NEW MJ NEWS

Ayr Wellness Reports Third Quarter 2021 Results

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a vertically-integrated cannabis multi-state operator (MSO), is reporting financial results for the three and nine months ended September 30, 2021. Unless otherwise noted, all results are presented in U.S. dollars.

Jonathan Sandelman, CEO of Ayr Wellness, said, “We are pleased to report another great quarter of growth at Ayr, more than doubling our revenue from last year’s third quarter and up 5% sequentially in a flat cannabis market. We have been able to maintain or grow share in competitive markets with pricing discipline because, by design, we have focused on quality and consumers continue to show a willingness to pay for quality. As we’ve said again and again, we seek to be the largest scale cultivator of high-quality cannabis in the United States. First and foremost, this is because we want to produce the best product for our customers. But also, because quality serves as a mitigant to pricing pressure that can result from supply and demand imbalances. Quality matters.”

“Today we are unveiling our new corporate, retail and CPG brands which represent the next phase in the evolution of our company. These brands are designed to represent the quality of what’s inside the box. Our portfolio of power brands, which consists of Kynd premium flower, Origyn Extracts, Stix Pre-Roll Company, and (on closing) Levia, reflects the very best of cannabis and represents leading market categories for current and future consumers. We’re also unveiling a collection of core brands to offer variety in form, dose and experience. These core brands address a broader audience in those same power categories,” Mr. Sandelman continued.

“Lastly, we are unveiling our updated Ayr retail concept. We have built this retail concept very intentionally for the experience in our stores to reflect the quality of our products and our commitment to our local communities. At Ayr, we are committed to thinking long-term. We will continue to invest in our quality and our brands. We understand that brand building in this industry is still in its early stages but the reason that we’re committed to this path is because we know that great products and great brands create their own categories and consumer segments,” Mr. Sandelman concluded.

Third Quarter and Recent Highlights:

Closed on acquisition of Garden State Dispensary, adding New Jersey to Ayr’s growing footprint with three open dispensaries and 24,000 sq. ft. of operational cultivation and production facilities, with an additional 75,000 sq. ft. of cultivation under development coming online with sales in Q2 2022

Completed combination with PA Natures Medicine, adding three dispensaries in central Pennsylvania, including the college towns of Bloomsburg and State College

Organic revenue growth from Massachusetts and Nevada was 18% year-over-year

Hired over 300 new employees across all levels, deepening our bench in marketing, human resources, technology and operations professionals focused on driving scalable processes across our regional footprint

Florida:

Completed construction of 10 acres of hoop house cultivation on the Gainesville campus with a further 10 acres under development, adding an estimated 40,000 lbs. of annual biomass cultivation capacity commencing in 2022

Continue to expand and improve the assortment and availability of products at retail with the launch of Secret Orchard fruit forward vapes and Sun Gems gummies

Since closing on February 26, 2021, the Company has opened 11 retail locations, bringing total store count to 42, the second largest retail footprint in Florida

An additional three stores are expected to open by the end of the year, with five more in Q1 2022; the Company has sited a further 15 new locations, bringing its year-end 2022 Florida dispensary target to at least 65

Western Region:

Retail trends in Nevada remain robust and Ayr market share continues to rise in this competitive market, reaching over 13.7% in September, according to BDSA

Completed 20,000 sq. ft. processing facility upgrade outside of Las Vegas and expanded production in July of manufactured products such as edibles, concentrates and vapes

Arizona retail market was seasonally soft over Q3, however wholesale revenues partially offset the retail softness as the Chandler, AZ facility came on-line, adding 10,000 sq. ft. of cultivation capacity

Construction of 80,000 sq. ft. Phoenix cultivation expected to be completed in Q4, with revenues commencing in Q2 2022

Northeast:

Closed on Garden State Dispensary in New Jersey, adding three dispensaries, 24,000 sq. ft. of existing cultivation and production and over 75,000 sq. ft. of cultivation under development, making Ayr one of 12 vertical operators in the state serving over 9 million people with adult use slated to begin in H1 2022

Pennsylvania combined retail revenues reached $1.9 million per month in September, excluding the three dispensaries added in central PA post the end of Q3

One additional Pennsylvania Ayr Wellness store opened in November, bringing total store count to seven; eighth store expected to open later this year, followed by the ninth in early 2022

