Aurora Cannabis Closes Previously Announced Bought Deal Financing Over-Allotment Option Exercised in Full

NYSE | TSX: ACB

Aurora Cannabis Inc. (the "Company" or "Aurora") (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, announced today the closing of its previously announced bought deal public offering (the "Offering") of units of the Company (the "Units") for total gross proceeds of US$137,940,000 . The Company sold 13,200,000 Units at a price of US$10.45 per Unit, including 1,200,000 Units sold pursuant to the exercise in full of the underwriters' over-allotment option.

Each Unit is comprised of one common share of the Company (a "Common Share") and one half of one common share purchase warrant of the Company (each full common share purchase warrant, a "Warrant"). Each Warrant is exercisable to acquire one common share of the Company (a "Warrant Share") for a period of 36 months following the closing date of the Offering at an exercise price of US$12.60 per Warrant Share, subject to adjustment in certain events.

BMO Capital Markets and ATB Capital Markets acted as the bookrunners for the Offering.

The Company plans to use the net proceeds of the Offering for general corporate purposes, which may include opportunistically reducing debt. The Company believes that the Offering fits with its broader strategy to have a strong balance sheet while maintaining maximum flexibility to invest and build towards being a leader in global cannabinoids.

In connection with the Offering, the Company filed a prospectus supplement (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated October 28, 2020 (the "Base Shelf Prospectus") with the securities commissions or similar securities regulatory authorities in each of the provinces of Canada , except Quebec , and with the U.S. Securities and Exchange Commission (the "SEC") as part of the Company's registration statement on Form F-10 (the "Registration Statement") under the U.S./Canada Multijurisdictional Disclosure System. The Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement contain important detailed information about the Company and the Offering.

Copies of the Prospectus Supplement and the Base Shelf Prospectus are available on SEDAR at www.sedar.com and copies of the Prospectus Supplement and the Registration Statement are available on EDGAR at www.sec.gov . Copies of the Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement may also be obtained from BMO Capital Markets by contacting BMO Capital Markets, Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario , L6S 6H2 or by telephone at (905) 791-3151 Ext 431 or by email at torbramwarehouse@datagroup.ca or from BMO Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036 (Attn: Equity Syndicate), or by telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com . Copies of such documents may also be obtained from ATB Capital Markets Inc., Attn: Gail O'Connor , 410-585 8th Ave SW, Calgary, Alberta , T2P 1G1, (403) 539-8629 or by email from atbcm_dealflow@atb.com .

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Aurora

Aurora is a global leader in the cannabis industry serving both the medical and consumer markets. Headquartered in Edmonton, Alberta , Aurora is a pioneer in global cannabis dedicated to helping people improve their lives. The Company's brand portfolio includes Aurora, Aurora Drift, San Rafael '71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler, and Reliva CBD. Providing customers with innovative, high-quality cannabis products, Aurora's brands continue to break through as industry leaders in the medical, performance, wellness and recreational markets wherever they are launched. For more information, please visit our website at www.auroramj.com .

Aurora's common shares trade on the TSX and NYSE under the symbol "ACB", and is a constituent of the S&P/TSX Composite Index.

Forward Looking Statements

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law (" forward-looking statements "). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include statements regarding the expected use of proceeds of the Offering. These forward-looking statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward looking statements are based on the opinions, estimates and assumptions of management in light of management's experience and perception of historical trends, current conditions and expected developments at the date the statements are made, such as current and future market conditions, the ability to maintain SG&A costs in line with current expectations, the ability to achieve high margin revenues in the Canadian consumer market, the current and future regulatory environment and future approvals and permits. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements, including the risks associated with: entering the U.S. market, the ability to realize the anticipated benefits associated with the acquisition of Reliva, achievement of Aurora's business transformation plan, general business and economic conditions, changes in laws and regulations, product demand, changes in prices of required commodities, competition, the effects of and responses to the COVID-19 pandemic and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information form dated September 24, 2020 (the " AIF ") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com and filed with and available on the SEC's website at www.sec.gov , any of which could cause the Company to change its use of proceeds from the Offering. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

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Aurora Cannabis ACB:CA ACB Cannabis Investing

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

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

Trulieve Cannabis Corp . (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended March 31, 2024 . Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.

