Tilray Brands, Inc. Reports Record Fiscal Year 2022 Results
Tilray Brands, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today reported financial results for the fourth quarter and full fiscal year ended May 31, 2022. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated, and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”).
Irwin D. Simon, Tilray Brands’ Chairman and Chief Executive Officer, stated, “Over the past year, we have accelerated the optimization of our operations and sharpened execution against our most profitable core business opportunities in medical, adult-use, wellness, and beverage-alcohol across Canada, Europe, and the U.S. At the same time, we accelerated our growth potential through tactical execution and strategic initiatives that enable accelerated revenue growth through improved cultivation, brand building, and distribution. These actions should also contribute to bottom-line performance improvement through production efficiencies and cost reductions. The outcome of this work is that we have driven top line growth across our markets, significantly improved our operating performance, and strengthened our balance sheet.”
He continued, “We are confident that our proactive steps to plan for the evolution of the cannabis business in each of our markets has positioned Tilray Brands to be at the forefront of the industry on a global basis while delivering profitability and driving shareholder value.”
Financial Highlights – 2022 Fiscal Fourth Quarter1
Net revenue grew 8% to $153.3 million during the fourth quarter from $142.2 million in the prior year quarter. On a constant currency basis, net revenue increased 14.5%.
Net loss of $457.8 million during the fourth quarter compared to net income of $33.6 million in the prior year quarter. Net loss in the fiscal 2022 fourth quarter includes a non-cash impairment of $395.0 million primarily impacting inventory, goodwill and other intangible assets. The impact was related to changes in market opportunities causing a shift in our strategic priorities, and market conditions inclusive of higher rates of borrowing and lower foreign exchange rates.
Adjusted EBITDA of $11.5 million, marking the Company’s 13th consecutive quarter of positive Adjusted EBITDA.
Financial Highlights- 2022 Fiscal Year
Net revenue increased 22% to $628.4 million during fiscal 2022 from $513.1 million in the prior fiscal year. The increase was driven by 17.9% growth in cannabis net revenue to $237.5 million, a 150.0% increase in beverage alcohol net revenue of $71.5 million, and a 928.8% increase in wellness net revenue to $59.6 million. On a constant currency basis, net revenue increased by 29%.
Net loss of $434 million in fiscal 2022 includes the non-cash impairment of $395.0 million in the fourth quarter (discussed above).
Adjusted EBITDA increased 17.8% to $48.0 million in fiscal year 2022 from $40.8 million in the prior fiscal year.
Ended the year with a strong balance sheet and liquidity, including cash and cash equivalents of $415.9 million.
Cost-Saving Synergies and Strengthened Balance Sheet
Since the closing of the Tilray-Aphria transaction, the Company has delivered $85 million in cost synergies, exceeding its original target of delivering $80 million of cost savings by the end of fiscal year 2023. These synergies are due to consolidation in key areas of cultivation and production, cannabis and product purchasing, sales and marketing, and corporate expenses. The Company has subsequently identified an additional $20 million of savings, and now expects to deliver a total of $100 million in cost synergies from the transaction by the end of fiscal year 2023.
Further, with the benefit of an additional $80 million of shared cost savings, synergies and financial benefits over the next two years associated with the HEXO transaction, management expects that Tilray Brands will be free cash flow positive in its business units in fiscal year 2023.
Upside Potential of HEXO Transaction
Tilray Brands’ acquisition of HEXO Corp.’s senior secured convertible note, on highly favorable terms, closed on July 12, 2022, bringing immediate accretion to the Company and facilitating collaboration and the sharing of best practices that will help Tilray Brands to drive ongoing international expansion and take advantage of the opportunities expected to come with federal legalization in the U.S. In addition, due to significant operating efficiencies, the companies expect to deliver a total of $80 million of shared cost savings over the next two years.
