select Squeeze, Select Essentials, and Select Fresh. It also resulted from strength of the Select brand in core Western markets including Arizona , California , and Oregon .
|
Gross Profit on Cannabis Sales (Unaudited) |
||||||
|
($ thousands) |
||||||
|
Q1 2021 |
Q4 2020 |
Q1 2020 |
||||
|
Retail and wholesale revenues |
$ |
259,883 |
$ |
229,283 |
$ |
77,055 |
|
Cost of goods sold |
131,853 |
119,658 |
44,013 |
|||
|
Gross profit on cannabis sales |
$ |
128,030 |
$ |
109,625 |
$ |
33,042 |
Gross profit on cannabis sales was $128 million for the first quarter of 2021, compared to $33 million in the first quarter of 2020. Gross profit margin reached 49%, equivalent to a year-over-year increase of 636 basis points. The increase was primarily due to an expansion in operating capacity as well as improved efficiency in the Company’s cultivation and processing facilities.
|
Net Income (Loss) |
||||||
|
($ thousands) |
||||||
|
Q1 2021 |
Q4 2020 |
Q1 2020 |
||||
|
Total Revenues |
$ |
260,320 |
$ |
230,253 |
$ |
96,496 |
|
Gross profit |
140,814 |
125,462 |
68,039 |
|||
|
Income (Loss) from operations |
33,705 |
20,627 |
4,993 |
|||
|
Total other income (expense), net |
(20,208) |
(17,893) |
(7,196) |
|||
|
Income tax benefit (expense) |
(30,708) |
(37,843) |
(13,249) |
|||
|
Net loss |
$ |
(17,211) |
$ |
(35,109) |
$ |
(15,089) |
For the first quarter of 2021, net loss attributable to Curaleaf Holdings, Inc. was $17 million , compared to a net loss of $15 million in the first quarter of 2020. The net result was primarily impacted by an income tax provision of $31 million due to increased gross profit in certain of the Company’s subsidiaries that are subject to the restrictions of Section 280E of the Internal Revenue Code and, to a lesser degree, by an increase in the interest expense related to lease liabilities due to the expanded number of retail sites. Net loss for the quarter included approximately $6 million in one-time charges which mostly include expenses associated with the equity offering and debt raise. These effects were partially compensated by a significant increase in Income from Operations.
|
Adjusted EBITDA (Unaudited) |
||||||
|
($ thousands) |
||||||
|
Q1 2021 |
Q4 2020 |
Q1 2020 |
||||
|
Net income (loss) |
$ |
(17,211) |
$ |
(35,109) |
$ |
(15,452) |
|
Interest expense, net |
20,623 |
25,366 |
9,804 |
|||
|
Income tax expense |
30,708 |
37,843 |
13,249 |
|||
|
Depreciation and amortization (1) |
30,155 |
29,034 |
14,906 |
|||
|
Share-based compensation |
4,907 |
16,114 |
4,501 |
|||
|
Other (income) expense |
(415) |
(7,473) |
(2,608) |
|||
|
Change in fair value of biological assets |
(12,347) |
(14,867) |
(15,556) |
|||
|
One time charges (2) |
6,206 |
2,876 |
11,162 |
|||
|
Adjusted EBITDA |
$ |
62,625 |
$ |
53,784 |
$ |
20,006 |
|
(1) |
Depreciation and amortization expense in Q1 2021, Q4 2020, and Q1 2020 include amounts charged to cost of goods sold on the statement of profits and losses. |
|
(2) |
One time charges in Q1 2021 mostly include expenses associated with the equity offering and debt raise. |
Adjusted EBITDA was a record $63 million for the first quarter of 2021, compared to $20 million for the first quarter of 2020. The year-over-year increase in adjusted EBITDA was primarily driven by solid revenue growth combined with strong operating leverage.
Balance Sheet and Liquidity
As of March 31, 2021 , the Company had $315 million of cash and $340 million of outstanding debt net of unamortized debt discounts.
Capital Expenditures
During the first quarter of 2021, Curaleaf invested $31 million net in capital expenditures, mostly attributable to cultivation, processing, and retail sites development activities.
Shares Outstanding
As of March 31, 2021 and December 31, 2020 , our weighted average shares outstanding amounted to 682,041,420 and 557,192,899 shares, respectively.
As of March 31, 2021 and December 31, 2020 , our issued and outstanding SVS and MVS shares amounted to 686,409,852 and 663,801,845 shares, respectively.