Q1 2024 Financial and Operational Highlights*

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

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

Recent Developments

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

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

Financial Highlights*

Results of Operations	For the Three Months Ended
(Figures in millions except per share data and % change based on these figures)	March 31, 2024		March 31, 2023		change	December 31, 2023		change
Revenue	$	298	$	285	4 %	$	287	4 %
Gross Profit	$	174	$	150	16 %	$	154	13 %
Gross Margin %		58 %		53 %			54 %
Operating Expenses	$	128	$	133	(4 %)	$	125	2 %
Operating Expenses %		43 %		47 %			43 %
Net loss**	$	(23)	$	(64)	64 %	$	(33)	31 %
Net loss continuing operations	$	(23)	$	(34)	32 %	$	(37)	36 %
Adjusted net loss	$	(10)	$	(18)	43 %	$	(23)	55 %
Basic and diluted shares outstanding		189		189			189
EPS continuing operations	$	(0.16)	$	(0.18)	9 %	$	(0.19)	17 %
Adjusted EPS	$	(0.05)	$	(0.09)	44 %	$	(0.12)	58 %
Adjusted EBITDA	$	106	$	78	35 %	$	88	21 %
Adjusted EBITDA Margin %		36 %		27 %			31 %

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

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

Conference Call
The Company will host a conference call and live audio webcast on May 9, 2024, at 8:30 A.M. Eastern time , to discuss its first quarter 2024 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.

North American toll free: 1-844-824-3830		Passcode: 3368806

International: 1-412-542-4136		Passcode: 3368806

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

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

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

Trulieve Cannabis Corp. Condensed Consolidated Balance Sheets (Unaudited) (in millions, except for share data)

	March 31, 2024	December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$ 320.3	$ 201.4
Restricted cash	6.6	6.6
Accounts receivable, net	5.9	6.7
Inventories	209.4	213.1
Prepaid expenses	17.4	17.6
Other current assets	20.3	23.7
Notes receivable - current portion, net	4.4	6.2
Assets associated with discontinued operations	0.9	2.0
Total current assets	585.3	477.3
Property and equipment, net	672.1	676.4
Right of use assets - operating, net	97.2	95.9
Right of use assets - finance, net	58.0	58.5
Intangible assets, net	901.7	917.2
Goodwill	483.9	483.9
Notes receivable, net	6.3	7.4
Other assets	12.8	10.4
Long-term assets associated with discontinued operations	2.0	2.0
TOTAL ASSETS	$ 2,819.3	$ 2,729.1
LIABILITIES
Current Liabilities:
Accounts payable and accrued liabilities	$ 82.8	$ 83.2
Income tax payable	1.2	—
Deferred revenue	2.1	1.3
Notes payable - current portion	3.8	3.8
Operating lease liabilities - current portion	10.5	10.1
Finance lease liabilities - current portion	7.8	7.6
Construction finance liabilities - current portion	1.6	1.5
Contingencies	4.4	4.4
Liabilities associated with discontinued operations	3.1	3.0
Total current liabilities	117.2	114.8
Long-Term Liabilities:
Private placement notes, net	363.6	363.2
Notes payable, net	115.0	115.9
Operating lease liabilities	93.6	92.2
Finance lease liabilities	61.6	61.7
Construction finance liabilities	136.4	136.7
Deferred tax liabilities	217.0	207.0
Uncertain tax position liabilities	278.0	180.4
Other long-term liabilities	5.0	7.1
Long-term liabilities associated with discontinued operations	40.9	41.6
TOTAL LIABILITIES	$ 1,428.3	$ 1,320.4
MEZZANINE EQUITY
Redeemable non-controlling interest	$ 7.7	$ —
SHAREHOLDERS' EQUITY
Common stock, no par value; unlimited shares authorized. 187,253,410 and 186,235,818 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.	$ —	$ —
Additional paid-in-capital	2,054.1	2,055.1
Accumulated deficit	(663.7)	(640.6)
Non-controlling interest	(7.0)	(5.9)
TOTAL SHAREHOLDERS' EQUITY	1,383.3	1,408.6
TOTAL LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS' EQUITY	$ 2,819.3	$ 2,729.1