Highlights of Strategic Growth Actions in Fiscal 2022
United States:
August ’21 – Tilray Acquires Majority Position in Amended MedMen Convertible Notes
November ’21 – Tilray’s SweetWater Brand Enters Spirits Category Through New Ready-To-Drink Cocktail Now Available in the United States
December ’21 – Tilray Strengthens Strategic Position in the U.S. with Acquisition of Breckenridge Distillery
December ’21 – SweetWater Brewing announced the acquisition of Alpine Beer Company and Green Flash Brewing Company
January ’22 – Manitoba Harvest Launches 2022 Wellness Boost Campaign
February ’22 – SweetWater Brewing Company Expands Distribution Across California
February ’22 – SweetWater Brewing Company Continues Rapid Expansion with Distribution Rollout Across Washington & Oregon
April ’22 – SweetWater Brewing Company celebrated 25th anniversary and hosted 420 music Festival in Atlanta, Georgia with 75 thousand festival goers
April ’22 – Manitoba Harvest Enters Exclusive Partnership with Whole Foods Market
April ’22 – Breckenridge Distillery Takes Home Two Double Gold and One Gold Medal at the 2022 San Francisco World Spirits Competition
April ’22 – Breckenridge Distillery Launches New Collectors Art Series with Denver Artist Alexandrea Pangburn
Canada:
June ’21 – Tilray Launches New Medical Cannabis Brand, Symbios
June ’21 – Tilray Launches Canadian Craft Cannabis Brand, Broken Coast, in the U.S. with Broken Coast Lager
August ’21 – Tilray Medical Launches New Medical Cannabis Edibles in Canada
October ’21 – Tilray Strengthens Leadership Position in Canada with new addition of Blair MacNeil, President of Canada
October ’21 – Tilray Expands Distribution across Canada with Great North Distributors
December ’21 – Launch of Tilray’s Fast-Acting Oral Strips Highlights Commitment to Medical Cannabis Innovation and Patient Care
March ’22 – Good Supply Brand Expands Its Award-Winning Cannabis Portfolio with Hash Bats™; A New ‘Hard-Hitting’ Infused Pre-Roll
March ’22 – Solei Brand Launches New Wellness Product for Nighttime Use
April ’22 – Solei Brand Launches the First Cannabis Edible Available in Quebec
April ’22 – Tilray Brands hosts sold-out ‘Holy Smokes’ 420 Budtender event in Toronto
May ’22 – Good Supply Brand Expands High-Potency Cannabis Portfolio with Launch of Liquid Wax Vapes and New Exclusive Strains
Europe and International:
July ’21 – Tilray’s Aphria RX GmbH Completes First Harvest and Delivery of Medical Cannabis Grown in Germany
October ’21 – Tilray Launches Medical Cannabis in Luxembourg
November ’21 – Tilray Expands Medical Cannabis Footprint in Malta
January ’22 – Tilray Expands Medical Cannabis Product Offering in Australia
February ‘22 – Tilray Brands Consolidates its Global Medical Offering into Tilray Medical, a Comprehensive Portfolio of Brands and Products
February ’22 – Tilray Launches Medical Cannabis Products in Malta
March ’22 – Tilray Medical Expands Offering in Malta and Launches First Medical Cannabis Oil Products in Market
May ’22 – Announced the launch of CBD lifestyle brand, POLLEN, on Amazon UK
Webcast
Tilray Brands will host a webcast to discuss these results today at 8:30 a.m. ET. Investors may join the live webcast available on the Investors section of the Company’s website at www.tilray.com. The webcast will also be archived after the call concludes.
About Tilray Brands
Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people’s lives for the better – one person at a time. Tilray Brands delivers on this mission by inspiring and empowering the worldwide community to live their very best life, enhanced by moments of connection and wellbeing. Patients and consumers trust Tilray Brands to be the most responsible, trusted and market leading cannabis consumer products company in the world with a portfolio of innovative, high-quality and beloved brands that address the needs of the consumers, customers and patients we serve. A pioneer in cannabis research, cultivation, and distribution, Tilray Brands’ unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.
For more information on Tilray Brands, visit www.Tilray.com and follow @Tilray
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication.
Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company’s ability to become the world’s leading cannabis-focused consumer branded company and achieve $4B in revenue by the end of fiscal 2024; the Company’s ability to generate $70-$80 million of Adjusted EBITDA and expectation to be free-cash flow positive in its operating business units in FY 2023; the Company’s ability to achieve operational scale, market share, distribution, profitability and revenue growth in particular markets, including in Canada, the U.S. and the EU; and the Company’s ability to successfully achieve the expected production efficiencies, synergies and cost savings relating to the HEXO transactions and agreed commercial arrangements; and the Company’s anticipated investments, including in organic and strategic growth, partnership efforts, product offerings and other initiatives.
Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of the Company and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of the Company made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Use of Non-U.S. GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures, including adjusted gross margin, Adjusted EBITDA and free cash flow. Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company’s operations and are useful for period-over-period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read only in connection with the Company’s Consolidated Statements of Operations and Cash Flows presented in accordance with GAAP.
Certain forward-looking non-GAAP financial measures included in this press release are not reconciled to the comparable forward-looking GAAP financial measures. The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Such items may include litigation and related expenses, transaction costs, impairments, foreign exchange movements and other items. The unavailable information could have a significant impact on the Company’s GAAP financial results.
