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Cresco Labs to Hold Second Quarter 2022 Earnings Conference Call on August 17, 2022

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CHICAGO–(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, today announced that it will report financial results for the second quarter ended June 30th, 2022, on Wednesday, August 17th, 2022, before the market opens.

The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights.

Event: Cresco Labs Second Quarter 2022 Earnings Conference Call

Date: Wednesday, August 17th, 2022

Time: 8:30am EST

Webcast: Link
Dial-in: 1-844-200-6205 (US Toll Free), 1-833-950-0062 (Canada Toll Free), 1-646-904-5544 (US Local), +1 929-526-1599 (Other)

Access Code: 035060

Archived access to the webcast will be available for one year on the Cresco Labs investor relations website.

About Cresco Labs Inc.

Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy’s Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.

Contacts

Media:
Jason Erkes, Cresco Labs

Chief Communications Officer

press@crescolabs.com

Investors:
investors@crescolabs.com

For general Cresco Labs inquiries:
312-929-0993

info@crescolabs.com

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Columbia Care Launches First Pre-Rolls in New York Under its Leading National Flower Brand, Seed & Strain

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First of Columbia Care’s Lifestyle Brands to Debut in the Empire State; Brand’s 14th Market Launch Nationwide

NEW YORK–(BUSINESS WIRE)–Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”), one of the largest and most experienced cultivators, manufacturers and providers of cannabis products in the U.S., announced its Seed & Strain brand pre-rolls will be available today at all four of its dispensaries in New York, making it the first company to offer pre-rolls to New York patients. The dispensaries will soon be stocked with Seed & Strain whole flower and vapes, which will be made available to wholesale partners in the coming weeks.

Seed & Strain is grown and processed in both of Columbia Care’s New York cultivation facilities. The Company’s cultivation and production facility in Rochester spans more than 58,000 square feet, while its facility in Riverhead boasts nearly one million square feet of cultivation and production capacity. The first pre-rolls will feature the Twisted Helix strain. The first two whole flower strains that will be released next week will feature Herer Hashplant in 3.5g and 7g and DosiCakes in 3.5g. Vapes are also expected to be released in the coming weeks, pending regulatory approval.

“We’re beyond thrilled to introduce our brands to New York patients, and it’s a special testament to our cultivation team who was able to bring pre-rolls to market so quickly after regulatory approvals,” said BJ Carretta, SVP, Brand Marketing, Columbia Care. “We originally launched this brand in 2020 to consistently offer the cleanest, premium and powerful cannabis products – and 14 markets later, we’re keeping that promise. We are grateful to the Office of Cannabis Management for their support and thorough review of our brands and operations.”

Columbia Care’s other brands have also expanded to new markets over the past year. Classix is now available in 14 states; Triple Seven and AMBER are now available in eight states; and PRESS is now available in four states. For more information about the Company’s brands, visit www.columbia.care/brands.

For more information about Seed & Strain, visit www.seedandstraincannabis.com.

About Columbia Care

Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 18 U.S. jurisdictions and the EU. Columbia Care operates 131 facilities including 99 dispensaries and 32 cultivation and manufacturing facilities, including those under development. Columbia Care is one of the original multi-state providers of medical cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the company launched Cannabist, its new retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, gLeaf, Classix, Press, Amber and Platinum Label CBD. For more information on Columbia Care, please visit www.col-care.com.

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. Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to the Company’s ability to execute on retail, wholesale, brand and product initiatives in New York. These forward-looking statements or information, 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. These risks, uncertainties and other factors include, among others, favorable operating and economic conditions; obtaining and maintaining all required licenses and permits; favorable production levels and sustainable costs from the Company’s operations; and the level of demand for cannabis products, including the Company’s products sold by third parties. In addition, securityholders should review the risk factors discussed under “Risk Factors” in Columbia Care’s Form 10 dated May 9, 2022, filed with the applicable securities regulatory authorities and described from time to time in documents filed by the Company with Canadian and U.S. securities regulatory authorities.

