The world's leading cannabis company
Investor Presentation
TSX: CURA / OTCQX: CURLF
April 2024
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Investment Highlights
4Q '23 Financial and
International Highlights
Strategy and Differentiation
Track Record
The Cannabis Industry Opportunity
Investment Highlights
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INVESTMENT HIGLIGHTS
Investment Highlights
- The legal cannabis industry is a generational wealth opportunity, expected to grow from $30 billion in 2023 to $46 billion by 2028, a CAGR of 9%(1)
- Our diverse US and international footprint position us as the global industry leader
- We have a world-classmanagement team with decades of experience building businesses
- We are committed to developing highly formulated products backed by science
- We have one of the strongest balance sheets in the industry with a 1.9x Debt (2) to Trailing Twelve Months Adj. EBITDA(3,4) ratio
- Attractive financial model - Fourth quarter revenue of $345M (+4% Q-o-Q) and Adj. EBITDA(3) of $83 million
- Multiple catalysts in 2024 and beyond to domestically and internationally expand profitability and increase cash generation
- BDSA Analytics, March 2024.
- Outstanding debt, which represents total notes payable.
- Adjusted EBITDA is a non-GAAP financial measure, without a standardized definition under GAAP and which may not be comparable to similar measures used by other issuers. See "Non-GAAP Financial Measures" and
"Reconciliation of Non-GAAP financial measures" at the end of this presentation for definitions and more information regarding Curaleaf's use of non-GAAP financial measures and non-GAAP financial ratios, and a reconciliation | 4 | |
of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. | ||
4. | Cumulative reported AEBITDA for 1Q2023 - 4Q2023. |
4Q '23 Financial &
International Highlights
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2 4Q '23 Financial and Operating Highlights
Presence in | 21(1) | $83m |
17 | (1) | states |
cultivation sites | adj. EBITDA(3) |
255m(2) | ≈1.4m(1) | 24% |
U.S. addressable | sq. ft. cultivation | adj. EBITDA margin |
population | capacity | %(3) |
145(1) retail | $345m | 80/19% |
locations | revenue | retail / wholesale |
revenue mix | ||
900+ | 4% | $92m |
wholesale | Q-o-Q revenue | cash |
partner accounts | growth | balance |
- As of 12.31.2023, includes licensed brand in OR and MI, excludes discontinued operations in KY, VT, and ME adult-use.
- Per BDSA, estimated adult population for FY 2023 as of March 2024.
3. Adjusted EBITDA is a non-GAAP financial measure, without a standardized definition under GAAP and which may not be comparable to similar measures used by other issuers. See "Non-GAAP Financial Measures" and "Reconciliation of Non- 6 GAAP financial measures" at the end of this presentation for definitions and more information regarding Curaleaf's use of non-GAAP financial measures and non-GAAP financial ratios, and a reconciliation of the non-GAAP financial measures used
in this presentation to the most directly comparable GAAP financial measures.
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4Q '23 INTERNATIONAL HIGHLIGHTS
4Q '23 - Curaleaf International Highlights
- Curaleaf International total revenue of $18 million, representing 63% Y-o-Y revenue growth
- In 2023, Europe's addressable market of $248 billion(1)
- European population of ~748 million and forecasted legal cannabis market of $1.3 billion(2)
- In the burgeoning U.K. medical cannabis market, we continued growing our market leadership position through our enhanced technology platform
- In February, the German Bundestag approved the Cannabis Act "CanG" and awaits a decision from the Bundesrat on when to commence the expanded medical program
- Our investment in Four20 Pharma continues to flourish through its premium, high quality flower position affording us leading market share in Germany and Poland
- Curaleaf has begun wholesaling in the Swiss and Swedish medical cannabis markets
- In February, Curaleaf International acquired Can4Med an experienced pharmaceutical wholesaler in Poland, which has enhanced our European presence
- In the Czech Republic, a draft bill for legalization of recreational cannabis has been put forward for parliamentary debate
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- BDSA Analytics, March 2024, derived $332 annual spend per capita in Colorado, $332 annual spend per capita x European population of 748m = $248B.
- BDSA Analytics, March 2024.
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4Q '23 INTERNATIONAL HIGHLIGHTS
German Cannabis Legislation A Monumental Positive
- In Germany, Curaleaf has a leading presence wholesaling direct to pharmacies through our premium flower brand, Four20 Pharma
- On April 1, 2024 Germany commenced its expanded medical cannabis program giving access to all citizens after passing the Cannabis Act "CanG" legislation through the German Parliament with a 64% vote. The law generally decriminalizes cannabis, allows for home growing, and initiates the legal groundwork for social clubs.
- The program known as "Pillar 1" removes cannabis from the narcotics list and eliminates friction from the prescription process for doctors, pharmacists, and patients.
- Germany has a population of ~84M people and current estimates of the medical patient population suggest a market of ~200,000-300,000 people, or ~0.2%-0.3% of the population
- Assuming German patient penetration reaches 4%, consistent with Florida medical market penetration, patient count would reach ~3.3M or >15x today's level
- The Federal Health Ministry estimates that ~4.5 million adults used cannabis at least once in 2021 or ~5.3% of the German population
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Strategy and
Differentiation
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STRATEGY AND DIFFERENTIATION
Our Vision: To Be the World's Leading Cannabis Company
Our 5,000+ Team Members Are Driven by Our Mission
Our Vision | Our Mission | Our Values | ||
To be the world's leading | To improve lives by | • Passionate Commitment | ||
cannabis company through | providing clarity around | • Driven to Deliver | ||
education, accessibility, | cannabis and confidence | • Respect for All | ||
and customer satisfaction | around consumption | • Commitment to | ||
with high-quality products | Innovation | |||
backed by science | • One Curaleaf | |||
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Disclaimer
Curaleaf Holdings Inc. published this content on 15 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2024 19:49:03 UTC.