Construction continues on Adult Use dispensaries in Greater Boston (Watertown and Boylston Street)

Selling to 137 of Massachusetts’ 177 dispensaries

Construction of 100,000 sq. ft. double-stacked cultivation and production facility in Milford, MA expected to be completed in early 2022

Midwest:

Added eighth state, Illinois, to growing footprint with the proposed acquisition of Herbal Remedies Dispensaries, today’s announcement of the agreement to acquire Dispensary 33 (see details below) and license win by affiliated company, Land of Lincoln, LLC

Began production of vape carts, concentrates, RSO, and tinctures as well as Highly Edible gummies at processing facility in Ohio

Third Quarter Financial Highlights ($ in millions, excl. margin items)

Q3 20201

Q2 2021

Q3 2021

% Change
Y/Y

% Change
Q/Q

Revenue

$45.5

$91.3

$96.2

111.4%

5.4%

Adjusted Gross Profit1

$28.6

$53.1

$56.6

97.9%

6.6%

Operating Income/(Loss)

$8.5

$(24.9

)

$(8.9

)

NM

NM

Adj. EBITDA1

$18.6

$27.4

$26.0

39.8%

-5.0%

AEBITDA Margin1

40.8%

30.0%

27.0%

-1380bps

-300bps

1For comparison purposes, Q3 2020 has been restated to be consistent with US GAAP. Adjusted EBITDA and Adjusted Gross Profit are non-GAAP measures. See Definition and Reconciliation of Non-GAAP Measures below. For a reconciliation of Operating Loss to Adjusted EBITDA as well as Gross Profit to Adjusted Gross Profit, see reconciliation table appended to this release.

Outlook:
Based on the results to date, management is forecasting Q4 2021 revenue growth of over 10% sequentially. Adjusted EBITDA is expected to remain roughly flat sequentially, as the Company continues its investments in branding, new markets and growth projects, and the centralized corporate resources to support growth.

The Company is revising its 2022 Adjusted EBITDA guidance to a range of $250-300 million reflecting delays in capital projects and the impact on results should recent wholesale market price volatility persist into 2022. It is reiterating its target for 2022 revenue of $800 million.

The Company’s expectations for Q4 2021 and 2022 are based on the assumptions and risks detailed in the MD&A for the period ending September 30, 2021 as filed on SEDAR.

Summary of the Dispensary 33 Acquisition:
Ayr has entered into a definitive agreement to acquire Gentle Ventures, LLC d/b/a Dispensary 33 (“Dispensary 33”), and certain of its affiliates that collectively own and operate two licensed retail dispensaries in Chicago, Illinois, one in the Andersonville neighborhood and the other in West Loop.

Purchase consideration will consist of $55 million upfront, including $12 million in cash, $3 million sellers notes and $40 million in stock. An earn-out is payable if certain EBITDA performance is achieved through Q3 2022. The acquisition is subject to customary closing conditions and regulatory approvals.

More details can be found in separate the press release dated November 22, 2021, available here.

Ayr Wellness Footprint (Pro-forma)1

MA

NJ

PA

OH

FL

AZ

NV

IL

TOTAL

Population2

6.9 M

9.2 M

12.8 M

11.7 M

21.9 M

7.5 M

3.1 M

12.6 M

85.7 M

Adult Use or Medical

AU

AU

Med

Med

Med

AU

AU

AU

5 AU/ 3 Med

Est. 2021 Market Size3

$1.4 B

$1 B

$750 M

$500 M

$1.8 B

$1.6 B

$1 B

$1.3 B

$9.4 B

Dispensaries:
Current → YE 2022

2 → 44

3

7 → 9

42 → 655

3

6

4→ 56

67 → 95

Key Retail Markets

Greater Boston

Central NJ

Pittsburgh
Philadelphia

Miami
Tampa
Orlando

Phoenix

Las Vegas
Reno

Chicago
Quincy

Cultivation-Production:
Current → Targeted YE22 Sq. Ft.

50 → 142K

24 → 100K

83 → 120K

9 → 67K

308 → 622K

10 → 90K

72K→ 106K

NA

557 → 1,200K+

Biomass Production:
Current → Targeted YE22 Lbs./yr.