The Company believes presenting net sales at constant currency provides useful information to investors because it provides transparency to underlying performance in the Company’s consolidated net sales by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given the volatility in foreign currency exchange markets. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rate in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year.
Adjusted EBITDA is calculated as net income (loss) before inventory valuation adjustments; interest expenses, net; other expenses (income), net; deferred income tax (recoveries) expenses, current income tax expenses (benefit); foreign exchange gain (loss), net; depreciation and amortization expenses; stock-based compensation expenses; loss from equity method investments; loss on disposal of property and equipment; amortization of inventory step-up; severance costs; impairment of assets; and change in fair value of warrant liability. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Gross margin, excluding inventory valuation adjustments, is calculated as revenue less cost of sales adjusted to add back inventory valuation adjustments and amortization of inventory step-up, divided by revenue. A reconciliation of Gross margin, excluding inventory valuation adjustments, to gross margin, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Free cash flow is comprised of two GAAP measures deducted from each other which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets. A reconciliation of net cash flow provided by (used in) operating activities to free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.
For further information:
Media: Berrin Noorata, news@tilray.com
Investors: Raphael Gross, +1-203-682-8253, Raphael.Gross@icrinc.com
1 This press release includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, comparable GAAP financial measures. Reconciliations of non-GAAP financial measures to GAAP financial measures and other non-GAAP financial calculations are provided herein in the tables.
Consolidated Statements of Financial Position
(In thousands of United States dollars)
May 31, 2022
May 31, 2021
Assets
Current assets
Cash and cash equivalents
$
415,909
$
488,466
Accounts receivable, net
95,279
87,309
Inventory
245,529
256,429
Prepaids and other current assets
46,786
48,920
Current portion of convertible notes receivable
—
2,485
Total current assets
803,503
883,609
Capital assets
587,499
650,698
Right-of-use assets
12,996
18,267
Intangible assets
1,277,875
1,605,918
Goodwill
2,641,305
2,832,794
Interest in equity investees
4,952
8,106
Long-term investments
10,050
17,685
Convertible notes receivable
111,200
—
Other assets
314
8,285
Total assets
$
5,449,694
$
6,025,362
Liabilities
Current liabilities
Bank indebtedness
$
18,123
$
8,717
Accounts payable and accrued liabilities
157,431
212,813
Contingent consideration
16,007
60,657
Warrant liability
14,255
78,168
Current portion of lease liabilities
6,703
4,264
Current portion of long-term debt
67,823
36,622
Total current liabilities
280,342
401,241
Lease liabilities
11,329
53,946
Long-term debt
117,879
167,486
Convertible debentures
401,949
667,624
Deferred tax liabilities, net
196,638
265,845
Other liabilities
191
3,907
Total liabilities
1,008,328
1,560,049
Commitments and contingencies (refer to Note 17)
Stockholders’ equity
Common stock ($0.0001 par value; 990,000,000 shares authorized; 532,674,887 and 446,440,641 shares issued and outstanding, respectively)
53
46
Additional paid-in capital
5,382,367
4,792,406
Accumulated other comprehensive (deficit) income (loss)
(20,764
)
152,668
Accumulated deficit
(962,851
)
(486,050
)
Total Tilray Brands, Inc. stockholders’ equity
4,398,805
4,459,070
Non-controlling interests
42,561
6,243
Total stockholders’ equity
4,441,366
4,465,313
Total liabilities and stockholders’ equity
$
5,449,694
$
6,025,362
Condensed Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)
