The Cannabist Company Reports Third Quarter 2024 Results
The Cannabist Company reported its Q3 2024 financial results. Revenue was $114.8 million, a decrease from $125.2 million in Q2 and $129.2 million in Q3 2023. Gross profit increased to $43.8 million from $37.1 million in Q3 2023. Net loss was $1.8 million, an improvement from a $36.2 million loss in Q3 2023. The company closed significant transactions, selling assets in Arizona and Eastern Virginia for $105 million, boosting cash reserves to $31.5 million from $22 million in Q2. Adjusted EBITDA was $14.8 million, down from $17.5 million in Q2. The company continues to streamline operations, exiting unprofitable locations in Florida, Washington, D.C., and Boston. It also participated in Ohio's adult-use cannabis market, nearly doubling sales at its retail locations there. Looking ahead, the company aims for an Adjusted EBITDA margin above 20% in 2025, with growth catalysts including new retail locations in New Jersey, Virginia, and Ohio.
La Cannabist Company ha riportato i risultati finanziari per il terzo trimestre del 2024. I ricavi sono stati di 114,8 milioni di dollari, in calo rispetto ai 125,2 milioni di dollari del secondo trimestre e ai 129,2 milioni di dollari del terzo trimestre del 2023. Il profitto lordo è aumentato a 43,8 milioni di dollari rispetto ai 37,1 milioni di dollari del terzo trimestre del 2023. La perdita netta è stata di 1,8 milioni di dollari, un miglioramento rispetto a una perdita di 36,2 milioni di dollari nel terzo trimestre del 2023. L'azienda ha concluso transazioni significative, vendendo asset in Arizona e Virginia orientale per 105 milioni di dollari, aumentando le riserve di liquidità a 31,5 milioni di dollari rispetto ai 22 milioni di dollari del secondo trimestre. L'EBITDA rettificato è stato di 14,8 milioni di dollari, in calo rispetto ai 17,5 milioni di dollari del secondo trimestre. L'azienda continua a razionalizzare le operazioni, chiudendo sedi non redditizie in Florida, Washington D.C. e Boston. Ha anche partecipato al mercato della cannabis per uso adulto in Ohio, quasi raddoppiando le vendite nelle sue sedi al dettaglio. Guardando al futuro, l'azienda punta a un margine EBITDA rettificato superiore al 20% nel 2025, con catalizzatori di crescita che includono nuove sedi al dettaglio nel New Jersey, Virginia e Ohio.
La compañía Cannabist reportó sus resultados financieros del tercer trimestre de 2024. Los ingresos fueron de 114,8 millones de dólares, una disminución de 125,2 millones de dólares en el segundo trimestre y 129,2 millones de dólares en el tercer trimestre de 2023. El beneficio bruto aumentó a 43,8 millones de dólares desde 37,1 millones de dólares en el tercer trimestre de 2023. La pérdida neta fue de 1,8 millones de dólares, una mejora respecto a una pérdida de 36,2 millones de dólares en el tercer trimestre de 2023. La empresa cerró transacciones significativas, vendiendo activos en Arizona y el este de Virginia por 105 millones de dólares, aumentando sus reservas de efectivo a 31,5 millones de dólares desde 22 millones de dólares en el segundo trimestre. El EBITDA ajustado fue de 14,8 millones de dólares, por debajo de los 17,5 millones de dólares en el segundo trimestre. La empresa sigue optimizando sus operaciones, saliendo de ubicaciones no rentables en Florida, Washington D.C. y Boston. También participó en el mercado de cannabis de uso adulto de Ohio, casi duplicando las ventas en sus ubicaciones minoristas allí. Mirando hacia adelante, la empresa busca un margen de EBITDA ajustado superior al 20% en 2025, con catalizadores de crecimiento que incluyen nuevas ubicaciones minoristas en Nueva Jersey, Virginia y Ohio.