Contacts

Investors
Lee Ann Evans

Capital Markets

ir@col-care.com

Media
Lindsay Wilson

Communications

+1.978.662.2038

media@col-care.com

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Leafly Holdings, Inc. Reports Second Quarter 2022 Financial Results

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Delivered 13.8% revenue growth and 19% ending retail account growth over Q2 2021

100% of all legal dispensaries in New Jersey on the Leafly platform in Q2

SEATTLE–(BUSINESS WIRE)–Leafly Holdings, Inc. (“Leafly” or “the Company”) (NASDAQ: LFLY), a leading online cannabis discovery marketplace and resource for cannabis consumers, today announced financial results for its second quarter ended June 30, 2022.

“Revenue in the quarter was $12.1 million, up 13.8% over Q2 last year, and up 5.5% over Q1 as we continue to build on the investments we’ve made in the first half of this year. We released several new enhancements that drive consumer engagement and differentiation. In addition, we’re also bringing more tools, greater flexibility and reduced friction to retailers and brands, creating a seamless experience between consumers and our supply partners,” said Yoko Miyashita, CEO of Leafly. “Our investments to-date have positioned us for long-term growth as the industry continues to evolve at a rapid pace, leaving significant opportunity in our path. Despite the uncertainties of the current macro-economic environment we remain committed to maximizing efficiencies and prioritizing projects that will result in the highest returns.”

Second Quarter 2022 Financial Results

  • Total revenue was $12.1 million, up 13.8% over Q2 2021 driven by growth in retailer and brand revenues
  • Gross margin was 88.0%, compared to 88.5% in Q2 2021
  • Total operating expense was $19.5 million, up 83.9% over $10.6 million in Q2 2021, and included investments in platform, product development and sales and marketing to position the business for long-term growth
  • Net Income was $14.8 million, and included $24.4 million of gains on derivative liabilities, compared to net loss of $1.3 million in Q2 2021
  • Adjusted EBITDA loss was $8.4 million, compared to adjusted EBITDA loss of $0.8 million in Q2 2021
  • Ended the quarter with $35.4 million of cash and $31.9 million of restricted cash. Effective August 1, 2022, holders of the forward share purchase agreements exercised their options to have the Company repurchase all of their remaining shares underlying the agreements, for a total purchase price of approximately $31.7 million.

Reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.

“We made progress in the quarter on our long-term objectives. Concurrently, we have encountered challenges in our less mature markets and seen signs that customers are more cautious with their ad budgets,” said Suresh Krishnaswamy, CFO of Leafly. “We remain focused on our execution and managing our expenses carefully.”

Key Performance Metrics

 

June 30, 2022

March 31, 2022

June 30, 2021

QoQ Change

(%)

YoY Change

(%)

Average Monthly Active Users (“MAUs”) (in millions)

 

7.9

 

7.7

 

10.9

3

%

(28

)%

Ending retail accounts

 

5,251

 

5,422

 

4,419

(3

)%

19

%

Retailer average revenue per account (“ARPA”)

$

579

$

576

$

642

1

%

(10

)%

  • Year over year, ending retail accounts grew, and ARPA declined, as a result of Leafly’s strategy to lower entry point subscription fees in order to rapidly expand in lower penetrated markets.
  • Quarter over quarter, ending retail accounts was impacted by higher than historical average churn levels in markets where the competitive marketplace dynamics have yet to fully develop.
  • MAUs increased quarter over quarter, highlighting the strength of news and learn content, technical improvements to SEO and the Company’s expertise in the cannabis category. In Q2 2021, MAUs reflected an increase in user traffic primarily as a result of the pandemic.

