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NEWS FROM THE PAST WEEK RELATING TO THE BUSINESS OF
MMTC'S IN FLORIDA
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TRULIEVE REPORTS SECOND QUARTER 2023 RESULTS HIGHLIGHTING PROGRESS ON 2023 PLAN
Trulieve Reports Second Quarter 2023 Results Highlighting Progress on 2023 Plan
Sold 11.6 million units of branded product through branded retail, up 9% sequentially
Maryland dispensary traffic increased 200% in July with adult use launch
Industry leading U.S. retail network of 183 dispensaries, up 11% year over year, supported by over 4 million square feet of cultivation and processing capacity as of June 30, 2023
TALLAHASSEE, Fla., Aug. 9, 2023 — 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 June 30, 2023. 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.
Q2 2023 Financial and Operational Highlights*
Revenue of $282 million, with 96% of revenue from retail sales. Excluding deferred revenue, retail revenue increased by $3 million sequentially driven by increased traffic and volume partly offset by price compression.
Achieved GAAP gross margin of 50%, with gross profit of $142 million. Reclassification of idle capacity expense to COGS resulted in $2 million of tax savings.
SG&A expenses lowered by $4 million sequentially to $96 million.
Reported net loss of $404 million. Adjusted net loss of $15 million* excludes non-recurring charges, asset and goodwill impairments, disposals and discontinued operations. Goodwill impairment was triggered by the recent stock price performance and is not connected to management’s forecasts.
Achieved adjusted EBITDA of $79 million*, or 28% of revenue.
Generated cash flow from operations excluding tax payments of $98 million year to date.
Inventory reduction initiatives drive $24 million in cash generation year to date.
Cash at quarter end of $160 million.
Realized record traffic, customers served, and units sold on 4/20 holiday, up 10%, 11%, and 9%, respectively, year over year.
Sold 11.6 million units of branded product through branded retail, up 9% sequentially.
Opened five new dispensaries in Macon, Marietta, and Newnan, GA, Apache Junction, AZ, and Limerick, PA.
Relocated one dispensary in Phoenix, AZ and one dispensary in Fort Myers, FL.
Exited California retail assets and commenced wind down of operations in Massachusetts as part of cash preservation and generation plan to bolster business resilience.
Ended the quarter with 32% of retail locations outside of the state of Florida.
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COLUMBIA CARE REPORTS SECOND QUARTER 2023 RESULTS
August 14, 2023– Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”), one of the largest and most experienced cultivators, manufacturers and retailers of cannabis products in the U.S., today reported its financial and operating results for the second quarter ended June 30, 2023.
Our second quarter results were solid, as we achieved more than $129 million in revenue, representing 4% sequential growth, confirming that we have kept our foot on the accelerator over the past 16 months. The financial impact of the measures we have taken to optimize our outstanding footprint and right-size operations are leading to increased profitability, with an 11% increase in gross profit over the first quarter and Adjusted EBITDA1 increasing 24% sequentially to over $20 million. We continue to focus on generating positive cash flow. Growing markets on the east coast fueled our sequential topline growth, counterbalancing further price compression in certain markets such as Florida, Illinois, and Massachusetts. We continued to reduce costs in the quarter, having now eliminated over $38 million, net, in annual expense, as we prioritize cash flow generation. We have announced the initial steps to manage our balance sheet in collaboration with our bondholders and are actively reviewing and considering additional refinancing alternatives. To enhance liquidity and improve operating efficiency, we have continued divesting non-core assets and pursuing commercial mortgages on eligible properties. Our decision to prioritize markets that are driving profitability and growth, and continue our commitment to the diversification of our revenue base, was reflected by continued store openings in Virginia, the launch of adult-use sales in our fully integrated Maryland market on July 1, targeted retail expansion in New Jersey, and the launch of enhanced manufacturing and cultivation capabilities in Ohio, Colorado, West Virginia and New York,” said Nicholas Vita, CEO of Columbia Care.