16 → 70K

4 → 50K

15 → 45K

0 → 10K

37 → 90K

10 → 36K

14 → 20K

96 → 320K+

Employees

265

110

350

25

555

185

560

100

~2,150

Planned 2021-2022
Cap Exp

~$24M

~$12M

~$27M

~$33M

~$32M

~$3M

<$1M

<$1M

$125-150M

1) Pro-forma for the closing of pending transactions in IL and NV
2) Source: United States Census Bureau 2020
3) BDSA estimate
4) Includes two co-located Adult Use/Medical dispensaries (Somerville and Watertown), one Adult Use-only dispensary in Boston and one Medical-only dispensary in Needham
5) 42 currently open, eight under development, 15 under LOI
6) Includes dispensary 51% owned by social equity partner

Conference Call

Ayr CEO Jonathan Sandelman, Co-COOs Jason Griffith and Jennifer Drake, and CFO Brad Asher will host the conference call, followed by a question and answer period.

Conference Call Date: Monday, November 22, 2021
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (800) 319-4610
International dial-in number: (604) 638-5340

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MATTIO Investor Relations at IR@mattio.com.

The conference call will be broadcast live and available for replay here.

A telephonic replay of the conference call will also be available after 11:30 a.m. Eastern time on the same day through December 21, 2021.

Toll-free replay number: (855) 669-9658
International replay number: (412) 317-0088
Replay ID: 8071

Financial Statements
Certain financial information reported in this news release is extracted from Ayr’s Unaudited Interim Consolidated Financial Statements for the three and nine months ended September 30, 2021 and 2020. Ayr files its financial statements on SEDAR and with the SEC. All financial information contained in this news release is qualified in its entirety by reference to such financial statements and MD&A.

Definition and Reconciliation of Non-GAAP Measures

The Company reports certain non-GAAP measures that are used to evaluate the performance of its businesses and the performance of their respective segments, as well as to manage their capital structures. As non-GAAP measures generally do not have a standardized meaning, they may not be comparable to similar measures presented by other issuers. Securities regulators require such measures to be clearly defined and reconciled with their most comparable GAAP measures.

Rather, these are provided as additional information to complement those GAAP measures by providing further understanding of the results of the operations of the Company from management’s perspective. Accordingly, these measures should not be considered in isolation, nor as a substitute for analysis of the Company’s financial information reported under GAAP. Non-GAAP measures used to analyze the performance of the Company’s businesses include “Adjusted EBITDA” and “Adjusted Gross Profit.”

The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performances and may be useful to investors because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. These financial measures are intended to provide investors with supplemental measures of the Company’s operating performances and thus highlight trends in the Company’s core businesses that may not otherwise be apparent when solely relying on the GAAP measures.

Adjusted EBITDA

“Adjusted EBITDA” represents loss from operations, as reported, before interest and tax, adjusted to exclude non-recurring items, other non-cash items, including depreciation and amortization, and further adjusted to remove non-cash stock-based compensation, the accounting for the incremental costs to acquire cannabis inventory in a business combination, acquisition related costs, and start-up costs.

Adjusted Gross Profit

“Adjusted Gross Profit” represents gross profit, as reported, adjusted to exclude the accounting for the incremental costs to acquire cannabis inventory in a business combination, interest, depreciation and amortization, and start-up costs.

A reconciliation of how Ayr calculates Adjusted EBITDA and Adjusted Gross Profit is provided in the tables appended below. Additional reconciliations of Adjusted EBITDA, Adjust Gross Profit and other disclosures concerning non-GAAP measures are provided in our MD&A for the three and nine months ended September 30, 2021 and 2020.

Forward-Looking Statements

Certain information contained in this news release may be forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “target”, “expect”, “anticipate”, “believe”, “foresee”, “could”, “would”, “estimate”, “goal”, “outlook”, “intend”, “plan”, “seek”, “will”, “may”, “tracking”, “pacing” and “should” and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, Ayr’s future growth plans. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: anticipated strategic, operational and competitive benefits may not be realized; events or series of events, including in connection with COVID-19, may cause business interruptions; required regulatory approvals may not be obtained; acquisitions may not be able to be completed on satisfactory terms or at all; and Ayr may not be able to raise additional debt or equity capital. Among other things, Ayr has assumed that its businesses will operate as anticipated, that it will be able to complete acquisitions on reasonable terms, and that all required regulatory approvals will be obtained on satisfactory terms and within expected time frames. In particular, there can be no assurance that we will complete the pending acquisitions in or enter into agreements with respect to other acquisitions.