Non-IFRS Financial and Performance Measures
In this press release Curaleaf refers to certain non-IFRS financial measures such as “Gross Profit on Cannabis Sales” and “Adjusted EBITDA”. These measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. The Company defines “Gross Profit on Cannabis Sales” as retail and wholesale revenues less cost of goods sold. “Adjusted EBITDA” is defined by Curaleaf as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and one-time charges related to business development, acquisition, financing and reorganization costs. Curaleaf considers these measures to be an important indicator of the financial strength and performance of our business. We believe the adjusted results presented provide relevant and useful information for investors because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with IFRS, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The following tables provide a reconciliation of each of the non-IFRS measures to its closest IFRS measure.
|
Consolidated Statements of Financial Position (Unaudited) |
||||||
|
($ thousands) |
||||||
|
March 31, |
December 31, |
|||||
|
2021 |
2020 |
|||||
|
Assets |
||||||
|
Current assets: |
||||||
|
Cash |
$ |
314,591 |
$ |
73,542 |
||
|
Accounts receivable |
33,750 |
28,830 |
||||
|
Inventory, net |
237,254 |
197,991 |
||||
|
Biological assets |
46,452 |
46,210 |
||||
|
Assets held for sale |
60,922 |
58,504 |
||||
|
Prepaid expenses and other current assets |
22,785 |
10,140 |
||||
|
Current portion of notes receivable |
3,723 |
2,645 |
||||
|
Total current assets |
719,477 |
417,862 |
||||
|
Deferred tax asset |
5,528 |
5,528 |
||||
|
Notes receivable |
2,004 |
2,000 |
||||
|
Property, plant and equipment, net |
259,109 |
242,855 |
||||
|
Right-of-use assets, net |
265,078 |
267,168 |
||||
|
Intangible assets, net |
781,111 |
797,401 |
||||
|
Goodwill |
469,837 |
470,144 |
||||
|
Investments |
16,264 |
16,264 |
||||
|
Prepaid acquisition consideration |
132,234 |
132,234 |
||||
|
Other assets |
30,726 |
35,135 |
||||
|
Total assets |
$ |
2,681,368 |
$ |
2,386,591 |
||
|
Liabilities and Shareholders’ Equity |
||||||
|
Current liabilities: |
||||||
|
Accounts payable |
$ |
38,651 |
$ |
47,043 |
||
|
Accrued expenses |
54,368 |
57,475 |
||||
|
Income tax payable |
110,147 |
79,649 |
||||
|
Current portion of lease liability |
16,382 |
15,710 |
||||
|
Current portion of notes payable |
4,193 |
6,500 |
||||
|
Liabilities held for sale |
12,775 |
7,181 |
||||
|
Other current liabilities |
1,454 |
6,568 |
||||
|
Total current liabilities |
237,970 |
220,126 |
||||
|
Deferred tax liability |
222,566 |
226,465 |
||||
|
Notes payable |
335,320 |
285,001 |
||||
|
Lease Liabilities |
270,948 |
270,495 |
||||
|
Non-controlling interest redemption liability |
2,694 |
2,694 |
||||
|
Contingent consideration liability |
1,898 |
1,898 |
||||
|
Other long term liability |
3,864 |
3,698 |
||||
|
Total liabilities |
1,075,260 |
1,010,377 |
||||
|
Shareholders’ equity: |
||||||
|
Share capital |
2,021,980 |
1,754,412 |
||||
|
Treasury shares |
(5,208) |
(5,208) |
||||
|
Reserves |
(198,207) |
(177,744) |
||||
|
Accumulated deficit |
(211,856) |
(194,645) |
||||
|
Total Curaleaf Holdings, Inc. shareholders’ equity |
1,606,709 |
1,376,815 |
||||
|
Redeemable non-controlling interest |
(2,694) |
(2,694) |
||||
|
Non-controlling interest |
2,093 |
2,093 |
||||
|
Total shareholders’ equity |
1,606,108 |
1,376,214 |
||||
|
Total liabilities and shareholders’ equity |
$ |
2,681,368 |
$ |
2,386,591 |
||
|
Consolidated Statements of Profits and Losses (Unaudited) |
|||||
|
($ thousands, except for share and per share amounts) |
|||||
|
Three Months Ended |
|||||
|
March, 31 |
|||||
|
2021 |
2020 |
||||
|
Revenues: |
|||||
|
Retail and wholesale revenues |
$ |
259,883 |
$ |
77,055 |
|
|
Management fee income |
437 |
19,441 |
|||
|
Total revenues |
260,320 |
96,496 |
|||
|
Cost of goods sold |
131,853 |
44,013 |
|||
|
Gross profit before impact of biological assets |
128,467 |
52,483 |
|||
|
Realized fair value amounts included in inventory sold |
(68,914) |
(21,191) |
|||
|
Unrealized fair value gain on growth of biological assets |
81,261 |
36,747 |
|||
|
Gross profit |
140,814 |
68,039 |
|||
|
Operating expenses: |
|||||
|
Selling, general and administrative |
80,090 |
45,857 |
|||
|
Share-based compensation |
4,907 |
4,501 |
|||
|
Depreciation and amortization |
22,112 |
12,688 |
|||
|
Total operating expenses |
107,109 |
63,046 |
|||
|
Income (Loss) from operations |
33,705 |
4,993 |
|||
|
Other income (expense): |
|||||
|
Interest income |
88 |
2,846 |
|||
|
Interest expense |
(12,151) |
(10,492) |
|||
|
Interest expense related to lease liabilities |
(8,560) |
(2,158) |
|||
|
Other income (expense) |
415 |
2,608 |
|||
|
Total other income (expense), net |
(20,208) |
(7,196) |
|||
|
Income (Loss) before provision for income taxes |
13,497 |
(2,203) |
|||
|
Income tax benefit (expense) |
(30,708) |
(13,249) |
|||
|
Net loss |
(17,211) |
(15,452) |
|||
|
Less: Net income (loss) attributable to non-controlling interest |
— |
(363) |
|||
|
Net loss attributable to Curaleaf Holdings, Inc. |
$ |
(17,211) |
$ |
(15,089) |
|
|
Loss per share attributable to Curaleaf Holdings, Inc. – basic and diluted |
$ |
(0.03) |
$ |
(0.03) |
|
|
Weighted average common shares outstanding – basic and diluted |
682,041,420 |
507,700,498 |
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About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select and Grassroots provide industry-leading service, product selection and accessibility across the medical and adult-use markets. In the United States, Curaleaf currently operates in 23 states with 106 dispensaries, 23 cultivation sites and more than 30 processing sites, employing over 4,800 team members. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Canadian Securities Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com .