캐너비스트 회사는 2024년 3분기 재무 결과를 발표했습니다. 수익은 1억 1,480만 달러로 2분기의 1억 2,520만 달러 및 2023년 3분기의 1억 2,920만 달러에서 감소했습니다. 총 이익은 2023년 3분기의 3,710만 달러에서 4,380만 달러로 증가했습니다. 순손실은 180만 달러로, 2023년 3분기의 3,620만 달러 손실에서 개선되었습니다. 이 회사는 애리조나와 동부 버지니아에서 1억 500만 달러에 자산을 판매하는 중요한 거래를 완료하여 2분기의 2,200만 달러에서 3,150만 달러로 현금 유동성을 증가시켰습니다. 조정된 EBITDA는 1,480만 달러로 2분기의 1,750만 달러에서 감소했습니다. 이 회사는 플로리다, 워싱턴 D.C. 및 보스턴의 비수익성 위치를 종료하며 운영을 간소화하고 있습니다. 또한 오하이오의 성인용 대마초 시장에 참여하여 해당 지역 소매점에서 매출을 거의 두 배로 늘렸습니다. 앞으로 나아가, 이 회사는 2025년까지 조정된 EBITDA 마진을 20% 이상으로 설정할 계획이며, 뉴저지, 버지니아 및 오하이오에 새로운 소매점 개점이 성장 촉진제가 될 것입니다.
La société Cannabist a publié ses résultats financiers pour le troisième trimestre 2024. Le chiffre d'affaires s'est élevé à 114,8 millions de dollars, en baisse par rapport à 125,2 millions de dollars au deuxième trimestre et 129,2 millions de dollars au troisième trimestre 2023. Le bénéfice brut a augmenté à 43,8 millions de dollars contre 37,1 millions de dollars au troisième trimestre 2023. La perte nette s'est chiffrée à 1,8 million de dollars, une amélioration par rapport à une perte de 36,2 millions de dollars au troisième trimestre 2023. L'entreprise a conclu des transactions significatives, vendant des actifs en Arizona et en Virginie de l'Est pour 105 millions de dollars, ce qui a augmenté les réserves de liquidités à 31,5 millions de dollars contre 22 millions de dollars au deuxième trimestre. L'EBITDA ajusté a été de 14,8 millions de dollars, en baisse par rapport à 17,5 millions de dollars au deuxième trimestre. L'entreprise continue de rationaliser ses opérations, se retirant de lieux non rentables en Floride, à Washington D.C. et à Boston. Elle a également participé au marché du cannabis à usage adulte en Ohio, doublant presque les ventes dans ses points de vente. En regardant vers l'avenir, l'entreprise vise une marge d'EBITDA ajustée de plus de 20 % en 2025, avec des moteurs de croissance comprenant de nouveaux points de vente au détail dans le New Jersey, en Virginie et en Ohio.
Die Cannabist Company hat ihre Finanzzahlen für das 3. Quartal 2024 veröffentlicht. Der Umsatz betrug 114,8 Millionen Dollar, ein Rückgang von 125,2 Millionen Dollar im 2. Quartal und 129,2 Millionen Dollar im 3. Quartal 2023. Der Bruttogewinn stieg auf 43,8 Millionen Dollar im Vergleich zu 37,1 Millionen Dollar im 3. Quartal 2023. Der Nettoverlust betrug 1,8 Millionen Dollar, eine Verbesserung gegenüber einem Verlust von 36,2 Millionen Dollar im 3. Quartal 2023. Das Unternehmen hat bedeutende Transaktionen abgeschlossen und Vermögenswerte in Arizona und Virginia für 105 Millionen Dollar verkauft, wodurch die Barmittelreserven von 22 Millionen Dollar im 2. Quartal auf 31,5 Millionen Dollar gestiegen sind. Das bereinigte EBITDA belief sich auf 14,8 Millionen Dollar, ein Rückgang von 17,5 Millionen Dollar im 2. Quartal. Das Unternehmen setzt weiterhin auf die Optimierung seiner Abläufe und hat unrentable Standorte in Florida, Washington D.C. und Boston aufgegeben. Es hat auch am Cannabis-Markt für Erwachsene in Ohio teilgenommen und die Verkäufe an seinen Einzelhandelsstandorten dort nahezu verdoppelt. Für die Zukunft strebt das Unternehmen eine bereinigte EBITDA-Marge von über 20 % im Jahr 2025 an, mit Wachstumstreibern, die neue Einzelhandelsstandorte in New Jersey, Virginia und Ohio umfassen.