Trulieve Cannabis Corp. Condensed Consolidated Statements of Operations (Unaudited) (in millions, except for share data)

	Three Months Ended March 31,
	2024	2023
Revenue	$ 297.6	$ 285.2
Cost of goods sold	123.8	135.0
Gross profit	173.8	150.2
Expenses:
Sales and marketing	61.1	60.7
General and administrative	40.2	39.3
Depreciation and amortization	27.8	29.6
Impairment and disposal of long-lived assets, net of (recoveries)	(1.4)	3.4
Total expenses	127.7	133.0
Income from operations	46.1	17.2
Other income (expense):
Interest expense, net	(14.7)	(21.2)
Interest income	3.3	1.1
Other (expense) income, net	(2.7)	4.1
Total other expense, net	(14.2)	(16.0)
Income before provision for income taxes	31.9	1.2
Provision for income taxes	55.4	35.5
Net loss from continuing operations	(23.5)	(34.3)
Net loss from discontinued operations, net of tax benefit of zero and $(0.5), respectively	(1.4)	(31.3)
Net loss	(24.8)	(65.6)
Less: net loss attributable to non-controlling interest from continuing operations	(1.4)	(1.0)
Less: net loss attributable to redeemable non-controlling interest from continuing operations	(0.3)	—
Less: net loss attributable to non-controlling interest from discontinued operations	—	(0.5)
Net loss attributable to common shareholders	$ (23.1)	$ (64.1)

EPS Numerator Reconciliation
Net loss attributable to common shareholders	$ (23.1)	$ (64.1)
Net loss from discontinued operations	1.4	30.8
Adjustment of redeemable non-controlling interest to maximum redemption value	(8.8)	—
Net loss from continuing operations available to common shareholders	$ (30.6)	$ (33.3)

Net loss per share - Continuing operations:
Basic and diluted	$ (0.16)	$ (0.18)
Net loss per share - Discontinued operations:
Basic and diluted	$ (0.01)	$ (0.16)
Weighted average number of common shares used in computing net loss per share:
Basic and diluted	189.5	188.9

Trulieve Cannabis Corp. Condensed Consolidated Statements of Cash Flows (Unaudited) (in millions)