Forward-looking estimates and assumptions involve known and unknown risks and uncertainties that may cause actual results to differ materially. While Ayr believes there is a reasonable basis for these assumptions, such estimates may not be met. These estimates represent forward-looking information. Actual results may vary and differ materially from the estimates.

Assumptions and Risks

Forward-looking information in this subject to the assumptions and risks as described in our MD&A for the three and nine months ended September 30, 2021.

Additional Information

For more information about the Company’s Q3 2021 operations and outlook, please view Ayr’s corporate presentation posted in the Investors section of the Company’s website at www.ayrwellness.com.

About Ayr Wellness Inc.

Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator, focused on delivering the highest quality cannabis products and customer experience throughout its footprint. Based on the belief that everything starts with the quality of the plant, the Company is focused on superior cultivation to grow superior branded cannabis products. Ayr strives to enrich consumers’ experience every day through the wellness and wonder of cannabis.

Ayr’s leadership team brings proven expertise in growing successful businesses through disciplined operational and financial management, and is committed to driving positive impact for customers, employees and the communities they touch. For more information, please visit www.ayrwellness.com.

Company Contact:

Megan Kulick
Head of Investor Relations
T: (646) 977-7914
Email: IR@ayrwellness.com

Media Contact:
Robert Vanisko
VP, Corporate Communications
Email: robert.vanisko@ayrwellness.com

Investor Relations Contact:

Brian Pinkston
MATTIO Communications
T: (703) 926-9159
Email: ir@mattio.com
Email: IR@ayrwellness.com

Ayr Wellness Inc. (formerly, Ayr Strategies Inc.)
Unaudited Interim Condensed Consolidated Balance Sheet
(Expressed in United States Dollars)

As of

September 30, 2021

December 31, 2020

ASSETS

Current

Cash

$

94,402,438

$

127,238,165

Accounts receivable, net

9,246,803

3,464,401

Due from related parties

135,000

Inventory

80,480,693

22,919,605

Prepaid expenses, deposits, and other current assets

9,444,220

5,270,381

$

193,574,154

$

159,027,552

Non-current

Property, plant, and equipment

229,410,215

69,104,080

Intangible assets

884,096,067

252,357,677

Right-of-use assets – operating

82,110,613

22,546,256

Right-of-use assets – finance, net

13,995,000

877,310

Goodwill

231,123,969

57,963,360

Equity investments

553,448

503,509

Deposits and other assets

3,414,970

2,540,674

Total assets

$

1,638,278,436

$

564,920,418

LIABILITIES

Current

Trade payables

$

23,096,809

$

8,899,786

Accrued liabilities

20,050,253

8,706,813

Lease liabilities – operating – current portion

4,195,672

740,864

Lease liabilities – finance – current portion

3,185,460

125,440

Purchase consideration payable

148,416

9,053,057

Income tax payable

21,398,821

21,379,351

Debts payable – current portion

7,732,508

8,644,633

Accrued interest payable – current portion

4,214,966

$

84,022,905

$

57,549,944

Non-current

Deferred tax liabilities

76,287,771

14,677,991

Lease liabilities – operating – non-current portion

80,621,059

23,474,726

Lease liabilities – finance – non-current portion

7,402,531

446,585

Contingent consideration

199,428,011

22,961,411

Debts payable – non-current portion

103,514,323

53,587,948

Senior secured notes, net of debt issuance costs – non-current portion

104,745,717

103,652,963

Accrued interest payable – non-current portion

3,166,381

3,301,155

Total liabilities

$

659,188,698

$

279,652,723

SHAREHOLDERS’ EQUITY

Multiple Voting Shares: no par value, unlimited authorized.
Issued and outstanding – 3,696,486 shares

Subordinate, Restricted, and Limited Voting Shares: no par value, unlimited authorized.
Issued and outstanding – 55,580,226 & 28,873,641 shares, respectively

Exchangeable Shares: no par value, unlimited authorized.
Issued and outstanding – 7,368,927 & 2,127,543 shares, respectively

Additional paid-in capital

1,265,679,907

530,808,494

Treasury stock

(867,617

)

(556,899

)

Accumulated other comprehensive income

3,265,610

3,265,610

Deficit

(288,988,162

)

(248,249,510

)