Contact Information
Investor Contact:
Curaleaf Holdings, Inc. Carlos Madrazo , SVP Head of IR & Capital Markets
ir@curaleaf.com
Media Contact:
Curaleaf Holdings, Inc. Tracy Brady , VP of Corporate Communications
media@curaleaf.com
Disclaimer
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws (“forward-looking statements”). Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on management’s current beliefs, expectations or assumptions regarding the future of the business, plans and strategies, operational results and other future conditions of the Company. In addition, the Company may make or approve certain statements in future filings with Canadian securities regulatory authorities, in press releases, or in oral or written presentations by representatives of the Company that are not statements of historical fact and may also constitute forward-looking statements. All statements, other than statements of historical fact, made by the Company that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements, including, but not limited to, statements preceded by, followed by or that include words such as “assumptions”, “assumes”, “guidance”, “outlook”, “may”, “will”, “would”, “could”, “should”, “believes”, “estimates”, “projects”, “potential”, “expects”, “plans”, “intends”, “anticipates”, “targeted”, “continues”, “forecasts”, “designed”, “goal”, or the negative of those words or other similar or comparable words and includes, among others, information regarding: its outlook for and expected operating margins, capital allocation, free flow cash and other financial results; growth of its operations via expansion, for the effects of any transactions; expectations for the potential benefits of any transactions; statements relating to the business and future activities of, and developments related to, the Company after the date of this press release, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s business, operations and plans; expectations that planned acquisitions will be completed; expectations regarding cultivation and manufacturing capacity; expectations regarding receipt of regulatory approvals; expectations that licenses applied for will be obtained; potential future legalization of adult-use and/or medical cannabis under U.S. federal law; expectations of market size and growth in the U.S. and the states in which the Company operates; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; and other events or conditions that may occur in the future. Forward-looking statements may relate to future financial conditions, results of operations, plans, objectives, performance or business developments. These statements speak only as at the date they are made and are based on information currently available and on the then current expectations. Holders of securities of the Company are cautioned that forward-looking statements are not based on historical facts but instead are based on reasonable assumptions and estimates of management of the Company at the time they were provided or made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, but not limited to, risks and uncertainties related to: the available funds of the Company and the anticipated use of such funds; the availability of financing opportunities; legal and regulatory risks inherent in the cannabis industry; risks associated with economic conditions, dependence on management and currency risk; risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti-money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to contracts with third-party service providers; risks related to the enforceability of contracts; reliance on the expertise and judgment of senior management of the Company, and ability to retain such senior management; risks related to proprietary intellectual property and potential infringement by third-parties; the concentrated voting control of the Company’s Chairman and the unpredictability caused by the capital structure; risks relating to the management of growth; increasing competition in the industry; risks inherent in an agricultural business; risks relating to energy costs; risks associated to cannabis products manufactured for human consumption including potential product recalls; reliance on key inputs, suppliers and skilled labor; cybersecurity risks; ability and constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risks related to the economy generally; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcement of judgments and effect service outside of Canada ; risks related to future acquisitions or dispositions; sales by existing shareholders; limited research and data relating to cannabis; as well as those risk factors discussed under “Risk Factors” in the Company’s Annual Management, Discussion and Analysis dated March 11, 2021 , and in the Company’s Annual Information Form dated April 28, 2021 , and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities. The purpose of forward-looking statements is to provide the reader with a description of management’s expectations, and such forward-looking statements may not be appropriate for any other purpose. In particular, but without limiting the foregoing, disclosure in this press release as well as statements regarding the Company’s objectives, plans and goals, including future operating results and economic performance may make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. You should not place undue reliance on forward-looking statements contained in this press release. Such forward-looking statements are made as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.