	Three Months Ended March 31,
	2024	2023
Cash flows from operating activities
Net loss	$ (24.8)	$ (65.6)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	27.8	30.4
Depreciation included in cost of goods sold	13.5	13.6
Non-cash interest expense, net	0.4	1.4
Impairment and disposal of long-lived assets, net of recoveries	(1.4)	31.0
Amortization of operating lease right of use assets	2.6	2.6
Accretion of construction finance liabilities	0.2	0.4
Share-based compensation	5.2	2.4
Proceeds received from insurance - inventory and business interruption	1.5	—
Change in fair value of derivative liabilities - warrants	—	(0.3)
Non-cash change in contingencies	—	(3.7)
Allowance for credit losses	3.0	(0.2)
Deferred income tax expense (benefit)	10.0	(7.9)
Changes in operating assets and liabilities:
Inventories	3.5	0.3
Accounts receivable	1.5	1.6
Prepaid expenses and other current assets	1.0	(1.8)
Other assets	(2.4)	1.9
Accounts payable and accrued liabilities	1.0	9.2
Income tax payable	2.7	(13.4)
Other current liabilities	—	(5.4)
Operating lease liabilities	(2.2)	(2.5)
Deferred revenue	0.8	(4.5)
Uncertain tax position liabilities	97.6	9.8
Other long-term liabilities	(2.1)	1.2
Net cash provided by operating activities	139.2	0.4
Cash flows from investing activities
Purchases of property and equipment	(15.6)	(13.7)
Capitalized interest	0.1	(0.6)
Purchases of internal use software	(5.0)	(2.0)
Proceeds received from insurance recoveries on property and equipment	0.5	—
Cash paid for licenses	—	(3.5)
Proceeds from sales of long-lived assets	—	0.3
Payments received from notes receivable	0.3	0.2
Proceeds from sale of held for sale assets	0.7	0.6
Net cash used in investing activities	(19.0)	(18.8)
Cash flows from financing activities
Proceeds from redemption of non-controlling interest	3.0	—
Proceeds from equity exercises	0.2	—
Payments on notes payable	(0.9)	(3.4)
Payments on finance lease obligations	(1.9)	(2.0)
Payments on construction finance liabilities	(0.8)	(0.3)
Distributions to subsidiary non-controlling interest	(1.1)	(0.1)
Net cash used in financing activities	(1.6)	(5.8)
Net increase (decrease) in cash, cash equivalents, and restricted	118.6	(24.2)
Cash, cash equivalents, and restricted cash, beginning of period	208.0	213.8
Cash and cash equivalents of discontinued operations, beginning of period	0.3	5.7
Less: cash and cash equivalents of discontinued operations, end of period	—	(2.5)
Cash, cash equivalents, and restricted cash, end of period	$ 326.9	$ 192.8

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

Non-GAAP Financial Measures (Unaudited)
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin %, adjusted net loss (income), adjusted net income (loss) per diluted share and free cash flow. The Company calculates EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization and also excludes certain extraordinary items; adjusted net income (loss) as net income (loss) less certain extraordinary items; and free cash flow as cash flow from operations less capital expenditures. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

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

(Amounts expressed in millions of United States dollars)	Three Months Ended
(Amounts expressed in millions of United States dollars)	March 31, 2024		March 31, 2023		December 31, 2023
Net loss attributable to common shareholders	$	(23.1)	$	(64.1)	$	(33.4)
Add (deduct) impact of:
Interest expense, net	$	14.7	$	21.2	$	20.6
Interest income	$	(3.3)	$	(1.1)	$	(1.8)
Provision for income taxes	$	55.4	$	35.5	$	45.4
Depreciation and amortization	$	27.8	$	29.6	$	27.2
Depreciation included in cost of goods sold	$	13.5	$	12.1	$	14.5
EBITDA (Non-GAAP)	$	85.0	$	33.2	$	72.5
EBITDA Margin % (Non-GAAP)		29 %		12 %		25 %

Impairment and disposal of long-lived assets, net of (recoveries)	$	(1.4)	$	3.4	$	1.2
Legislative campaign contributions	$	9.2	$	10.5	$	0.5
Acquisition, transaction, and other non-recurring costs	$	3.7	$	1.9	$	10.7
Share-based compensation	$	5.2	$	2.4	$	3.2
Other expense (income), net	$	2.7	$	(4.1)	$	(0.7)
Discontinued operations, net of tax, attributable to common shareholders	$	1.4	$	30.8	$	(1.8)
Gain on debt extinguishment, net	$	—	$	—	$	2.2
Adjusted EBITDA (Non-GAAP)	$	105.8	$	78.1	$	87.8
Adjusted EBITDA Margin % (Non-GAAP)		36 %		27 %		31 %

