“We are building the cannabis company of the future by ...
[Pages:14]"We are building the cannabis company of the future by bringing the best of science, medicine and engineering to the cannabis industry."
- Kyle Kingsley, M.D. Founder & CEO
Q3 2019 Earnings Conference Call November 27, 2019
CNSX: VREO OTCQX: VREOF
Disclaimer
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This document includes information, statements, beliefs and opinions which are forwardlooking, and which reflect current estimates, expectations and projections about future events, referred to herein and which constitute "forward-looking statements" or "forwardlooking information" within the meaning of Canadian and U.S. securities laws. Statements containing the words "believe", "expect", "intend", "should", "seek", "anticipate", "will", "positioned", "project", "risk", "plan", "may", "estimate" or, in each case, their negative and words of similar meaning are intended to identify forward-looking statements. By their nature, forward-looking statements involve a number of known and unknown risks, uncertainties and assumptions concerning, among other things, the Company's anticipated business strategies, anticipated trends in the Company's business and anticipated market share, that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. In addition, even if the outcome and financial effects of the plans and events described herein are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Forward-looking information contained in this presentation is based on the Company's current estimates, expectations and projections, which the Company believes are reasonable as of the current date. The Company can give no assurance that these estimates, expectations and projections will prove to have been correct. You should not place undue reliance on forward-looking statements, which are based on the information available as of the date of this document. Forward-looking statements contained in this document are made of the date of this presentation and, except as required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.
Historical statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain and/or provided by the Company. In particular historical results should not be taken as a representation that such trends will be replicated in the future. No statement in this document is intended to be nor may be construed as a profit forecast.
CAUTIONARY NOTE REGARDING FUTURE-ORIENTED FINANCIAL INFORMATION: To the extent any forward-looking information in this presentation constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out above under the heading "Cautionary Note Regarding Forward-Looking Information". Vireo's actual financial position and results of operations may differ materially from management's current expectations and, as a result, Vireo's revenue and expenses may differ materially from the revenue and expenses profiles provided in this presentation. Such information is presented for illustrative purposes only and may not be an indication of Vireo's actual financial position or results of operations.
Q3 2019 Results Conference Call || 2
Today's Presenters
Kyle Kingsley, M.D. Founder & Chief Executive Officer
Amber Shimpa Chief Financial Officer
Sam Gibbons Vice President, Investor Relations
Dial-in & Webcast Details:
Dial-ins:
866-211-3165 (Toll-Free) B647-689-6580 (International) .BID 5293509
Webcast Link:
133AD818005924500C659E39240F
Q3 2019 Results Conference Call || 3
Vireo Welcomes Bruce Linton
Vireo Welcomes Bruce Linton || 4
Business Highlights
? Vireo generated revenue in seven states in the third quarter 2019: Minnesota, New York, Pennsylvania, Maryland, Arizona, New Mexico, and Ohio.
? Third quarter revenue increased 62 percent year-overyear to $8.0 million, driven by increasing demand and patient counts across most markets, continued wholesale growth, and contributions from acquired entities in Arizona and New Mexico.
? Adjusted EBITDA decreased year-over-year from $0.2 million in 2018 to $(5.9) million in 2019, primarily due to gross margin compression and increased SG&A expenses.
? Vireo's affiliate Ohio Medical Solutions was granted a Certificate of Operation by the Ohio Department of Commerce and became one of only five licensed processors operational in the State at that time.
? As of September 30, 2019, total current assets were $57.6 million, including cash on hand of $16.4 million.
Q3 2019 Results Conference Call || 5
New Product Development & Marketing Update
Pharmaceutical-grade Products Geared Toward Patients
Innovative soft gels that delivers consistent and precise doses for
the desired effect.
Premium-grade cannabis handpicked, hand-packaged, and cured for extended time periods
to create a smoother taste, enhanced terpene profile, and
deeper aromatics.
A microdose of cannabis in a traditional pre-roll, offering the right feeling time and time again.
Just Lite. Just Rite.
New Products & Marketing Update || 6
BGersete-ninG-ColoadssTMCuRsettoamileDriEspxepnesraierniecse:Now Open Retail Dispensaries
Green GoodsTM Retail Concept Caters to Complete Cannabis Consumer Spectrum (images reflect the build-out of our Bethlehem, PA location)
Q3F2Y01819RReessuultlstsCCoonnfeferreenncceeCCaallll|||| 77
Key Third Quarter 2019 Financial Metrics
$ in millions, except per share data
Three Months Ended
September 30,
2019
2018 Variance
Nine Months Ended
September 30,
2019
2018 Variance
Revenue Gross Profit (Before Fair Value Adjustments) Gross Profit Margin Gross Profit (After Fair Value Adjustments) Gross Profit Margin SG&A Expenses SG&A (% of sales) Net Income (Loss) Adjusted Net Income (Loss) Adjusted EBITDA (non-IFRS) Adjusted EBITDA Margin (non-IFRS)
$8.0 $1.3 16.3% ($8.4) -104.7% $4.2 52.7% ($14.6) ($4.9) ($5.9) -73.4%
$4.9 $2.9 59.7% $5.1 102.7% $0.8 16.2% $0.0 ($2.0) $0.2 3.7%
$3.1 ($1.6) -4,341 bps ($13.4) -20,740 bps $3.4 3,658 bps ($14.6) ($2.9) ($6.0) -7,706 bps
$21.0 $6.5 31.2% $5.8 27.9% $8.1 38.9% ($19.9) ($13.7) ($8.4) -39.9%
$12.8 $7.2 56.0% $11.4 89.0% $2.2 17.3% ($1.9) ($4.6) $0.5 3.8%
$8.1 ($0.6) -2,475 bps ($5.6) -6,113 bps $5.9 2,155 bps ($18.0) ($9.1) ($8.8) -4,367 bps
Q3 2019 Results Conference Call || 8
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