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Q1 2024 revenue of $21.1 million excluding discontinued operations and NY increased 44.5% year-over-year –
– Submitted a substantial legal filing on May 2nd in the ongoing litigation with Verano –
Goodness Growth Holdings Announces First Quarter 2024 Results
– Company announces launch of Hi*AF and Boundary Waters branded beverages –
MINNEAPOLIS, May 07, 2024 (GLOBE NEWSWIRE) -- Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), a cannabis company committed to providing safe access, quality products and great value to its customers, today reported financial results for its first quarter ended March 31, 2024. Key financial results are presented below in summary form with supporting commentary and discussion from management of certain key operating metrics which the Company uses to judge its performance. All currency figures referenced herein are denominated in U.S. dollars.
| Summary of Key Financial Metrics | |||
| Three Months Ended | |||
| March 31, | |||
| US $ in millions | 2024 | 2023 | Variance |
| GAAP Revenue | $24.1 | $19.1 | 26.2% |
| Revenue (excluding discontinued operations & NY) | $21.1 | $14.6 | 44.5% |
| GAAP Gross Profit | $12.2 | $9.5 | 28.6% |
| Gross Profit Margin | 50.8 % | 49.9 % | 90 bps |
| SG&A Expenses | $7.1 | $7.2 | -1.5% |
| SG&A Expenses (% of Sales) | 29.3 % | 37.5 % | 880 bps |
| Operating Income (Loss) | $4.8 | $0.4 | 1191.6% |
| Operating Income Margin | 19.8 % | 1.9 % | 1,780 bps |
| EBITDA* | $6.8 | $1.4 | 370.5% |
| EBITDA Margin | 28.2 % | 7.6 % | 2,060 bps |
| * 1Q24 EBITDA includes a $1.3 million gain on Grown Rogue warrants which are marked to market at each period end | |||
Management Commentary
Chief Executive Officer Josh Rosen commented, "Our first quarter results reflect a continuation of the trends we observed during the fourth quarter, with continued improvements in operating and financial performance driven by the commencement of adult-use sales in Maryland in July 2023. In 2024, our teams remain focused on executing the key tenets of our CREAM & Fire strategy. As it relates to our divestiture process in New York, we continue to make progress with Ace Venture Enterprises and are also anticipating receiving approval to sell wholesale into the adult-use market shortly. With a short-term extension completed last week, we are also close to finalizing a longer-term extension with our senior secured lender, which has been supported by our progress with the New York divestiture and improved operating performance; that said our overall credit metrics have significant room for improvement and we continue to feel the pain of what we believe was the wrongful termination of our merger agreement with Verano."
Amber Shimpa, President and CEO of Vireo Health of Minnesota, commented, "Our operational key performance indicators continued to show strong improvements during the first quarter, and we continue to demonstrate market outperformance in Maryland's adult-use market. This past April 20 th holiday we were also pleased to build upon the success of our Hi*AF brand of vapes in Maryland with the launch our new Hi*AF and Boundary Waters branded cannabis beverages in our home market in Minnesota. We believe these new product introductions will help drive brand awareness ahead of the launch of adult-use sales in 2025, and we are looking forward to sharing additional details regarding our plans to prepare for Minnesota's adult-use launch later this year."
| Core Market KPIs 1 | |||
| Three Months Ended | |||
| US $ in millions | March 31, | ||
| 2024 | 2023 | Variance | |
| Total Flower Harvested (lbs) | 2,295 | 1,720 | 33.4% |
| % "A" Flower 2 | 50.6 % | 47.9 % | 270 bps |
| Total Retail Revenue | $17.8 | $13.1 | 36.2% |
| Same Store Sales Growth | - | - | 36.2% |
| Minnesota | - | - | 2.4 % |
| Maryland | - | - | 190.8 % |
| Total Wholesale Revenue | $3.4 | $1.6 | 114.4% |
| 1 Core Markets refer to the Company's operations in Maryland and Minnesota. | |||
| 2 "A Flower" refers to produced biomass that meet the Company's highest internal standards for flower quality, size, and appearance. | |||
Other Events
On April 1, 2024, the Company announced that it has executed a binding term sheet with ACE Venture Enterprises, Inc. ("Ace"), whereby Ace will acquire Goodness Growth Holdings subsidiary, Vireo Health of New York, pending regulatory approval. Terms of the transaction include a purchase price between $3.0 and $5.0 million for Vireo Health of New York's licenses, inventory and assets, an investment of $20.0 million from Ace for the development of the Johnstown, NY cannabis cultivation and manufacturing campus, and Ace's assumption of the Johnstown lease agreement with Innovative Industrial Properties. The parties also committed to a collaborative advisory agreement that retains Goodness Growth's management and compliance oversight in return for an approximate 15 percent share of net profits.