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AYR WELLNESS TO BRING AWARD-WINNING CANNABIS BRAND KIVA CONFECTIONS TO FLORIDA
August 10, 2023 — AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“AYR” or the “Company”), a leading vertically integrated U.S. multi-state cannabis operator (“MSO”), today announced that it has entered into a three-year, exclusive licensing and retail agreement in Florida with Kiva Confections, a global leader in cannabis edibles. The agreement will bring Kiva’s collection of award-winning cannabis edibles to the Florida market for the first time via AYR’s 62+ retail locations across the state.
“We are thrilled to welcome Kiva Confections to the Sunshine State,” said Sevi Borrelli, AYR’s General Manager, Florida. “Our partnership with Kiva reaffirms our commitment to providing our patients in Florida with the best products available. We are eager to inform our patients about Kiva’s long-standing reputation as a premier cannabis edibles provider and guide them as they explore their wide-ranging selection of premium offerings. According to Florida’s Office of Medical Marijuana Use, we currently hold the 2nd highest market-share of oil-based products in the state and anticipate further expanding on that base via our partnership with Kiva.”
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NEW NAME
HOUSE OF PLATINUM CANNABIS |
PLANET 13 ANNOUNCES Q2 2023 FINANCIAL RESULTS
Q2 2023 Revenue of $25.8 million, compared to $24.9 million in Q1 2023
Q2 2023 Net loss of $4.3 million
Q2 2023 Adjusted EBITDA of $3.0 million
All figures are reported in United States dollars ($) unless otherwise indicated
August 9, 2023 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) (“Planet 13” or the “Company“), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended June 30, 2023. Planet 13’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).
“During the quarter, we grew our share of total Nevada state-wide sales and once again had some of the most sold brands across all major product categories. We had a steady quarter in California and across our business we saw improvement in gross margins and EBITDA margins sequentially. Overall we’ve had a good first half of the year,” said Larry Scheffler, Co-CEO of Planet 13.
“We are executing on the strategic goals we laid out at the beginning of the year. We continue to strengthen the destination appeal and reputation of the SuperStore and are making progress towards opening our consumption lounge. We are also nearing the completion of our new dispensary in Illinois, an exciting addition to our retail portfolio,” commented Bob Groesbeck, Co-CEO of Planet 13. “Between our ongoing construction projects, the strength of our business in Nevada and our rock-solid balance sheet 2024 is shaping up to be a good year for Planet 13.”
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NATIONAL AND INTERNATIONAL NEWS |
FORT LAUDERDALE AND ASPEN PUBLIC RELATIONS FIRM DURÉE & COMPANY TOOK HOME CANNABIS MARKETING ASSOCIATION SEVEN AWARDS’ “BEST USE OF PR” AWARD IN DENVER
Durée & Company is Sole Winner in PR Category for its Work on Columbia Care/Cannabist’s Launch in West Virginia, a New Cannabis Market
Aspen, Colo. — August 9, 2023 — Award-winning Fort Lauderdale- and Aspen-based full-service public relations and marketing agency Durée & Company, Inc. is the sole winner of the inaugural Cannabis Marketing Association Seven Awards’ “Best Use of PR” award. The firm won for its work with Columbia Care/Cannabist’s Launch in West Virginia, a new cannabis market.
Firm President and Founder Durée Ross accepted the award in person at the Cannabis Marketing Association Seven Awards Show, held at the 2023 Cannabis Marketing Summit in Denver, Colorado. Ross was present at the conference to deliver a presentation on crisis communication, by way of special invite from the event organizers. Launched in 2023, Cannabis Marketing Association’s Seven Awards aim to highlight and uplift successful marketing campaigns that are advancing the image of cannabis within the regulated industry. There are 20 unique award categories, including “Best Use of PR”, which focuses on public relations campaigns and crisis communications. Entries were judged by independent jurors who considered a number of criteria in making their final selections.
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SPRINGBIG REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS
BOCA RATON, Fla., August 10, 2023 — SpringBig Holdings, Inc. (“springbig,” “we,” “our” or the “Company”) (NASDAQ: SBIG), a leading provider of vertical SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs, today announced its financial results for the second quarter ended June 30, 2023.