- Gross profit increased to $43.8 million from $37.1 million in Q3 2023.
- Net loss improved to $1.8 million from $36.2 million in Q3 2023.
- Sale of assets in Arizona and Eastern Virginia for $105 million.
- Cash reserves increased to $31.5 million from $22 million in Q2.
- Participation in Ohio's adult-use market nearly doubled sales at retail locations.
- Revenue decreased to $114.8 million from $125.2 million in Q2 and $129.2 million in Q3 2023.
- Adjusted EBITDA decreased to $14.8 million from $17.5 million in Q2.
- Cash from operations was negative $18 million, compared to negative $3 million in Q2.
Third Quarter 2024 Financial Highlights (in $ thousands, excl. margin items):
| For the Three Months Ended | ||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||
| Revenue | $ |
114,783 |
$ |
125,190 |
$ |
129,183 |
| Gross Profit | $ |
43,810 |
$ |
48,052 |
$ |
37,142 |
| Adj. Gross Profit[1,2] | $ |
43,810 |
$ |
48,214 |
$ |
50,275 |
| Adj. Gross Margin[1,2] |
|
|
|
|
|
|
| Income (Loss) from Operations | $ |
(5,626) |
$ |
8,006 |
$ |
(19,330) |
| Adj. EBITDA[1,2] | $ |
14,815 |
$ |
17,537 |
$ |
20,493 |
| Adj. EBITDA Margin[1,2] |
|
|
|
|
|
|
| Net Income (Loss) | $ |
(1,763) |
$ |
(13,643) |
$ |
(36,180) |
[1] Denotes a Non-GAAP measure. See “Non-GAAP Financial Measures” in this press release for more information regarding the Company’s use of non-GAAP financial measures, as well as Table 4 for reconciliation, where applicable. |
[2] Both Adj. Gross Profit and Adj. EBITDA exclude |
“The results in the third quarter are indicative of the continued transformation that is underway at The Cannabist Company as we strive to build a better business by strategically reshaping our footprint, streamlining operations, and derisking the balance sheet. In the third quarter, we closed on significant transactions with the sale of
He continued, “Our optimization work is not yet done. Moving ahead into the fourth quarter and next year, we are continuing on our path to enhanced profitability. Our Adjusted EBITDA margin target during 2025 remains above
Top 5 Markets by Revenue in Q3[3]:
Top 5 Markets by Adjusted EBITDA in Q3[3]:
[3] Markets are listed alphabetically |
Financial Highlights for Third Quarter 2024
-
Third quarter revenue of
$114.8 million 8% from the second quarter, primarily as a result of the sale ofEastern Virginia andArizona businesses in August; excluding divested assets for both Q2 and Q3, revenue would have been flat quarter over quarter. -
Adjusted EBITDA in Q3 was
$14.8 million $17.5 million 13% , compared to14% in the second quarter; sequential contraction in Adjusted EBITDA and Adjusted EBITDA margin is a result of sale of businesses inVirginia andArizona . -
The Company ended the second quarter with
$31.5 million $22 million -
On August 22, Company closed on the sale of assets and operations in
Eastern Virginia andArizona for total consideration of$105 million $31 million -
On August 23, Company announced definitive agreements for the sale of all 14 Cannabist dispensaries and 3 cultivation facilities in
Florida for a total consideration of$16.4 million -
In Q3 2024, cash from operations was negative
$18 million $3 million $6 million -
Capital expenditures in the third quarter were
$1.5 million $2 $3 million -
Subsequent to quarter close, Company submitted an amended tax return and refund claim for
$5 million
Operational Highlights for Third Quarter 2024
-
Wholesale revenue increased
2% in Q3 and represented17% of total revenue, up from15% of total revenue in Q2. -
Company participated in day one of adult use sales in
Ohio , with volume nearly doubling for the 5 active retail locations;Ohio demonstrated largest increase in revenue and Adjusted EBITDA quarter over quarter. -
As a result of the sale of retail locations in
Arizona (2) andEastern Virginia (6), the quarter-end active retail count was 74; subsequent to quarter close, the Company closed one location inBoston and closed on the sale of 14 locations inFlorida , as previously announced. -
Company has additional retail locations in development, including in
New Jersey (1),Virginia (1) andOhio (3).