On May 1, 2024, the Company announced several leadership and corporate updates related to the day-to-day management of its business. Josh Rosen, who had served as Interim CEO since February of 2023, was appointed as Chief Executive Officer, effective immediately. The Company also provided updates regarding additional recent key personnel hires, details regarding a temporary extension of its credit agreement with its senior secured lender until June 14, 2024, and its planned name change to Vireo during the second quarter of 2024.
On May 2, 2024, the Company announced that it filed an application with the Supreme Court of British Columbia for summary determination in its ongoing litigation with Verano Holdings, Inc. ("Verano"). Goodness Growth is seeking damages of US $860.9 million from Verano, as well as other costs and legal fees, based on Verano's breach of contract and of its duty of good faith and honest performance. While the Company's filing of its application for summary determination reflects its belief that Verano's defense against its claims of unlawful conduct is without merit, Goodness Growth can make no assurances regarding the expected timeframe to resolve this litigation, or its ability to recover damages from Verano.
Balance Sheet and Liquidity
As of March 31, 2024, total current assets were $147.2 million, including cash on hand of $12.6 million. Total current liabilities were $184.2 million, including $88.4 million in liabilities held for sale related to the Company's businesses in the State of New York. As of March 31, 2024, the Company had a total of 234,937,843 shares outstanding on the treasury method basis.
Launch of Hi*AF & Boundary Waters Branded Beverages
On April 20, 2024, the Company launched its new lines of Hi*AF and Boundary Waters low-dose hemp-derived THC beverages in its home market of Minnesota. The Company's launch of beverages represents the culmination of months of work to establish a position in a growing sales channel within Minnesota with potential for expansion across the United States.
Amber Shimpa commented, "In a very short timeframe, Minnesota has established a robust market for low-dose THC product consumption both onsite in many bars, restaurants, and breweries, as well as at retail points of sale throughout the State. We have had a front row seat to this evolution and believe beverages represent an important sales channel that will drive greater adoption of cannabis consumption with new consumers as the industry continues to mature. Our beverages strategy reflects a capital light, low risk entry into this market with low-dose hemp-derived THC beverage products, and provides an attractive marketing opportunity to seed our brands ahead of the launch of adult-use sales in 2025."
Conference Call and Webcast Information
Goodness Growth management will host a conference call with research analysts today, May 7, 2024, at 4:30 p.m. ET (3:30 p.m. CT) to discuss its financial results for its first quarter ended March 31, 2024. Interested parties may attend the conference call by dialing 1-800-715-9871 (Toll-Free) (US and Canada) or 1-646-307-1963 (Toll) (International) and referencing conference ID number 3718174.
A live audio webcast of this event will also be available in the Events & Presentations section of the Company's Investor Relations website and via the following link:
https://events.q4inc.com/attendee/586704075 .
About Vireo & Goodness Growth
Vireo (Goodness Growth) was founded as a pioneer in medical cannabis in 2014 and sustained with an entrepreneurial drive that fuels our ongoing commitment to serve and delight our key stakeholders, most notably our customers, our employees, our shareholders, our industry collaborators, and the communities in which we live and operate. We work every day to get better and our team prioritizes 1) empowering and supporting strong local market leaders and 2) strategic, prudent capital and human resource allocation. For more information, please visit www.vireohealth.com .