Business Highlights

  • Q2 2022 revenue from retail accounts was $9.1 million, up 11.3% over Q2 2021, reflecting increased advertising spend from retailers.
  • In Q2, all licensed dispensaries in New Jersey subscribed to the Leafly platform and published their menus, giving residents a single platform to shop the menus of every legal dispensary in the state. In many cases, residents can place an online order for in-store pickup.
  • Released improvements and enhancements to Leafly’s retailer dashboard, giving retailers robust features to help them make informed decisions and have greater visibility and transparency in their ad spend on Leafly, which is even more critical in today’s environment. Additionally, we rolled out tools that allow clients instant access to ROI metrics and valuable insights.
  • Q2 2022 revenue from brands was $3.0 million, up 22.2% over Q2 2021, primarily due to channel marketing, data licensing and Leafly’s new subscription product offerings that drove a 134.4% year over year increase in the number of brand advertisers on the platform and increased sales of display advertising for products and brands.
  • Continued to add enhancements to the delivery ordering experience, including better filtering options to help users find the right dispensary and products they want. These enhancements help drive conversion and create a stickier customer experience to keep them coming back to the platform.
  • Launched, “Leafly PLUS University,” which allows accredited cannabis researchers to supplement their work with Leafly’s large cannabis dataset that would otherwise not be available.

Financial Outlook

During the second quarter, we began to see some macro-economic impacts on the business, with signals from retailers and multi state operators that their advertising budgets are under scrutiny. In light of the current macroeconomic environment, we are taking a more conservative view of the second half of the year and are taking steps to manage the business accordingly. We are implementing plans to reduce operating expenses and have implemented a hiring freeze.

Leafly is updating its annual guidance. The Company does not provide quarterly guidance. Based on current business trends and conditions, the financial outlook is expected to be as follows:

  • For the full year 2022, Leafly expects revenue to be in the range of $48.0 million to $51.0 million, representing 15% growth over 2021 at the midpoint. We expect Adjusted EBITDA loss to be in the range of $28.5 million – $26.0 million.

Leafly has not provided a quantitative reconciliation of forecasted GAAP net income (loss) to forecasted total Adjusted EBITDA within this communication because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to: depreciation and amortization expense from new assets; impairments of assets; changes in the valuation of any derivatives; the valuation of, and changes in, grants of equity-based compensation; gains or losses on modification or extinguishment of debt. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside of Leafly’s control. For more information regarding the non-GAAP financial measures discussed in this communication, please see “Non-GAAP Financial Measures” below.

Webcast and Conference Call Information

Leafly will host a conference call and webcast to discuss the results today, Thursday, August 11, 2022 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). A live webcast of the call can be accessed from Leafly’s Investor Relations website at https://investor.leafly.com.

The live call may also be accessed via telephone at (844) 200-6205 toll-free domestically and at (929) 526-1599 internationally. Please reference conference ID: #970556. An archived version of the webcast will be available from the same website after the call.

About Leafly

Leafly helps millions of people discover cannabis each year. Our powerful tools help shoppers make informed purchasing decisions and empower cannabis businesses to attract and retain loyal customers through advertising and technology services. Learn more at Leafly.com or download the Leafly mobile app through Apple’s App Store or Google Play.

Definitions of Key Performance Metrics

Monthly active users

Monthly active users (“MAUs”) represents the total unique visitors to Leafly websites and native apps each month, which in turn represents the maximum potential unique visitors that could become a customer of a dispensary or brand listed on Leafly’s platform, within a given month.

Users (visitors) are considered active by initiating a session on at least one webpage or app. Each month’s MAUs is the total of unique visitors to Leafly during the specified month and includes both new visitors as well as those returning from the previous month. We count a unique user the first time an individual accesses one of our websites or native apps during a calendar month. If an individual accesses our websites using different web browsers within a given month, the first access by each such web browser is counted as a separate unique user. If an individual accesses more than one of our websites or native apps in a single month, the first access to each website or app is counted as a separate unique user since unique users are tracked separately for each domain and native app. The unique visitors are measured using Google Analytics for our web applications and Firebase for our native applications.

