extractX: Providing Turnkey Mobile Extraction Solutions for a Growing Global Cannabis Industry

extractX focuses on designing, constructing and operating industrial-scale mobile extraction laboratories around the globe. A Canada-based mobile extraction solutions company, extractX has designed, built and trained the operators of state-of-the-art, industrial-scale mobile extraction laboratories.

The company operates a turnkey lab service that can deliver up to 105 liters of distillate per day. This turnkey service costs considerably less than if a customer was to build a lab, which can run from C$3 million to C$6 million. Using extractX’s solution also ensures speed-to-market advantage for clients who desire to start processing quickly.

extractX’s mobile technology can process up to 500,000 pounds of biomass per year into distillate within a small footprint. Additionally, the company offers skilled technicians to facilitate these operations, contributing to the value-added turnkey model for extractX’s partners.

Company Highlights

extractX is a Canada-based mobile extraction solutions company focused on designing, constructing and operating industrial-scale mobile extraction laboratories around the globe.
The company operates a turnkey lab service that can be built into customers’ facilities. The service can deliver up to 105 liters of distillate per day.
extractX extraction and distillation solutions are fully mobile with the potential for expansion within small footprints.
In 2023, the company looks forward to building its facility capabilities with the construction of up to six new laboratory units by the end of the year.

This extractX profile is part of a paid investor education campaign.*

Click here to connect with extractX to receive an Investor Presentation

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Corporate Updates

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(in millions of U.S. Dollars)	Q4 2021			Q3 2022			Q4 2022			2021			2022
Revenue, net		45.9			66.2			69.0			194.2			247.8
Quarter-over-Quarter increase (decrease)		-0.2	%		3.4	%		4.2	%
Year-over-Year increase		2.2	%		43.9	%		50.3	%		46.9	%		27.6	%

Gross profit		22.6			31.1			30.8			112.5			101.5
Gross profit margin		49.1	%		47.0	%		44.6	%		57.9	%		41.0	%

Adjusted Gross Profit ¹		24.3			31.7			31.3			116.4			113.9
Adjusted Gross Profit Margin %		52.9	%		47.8	%		45.3	%		59.9	%		46.0	%

Share-based compensation expense		1.5			2.7			1.6			14.9			12.2
General & Administrative expense (excluding share based compensation)		15.3			24.0			33.6			60.2			103.4
G&A as a % of revenue, net		33.3	%		36.3	%		48.7	%		31.0	%		41.7	%

Net (loss) income from continuing operations		(1.2)			(300.6)			(2.0)			15.7			(299.4)

EBITDA from continuing operations ¹		15.3			(317.9)			30.0			81.4			(248.5)
Adjusted EBITDA from continuing operations ¹		13.2			13.0			12.2			69.6			38.8
Adjusted EBITDA Margin from continuing operations		28.6	%		19.6	%		17.7	%		35.9	%		15.7	%

Cash (used in) provided by operations		(3.8)			1.5			7.3			(31.8)			(26.1)

Date:	Thursday, March 16, 2023
Time:	5:00 p.m. Eastern Time
RapidConnect URL:	https://bit.ly/3iS4NpX
Webcast:	Click Here
Dial-in Number:	1-888-664-6392
Conference ID:	95181103
Replay:	416-764-8677 or 1-888-390-0541 Available until 12:00 midnight Eastern Time Thursday, March 30, 2023 Replay Entry Code: 181103#

	At		At
	December 31, 2022		December 31, 2021
Assets
Current Assets
Cash and cash equivalents	$	26,158	$	79,642
Restricted cash		605		—
Accounts receivable, net		22,443		12,495
Investments		3,595		—
Inventory		46,335		36,093
Assets held for sale		17,349		29,052
Prepaid Expenses and other current assets		4,937		5,029
Current assets from discontinued operations		571		10,178
		121,993		172,489
Non-Current Assets
Property and equipment, net		215,812		112,053
Deposits		837		1,977
Operating lease right of use assets		29,451		29,561
Intangible assets, net		239,704		168,425
Goodwill		90,328		90,326
Indemnification asset		—		3,969
Other non-current assets		3,462		3,135
		579,594		409,446
Total Assets	$	701,587	$	581,935

Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable and accrued liabilities	$	44,286		27,923
Deferred revenue		2,935		1,071
Loans payable, current		48,335		8,325
Contingent consideration payable, current		5,184		9,982
Operating lease liability, current		1,857		1,171
Lease obligations under finance leases, current		521		22
Corporate income tax payable		23,077		9,621
Other current liabilities		2,599		—
Current liabilities from discontinued operations		9,111		8,072
		137,905		66,187
Non-Current Liabilities
Loans payable, non-current		145,852		171,163
Contingent consideration payable, non-current		-		2,553
Operating lease liability, non-current		31,545		30,573
Lease obligations under finance leases, non-current		6,713		181
Warrant liability		711		54,986
Deferred income tax liability		30,700		14,269
Financing obligations		11,198		—
Other long term liabilities		15,792		13,069
		242,511		286,794
Total Liabilities		380,416		352,981
Commitments and Contingencies
Shareholders' Equity
Share Capital
Series A, convertible preferred stock, no par value, unlimited shares authorized; 12,608 and 13,708 shares outstanding as of December 31, 2022 and December 31, 2021, respectively		—		—
Series B, convertible preferred stock, no par value, unlimited shares authorized; 600 and 610 shares outstanding as of December 31, 2022 and December 31, 2021, respectively		—		—
Series C, convertible preferred stock, no par value, unlimited shares authorized; nil and 36 shares outstanding as of December 31, 2022 and December 31, 2021, respectively		—		—
Series D, convertible preferred stock, no par value, unlimited shares authorized; nil and nil shares outstanding as of December 31, 2022 and December 31, 2021, respectively		—		—
Proportionate voting shares, no par value, unlimited shares authorized; nil and nil shares outstanding as of December 31, 2022 and December 31, 2021, respectively		—		—
Exchangeable shares, no par value, unlimited shares authorized; 76,996,538 and 38,890,571 shares outstanding as of December 31, 2022 and December 31, 2021, respectively		—		—
Common stock, no par value, unlimited shares authorized; 259,624,531 and 190,930,800 shares outstanding as of December 31, 2022 and December 31, 2021, respectively		—		—
Additional paid in capital		934,972		535,418
Accumulated other comprehensive income (loss)		2,085		2,823
Accumulated deficit		(618,260)		(314,654)
Non-controlling interest		2,374		5,367
Total Shareholders' Equity		321,171		228,954
Total Liabilities and Shareholders' Equity	$	701,587	$	581,935

	For the years ended
		December 31, 2022		December 31, 2021		December 31, 2020
Revenue		$	249,258	$	201,076	$	139,118
Excise and cultivation tax			(1,429)		(6,866)		(6,966)
Revenue, net			247,829		194,210		132,152

Cost of Sales			146,325		81,708		46,461

Gross profit			101,504		112,502		85,691

Operating expenses:
General and administrative			115,588		75,107		60,763
Amortization and depreciation			9,658		5,533		3,886
Impairment of intangible assets			140,727		3,633		343
Impairment of goodwill			170,357		5,007		—
Impairment of property and equipment			1,089		312		6
Research and development			—		—		136
Total operating expenses			437,419		89,592		65,134

(Loss) income from operations			(335,915)		22,910		20,557
Other (income) expense
(Gain) loss from revaluation of contingent consideration			(1,061)		3,584		18,709
Gain on extinguishment of debt			(4,153)		—		—
(Gain) loss on fair value of warrants and purchase option derivative asset			(58,523)		(57,904)		110,518
Finance and other expenses			35,893		27,849		7,427
Transaction and restructuring costs			1,445		3,111		1,129
Loss on lease termination			—		3,278		—
Unrealized and realized foreign exchange loss			712		4,654		159
Unrealized and realized gain on investments			(43)		(6,192)		(533)
(Loss) income from continuing operations before provision from income taxes			(310,185)		44,530		(116,852)
Provision for income taxes			(10,783)		28,877		10,769
Net (loss) income from continuing operations		$	(299,402)	$	15,653	$	(127,621)

Discontinued operations:
Loss from discontinued operations, net of tax			(25,949)	$	(9,518)	$	(14,635)
Net (loss) income		$	(325,351)	$	6,135	$	(142,256)