Additional Information
Additional information relating to the Company's first quarter 2024 results will be available on EDGAR and SEDAR later today. Goodness Growth refers to certain non-GAAP financial measures such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in circumstances in which the Company believes that doing so provides additional perspective and insights when analyzing the core operating performance of the business. These measures do not have any standardized meaning and may not be comparable to similar measures presented by other issuers. Please see the Supplemental Information and Reconciliation of Non-GAAP Financial Measures at the end of this news release for more detailed information regarding non-GAAP financial measures.
Contact Information
| Investor Inquiries: Sam Gibbons Investor Relations investor@vireohealth.com (612) 314-8995 | Media Inquiries: Amanda Hutcheson Senior Manager, Communications amandahutcheson@goodnessgrowth.com (919) 815-1476 |
Forward-Looking Statement Disclosure
This press release contains "forward-looking information" within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes "financial outlooks" within the meaning of applicable United States or Canadian securities laws, this information is being provided as preliminary financial results; the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as "should," "believe," "estimate," "would," "looking forward," "may," "continue," "expect," "expected," "will," "likely," "subject to," "transformation," and "pending," variations of such words and phrases, or any statements or clauses containing verbs in any future tense. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein and in our Annual Report on Form 10-K filed with the Securities Exchange Commission. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue, EBITDA, and cash on hand may differ materially from the values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management's experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, the reader should not place undue reliance on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to: risks related to the timing and content of adult-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to epidemics and pandemics; federal, state, local, and foreign government laws, rules, and regulations, including federal and state laws and regulations in the United States relating to cannabis operations in the United States and any changes to such laws or regulations; operational, regulatory and other risks; execution of business strategy; management of growth; difficulties inherent in forecasting future events; conflicts of interest; risks inherent in an agricultural business; risks inherent in a manufacturing business; liquidity and the ability of the Company to raise additional financing to continue as a going concern; the Company's ability to meet the demand for flower in Minnesota; risk of failure in the lawsuit with Verano and the cost of that litigation; our ability to dispose of our assets held for sale at an acceptable price or at all; and risk factors set out in the Company's Form 10-K for the year ended December 31, 2023, which is available on EDGAR with the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com .
The statements in this press release are made as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.
Supplemental Information
The financial information reported in this news release is based on unaudited financial statements for the first fiscal quarter ended March 31, 2024, and March 31, 2023. All financial information contained in this news release is qualified in its entirety with reference to such financial statements. To the extent that the financial information contained in this news release is inconsistent with the information contained in the Company's audited financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company's audited 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.
| GOODNESS GROWTH HOLDINGS, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS AS OF 3/31/2024 AND 12/31/2023 | |||||||