(In thousands of United States dollars, excpet for per share data)
For the three months ended May 31,
For the year ended May 31,
2022
2021
2022
2021
Net revenue
$
153,325
$
142,236
$
628,372
$
513,085
Cost of goods sold
160,058
119,738
511,555
389,903
Gross profit
(6,733
)
22,498
116,817
123,182
Operating expenses:
General and administrative
41,400
32,839
162,801
111,575
Selling
9,643
8,525
34,926
26,576
Amortization
30,846
16,100
115,191
35,221
Marketing and promotion
10,771
5,103
30,934
17,539
Research and development
54
358
1,518
830
Change in fair value of contingent consideration
(15,585
)
—
(44,650
)
—
Impairment
378,241
—
378,241
—
Litigation costs
4,099
2,099
16,518
3,251
Transaction costs
1,221
31,161
31,739
60,361
Total operating expenses
460,690
96,185
727,218
255,353
Operating loss
(467,423
)
(73,687
)
(610,401
)
(132,171
)
Interest expense, net
(5,522
)
(9,466
)
(27,944
)
(27,977
)
Non-operating income (expense), net
11,342
121,510
197,671
(184,838
)
Loss before income taxes
(461,603
)
38,357
(440,674
)
(344,986
)
Income taxes (recovery)
(3,803
)
4,735
(6,542
)
(8,972
)
Net loss
$
(457,800
)
$
33,622
$
(434,132
)
$
(336,014
)
Net loss per share – basic and diluted
$
(0.90
)
$
0.38
$
(0.90
)
$
(1.25
)
Net Revenue by Operating Segment
(In thousands of United States dollars)
Year Ended May 31, 2022
% of Total Revenue
Year Ended May 31, 2022
% of Total Revenue
Cannabis business
$
237,522
38
%
$
201,392
39
%
Distribution business
259,747
42
%
277,300
54
%
Beverage alcohol business
71,492
11
%
28,599
6
%
Wellness business
59,611
9
%
5,794
1
%
Net revenue
$
628,372
100
%
$
513,085
100
%
(In thousands of United States dollars)
Three months ended May 31, 2022
% of Total Revenue
Three months ended May 31, 2021
% of Total Revenue
Cannabis business
$
53,253
35
%
$
53,703
38
%
Distribution business
61,160
39
%
66,792
47
%
Beverage alcohol business
22,727
15
%
15,947
11
%
Wellness business
16,185
11
%
5,794
4
%
Net revenue
$
153,325
100
%
$
142,236
100
%
Net Cannabis Revenue by Market Channel
(In thousands of United States dollars)
For the year ended May 31,
For the year ended May 31,
2022
2022
2021
2021
Revenue from Canadian medical cannabis products
$
30,599
13
%
$
25,539
13
%
Revenue from Canadian adult-use cannabis products
209,501
88
%
222,930
110
%
Revenue from wholesale cannabis products
6,904
3
%
6,615
3
%
Revenue from international cannabis products
53,887
23
%
9,250
5
%
Less excise taxes
(63,369
)
-27
%
(62,942
)
-31
%
Total
$
237,522
100
%
$
201,392
100
%
For the three months ended May 31,
For the three months ended May 31,
(In thousands of United States dollars)
2022
2022
2021
2021
Revenue from Canadian medical cannabis products
$
7,246
14
%
$
6,968
13
%
Revenue from Canadian adult-use cannabis products
46,869
88
%
59,710
111
%
Revenue from wholesale cannabis products
141
0
%
56
0
%
Revenue from international cannabis products
14,095
26
%
4,623
9
%
Less excise taxes
(15,098
)
-28
%
(17,654
)
-33
%
Total
$
53,253
100
%
$
53,703
100
%
Gross Margin and Adjusted Gross Margin
(In thousands of United States dollars)
For the year ended May 31, 2022
Cannabis
Beverage
Distribution
Wellness
Total
Revenue
$
300,891
$
74,959
$
259,747
$
59,611
$
695,208
Excise taxes
(63,369
)
(3,467
)
—
—
(66,836
)
Net revenue
237,522
71,492
259,747
59,611
628,372
Cost of goods sold
194,834
32,033
243,231
41,457
511,555
Gross profit
42,688
39,459
16,516
18,154
116,817
Gross margin
18.0
%
55.2
%
6.4
%
30.5
%
18.6
%
Adjustments:
Inventory valuation adjustments
59,500
—
7,500
—
67,000
Purchase price accounting step-up
—
2,214
—
—
2,214
Adjusted gross profit
102,188
41,673
24,016
18,154
186,031
Adjusted gross margin
43.0
%
58.3
%
9.2
%
30.5
%
29.6
%
(In thousands of United States dollars)
For the year ended May 31, 2021
Cannabis
Beverage
Distribution
Wellness
Total
Revenue
$
264,334
$
29,661
$
277,300
$
5,794
$
577,089
Excise taxes
(62,942
)
(1,062
)
—
—
(64,004
)
Net revenue
201,392
28,599
277,300
5,794