“I am as confident as ever that our strategy is sound, with feedback from our clients and partners reaffirming that we are making the right investments to capture the long-term opportunity in front of us,” said Jeffrey Harris, CEO and Chairman of springbig. “We are continuing to manage our business efficiently with a keen eye on measured growth focused on profitability while recognizing the challenging current macro and industry-specific realities and continuing to develop innovative SaaS based offerings to enable our clients to retain and grow their customer bases, including our recent launch of ‘Subscriptions by springbig’.”
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JUSHI HOLDINGS INC. REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS
Gross Profit of $30.6 Million, Representing an Improvement of $3.9 Million YoY, Gross Profit Margin of 46.0%
Net Loss of $14.0 Million, Compared to Net Income of $12.1 Million in Q2 2022 and Net Loss of $12.4 Million in Q1 2023
Adjusted EBITDA of $12.6 Million, Representing Growth of $12.1 Million YoY and $5.0 Million QoQ, Adjusted EBITDA Margin of 19%
Continued Progress on Cost Savings and Efficiency Optimization Initiatives
Jushi-Branded Product Sales Continued to Approach Nearly Half of Total Retail Revenue YTD across the Company’s Five Vertical Markets
BOCA RATON, Fla., August 11, 2023 — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, is pleased to announce its financial results for the second quarter ended June 30, 2023 (“Q2 2023”). All financial information is unaudited and provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles (“GAAP”).
Second Quarter 2023 Financial Highlights1
Total revenue of $66.4 million
Gross profit margin was 46.0%, compared to 36.7% in the second quarter ended June 30, 2022 (“Q2 2022”) and 42.9% in the first quarter ended March 31, 2023 (“Q1 2023”)
Net Loss of $14.0 million, compared to net income of $12.1 million in Q2 2022 and net loss of $12.4 million in Q1 2023
Adjusted EBITDA1 of $12.6 million, an improvement of $12.1 million year-over-year and $5.0 million sequentially
Cash, cash equivalents, and restricted cash of $32.1 million as of quarter end
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OPTIMI HEALTH ANNOUNCES CAD $3,000,000 SENIOR DEBT FINANCING
First Tranche of CAD $1,000,000 Secured From Chairman JJ Wilson’s Catcher Investments Ltd.
VANCOUVER, British Columbia, August 10, 2023 – Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian drug research and formulation company licensed by Health Canada to manufacture psychedelic substances such as MDMA and high-quality, GMP-grade natural psilocybin, is pleased to announce the non-dilutive Debt Financing Agreement (“DFA”) and General Security Agreement (“GSA”) for proceeds of up to CAD $3,000,000. The company has already brought in the first tranche of CAD $1,000,000 from Catcher Investments Ltd., a company under the stewardship of Mr. JJ Wilson, who also serves as a director and non-executive Chair of Optimi Health.
Pursuant to the Debt Financing Agreement and the GSA, the financing is secured against the assets of the Company and will bear interest at a rate of 7.5% per annum, payable by the Company to the Lender(s) quarterly on the last business day of every fiscal quarter until full repayment. Upon maturity, all outstanding principal shall be payable on August 4, 2026, and the Company may repay the Loan at any time on notice to the Lender(s), subject to a prepayment fee.
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TEXAS CANNABUSINESSES SURPASS $8B IN REVENUE, NEW ECONOMIC REPORT SAYS
State Hemp Employers Support More Than 50,000 Jobs
AUSTIN, Texas, Aug. 10, 2023 — The hemp industry is a major economic driver for the state of Texas, helping to greatly expand its agriculture, retail and manufacturing sectors according to a new economic report released today.
The Whitney Economics report, titled, “Hemp Derived Cannabinoids in the Lone Star State: An Economic Impact Analysis of Cannabinoid Retail in Texas,” estimates that cannabusinesses last year generated more than $8 billion in revenue and employed more than 50,000 workers. In addition, hemp-derived cannabinoid product manufacturers and extractors have invested more than $1 billion in infrastructure to establish and expand operations throughout Texas.
“It is vital that Texas continues to support the hemp industry, which has become a key component of the state’s overall economy,” said Cynthia Cabrera, chair of the cannabinoids council of the Hemp Industries Association and chief strategy officer at Austin-based Hometown Hero CBD. “The results of this study demonstrate the positive economic and social impact of hemp in Texas, and that its small businesses and farmers need to be protected to continue to thrive, providing jobs and tax revenue.”