| (Amounts Expressed in United States Dollars, Unaudited and Condensed) | |||||||
| March 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash | $ | 12,603,903 | $ | 15,964,665 | |||
| Accounts receivable, net of allowance for doubtful accounts of $254,961 and $453,860, respectively | 2,753,673 | 3,086,640 | |||||
| Income tax receivable | 12,102,916 | 12,278,119 | |||||
| Inventory | 19,357,250 | 19,285,870 | |||||
| Prepayments and other current assets | 1,046,127 | 1,336,234 | |||||
| Notes receivable, current | 3,750,000 | 3,750,000 | |||||
| Warrants held | 3,265,231 | 1,937,352 | |||||
| Assets Held for Sale | 92,297,445 | 91,213,271 | |||||
| Total current assets | 147,176,545 | 148,852,151 | |||||
| Property and equipment, net | 23,541,445 | 23,291,183 | |||||
| Operating lease, right-of-use asset | 11,118,882 | 2,018,163 | |||||
| Intangible assets, net | 8,513,765 | 8,718,577 | |||||
| Deposits | 533,745 | 383,645 | |||||
| Total assets | $ | 190,884,382 | $ | 183,263,719 | |||
| Liabilities | |||||||
| Current liabilities | |||||||
| Accounts Payable and Accrued liabilities | $ | 7,970,158 | $ | 7,674,389 | |||
| Long-Term debt, current portion | 60,896,288 | 60,220,535 | |||||
| Right of use liability | 882,457 | 890,013 | |||||
| Uncertain tax liability | 26,116,000 | 22,356,000 | |||||
| Liabilities held for sale | 88,373,080 | 88,326,323 | |||||
| Total current liabilities | 184,237,983 | 179,467,260 | |||||
| Right-of-use liability | 19,635,409 | 10,543,934 | |||||
| Other long-term liabilities | 176,257 | 155,917 | |||||
| Convertible debt, net | 9,410,053 | 9,140,257 | |||||
| Total liabilities | $ | 213,459,702 | 199,307,368 | ||||
| Stockholders' equity (deficiency) | |||||||
| Subordinate Voting Shares ($- par value, unlimited shares authorized; 111,041,230 shares issued and outstanding at March 31, 2024 and 110,007,030 at December 31, 2023) | — | — | |||||
| Multiple Voting Shares ($- par value, unlimited shares authorized; 320,851 shares issued and outstanding at March 31, 2024 and 331,193 at December 31, 2023) | — | — | |||||
| Super Voting Shares ($- par value; unlimited shares authorized; 0 shares issued and outstanding at March 31, 2024 and December 31, 2023) | — | — | |||||
| Additional Paid in Capital | 187,564,192 | 187,384,403 | |||||
| Accumulated deficit | (210,139,512 | ) | (203,428,052 | ) | |||
| Total stockholders' equity (deficiency) | $ | (22,575,320 | ) | $ | (16,043,649 | ) | |
| Total liabilities and stockholders' equity (deficiency) | $ | 190,884,382 | $ | 183,263,719 | |||
| GOODNESS GROWTH HOLDINGS, INC. | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| THREE MONTHS ENDED MARCH 31, 2024 AND 2023 | ||||||||
| (Amounts Expressed in United States Dollars, Unaudited and Condensed) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 24,087,315 | $ | 19,088,423 | ||||
| Cost of sales | ||||||||
| Product costs | 12,146,888 | 9,578,211 | ||||||
| Inventory valuation adjustments | (304,000 | ) | (10,000 | ) | ||||
| Gross profit | 12,244,427 | 9,520,212 | ||||||
| Operating expenses: | ||||||||
| Selling, general and administrative | 7,051,613 | 7,156,835 | ||||||
| Stock-based compensation expenses | 179,789 | 1,675,594 | ||||||
| Depreciation | 73,547 | 159,511 | ||||||
| Amortization | 180,034 | 159,766 | ||||||
| Total operating expenses | 7,484,983 | 9,151,706 | ||||||
| Gain (loss) from operations | 4,759,444 | 368,506 | ||||||
| Other income (expense): | ||||||||
| Impairment of long-lived assets | — | — | ||||||
| Gain (loss) on disposal of assets | (120,856 | ) | — | |||||
| Gain (loss) on sale of property and equipment | — | — | ||||||
| Interest expenses, net | (8,722,637 | ) | (7,134,789 | ) | ||||
| Other income (expenses) | 1,317,589 | 22,313 | ||||||
| Other income (expenses), net | (7,525,904 | ) | (7,112,476 | ) | ||||
| Loss before income taxes | (2,766,460 | ) | (6,743,970 | ) | ||||
| Current income tax expenses | (3,945,000 | ) | (1,725,000 | ) | ||||
| Deferred income tax recoveries | — | 63,000 | ||||||