513,085
Cost of goods sold
130,511
12,687
242,472
4,233
389,903
Gross profit
70,881
15,912
34,828
1,561
123,182
Gross margin
35.2
%
55.6
%
12.6
%
26.9
%
24.0
%
Adjustments:
Inventory valuation adjustments
19,919
—
—
—
19,919
Purchase price accounting step-up
—
835
—
—
835
Adjusted gross profit
90,800
16,747
34,828
1,561
143,936
Adjusted gross margin
45.1
%
58.6
%
12.6
%
26.9
%
28.1
%
(In thousands of United States dollars)
For the three months ended May 31, 2022
Cannabis
Beverage
Distribution
Wellness
Total
Revenue
$
68,351
$
23,459
$
61,160
$
16,185
$
169,155
Excise taxes
(15,098
)
(732
)
—
—
(15,830
)
Net revenue
53,253
22,727
61,160
16,185
153,325
Cost of goods sold
72,342
11,359
65,138
11,219
160,058
Gross profit
(19,089
)
11,368
(3,978
)
4,966
(6,733
)
Gross margin
-35.8
%
50.0
%
-6.5
%
30.7
%
-4.4
%
Adjustments:
Inventory valuation adjustments
47,500
—
7,500
—
55,000
Purchase price accounting step-up
—
2,214
—
—
2,214
Adjusted gross profit
28,411
13,582
3,522
4,966
50,481
Adjusted gross margin
53.4
%
59.8
%
5.8
%
30.7
%
32.9
%
(In thousands of United States dollars)
For the three months ended May 31, 2021
Cannabis
Beverage
Distribution
Wellness
Total
Revenue
$
71,357
$
16,549
$
66,792
$
5,794
$
160,492
Excise taxes
(17,654
)
(602
)
—
—
(18,256
)
Net revenue
53,703
15,947
66,792
5,794
142,236
Cost of goods sold
49,731
5,350
60,424
4,233
119,738
Gross profit
3,972
10,597
6,368
1,561
22,498
Gross margin
7.4
%
66.5
%
9.5
%
26.9
%
15.8
%
Adjustments:
Inventory valuation adjustments
19,919
—
—
—
19,919
Purchase price accounting step-up
—
835
—
—
835
Adjusted gross profit
23,891
11,432
6,368
1,561
43,252
Adjusted gross margin
44.5
%
71.7
%
9.5
%
26.9
%
30.4
%
Adjusted Earnings before Interest, Taxes, and Amortization
(In thousands of United States dollars)
Three months ended May 31,
Year ended May 31,
Adjusted EBITDA reconciliation:
2022
2021
2022
2021
Net loss
$
(457,800
)
$
33,622
$
(434,132
)
$
(336,014
)
Income taxes
(3,803
)
4,735
(6,542
)
(8,972
)
Interest expense, net
5,522
9,466
27,944
27,977
Non-operating expense (income), net
(11,350
)
(121,510
)
(197,671
)
184,838
Amortization
40,768
24,540
154,592
67,832
Stock-based compensation
8,969
5,937
35,994
17,351
Change in fair value of contingent consideration
(15,577
)
—
(44,650
)
—
Impairment
378,241
—
378,241
—
Inventory valuation adjustments
55,000
19,919
67,000
19,919
Purchase price accounting step up
2,214
835
2,214
835
Facility start-up and closure costs
3,300
2,056
13,700
2,056
Lease expense
700
335
3,100
1,337
Litigation costs
4,099
2,099
16,518
3,251
Transaction costs
1,221
31,161
31,739
60,361
Adjusted EBITDA
$
11,504
$
13,195
$
48,047
$
40,771
Key Operating Metrics
For the three months ended May 31,
For the years ended May 31,
(In thousands of United States dollars)
2022
2021
2022
2021
Net cannabis revenue
$
53,253
$
53,703
$
237,522
$
201,392
Net beverage alcohol revenue
22,727
15,947
71,492
28,599
Distribution revenue
61,160
66,792
259,747
277,300
Wellness revenue
16,185
5,794
59,611
5,794
Cannabis cost of sales
72,342
49,731
194,834
130,511
Beverage alcohol cost of sales
11,359
5,350
32,033
12,687
Distribution cost of sales
65,138
60,424
243,231
242,472
Wellness cost of sales
11,219
4,233
41,457
4,233
Gross profit (excluding inventory valuation adjustments and step-up)
50,481
43,252
186,031
143,936
Cannabis gross margin (excluding inventory valuation adjustments and step-up)
53.4
%
44.5
%
43.0
%
45.1
%
Beverage gross margin (excluding inventory valuation adjustments and step-up)
59.8
%
71.7
%
58.3
%
58.6
%
Distribution gross margin (excluding inventory valuation adjustments and step-up)
5.8
%
9.5
%
9.2
%
12.6
%
Wellness gross margin (excluding inventory valuation adjustments and step-up)
30.7
%
26.9
%
30.5
%
26.9
%
Adjusted EBITDA
11,504
13,195
48,047
40,771
Cash and cash equivalents
415,909
488,466
415,909
488,466
Working capital
523,161
479,883
523,161
482,368
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