Ending retail accounts

Ending retail accounts is the number of paying retailer accounts with Leafly as of the last month of the respective period. Retail accounts can include more than one retailer.

Retailer average revenue per account

Retailer ARPA is calculated as monthly retail revenue, on an account basis, divided by the number of retail accounts that were active during that same month. An active account is one that had an active paying subscription with Leafly in the month. Leafly does not provide retailers with an ongoing free subscription offering but may offer a free introductory period with certain subscriptions.

Cautionary Statement Regarding Forward Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Leafly and the markets in which Leafly operates, business strategies, performance metrics, industry environment, potential growth opportunities, and Leafly’s projected future results and financial outlook. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “outlook,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions as of the date of this release and, as a result, are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements.

Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to Leafly’s inability to raise sufficient capital to execute its business plan; the size, demands and growth potential of the markets for Leafly’s products and services and Leafly’s ability to serve those markets; the impact of worldwide economic conditions, including the resulting effect on consumer spending at local businesses and the level of advertising spending by local businesses; the degree of market acceptance and adoption of Leafly’s products and services; Leafly’s inability to raise sufficient capital to execute its business plan; the size, demands and growth potential of the markets for Leafly’s products and services and Leafly’s ability to serve those markets; the impact of worldwide economic conditions, including the resulting effect on consumer spending at local businesses and the level of advertising spending by local businesses; the degree of market acceptance and adoption of Leafly’s products and services; and the other risks and uncertainties described in the “Risk Factors” section of the Annual Report on Form 10-K filed by Leafly with the SEC on March 31, 2022 and in the other documents filed by Leafly from time to time with the SEC.

These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Leafly assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Leafly does not give any assurance that it will achieve its expectations.

LEAFLY HOLDINGS, INC

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED

(in thousands, except per share amounts)

 

 

June 30, 2022

December 31, 2021

ASSETS

 

 

Current assets

 

 

Cash and cash equivalents

$

35,398

 

$

28,565

 

Accounts receivable, net of allowance for doubtful accounts of $1,469 and $1,848, respectively

 

3,005

 

 

2,958

 

Deferred transaction costs

 

 

 

2,840

 

Prepaid expenses and other current assets

 

5,323

 

 

1,347

 

Restricted cash

 

31,868

 

 

130

 

Total current assets

 

75,594

 

 

35,840

 

Property, equipment, and software, net

 

1,561

 

 

313

 

Total assets

$

77,155

 

$

36,153

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

Current liabilities

 

 

Accounts payable

$

2,658

 

$

3,048

 

Accrued expenses and other current liabilities

 

6,139

 

 

8,325

 

Deferred revenue

 

2,467

 

 

1,975

 

Current portion of convertible promissory notes, net

 

 

 

31,377

 

Forward share purchase agreements derivative liability

 

17,763

 

 

 

Total current liabilities

 

29,027

 

 

44,725

 

 

 

 

Non-current liabilities

 

 

Non-current portion of convertible promissory notes, net

 

28,590

 

 

 

Private warrants derivative liability

 

3,693

 

 

 

Escrow shares derivative liability

 

3,481

 

 

 

Stockholder earn-out rights derivative liability

 

12,147

 

 

 

Total non-current liabilities

 

47,911

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

Stockholders’ deficit

 

 

Preferred stock

 

 

 

1

 

Common stock

 

4

 

 

3

 

Additional paid-in capital

 

74,600

 

 

61,194

 

Accumulated deficit

 

(74,387

)

 

(69,770

)

Total stockholders’ deficit

 

217

 

 

(8,572

)

Total liabilities and stockholders’ deficit

$

77,155

 

$

36,153

 

LEAFLY HOLDINGS, INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – UNAUDITED

(in thousands, except per share amounts)

 

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2022

2021

2022

2021

Revenue

$

12,050

 