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WHITE EARTH NATION LAUNCHES MEDICAL CANNABIS PROGRAM & ADULT-USE CANNABIS SALES
White Earth Nation Launches Medical Cannabis Program & Adult-Use Cannabis Sales
MAHNOMEN, Minn., August 09, 2023 — Waabigwan Mashkiki, a Native American cannabis manufacturing plant in Mahnomen opened early August, and has become one of the first dispensaries to legally sell Adult-Use marijuana in Minnesota. Adult-Use cannabis sales are open to anyone 21 years of age or older.
The dispensary is located in Mahnomen near Shooting Star Casino. For more information about location, a menu of products and hours of operation, go to www.waabigwan.com.
Owned by White Earth Nation, Waabigwan Mashkiki is the dispensary selling cannabis products produced in a state-of-the-art, $10 million growing facility designed by experts in the field of cannabis production. The plant has been in operation for two years, growing medical cannabis, but has always had its eye on preparing for the eventuality of legalized Adult-Use.
“Others were racing to the market to capitalize on this unique time in Minnesota history,” Alexander Oxendine, General Manager of Waabigwan Mashkiki, said. “We have been preparing for this day for years. Because of our location, dedication to excellence, and unique and proven growing and processing practices, our product is simply better.”
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AYURCANN HOLDINGS CORP. PROVIDES CORPORATE UPDATE, AND GROWTH STRATEGY
Toronto, Ontario, Aug. 10, 2023 (GLOBE NEWSWIRE) — Ayurcann Holdings Corp. (CSE: AYUR, OTCQB: AYURF, FSE: 3ZQ0) (“Ayurcann” or the “Company”), a leading Canadian cannabis company specializing in the processing and manufacturing of cannabis 2.0 and 3.0 products in the recreational market, is pleased to provide a corporate update to its operations.
OPERATIONAL HIGHLIGHTS:
Successfully grew product offerings to 60 stock keeping units (“SKUs”) across the country and became a top seller of products, including1:
Canadian retail penetration of over 70%, with Ontario at over 75%2
Consistently offering new SKUs across the country, reflecting the innovation, reliability, and value that Ayurcann has brought to the recreational cannabis market in Canada, with over 20 new SKUs being launching over the next three to six months.
Top Company brands: Fuego, XPLOR and H&S, are consistent performers across the country with increased market share.
Focused on top selling categories, using, and improving existing efficiencies to enhance production and market share while addressing SKU rationalization and price compression.
In the 1g Vape Category:
Ayurcann Holdings Corp. (AYUR-L, NR) vape market share is starting to pick up steam, increasing to 7.3% in July 2023 (from 2.1% in July 2022) **
ACROSS CANADA #4
ONTARIO #4, ALBERTA #6, MANITOBA #2, SASKATCHEWAN #3
In the 1×0.5G Pre-Roll Category:
ACROSS CANADA #2
ONTARIO #1, ALBERTA #3, MANITOBA #3, SASKATCHEWAN #3
In the 2x1G Pre-Roll Category:
ACROSS CANADA #2
ONTARIO #1, ALBERTA #2, MANITOBA #2, SASKATCHEWAN #1
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SWEET LEAF MADISON CAPITAL NAMED ‘TOP LENDER’ IN CANNABIS INDUSTRY FINANCE AWARDS
GREEN MARKET REPORT CANNABIS FINANCIAL AWARDS RECOGNIZE BUSINESSES AND INDIVIDUALS THAT ARE DEFTLY NAVIGATING THE COMPLEXITIES OF CANNABIS FINANCING
DENVER, Aug. 09, 2023 — Sweet Leaf Madison Capital (“SLMC” or “Sweet Leaf Madison”), a nationwide provider of customized debt solutions for the middle-market cannabis industry, was recently named “Top Lender” in the 2023 Green Market Report Cannabis Financial Awards, which recognize exceptional achievements and contributions to the cannabis industry.
The awards honor individuals and companies who play critical roles in navigating the complicated financial world of the cannabis industry. Award categories cover the gamut of finance positions including CEO, CFO, Top Lender, Investment Analyst, Accountant, Fintech Leader, Investment Firm (PE/VC), Banker, Top Woman in Finance and Innovative Financing. Recipients were selected through a rigorous evaluation process conducted by a panel of industry insiders.