Conference Call and Webcast Details
The Company will host a conference call on Thursday, November 7, 2024 at 8:00 a.m. ET to discuss financial and operating results for the third quarter of 2024.
To access the live conference call via telephone, participants must pre-register at https://register.vevent.com/register/BI449b84a9c5524f96aad44285a361646f. After registering, instructions will be shared on how to join the call for those who wish to dial in. A live audio webcast of the call will also be available in the Investor Relations section of the Company's website at https://investors.cannabistcompany.com/ or at https://edge.media-server.com/mmc/p/xvrryett.
A replay of the audio webcast will be available in the Investor Relations section of the Company’s website approximately 2 hours after completion of the call and will be archived for 30 days.
About The Cannabist Company (f/k/a Columbia Care)
The Cannabist Company, formerly known as Columbia Care, is one of the most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 14 U.S. jurisdictions. The Company operates 91 facilities including 71 dispensaries and 20 cultivation and manufacturing facilities, including those under development. Columbia Care, now The Cannabist Company, is one of the original multi-state providers of cannabis in the
Non-GAAP Financial Measures
In this press release, the Company refers to certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Adjusted Gross Margin. The Company considers certain non-GAAP measures to be meaningful indicators of the performance of its business. These measures are not recognized measures under GAAP, do not have a standardized meaning prescribed by GAAP and may not be comparable to (and may be calculated differently by) other companies that present similar measures. Accordingly, these measures should not be considered in isolation from nor as a substitute for our financial information reported under GAAP. These non-GAAP measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on GAAP measures. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented. We also recognize that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of companies within our industry.
With respect to non-GAAP financial measures, the Company defines EBITDA as net income (loss) before (i) depreciation and amortization; (ii) income taxes; and (iii) interest expense and debt amortization. Adjusted EBITDA is defined as EBITDA before (i) share-based compensation expense; (ii) goodwill and intangible impairment, (iii) adjustments for acquisition and other non-core costs; (iv) gain on remeasurement of contingent consideration, net, (v) fair value changes on derivative liabilities; and (vi) fair value mark-up for acquired inventory. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenue. Adjusted Gross Profit is defined as gross profit before the fair mark-up for acquired inventory. Adjusted Gross Margin is defined as gross margin before the fair mark-up for acquired inventory.
The Company views these non-GAAP financial measures as a means to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results and comparison to competitors’ operating results. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to the corresponding GAAP financial measure, may provide a more complete understanding of factors and trends affecting the Company’s business. The determination of the amounts that are excluded from these non-GAAP financial measures are a matter of management judgment and depend upon, among other factors, the nature of the underlying expense or income amounts. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety.
Reconciliations of non-GAAP financial measures to their nearest comparable GAAP measures are included in this press release and a further discussion of some of these items are contained in our annual report on Form 10-K and in our quarterly report on Form 10-Q.