| Net loss and comprehensive loss | (6,711,460 | ) | (8,405,970 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.05 | ) | $ | (0.07 | ) | ||
| Weighted average shares used in computation of net loss per share - basic & diluted | 143,126,330 | 128,126,330 | ||||||
| GOODNESS GROWTH HOLDINGS, INC. | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| THREE MONTHS ENDED MARCH 31, 2024 AND 2023 | ||||||||
| (Amounts Expressed in United States Dollars, Unaudited and Condensed) | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (6,711,460 | ) | $ | (8,405,970 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Inventory valuation adjustments | (304,000 | ) | (10,000 | ) | ||||
| Depreciation | 73,547 | 159,511 | ||||||
| Depreciation capitalized into inventory | 560,180 | 734,087 | ||||||
| Non-cash operating lease expense | 103,564 | 206,290 | ||||||
| Amortization of intangible assets | 180,034 | 159,766 | ||||||
| Amortization of intangible assets capitalized into inventory | 24,778 | — | ||||||
| Stock-based payments | 179,789 | 1,675,594 | ||||||
| Warrants held | (1,327,879 | ) | — | |||||
| Interest Expense | 2,015,889 | 1,398,848 | ||||||
| Impairment of long-lived assets | — | — | ||||||
| Deferred income tax | — | (63,000 | ) | |||||
| Accretion | 52,815 | 394,573 | ||||||
| Loss (gain) on disposal of assets | 120,856 | — | ||||||
| Change in operating assets and liabilities: | ||||||||
| Accounts Receivable | 348,817 | 24,448 | ||||||
| Prepaid expenses | 290,106 | 513,902 | ||||||
| Inventory | 299,252 | (1,230,547 | ) | |||||
| Income taxes | 175,203 | 1,807,364 | ||||||
| Uncertain tax position liabilities | 3,760,000 | — | ||||||
| Accounts payable and accrued liabilities | 174,340 | (1,141,057 | ) | |||||
| Changes in operating lease liabilities | (168,746 | ) | — | |||||
| Change in assets and liabilities held for sale | (1,037,417 | ) | (18,767 | ) | ||||
| Net cash provided by (used in) operating activities | (1,190,332 | ) | (3,794,958 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| PP&E Additions | (899,264 | ) | (197,827 | ) | ||||
| Deposits | (150,100 | ) | (522,375 | ) | ||||
| Net cash provided by (used in) investing activities | (1,049,364 | ) | (720,202 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Debt principal payments | (1,050,000 | ) | — | |||||
| Lease principal payments | (71,066 | ) | (288,574 | ) | ||||
| Net cash provided by (used in) financing activities | (1,121,066 | ) | (288,574 | ) | ||||
| Net change in cash | (3,360,762 | ) | (4,803,734 | ) | ||||
| Cash, beginning of period | 15,964,665 | 15,149,333 | ||||||
| Cash, end of period | $ | 12,603,903 | $ | 10,345,599 | ||||
| GOODNESS GROWTH HOLDINGS, INC. STATE-BY-STATE REVENUE PERFORMANCE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 | |||||||||||||||
| Three Months Ended | |||||||||||||||
| March 31, | |||||||||||||||
| 2024 | 2023 | $ Change | % Change | ||||||||||||
| Retail: | |||||||||||||||
| MN | $ | 10,977,089 | $ | 10,718,916 | $ | 258,173 | 2 | % | |||||||
| NY | 1,821,269 | 2,361,942 | (540,673 | ) | (23 | )% | |||||||||
| NM | — | 1,052,316 | (1,052,316 | ) | (100 | )% | |||||||||
| MD | 6,801,082 | 2,338,625 | 4,462,457 | 191 | % | ||||||||||
| Total Retail | $ | 19,599,440 | $ | 16,471,799 | $ | 3,127,641 | 19 | % | |||||||
| Wholesale: | |||||||||||||||
| MD | 3,353,661 | 1,563,875 | 1,789,786 | 114 | % | ||||||||||
| NY | 1,134,214 | 1,052,749 | 81,465 | 8 | % | ||||||||||
| Total Wholesale | $ | 4,487,875 | $ | 2,616,624 | $ | 1,871,251 | 72 | % | |||||||
| Total Revenue | $ | 24,087,315 | $ | 19,088,423 | $ | 4,998,892 | 26 | % | |||||||
| NY and NM Revenue | $ | (2,955,483 | ) | $ | (4,467,007 | ) | $ | 1,511,524 | (34 | )% | |||||
| Total Revenue excluding NY and NM | $ | 21,131,832 | $ | 14,621,416 | $ | 6,510,416 | 45 | % | |||||||
Reconciliation of Non-GAAP Financial Measures
Goodness Growth management occasionally elects to provide certain non-GAAP financial measures such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). EBITDA is a non-GAAP measure and does not have a standardized definition under GAAP. The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.