Total shareholders’ equity

$

979,089,738

$

285,267,695

Total liabilities and shareholders’ equity

$

1,638,278,436

$

564,920,418

Ayr Wellness Inc. (formerly, Ayr Strategies Inc.)
Unaudited Interim Condensed Consolidated Statements of Loss and Comprehensive (Loss) Income
(Expressed in United States Dollars)

Three Months Ended

Nine Months Ended

September 30, 2021

September 30, 2020

September 30, 2021

September 30, 2020

Revenues, net of discounts

$

96,189,359

$

45,486,365

$

245,839,290

$

107,349,679

Cost of goods sold excluding fair value items

47,083,902

18,079,291

117,566,890

46,118,237

Incremental costs to acquire cannabis inventory in a business combination

9,022,291

41,410,732

Cost of goods sold

$

56,106,193

$

18,079,291

$

158,977,622

$

46,118,237

Gross profit

$

40,083,166

$

27,407,074

$

86,861,668

$

61,231,442

Operating expenses

General and administrative

30,365,072

9,834,051

72,099,023

28,596,451

Sales and marketing

1,919,150

643,005

4,433,435

1,586,849

Depreciation

548,555

139,464

1,268,173

530,143

Amortization

10,394,164

2,998,666

25,656,830

8,996,000

Stock-based compensation

5,013,055

4,700,795

20,388,406

25,949,556

Acquisition expense

742,779

557,457

5,164,361

1,054,766

Total operating expenses

$

48,982,775

$

18,873,438

$

129,010,228

$

66,713,765

(Loss) Income from operations

$

(8,899,609

)

$

8,533,636

$

(42,148,560

)

$

(5,482,323

)

Other income (expense)

Share of loss on equity investments

(12,868

)

(8,244

)

(31,671

)

(31,382

)

Foreign exchange

(7,891

)

(6,419

)

(61,183

)

(9,038

)

Fair value gain (loss) on financial liabilities

19,266,690

(368,103

)

30,811,752

(1,312,402

)

Interest expense

(4,281,448

)

(518,581

)

(10,852,170

)

(1,585,088

)

Interest income

36,513

5,033

160,616

5,034

Other, net

525,262

(141,079

)

1,015,723

19,971

Total other income (expense)

$

15,526,258

$

(1,037,393

)

$

21,043,067

$

(2,912,905

)

Income (Loss) before income tax

$

6,626,649

$

7,496,243

$

(21,105,493

)

$

(8,395,228

)

Current tax (provision) benefit

(14,166,631

)

(6,786,311

)

(29,986,046

)

(14,989,700

)

Deferred tax benefit (provision)

4,160,854

(89,559

)

10,352,887

(268,679

)

Net (loss) income and comprehensive (loss) income

$

(3,379,128

)

$

620,373

$

(40,738,652

)

$

(23,653,607

)

Basic (loss) earnings per share

$

(0.06

)

$

0.02

$

(0.76

)

$

(0.87

)

Diluted (loss) earnings per share

$

(0.06

)

$

0.02

$

(0.76

)

$

(0.87

)

Weighted average number of shares outstanding (basic)

59,566,341

27,909,251

53,951,612

27,247,047

Weighted average number of shares outstanding (diluted)

59,566,341

30,000,149

53,951,612

27,247,047

Ayr Wellness Inc. (formerly, Ayr Strategies Inc.)
Unaudited Interim Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)

Nine Months Ended

September 30, 2021

September 30, 2020

Operating activities

Net loss

$

(40,738,652

)

$

(23,653,607

)

Adjustments for:

Net fair value (gain) loss on financial liabilities

(30,811,752

)

1,312,402

Stock-based compensation

20,388,406

25,949,556

Depreciation

5,296,317

1,896,150

Amortization on intangible assets

32,528,350

10,136,000

Share of loss on equity investments

31,671

31,382

Gain on disposal of equity investments

(1,000,000

)

Incremental costs to acquire cannabis inventory in a business combination

41,410,732

Loss on disposal of property, plant, and equipment

50,483

Deferred tax (benefit) expense

(10,352,887

)

268,679

Amortization on financing costs

1,228,752

Interest accrued

3,927,135

1,079,085

Changes in operating assets and liabilities, net of business acquisition:

Accounts receivable

(5,749,915

)

(308,283

)

Inventory

(37,743,165

)

(5,627,037

)