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

	For the Three Months Ended
(Amounts expressed in millions of United States dollars)	March 31, 2024		March 31, 2023		December 31, 2023
Net loss attributable to common shareholders	$	(23.1)	$	(64.1)	$	(33.4)
Net loss (income) from discontinued operations	$	1.4	$	30.8	$	(1.8)
Adjustment of redeemable non-controlling interest to maximum redemption value	$	(8.8)	$	—	$	—
Net loss from continuing operations available to common shareholders	$	(30.6)	$	(33.3)	$	(35.2)
Add (deduct) impact of:
Adjustment of redeemable non-controlling interest to maximum redemption value	$	8.8	$	—	$	—
Fair value of derivative liabilities - warrants	$	—	$	(0.3)	$	—
Acquisition, transaction, and other non-recurring costs	$	3.7	$	1.9	$	10.7
Legislative campaign contributions	$	9.2	$	10.5	$	0.5
Impairment and disposal of long-lived assets, net of (recoveries)	$	(1.4)	$	3.4	$	1.2
Adjusted net loss (Non-GAAP)	$	(10.2)	$	(17.7)	$	(22.8)

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

	For the Three Months Ended
(Amounts expressed are per share except for shares which are in millions)	March 31, 2024		March 31, 2023		December 31, 2023
Net loss attributable to common shareholders	$	(0.12)	$	(0.34)	$	(0.18)
Net loss (income) from discontinued operations	$	0.01	$	0.16	$	(0.01)
Adjustment of redeemable non-controlling interest to maximum redemption value	$	(0.05)	$	—	$	—
Net loss from continuing operations available to common shareholders	$	(0.16)	$	(0.18)	$	(0.19)
Add (deduct) impact of:
Adjustment of redeemable non-controlling interest to maximum redemption value	$	0.05	$	—	$	—
Fair value of derivative liabilities - warrants	$	—	$	0.00	$	—
Acquisition, transaction, and other non-recurring costs	$	0.02	$	0.01	$	0.06
Legislative campaign contributions	$	0.05	$	0.06	$	0.00
Impairment and disposal of long-lived assets, net of (recoveries)	$	(0.01)	$	0.02	$	0.01
Adjusted net loss per share (Non-GAAP)	$	(0.05)	$	(0.09)	$	(0.12)
Basic and diluted shares outstanding		189.5		188.9		189.0

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

	For the Three Months Ended
(Amounts expressed in millions of United States dollars)	March 31, 2024		March 31, 2023		December 31, 2023
Cash flow from operating activities	$	139.2	$	0.4	$	131.5
Payments for property and equipment	$	(15.6)	$	(13.7)	$	(9.4)
Free cash flow	$	123.6	$	(13.3)	$	122.1

Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company's growth opportunities and and the Company's positioning for the future. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our periodic reports subsequently filed with the United Sates Securities and Exchange Commission and in the Company's filings on SEDAR at www.sedar.com . Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise.

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

Facebook: @Trulieve
Instagram: @Trulieve_
X: @Trulieve

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

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

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

SOURCE Trulieve Cannabis Corp.

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

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Trulieve Announces May 2024 Event Participation

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

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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(in thousands of USD)	Three months ended March 31, 2024				Change
		2024		2023	$		%
Consolidated net revenue	$	25,288	$	19,495	$	5,793	30%

Cost of sales		20,805		16,568		4,237	26%
Gross profit	$	4,483	$	2,927	$	1,556	53%
Gross margin ⁽ⁱ⁾		18%		15%	N/A		3 pp

Net income (loss) ⁽ⁱⁱ⁾	$	(2,484)	$	(18,035)	$	15,551	86%

Adjusted EBITDA ⁽ⁱⁱⁱ⁾	$	(10,669)	$	(15,682)	$	5,013	32%

Other Data
Cash and cash equivalents ^(iv)	$	855,114	$	413,667	$	441,447	107%
Short-term investments ^(iv)		—		422,763		(422,763)	(100)%
Capital expenditures ^(v)		1,994		737		1,257	171%