| Reconciliation of Net Loss to EBITDA 1 | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
| Net income (loss) | $ | (6,711,460 | ) | $ | (8,405,970 | ) | ||
| Interest expense, net | 8,722,637 | 7,134,789 | ||||||
| Income taxes | 3,945,000 | 1,662,000 | ||||||
| Depreciation & Amortization | 253,581 | 319,277 | ||||||
| Depreciation included in cost of goods sold | 584,958 | 734,087 | ||||||
| EBITDA (non-GAAP) | $ | 6,794,716 | $ | 1,444,183 | ||||
| 1 1Q24 EBITDA includes a $1.3 million gain on Grown Rogue warrants which are marked to market at each period end | ||||||||
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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.
- 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
View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-announces-may-2024-event-participation-302137377.html
SOURCE Trulieve Cannabis Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/07/c6835.html
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Cronos Enters United Kingdom Cannabis Market
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") announced today that it is expanding its medical brand, PEACE NATURALS, into the United Kingdom market with its first shipment of cannabis flower to GROW ® Pharma, a leading distributor of prescribed medicinal cannabis products in the UK.
Cronos will provide high-quality premium cannabis products, which have become synonymous globally with the PEACE NATURALS® brand, to patients in the UK through this partnership. The Company's investments in R&D, tissue culture, and its cannabis genetics breeding program have enabled it to expand to Germany and Australia in the past year.
"Supplying the UK market, which we think has the potential to grow significantly this year, is another milestone for Cronos as we enter and expand within international markets," said Mike Gorenstein, Chairman, President, and CEO, Cronos. "We intend to establish PEACE NATURALS ® as a top brand in the UK, as we have done in Israel and Germany. We will continue to push forward on new market growth opportunities and expand our portfolio of borderless products while growing our European footprint."
Grow Pharma works with UK-based clinics as a wholesaler and pharmacy distributor as well as directly with patients by handling prescriptions and delivering products by mail. Their focus on quality of the supply chain, breadth of their portfolio and delivery of the best service to patients support their strong position as one of the market leaders.
"We're proud and excited to partner with Cronos and to further expand our offering to UK patients with high-quality medical cannabis products," said Pierre van Weperen, CEO, Grow Pharma. "As demand continues to increase and the expectations for high quality medical products are shifting upwards across the UK, we're pleased about this new partnership and to be able to supply PEACE NATURALS ® medical cannabis products to patients."
About Cronos Group Inc.
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos' diverse international brand portfolio includes Spinach ® , PEACE NATURALS ® and Lord Jones ® . For more information about Cronos and its brands, please visit: thecronosgroup.com.
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 and court decisions (collectively, "Forward-looking Statements"). All information contained herein that is not clearly historical in nature 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 expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include statements about the Company's plans to supply cannabis for GROW ® Pharma, the Company's plans with respect to international market entrance and expansion, the Company's partnership with GROW ® Pharma and impact of such partnership on GROW ® Pharma products, market share and competitive positioning, anticipated growth in the UK market, growth of demand in the UK market, consumer expectations for medicinal cannabis products in the UK, the Company's intent to establish its PEACE NATURALS ® brand as a top brand for patients in the UK, and Cronos' 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 and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 , which has been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar , respectively. 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 disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
For further information, please contact:
Investor Relations Contact:
Shayne Laidlaw
Investor Relations
Tel: (416) 504-0004
investor.relations@thecronosgroup.com
Media Relations Contact:
Emily Whalen
Communications
Tel: (416) 504-0004
media.relations@thecronosgroup.com
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Goodness Growth Holdings Announces Filing of Application for Summary Determination in Litigation with Verano
Filing reflects Company's belief that Verano's defense against claims of unlawful conduct is without merit –
– Legal filing represents a documentary record and corresponding damages analysis –
MINNEAPOLIS, May 02, 2024 (GLOBE NEWSWIRE) -- Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), today announced that it has filed an application with the Supreme Court of British Columbia for summary determination in its ongoing litigation with Verano Holdings, Inc. ("Verano") related to Verano's wrongful termination of the share exchange agreement (the "Arrangement Agreement") between the parties pursuant to which Verano agreed to acquire all of the outstanding capital stock of Goodness Growth in a transaction announced on February 1, 2022. The application filing for summary determination is a public document available through the registry of the Supreme Court of British Columbia.