Caution Concerning Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information or forward looking statements within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. Statements concerning the Company’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of the Company are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would”, “could”, “should”, “continue”, “plan”, “goal”, “objective”, and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements in this press release include, among others, statements related to: the Company’s corporate restructuring and related expected savings; the divestiture of the Company’s
The Company has made assumptions with regard to its ability to execute on initiatives, which although considered reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied by any forward-looking information. Forward-looking information involves numerous assumptions, including the fact that cannabis remains illegal under federal law; the application of anti-money laundering laws and regulations to the Company; legal, regulatory or political change to the cannabis industry; access to the services of banks; access to public and private capital for the Company; unfavorable publicity or consumer perception of the cannabis industry; expansion into the adult-use markets; the impact of laws, regulations and guidelines; the impact of Section 280E of the Internal Revenue Code; the impact of state laws pertaining to the cannabis industry; the Company’s reliance on key inputs, suppliers and skilled labor; the difficulty of forecasting the Company’s sales; constraints on marketing products; potential cyber-attacks and security breaches; net operating loss and other tax attribute limitations; the impact of changes in tax laws; the volatility of the market price of the common shares of the Company; reliance on management; litigation including existing claims and those which may surface from time to time; future results and financial projections; the impact of global financial conditions and disease outbreaks; projected revenue and expected gross margins, capital allocation, EBITDA break even targets and other financial results; growth of the Company’s operations via expansion; statements relating to the business and future activities of, and developments related to, the Company after the date of this press release, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s business, operations and plans; expectations that planned transactions will be completed as previously announced; expectations regarding cultivation and manufacturing capacity; expectations regarding receipt of regulatory approvals; expectations that licenses applied for will be obtained; potential future legalization of adult-use and/or medical cannabis under
Forward-looking statements may relate to future financial conditions, results of operations, plans, objectives, performance or business developments. These statements speak only as at the date they are made and are based on information currently available and on the then current expectations. Holders of securities of the Company are cautioned that forward-looking statements are not based on historical facts but instead are based on reasonable assumptions and estimates of management of the Company at the time they were provided or made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Securityholders should review the risk factors discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2023, as filed with the applicable securities regulatory authorities and as also described from time to time in other documents filed by the Company with
The purpose of forward-looking statements is to provide the reader with a description of management’s expectations, and such forward-looking statements may not be appropriate for any other purpose. In particular, but without limiting the foregoing, disclosure in this press release as well as statements regarding the Company’s objectives, plans and goals, including future operating results and economic performance may make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. No undue reliance should be placed on forward-looking statements contained in this press release. Such forward-looking statements are made as of the date of this press release.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.