^{(i) Gross margin is defined as gross profit divided by net revenue.}
^{(ii) The improvement year-over-year in quarterly net income (loss) was primarily driven by an improvement in other income, operating loss and gross profit.}
^{(iii) See "Non-GAAP Measures" for more information, including a reconciliation of adjusted earnings (loss) before interest, taxes, depreciation and amortization ("Adjusted EBITDA") to net income (loss).}
^{(iv) Dollar amounts are as of the last day of the period indicated.}
^{(v) Capital expenditures represent component information of investing activities and is defined as the sum of purchase of property, plant and equipment, and purchase of intangible assets.}

	As of March 31, 2024			As of December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	855,114		$	669,291
Short-term investments		—			192,237
Accounts receivable, net		15,336			13,984
Interest receivable		3,864			10,012
Other receivables		5,919			6,341
Current portion of loans receivable, net		5,668			5,541
Inventory, net		30,639			30,495
Prepaids and other current assets		6,278			5,405
Held-for-sale assets		19,398			—
Total current assets		942,216			933,306
Equity method investments, net		20,521			19,488
Other investments		19,758			35,251
Non-current portion of loans receivable, net		66,545			69,036
Property, plant and equipment, net		37,171			59,468
Right-of-use assets		1,213			1,356
Goodwill		1,035			1,057
Intangible assets, net		20,018			21,078
Other assets		58			45
Total assets	$	1,108,535		$	1,140,085

Liabilities
Current liabilities
Accounts payable	$	9,401		$	12,130
Income taxes payable		73			64
Accrued liabilities		22,503			27,736
Current portion of lease obligation		958			994
Derivative liabilities		118			102
Current portion due to non-controlling interests		366			373
Total current liabilities		33,419			41,399
Non-current portion due to non-controlling interests		1,033			1,003
Non-current portion of lease obligation		1,305			1,559
Total liabilities		35,757			43,961

Shareholders' equity
Share capital		615,625			613,725
Additional paid-in capital		48,048			48,449
Retained earnings		414,478			416,719
Accumulated other comprehensive gain (loss)		(1,793	)		20,678
Total equity attributable to shareholders of Cronos Group		1,076,358			1,099,571
Non-controlling interests		(3,580	)		(3,447	)
Total shareholders' equity		1,072,778			1,096,124
Total liabilities and shareholders' equity	$	1,108,535		$	1,140,085

	Three months ended March 31,
(In thousands of U.S. dollars, except share and per share amounts, unaudited)		2024			2023
Net revenue, before excise taxes	$	35,367		$	26,554
Excise taxes		(10,079	)		(7,059	)
Net revenue		25,288			19,495
Cost of sales		20,805			16,568
Gross profit		4,483			2,927
Operating expenses
Sales and marketing		5,332			5,741
Research and development		997			2,039
General and administrative		8,907			11,856
Restructuring costs		83			—
Share-based compensation		2,015			2,535
Depreciation and amortization		1,123			1,525
Impairment loss on long-lived assets		1,974			—
Total operating expenses		20,431			23,696
Operating loss		(15,948	)		(20,769	)
Other income
Interest income, net		14,245			11,175
Loss on revaluation of derivative liabilities		(18	)		(65	)
Share of income (loss) from equity method investments		1,448			(496	)
Loss on revaluation of financial instruments		(2,642	)		(7,758	)
Impairment loss on other investments		(12,734	)		—
Foreign currency transaction gain (loss)		13,259			(1,643	)
Other, net		(652	)		85
Total other income		12,906			1,298
Loss before income taxes		(3,042	)		(19,471	)
Income tax benefit		(558	)		(1,436	)
Loss from continuing operations		(2,484	)		(18,035	)
Loss from discontinued operations		—			(1,222	)
Net loss		(2,484	)		(19,257	)
Net loss attributable to non-controlling interest		(243	)		(88	)
Net loss attributable to Cronos Group	$	(2,241	)	$	(19,169	)
Comprehensive loss
Net loss	$	(2,484	)	$	(19,257	)
Other comprehensive income (loss)
Foreign exchange gain (loss) on translation		(22,361	)		2,414
Comprehensive loss		(24,845	)		(16,843	)
Comprehensive loss attributable to non-controlling interests		(133	)		(8	)
Comprehensive loss attributable to Cronos Group	$	(24,712	)	$	(16,835	)
Net loss per share
Basic and diluted - continuing operations	$	(0.01	)	$	(0.05	)
Basic and diluted - discontinued operations		—			—
Basic and diluted - total	$	(0.01	)	$	(0.05	)