“It is indeed an honor for Sweet Leaf Madison Capital to be recognized in this way, particularly when we know it comes from our peers in the industry,” said Andrew Kaye, Chief Commercial Officer of SLMC. “The cannabis industry can be challenging, exhausting and fun but it is never dull. We feel privileged to work with the pioneers who are shaping this exciting industry and look forward to doing so for many years to come.”
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VILLAGE FARMS INTERNATIONAL REPORTS SIGNIFICANTLY IMPROVED SECOND QUARTER
Village Farms International Reports Significantly Improved Second Quarter
Canadian Cannabis Retail Branded Sales Increase 18% Year-Over-Year (24% in Canadian Dollars), Significantly Outpacing Market Growth
Canadian Cannabis Delivers Positive Net Income and 19th Consecutive Quarter of Positive Adjusted EBITDA
Canadian Cannabis Maintains Top-Three Market Share Position Nationally and Takes Over Number One Market Share Position in Quebec
Canadian Cannabis Exports Increase 189% (217% in Canadian Dollars) Year-Over-Year
US Cannabis Delivers Sequential Revenue Growth and Positive Net Income, Adjusted EBITDA and Cash Flow
Fresh Produce Delivers Fourth Consecutive Quarter of Significant Sequential Improvement with Positive Adjusted EBITDA
VANCOUVER, British Columbia, Aug. 09, 2023 — Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced its financial results for the second quarter ended June 30, 2023. All figures are in U.S. dollars unless otherwise indicated.
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CHICAGO ATLANTIC REAL ESTATE FINANCE ANNOUNCES SECOND QUARTER 2023 FINANCIAL RESULTS
CHICAGO, Aug. 09, 2023 — Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a commercial mortgage real estate investment trust, today announced its results for the second quarter ended June 30, 2023.
John Mazarakis, Executive Chairman of Chicago Atlantic, noted, “Our capital structure is among the best in the mortgage REIT sector and the strongest in the cannabis space. We have no shortage of demand for capital from strong credit operators, and that demand is reflected in our pipeline. As planned, we intentionally held back on our loan originations pace during the quarter to remain highly selective on new investments. In doing so, we have been able to take advantage of a new program with the State of New York that offers the opportunity within the REIT to fund up to $50 million in long-term financing at an attractive rate.”
Tony Cappell, Chief Executive Officer, added, “With an ongoing shakeout within the industry of both capital providers and less-experienced cannabis operators, we continue to benefit from our past decisions to focus primarily on vertically integrated operators and limited license states. The loan portfolio is well-positioned with the percentage of floating rate loans at 88%, real estate collateral coverage of 1.5x, a loan-to-enterprise value of 41% and a weighted average yield to maturity at 19.2%. With leverage of 16% at quarter end and over $46 million of current liquidity, we have the flexibility to pursue continued growth in the portfolio.”
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BELOW ARE THE LINKS TO THE DIRECTORY OF FLORIDA CANNABIS DOCTORS AND
DISPENSARIES IN THE STATE OF FLORIDA |
QUALIFIED PATIENTS OVER 838,000 AND 586 DISPENSING LOCATIONS
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LATEST OMMU REPORTS FROM OFFICE OF MEDICAL MARIJUANA USE IN THE STATE OF FLORIDA Highlights from
AUGUST 11, 2023 Report
BY THE NUMBERS Qualified Patients: (Active ID Card):
AUG 11 2023- 838,470 AUG 4 2023- 837,122 JULY 28 2023- 835,879
JULY 21 2023- 834,108 JULY 14 2023- 833,463 Patients Last Week: 1,348
Qualified Ordering Physicians: 2,609
New Doctors Last Week: 2 Reporting Period: AUG 4 TO AUG 10 2023
Amount of Medical Marijuana Dispensed - (mgs THC) 304,932,447 Amount of Low-THC Cannabis Dispensed - (mgs CBD) 2,504,585 Amount of Marijuana in a From for Smoking (oz) 103,395.576 Approved Dispensing Locations: 586 ADD LAST WEEK - 2
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