Foreign currency translation			738		(6,485)		2,875
Comprehensive (loss) income		$	(326,089)	$	12,620	$	(145,131)

Net (loss) income from continuing operations attributable to:
Common and proportionate Shareholders of the Company		$	(303,959)	$	12,629	$	(139,204)
Non-controlling interests		$	4,557	$	3,024	$	(3,052)

Comprehensive (loss) income from continuing operations attributable to:
Common and proportionate Shareholders of the Company		$	(330,646)	$	9,596	$	(142,079)
Non-controlling interests		$	4,557	$	3,024	$	(3,052)

Net (loss) income per share
Net (loss) income per share - basic:
Continuing operations		$	(1.24)	$	0.07	$	(0.93)
Discontinued operations			(0.11)		(0.05)		(0.10)
Net (loss) income per share - basic		$	(1.35)	$	0.02	$	(1.03)
Weighted average number of outstanding common and proportionate voting shares			244,351,028		181,056,654		149,740,210

Net (loss) income per share - diluted:
Continuing operations		$	(1.24)	$	0.06	$	(0.93)
Discontinued operations			(0.11)		(0.05)		(0.10)
Net (loss) income per share - diluted		$	(1.35)	$	0.01	$	(1.03)
Weighted average number of outstanding common and proportionate voting shares, assuming dilution			244,351,028		208,708,664		149,740,210

	For the Twelve Months Ended
		December 31, 2022		December 31, 2021		December 31, 2020
Operating activities
Net (loss) income from continuing operations		$	(299,402)	$	15,653	$	(127,621)
Adjustments to reconcile net (loss) income to net cash used in operating activities
Non-cash write downs of inventory			9,082		4,941		—
Accretion expense			9,740		4,273		5,232
Depreciation of property and equipment and amortization of intangible assets			22,624		12,789		8,337
Amortization of operating right-of-use assets			1,980		1,074		4,184
Share-based compensation			12,162		14,941		10,475
Deferred income tax expense			(35,299)		(1,245)		(11,970)
(Gain) loss on fair value of warrants and purchase option derivative			(58,523)		(57,904)		110,518
Revaluation of contingent consideration			(1,061)		3,584		18,709
Impairment of goodwill and intangible assets			311,084		8,640		343
Impairment of property and equipment			1,089		312		6
Loss on derecognition of right of use assets and lease termination			1,163		3,278		—
Release of indemnification asset			3,973		4,504		—
Forgiveness of loan principal and interest			—		(1,414)		—
Fees for services related to NJ licenses			—		—		7,500
Gain on extinguishment of debt			(4,153)		—		—
Bad debt expense			9,941		—		—
Employee Retention Credits recorded in other income			(9,440)		—		—
Debt modification fees expensed			2,507		—		—
Unrealized and realized foreign exchange loss			712		4,654		159
Unrealized and realized (gain) loss on investments			(43)		(6,192)		(533)
Changes in operating assets and liabilities
Receivables			2,862		(3,209)		(4,039)
Inventory			676		(18,508)		(8,091)
Prepaid expense and other current assets			856		(1,649)		(5)
Deposits			3,666		—		—
Other assets			711		(726)		(442)
Accounts payable and accrued liabilities and other payables			(12,103)		2,820		7,631
Operating lease liability			(1,314)		(663)		(2,972)
Other liability			(9,941)		3,750		—
Contingent consideration payable			(410)		(11,394)		(56,527)
Corporate income tax payable			14,598		(6,938)		11,358
Deferred revenue			428		467		(196)
Net cash used in operating activities- continuing operations			(21,835)		(24,162)		(27,944)
Net cash used in operating activities- discontinued operations			(4,288)		(7,653)		(9,027)
Net cash used in operating activities			(26,123)		(31,815)		(36,971)

Investing activities
Investment in property and equipment			(39,631)		(39,835)		(43,784)
Investment in intangible assets			(2,261)		(376)		(842)
Principal payments received on lease receivable			515		677		118
Distributions of earnings from associates			—		469		153
Investment in NJ partnership			—		(50,000)		—
Deposits for business acquisition			(1,065)		—		(1,389)
Payments made for land contracts			(1,271)		—		—
Cash portion of consideration paid in acquisitions, net of cash acquired			16,227		(42,736)		739
Net cash used in investing activities- continuing operations			(27,486)		(131,801)		(45,005)
Net cash used in investing activities- discontinued operations			(93)		(620)		(885)
Net cash used in investing activities			(27,579)		(132,421)		(45,890)