	Three months ended March 31,
		2024			2023
Operating activities
Net loss	$	(2,484	)	$	(19,257	)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation		2,015			2,551
Depreciation and amortization		1,731			2,405
Impairment loss on long-lived assets		1,974			—
Impairment loss on other investments		12,734			—
Loss from investments		894			8,419
Loss on revaluation of derivative liabilities		18			65
Changes in expected credit losses on long-term financial assets		(191	)		(764	)
Foreign currency transaction (gain) loss		(13,259	)		1,643
Other non-cash operating activities, net		1,066			(2,850	)
Changes in operating assets and liabilities:
Accounts receivable, net		(1,654	)		8,201
Interest receivable		4,251			(1,953	)
Other receivables		289			671
Prepaids and other current assets		(985	)		(848	)
Inventory		(777	)		(6,824	)
Accounts payable		(2,775	)		1,555
Income taxes payable		11			(32,813	)
Accrued liabilities		(5,062	)		(7,894	)
Cash flows used in operating activities		(2,204	)		(47,693	)
Investing activities
Purchase of short-term investments		—			(422,612	)
Proceeds from short-term investments		188,872			113,355
Proceeds from repayment on loan receivables		2,678			6,249
Purchase of property, plant and equipment		(1,724	)		(804	)
Purchase of intangible assets		(270	)		—
Cash flows provided by (used in) investing activities		189,556			(303,812	)
Financing activities
Withholding taxes paid on share-based awards		(645	)		(743	)
Cash flows used in financing activities		(645	)		(743	)
Effect of foreign currency translation on cash and cash equivalents		(884	)		1,271
Net change in cash and cash equivalents		185,823			(350,977	)
Cash and cash equivalents, beginning of period		669,291			764,644
Cash and cash equivalents, end of period	$	855,114		$	413,667
Supplemental cash flow information
Interest paid	$	—		$	—
Interest received	$	14,641		$	7,558
Income taxes paid	$	579		$	32,932

	Three months ended March 31, 2024
	Continuing Operations			Discontinued Operations		Total
Net loss	$	(2,484	)	$	—	$	(2,484	)
Interest income, net		(14,245	)		—		(14,245	)
Income tax benefit		(558	)		—		(558	)
Depreciation and amortization		1,731			–		1,731
EBITDA		(15,556	)		—		(15,556	)
Share of income from equity method investments		(1,448	)		—		(1,448	)
Impairment loss on long-lived assets		1,974			—		1,974
Loss on revaluation of derivative liabilities ⁽ⁱ⁾		18			—		18
Loss on revaluation of financial instruments ⁽ⁱⁱ⁾		2,642			—		2,642
Impairment loss on other investments ⁽ⁱⁱⁱ⁾		12,734			—		12,734
Foreign currency transaction gain		(13,259	)		—		(13,259	)
Other, net ^(iv)		652			—		652
Restructuring costs ^(v)		83			—		83
Share-based compensation ^(vi)		2,015			—		2,015
Financial statement review costs ^(vii)		(524	)		—		(524	)
Adjusted EBITDA	$	(10,669	)	$	—	$	(10,669	)