| TABLE 1 - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (in US $ thousands, except share and per share figures, unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | September 30, 2023 | |||||||||
| Revenue | $ |
114,783 |
|
$ |
125,190 |
|
$ |
122,611 |
|
$ |
129,183 |
|
| Cost of sales |
|
(70,973 |
) |
|
(77,138 |
) |
|
(80,074 |
) |
|
(92,041 |
) |
| Gross profit |
|
43,810 |
|
|
48,052 |
|
|
42,537 |
|
|
37,142 |
|
| Selling, general and administrative expenses |
|
(49,436 |
) |
|
(40,046 |
) |
|
(53,273 |
) |
|
(56,472 |
) |
| Profit (loss) from operations |
|
(5,626 |
) |
|
8,006 |
|
|
(10,736 |
) |
|
(19,330 |
) |
| Other income (expense), net |
|
25,701 |
|
|
(12,007 |
) |
|
(14,964 |
) |
|
(14,553 |
) |
| Income tax benefit (expense) |
|
(21,838 |
) |
|
(9,642 |
) |
|
(8,868 |
) |
|
(2,297 |
) |
| Net income (loss) |
|
(1,763 |
) |
|
(13,643 |
) |
|
(34,568 |
) |
|
(36,180 |
) |
| Net income (loss) attributable to non-controlling interests |
|
97 |
|
|
698 |
|
|
505 |
|
|
545 |
|
| Net income (loss) attributable to Cannabist Company shareholders | $ |
(1,860 |
) |
$ |
(14,341 |
) |
$ |
(35,073 |
) |
$ |
(36,725 |
) |
| Weighted average common shares outstanding - basic and diluted |
|
470,552,039 |
|
|
460,653,957 |
|
|
445,633,865 |
|
|
409,113,721 |
|
| Earnings per common share attributable to Cannabist Company shareholders - basic and diluted | $ |
(0.00 |
) |
$ |
(0.03 |
) |
$ |
(0.08 |
) |
$ |
(0.09 |
) |
| TABLE 2 - CONDENSED CONSOLIDATED BALANCE SHEET (SELECT ITEMS) | ||||||||
| (in US $ thousands, unaudited) | ||||||||
| Three Months Ended | ||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | September 30, 2023 | |||||
| Cash | $ |
31,497 |
$ |
22,332 |
$ |
44,473 |
$ |
60,273 |
| Total current assets |
|
234,977 |
|
167,258 |
|
189,887 |
|
230,829 |
| Property and equipment, net |
|
232,305 |
|
284,434 |
|
291,125 |
|
326,725 |
| Right of use assets |
|
152,540 |
|
209,294 |
|
213,668 |
|
222,351 |
| Total assets |
|
770,702 |
|
777,115 |
|
812,831 |
|
948,394 |
| Total current liabilities |
|
255,532 |
|
209,845 |
|
165,979 |
|
197,268 |
| Total liabilities |
|
746,699 |
|
753,731 |
|
769,923 |
|
797,608 |
| Total equity |
|
24,003 |
|
23,384 |
|
42,908 |
|
150,786 |
| Total liabilities and equity | $ |
770,702 |
$ |
777,115 |
$ |
812,831 |
$ |
948,394 |
| TABLE 3 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| (in US $ thousands, unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | September 30, 2023 | |||||||||
| Net cash provided by (used in) operating activities | $ |
(18,015 |
) |
$ |
(3,448 |
) |
$ |
(6,211 |
) |
$ |
1,809 |
|
| Net cash provided by (used in) investing activities |
|
29,429 |
|
|
(1,547 |
) |
|
2,403 |
|
|
24,253 |
|
| Net cash provided by (used in) financing activities | $ |
(2,249 |
) |
$ |
(17,146 |
) |
$ |
12,517 |
|
$ |
(804 |
) |
| TABLE 4 - RECONCILIATION OF US GAAP TO NON-GAAP MEASURES | ||||||||||||
| (in US $ thousands, unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | September 30, 2023 | |||||||||
| Net income (loss) | $ |
(1,763 |
) |
$ |
(13,643 |
) |
$ |
(34,568 |
) |
$ |
(36,180 |
) |
| Income tax (benefit) expense |
|
21,838 |
|
|
9,642 |
|
|
8,868 |
|
|
2,297 |
|
| Depreciation and amortization |
|
11,767 |
|
|
13,583 |
|
|
13,964 |
|
|
17,929 |
|
| Net interest and debt amortization |
|
13,127 |
|
|
13,121 |
|
|
12,480 |
|
|
14,500 |
|
| EBITDA (Non-GAAP) | $ |
44,969 |
|
$ |
22,703 |
|
$ |
744 |
|
$ |
(1,454 |
) |
| Share-based compensation | $ |
2,374 |
|
$ |
(8,144 |
) |
$ |
3,182 |
|
$ |
8,321 |
|
| Goodwill and intangible impairment |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Adjustments for other acquisition and non-core costs |
|
(36,723 |
) |
|
2,996 |
|
|
9,032 |
|
|
13,601 |
|
| Gain on remeasurement of contingent consideration, net |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Fair value changes on investments and derivative liabilities |
|
4,195 |
|
|
(18 |
) |
|
2,346 |
|
|
25 |
|
| Fair value mark-up for acquired inventory |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Adjusted EBITDA (Non-GAAP) | $ |
14,815 |
|
$ |
17,537 |
|
$ |
15,304 |
|
$ |
20,493 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107030014/en/
Investor
Lee Ann Evans
SVP, Capital Markets
investor@cannabistcompany.com
Media
Lindsay Wilson
SVP, Communications
media@cannabistcompany.com
Source: The Cannabist Company Holdings Inc.
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