No securities regulatory authority has in any way passed upon the merits of the proposed transactions described in this news release or has approved or disapproved of the contents of this news release.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Investor Contact: | Media Contact: |
Jennifer Dooley | Linda Marsicano |
Chief Strategy Officer | VP, Corporate Communications |
InvestorRelations@gtigrows.com | lmarsicano@gtigrows.com |
310-622-8257 | 773-354-2004 |
Source: Green Thumb Industries
Highlights from Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||
(Amounts Expressed in United States Dollars) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2019 | 2018 | ||||||
Revenues, net of discounts | $ | 27,913,163 | $ | 10,925,898 | |||
Cost of Goods Sold, net | (14,811,489 | ) | (6,212,963 | ) | |||
Gross Profit before Biological Asset Adjustment | 13,101,674 | 4,712,935 | |||||
Net Effect of Changes in Fair Value of Biological Assets | 258,478 | 151,045 | |||||
Gross Profit | 13,360,152 | 4,863,980 | |||||
Expenses: | |||||||
General and Administrative | 22,591,335 | 5,851,896 | |||||
Sales and Marketing | 688,293 | 170,113 | |||||
Depreciation and Amortization | 3,275,915 | 233,629 | |||||
Total Expenses | 26,555,543 | 6,255,638 | |||||
Loss From Operations | (13,195,391 | ) | (1,391,658 | ) | |||
Other Income (Expense): | |||||||
Other Income (Expense), net | 5,256,653 | 233,344 | |||||
Interest Income | 356,830 | 600,000 | |||||
Interest Expense | (943,878 | ) | (371,105 | ) | |||
Total Other Income (Expense) | 4,669,605 | 462,239 | |||||
Income (Loss) Before Provision for Income Taxes And Non-Controlling Interest | (8,525,786 | ) | (929,419 | ) | |||
Provision For Income Taxes | 1,307,000 | 35,000 | |||||
Net Income (Loss) and Comprehensive Income (Loss) Before Non-Controlling Interest | (9,832,786 | ) | (964,419 | ) | |||
Net Income (Loss) and Comprehensive Income (Loss) Attributable To Non-Controlling Interest | (140,999 | ) | 616,550 | ||||
Net Loss and Comprehensive Loss Attributable To Green Thumb Industries Inc. | $ | (9,691,787 | ) | $ | (1,580,969 | ) | |
Net Loss per share - basic and diluted | $ | (0.06 | ) | ||||
Weighted average number of shares outstanding - basic and diluted | 170,931,608 | ||||||
Net Loss per membership unit | $ | (0.01 | ) | ||||
Membership units | 249,702,041 | ||||||
Highlights from Unaudited Interim Condensed Consolidated Statements of Financial Position | ||||||
(Amounts Expressed in United States Dollars) | ||||||
March 31, | December 31, | |||||
2019 | 2018 | |||||
Cash and cash equivalents | $ | 117,081,967 | $ | 145,986,072 | ||
Other current assets | 33,988,108 | 28,409,968 | ||||
Property and equipment, net | 83,891,080 | 65,324,080 | ||||
Intangible assets, net | 184,317,138 | 91,565,678 | ||||
Goodwill | 156,449,153 | 29,324,360 | ||||
Other long-term assets | 85,723,406 | 56,392,427 | ||||
Total assets | $ | 661,450,852 | $ | 417,002,585 | ||
Total current liabilities | $ | 83,171,666 | $ | 47,619,512 | ||
Notes payable, net of current portion | 5,174,628 | 5,733,797 | ||||
Other long-term liabilities | 38,229,277 | 14,769,377 | ||||
Total equity | 534,875,281 | 348,879,899 | ||||
Total liabilities and equity | $ | 661,450,852 | $ | 417,002,585 | ||
Supplemental Information (Unaudited) Regarding Non-IFRS Financial Measures | |||||||
EBITDA, Adjusted Operating EBITDA, and Adjusted EBITDA are non-IFRS measures and do not have standardized definitions under IFRS. The following information provides reconciliations of the supplemental non-IFRS financial measures, presented in this press release to the most directly comparable financial measures calculated and presented in accordance with International Financial Reporting Standards. The Company has provided the non-IFRS financial measures in the press release, which are not calculated or presented in accordance with IFRS, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. These supplemental non-IFRS financial measures are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items and believe that the supplemental non-IFRS financial measures presented provide additional perspective and insights when analyzing the core operating performance of the Company’s business. These supplemental non-IFRS 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 IFRS financial measures presented in the press release. | |||||||
Adjusted EBITDA | |||||||
(Amounts Expressed in United States Dollars) | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net income (loss) before noncontrolling interest (IFRS) | $ | (9,832,786 | ) | $ | (964,419 | ) | |
Interest income | (356,830 | ) | (600,000 | ) | |||
Interest expense | 943,878 | 371,105 | |||||
Income taxes | 1,307,000 | 35,000 | |||||
Depreciation and amortization | 3,915,896 | 344,305 | |||||
Earnings before interest, taxes, depreciation and amortization | |||||||
(EBITDA) (non-IFRS measure) | $ | (4,022,842 | ) | $ | (814,009 | ) | |
Other income | (5,256,653 | ) | (233,344 | ) | |||
Share-based compensation, non-cash | 6,473,462 | - | |||||
Nonrecurring acquisition related expenses | 2,407,482 | - | |||||
Adjusted Operating EBITDA (non-IFRS measure) | $ | (398,551 | ) | $ | (1,047,353 | ) | |
Adjustment for investment fair value adjustments attributable to Green | |||||||
Thumb Industries Inc. | 5,256,653 | - | |||||
Adjusted EBITDA (non-IFRS measure) | $ | 4,858,102 | $ | (1,047,353 | ) | ||