	Three months ended March 31, 2023
	Continuing Operations			Discontinued Operations			Total
Net loss	$	(18,035	)	$	(1,222	)	$	(19,257	)
Interest income, net		(11,175	)		(5	)		(11,180	)
Income tax benefit		(1,436	)		—			(1,436	)
Depreciation and amortization		2,276			129			2,405
EBITDA		(28,370	)		(1,098	)		(29,468	)
Share of loss from equity method investments		496			—			496
Loss on revaluation of derivative liabilities ⁽ⁱ⁾		65			—			65
Loss on revaluation of financial instruments ⁽ⁱⁱ⁾		7,758			—			7,758
Foreign currency transaction loss		1,643			—			1,643
Other, net ^(iv)		(85	)		—			(85	)
Share-based compensation ^(vi)		2,535			16			2,551
Financial statement review costs ^(vii)		276			—			276
Adjusted EBITDA	$	(15,682	)	$	(1,082	)	$	(16,764	)

⁽ⁱ⁾ For the three months ended March 31, 2024 and 2023, loss on revaluation of derivative liabilities represents the fair value changes on the derivative liabilities.
⁽ⁱⁱ⁾ For the three months ended March 31, 2024 and 2023, loss on revaluation of financial instruments related primarily to the Company's equity securities in Vitura.
⁽ⁱⁱⁱ⁾ For the three months ended March 31, 2024, loss on other investments represents the fair value change on the PharmaCann Option.
^(iv) For the three months ended March 31, 2024 and 2023, other, net related to (gain) loss on disposal of assets.
^(v) For the three months ended March 31, 2024, restructuring costs from continuing operations related to employee-related severance costs and other restructuring costs associated with the Realignment .
^(vi) For the three months ended March 31, 2024 and 2023, share-based compensation related to the non-cash expenses of share-based compensation awarded to employees under the Company's share-based award plans .
^(vii) For the three months ended March 31, 2024 and 2023, financial statement review costs include costs and reserves taken related to the Restatements, costs related to the Company's responses to requests for information from various regulatory authorities relating to the Restatements and legal costs incurred defending shareholder class action complaints brought against the Company as a result of the 2019 restatement. For the three months ended March 31, 2024, a credit balance is presented due to an insurance recovery.

	As Reported							As Adjusted for Constant Currency
	Three months ended March 31,				As Reported Change			Three months ended March 31,		Constant Currency Change
		2024		2023	$		%		2024	$		%
Net revenue	$	25,288	$	19,495	$	5,793	30%	$	25,505	$	6,010	31%
Gross profit		4,483		2,927		1,556	53%		4,549		1,622	55%
Gross margin		18%		15%	N/A		3 pp		18%	N/A		3 pp

Operating expenses		20,431		23,696		(3,265)	(14)%		20,475		(3,221)	(14)%
Net loss from continuing operations		(2,484)		(18,035)		15,551	86%		(2,481)		15,554	86%
Adjusted EBITDA		(10,669)		(15,682)		5,013	32%		(10,645)		5,037	32%

	As of March 31,		As of December 31,		As Reported Change			As of March 31,		Constant Currency Change
		2024		2023	$		%		2024	$		%
Cash and cash equivalents	$	855,114	$	669,291	$	185,823	28%	$	856,236	$	186,945	28%
Short-term investments		—		192,237		(192,237)	(100)%		—		(192,237)	(100)%
Total cash and cash equivalents and short-term investments	$	855,114	$	861,528	$	(6,414)	(1)%	$	856,236	$	(5,292)	(1)%

(Exchange rates are shown as C$ per $)	As of
	March 31, 2024	March 31, 2023	December 31, 2023
Spot rate	1.3532	1.3516	1.3243
Year-to-date average rate	1.3479	1.3520	N/A

(Exchange rates are shown as ILS per $)	As of
	March 31, 2024	March 31, 2023	December 31, 2023
Spot rate	3.6887	3.5966	3.6163
Year-to-date average rate	3.6617	3.5319	N/A

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

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.

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


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 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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