Prepaid expenses and other current assets

13,602

(1,693,308

)

Trade payables

2,376,682

2,900,278

Accrued liabilities

2,780,200

2,036,501

Lease liabilities – operating

1,293,821

83,820

Income tax payable

(7,115,530

)

13,985,820

Cash (used in) provided by operating activities

(22,185,750

)

28,397,438

Investing activities

Purchase of property, plant, and equipment

(58,632,196

)

(6,291,344

)

Cash paid for business combinations and asset acquisitions, net of cash acquired

(59,971,979

)

Cash paid for business combinations and asset acquisitions, bridge financing

(22,750,176

)

Cash paid for business combinations and asset acquisitions, working capital

(4,025,139

)

(603,092

)

Payments for interests in equity accounted investments

(46,610

)

(91,700

)

Cash received in disposal of equity investment

1,000,000

Advances to related corporation

135,000

Cash paid for bridge financing

(1,200,000

)

(3,000,000

)

Deposits for business combinations

(571,810

)

(400,000

)

Cash used in investing activities

(146,062,910

)

(10,386,136

)

Financing activities

Proceeds from exercise of Warrants

56,033,833

361,043

Proceeds from exercise of options

305,093

Proceeds from equity offering, net of expenses

118,052,400

Payments of financing costs

(135,998

)

Tax withholding on stock-based compensation awards

(28,510,821

)

Repayments of debts payable

(6,280,119

)

(3,282,737

)

Repayments of lease liabilities – finance (principal portion)

(3,740,737

)

(1,176

)

Repurchase of Subordinate Shares

(310,718

)

(311,430

)

Cash provided by (used in) financing activities

135,412,933

(3,234,300

)

Net (decrease) increase in cash

(32,835,727

)

14,777,002

Cash, beginning of the period

127,238,165

8,403,196

Cash, end of the period

94,402,438

23,180,198

Supplemental disclosure of cash flow information:

Interest paid during the period

12,187,062

861,812

Income taxes paid during the period

37,998,621

1,003,880

Non-cash investing and financing activities:

Recognition of right-of-use assets for operating leases

61,629,419

687,917

Recognition of right-of-use assets for finance leases

13,364,616

16,993

Issuance of Subordinate Shares related to business combinations and make-whole

556,720,196

3,765,927

Issuance of Subordinate Shares related to equity component of debt

7,429,389

Ayr Wellness Inc. (formerly, Ayr Strategies Inc.)
Unaudited Interim Condensed Consolidated Adjusted EBITDA Reconciliation
(Expressed in United States Dollars)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2021

2020

2021

2020

Loss (Income) from operations

$

(8,899,609

)

$

8,533,636

$

(42,148,560

)

$

(5,482,323

)

Non-cash items accounting for inventory

Incremental costs to acquire cannabis inventory in business combination

9,022,291

41,410,732

Interest

464,328

116,119

921,278

356,356

Depreciation and amortization (from statement of cash flows)

15,761,003

4,172,518

37,824,667

12,032,150

Acquisition costs

742,779

557,457

5,164,361

1,054,766

Stock-based compensation expense, non-cash

5,013,055

4,700,795

20,388,406

25,949,556

Start-up costs1

3,463,939

6,437,125

Other2

432,558

487,105

1,840,512

907,569

34,899,953

10,033,994

113,987,081

40,300,397

Adjusted EBITDA (non-GAAP)

26,000,344

18,567,630

71,838,521

34,818,074

1 These are set-up costs to prepare a location for its intended use. Start-up costs are expensed as incurred and are not indicative of ongoing operations

2 Other non-operating adjustments made to exclude the impact of non-recurring items

Three Months Ended
September 30,

Nine Months Ended
September 30,

2021

2020

2021

2020

Gross Profit

$

40,083,166

$

27,407,074

$

86,861,668

$

61,231,442

Incremental costs to acquire cannabis inventory in business combination

9,022,291

41,410,732

Interest (within COGS)

464,328

116,119

921,278

356,356

Depreciation and amortization (within COGS)

4,818,285

1,034,387

10,899,665

2,506,007

Start-up costs (within COGS)

2,249,533

3,833,701

16,554,437

1,150,506

57,065,376

2,862,363

Adjusted Gross Profit (non-GAAP)

56,637,603

28,557,580

143,927,044

64,093,805


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
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