Financing activities
Proceeds from options and warrants exercised			24,342		30,785		7,287
Loan principal paid			(42,221)		(4,500)		(48,893)
Loan modification fees paid			(4,977)		—		(2,250)
Proceeds from loans payable, net of transaction costs			43,419		766		196,348
Tax distributions to NJ partners			(1,539)		—		—
Capital contributions (paid) received (to) from non-controlling interests			(7,550)		(53)		393
Payments of contingent consideration			(6,630)		(18,274)		(90,657)
Payments made for financing obligations			(1,125)		—		—
Proceeds from private placement, net of share issuance costs			—		173,477		71,023
Net cash provided by financing activities- continuing operations			3,719		182,201		133,251
Net cash provided by financing activities- discontinued operations			—		—		155
Net cash provided by financing activities			3,719		182,201		133,406

Net (decrease) increase in cash and cash equivalents and restricted cash during the year			(49,983)		17,965		50,545
Net effects of foreign exchange			(2,896)		2,451		(481)
Cash and cash equivalents and restricted cash, beginning of year			79,642		59,226		9,162
Cash and cash equivalents and restricted cash, end of year		$	26,763	$	79,642	$	59,226

Supplemental disclosure with respect to cash flows
Income taxes paid		$	9,917	$	37,060	$	11,204
Interest paid		$	26,840	$	21,171	$	1,955
Lease termination fee paid		$	3,300	$	-	$	-
Non-cash transactions
Shares issued- Canopy USA arrangement		$	55,520	$	-	$	-
Equity and warrant liability issued as consideration for acquisition		$	338,739	$	34,427	$	-
Notes receivable settled for business acquisition		$	-	$	-	$	3,032
Promissory note issued as consideration for acquisitions		$	10,000	$	8,839	$	-
Shares issued for liability settlement		$	264	$	-	$	-
Shares issued for compensation of services		$	-	$	-	$	3,750
Accrued capital purchases		$	2,187	$	450	$	4,544

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	For the Three Months Ended									For the Year Ended
(in millions of U.S. Dollars)	December 31, 2021			September 30, 2022			December 31, 2022				December 31, 2021			December 31, 2022
Revenue, net		45,947			66,243			69,041				194,210			247,829

Gross profit		22,551			31,131			30,798				112,502			101,504
Add the impact of:
Relief of fair value of inventory upon acquisition		1,735			415			—				3,465			2,770
Non-cash write downs of inventory		—			—			—				449			5,894
Vape recall		—			—			—				—			2,965
Other one time adjustments to gross profit		—			107			453				—			798
Adjusted Gross Profit		24,286			31,653			31,251				116,416			113,931
Adjusted Gross Profit Margin %		52.9	%		47.8	%		45.3	%			59.9	%		46.0	%

Cresco Labs Inc.
Financial Information and Non-GAAP Reconciliations
(All amounts expressed in thousands of U.S. Dollars)

Consolidated Statements of Operations
For the Three Months Ended December 31, 2022, September 30, 2022, and December 31, 2021
and Years Ended December 31, 2022 and December 31, 2021

	For the Three Months Ended									For the Year Ended
($ in thousands)	December 31, 2022			September 30, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Revenues, net	$	199,580		$	210,484		$	217,787		$	842,681		$	821,682
Cost of goods sold		110,970			111,372			107,765			434,762			415,335
Gross profit		88,610			99,112			110,022			407,919			406,347
Gross profit %		44.4	%		47.1	%		50.5	%		48.4	%		49.5	%
Operating expenses:
Selling, general and administrative		80,193			76,200			70,540			310,353			271,214
Share-based compensation		4,319			2,256			4,496			19,664			24,988
Depreciation and amortization		6,016			4,416			4,484			20,636			21,602
Impairment loss		140,655			—			14,945			140,655			305,894
Total operating expenses		231,183			82,872			94,465			491,308			623,698
(Loss) income from operations		(142,573	)		16,240			15,557			(83,389	)		(217,351	)

