NEW MJ NEWS

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
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