This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about the Company’s prospective results of operations, production and production efficiency, commercialization, revenue and cash on hand, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set second in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about the Company’s future business operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. The financial information reported in this news release is based on unaudited management prepared financial statements for the quarter ended March 31, 2021 . Accordingly, such financial information may be subject to change. Financial statements for the period will be released and filed under the Company’s profiles on SEDAR at www.sedar.com no later than May 12, 2021 . All financial information contained in this news release is qualified in its entirety with reference to such unaudited financial statements. While the Company does not expect there to be any material changes, to the extent that the financial information contained in this news release is inconsistent with the information contained in the Company’s unaudited financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company’s unaudited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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SOURCE Curaleaf Holdings, Inc.
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Cannabis - Will The Fortune 500 Join The Party?
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Harvest Health & Recreation Inc. (“Harvest” or the “Company”) (OTC: HRVSF) in connection with the proposed acquisition of the Company by Trulieve Cannabis Corp. (“Trulieve”) (OTC: TCNNF). Under the terms of the merger agreement, Harvest shareholders will receive 0.1170 shares of Trulieve common stock for each Harvest share that they own, representing implied per-share merger consideration of approximately $4.79 based upon Trulieve’s May 7, 2021 closing price of $40.92 . Upon consummation of the transaction, current Harvest shareholders will own only 26.7% of the issued and outstanding pro forma Trulieve shares.
If you own Harvest shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
http://www.weisslawllp.com/HRVSF/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16 th Floor
New York , NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
WeissLaw LLP is investigating whether (i) Harvest’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the merger consideration adequately compensates Harvest’s shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
View original content to download multimedia: http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-investigates-harvest-health–recreation-inc-301287808.html
SOURCE WeissLaw LLP
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Cannabis - Will The Fortune 500 Join The Party?
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the “Company”), an innovative global cannabinoid company, today announced that Mike Gorenstein, Executive Chairman, will speak at Canaccord Genuity’s 5th Annual Global Cannabis Conference on Tuesday, May 11, 2021 at 2:30 p.m. EDT.
Participants may access a live webcast of the presentation by going to the Upcoming Events page at thecronosgroup.com . A replay will be made available shortly following the live presentation.
About Cronos Group Inc.
Cronos Group is an innovative global cannabinoid company with international production and distribution across five continents. Cronos Group is committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos Group is building an iconic brand portfolio. Cronos Group’s portfolio includes PEACE NATURALS ™, a global wellness platform, two adult-use brands, COVE ™ and Spinach ™, and three hemp-derived CBD brands, Lord Jones ™, Happy Dance ™ and PEACE+ ™.
Forward-Looking Statements
This press release may contain information that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws (collectively, “Forward-looking Statements”). All information contained herein that is not clearly historical in nature or that necessarily depends on future or subsequent events may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions or phrases intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include the Company’s intention to build an international iconic brand portfolio and develop disruptive intellectual property. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those Forward-looking Statements. Forward-looking Statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, including those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which has been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar, respectively, and subsequent reports on Form 10-Q. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos Group disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
Cronos Group Contact
Shayne Laidlaw
Tel: (416) 504-0004
investor.relations@thecronosgroup.com
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