Other expense, net:
Interest expense, net		(15,904	)		(15,554	)		(14,851	)		(57,837	)		(51,211	)
Other income, net		2,521			14,797			10,911			15,227			13,031
Loss from equity method investments		—			—			—			—			(1,196	)
Total other expense, net		(13,383	)		(757	)		(3,940	)		(42,610	)		(39,376	)
(Loss) income before income taxes		(155,956	)		15,483			11,617			(125,999	)		(256,727	)
Income tax expense		(23,920	)		(18,732	)		(23,528	)		(89,097	)		(40,107	)
Net loss ¹	$	(179,876	)	$	(3,249	)	$	(11,911	)	$	(215,096	)	$	(296,834	)
¹ Net loss includes amounts attributable to non-controlling interests.

Cresco Labs Inc.
Unaudited Reconciliation of Gross Profit to Adjusted Gross Profit (Non-GAAP)
For the Three Months Ended December 31, 2022, September 30, 2022, and December 31, 2021
and Years Ended December 31, 2022 and December 31, 2021

	For the Three Months Ended									For the Year Ended
($ in thousands)	December 31, 2022			September 30, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Revenues, net	$	199,580		$	210,484		$	217,787		$	842,681		$	821,682
Cost of goods sold ¹		110,970			111,372			107,765			434,762			415,335
Gross profit	$	88,610		$	99,112		$	110,022		$	407,919		$	406,347
Fair value mark-up for acquired inventory		—			21			8,407			5,466			23,441
Cost of goods sold adjustments for acquisition and other non-core costs		1,129			593			—			4,379			—
Adjusted gross profit (Non-GAAP)	$	89,739		$	99,726		$	118,429		$	417,764		$	429,788
Adjusted gross profit % (Non-GAAP)		45.0	%		47.4	%		54.4	%		49.6	%		52.3	%
¹ Production (cultivation, manufacturing and processing) costs related to products sold during the period.

Cresco Labs Inc.
Summarized Consolidated Statements of Financial Position
As of December 31, 2022 and 2021

($ in thousands)	December 31, 2022		December 31, 2021
Cash, cash equivalents and restricted cash	$	121,510	$	226,102
Other current assets		205,442		195,653
Property and equipment, net		379,722		369,092
Intangible assets, net		407,590		437,644
Goodwill		330,555		446,767
Other non-current assets		139,778		105,205
Total assets	$	1,584,597	$	1,780,463

Total current liabilities		281,025		288,394
Total long-term liabilities		715,143		694,333
Total shareholders' equity		588,429		797,736
Total liabilities and shareholders' equity	$	1,584,597	$	1,780,463

Cresco Labs Inc.
Unaudited Reconciliation of Net Income to Adjusted EBITDA (Non-GAAP)
For the Three Months Ended December 31, 2022, September 30, 2022, and December 31, 2021
and Years Ended December 31, 2022 and December 31, 2021

	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
($ in thousands)	2022			2022			2021			2022			2021
Net loss ¹	$	(179,876	)	$	(3,249	)	$	(11,911	)	$	(215,096	)	$	(296,834	)
Depreciation and amortization		14,462			13,395			8,197			51,930			38,640
Interest expense, net		15,904			15,554			14,851			57,837			51,211
Income tax expense		23,920			18,732			23,528			89,097			40,107
Earnings before interest, taxes, depreciation and amortization ("EBITDA") (Non-GAAP)	$	(125,590	)	$	44,432		$	34,665		$	(16,232	)	$	(166,876	)

Other income, net		(2,521	)		(14,797	)		(10,911	)		(15,227	)		(13,031	)
Loss from equity method investments		—			—			—			—			1,196
Fair value mark-up for acquired inventory		—			21			8,407			5,466			23,441
Adjustments for acquisition and other non-core costs		12,714			9,093			4,954			35,732			15,803
Impairment loss		140,655			—			14,945			140,655			305,894
Share-based compensation		5,271			2,995			4,933			23,221			27,536
Adjusted EBITDA (Non-GAAP)	$	30,529		$	41,744		$	56,993		$	173,615		$	193,963
¹ Net loss includes amounts attributable to non-controlling interests.