As previously disclosed, on October 14, 2022, Verano delivered a Notice of Termination of the Arrangement Agreement to Goodness Growth. Goodness Growth subsequently filed a notice of civil claim against Verano with the Supreme Court of British Columbia on October 21, 2022. Goodness Growth is seeking substantial damages, specifically US $860.9 million, as well as other costs and legal fees, based on Verano's breach of contract and of its duty of good faith and honest performance. While the Company's filing of its application for summary determination reflects its belief that Verano's defense against its claims of unlawful conduct is without merit, Goodness Growth can make no assurances regarding the expected timeframe to resolve this litigation, or its ability to recover damages from Verano.
Chief Executive Officer Josh Rosen commented, "I stepped into my role at a vulnerable time for Goodness Growth, in the aftermath of Verano's termination of our merger agreement. As I have said before, we view this litigation as a valuable asset of Goodness Growth. Our filing today reflects our ongoing commitment to protecting and realizing it. The transaction with Verano was anticipated to be transformative: it was going to provide Goodness Growth with a means of unlocking its potential, including in the key markets of New York and Minnesota. We are committed to pursuing Verano for what we believe was a calculated and wrongful termination that deprived Goodness Growth of both access to capital and operational improvements. Our filing today represents the careful culmination of months of work: to compile what we consider to be a clear documentary record of what occurred, and corresponding damages analysis. On the latter front, the math speaks for itself. We're hopeful for an early determination, and an outcome reflective of the record and the math."
About Vireo & Goodness Growth
Vireo (Goodness Growth) was founded as a pioneer in medical cannabis in 2014 and sustained with an entrepreneurial drive that fuels our ongoing commitment to serve and delight our key stakeholders, most notably our customers, our employees, our shareholders, our industry collaborators, and the communities in which we live and operate. We work every day to get better and our team prioritizes 1) empowering and supporting strong local market leaders and 2) strategic, prudent capital and human resource allocation. For more information, please visit www.vireohealth.com .
Contact Information
| Investor Inquiries: Sam Gibbons Managing Director sam.gibbons@alpha-ir.com (612) 314-8995 | Media Inquiries: Amanda Hutcheson Senior Manager, Communications amandahutcheson@goodnessgrowth.com (919) 815-1476 |
Forward-Looking Statement Disclosure
This press release contains "forward-looking information" within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes "financial outlooks" within the meaning of applicable United States or Canadian securities laws, this information is being provided as preliminary financial results; the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as "should," "believe," "estimate," "would," "looking forward," "may," "continue," "expect," "expected," "will," "likely," "subject to," "transformation," and "pending," variations of such words and phrases, or any statements or clauses containing verbs in any future tense. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein and in our Annual Report on Form 10-K filed with the Securities Exchange Commission. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue, EBITDA, and cash on hand may differ materially from the values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management's experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, the reader should not place undue reliance on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to: risks related to the timing and content of adult-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to epidemics and pandemics; federal, state, local, and foreign government laws, rules, and regulations, including federal and state laws and regulations in the United States relating to cannabis operations in the United States and any changes to such laws or regulations; operational, regulatory and other risks; execution of business strategy; management of growth; difficulties inherent in forecasting future events; conflicts of interest; risks inherent in an agricultural business; risks inherent in a manufacturing business; liquidity and the ability of the Company to raise additional financing to continue as a going concern; the Company's ability to meet the demand for flower in Minnesota; risk of failure in the lawsuit with Verano and the cost of that litigation; our ability to dispose of our assets held for sale at an acceptable price or at all; and risk factors set out in the Company's Form 10-K for the year ended December 31, 2023, which will be available later today on EDGAR with the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com .
The statements in this press release are made as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.
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