$

10,588

 

$

23,470

 

$

20,063

 

Cost of revenue

 

1,441

 

 

1,213

 

 

2,896

 

 

2,303

 

Gross profit

 

10,609

 

 

9,375

 

 

20,574

 

 

17,760

 

Operating expenses

 

 

 

 

Sales and marketing

 

8,112

 

 

4,346

 

 

15,126

 

 

8,149

 

Product development

 

4,056

 

 

3,213

 

 

7,521

 

 

6,383

 

General and administrative

 

7,310

 

 

3,030

 

 

14,241

 

 

5,536

 

Total operating expenses

 

19,478

 

 

10,589

 

 

36,888

 

 

20,068

 

Loss from operations

 

(8,869

)

 

(1,214

)

 

(16,314

)

 

(2,308

)

Interest expense, net

 

(717

)

 

(109

)

 

(1,414

)

 

(108

)

Change in fair value of derivatives

 

24,397

 

 

 

 

14,000

 

 

 

Other (expense) income, net

 

(52

)

 

6

 

 

(889

)

 

(10

)

Net income (loss)

$

14,759

 

$

(1,317

)

$

(4,617

)

$

(2,426

)

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

Basic

$

0.39

 

$

(0.05

)

$

(0.13

)

$

(0.10

)

Diluted

$

0.37

 

$

(0.05

)

$

(0.13

)

$

(0.10

)

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

Basic

 

37,415

 

 

24,808

 

 

35,097

 

 

24,786

 

Diluted

 

42,041

 

 

24,808

 

 

35,097

 

 

24,786

 

LEAFLY HOLDINGS, INC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED

(in thousands)

 

 

Six Months Ended June 30,

 

2022

2021

Cash flows from operating activities

 

 

Net loss

$

(4,617

)

$

(2,426

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

Depreciation and amortization

 

149

 

 

138

 

Stock-based compensation expense

 

2,388

 

 

521

 

Bad debt expense

 

640

 

 

312

 

Noncash lease costs

 

 

 

230

 

Noncash amortization of debt discount

 

233

 

 

 

Noncash interest expense associated with convertible debt

 

243

 

 

111

 

Noncash change in fair value of derivatives

 

(14,000

)

 

 

Other

 

13

 

 

42

 

Changes in operating assets and liabilities:

 

 

Accounts receivable

 

(687

)

 

(763

)

Prepaid expenses and other current assets

 

(3,977

)

 

(8

)

Accounts payable

 

1,456

 

 

(458

)

Accrued expenses and other current liabilities

 

(713

)

 

1,206

 

Deferred revenue

 

492

 

 

494

 

Net cash used in operating activities

 

(18,380

)

 

(601

)

Cash flows from investing activities

 

 

Purchase of property, equipment, and software

 

(1,415

)

 

(19

)

Net cash used in investing activities

 

(1,415

)

 

(19

)

 

Cash flows from financing activities

 

 

Proceeds from exercise of stock options

 

157

 

 

81

 

Proceeds from convertible promissory notes

 

29,374

 

 

23,970

 

Proceeds from business combination placed in escrow and restricted

 

39,032

 

 

 

Trust proceeds received from recapitalization at closing

 

582

 

 

 

Transaction costs associated with recapitalization

 

(10,761

)

 

 

Payments on related party payables

 

(18

)

 

(210

)

Net cash provided by financing activities

 

58,366

 

 

23,841

 

 

Net increase in cash, cash equivalents, and restricted cash

 

38,571

 

 

23,221

 

Cash, cash equivalents, and restricted cash, beginning of period

 

28,695

 

 

4,934

 

Cash, cash equivalents, and restricted cash, end of period

$

67,266

 

$

28,155

 

 

Supplemental disclosure of non-cash financing activities

 

 

Stockholder contribution for debt issuance costs

$

924

 

$

 

Conversion of promissory notes into common stock

$

33,024

 

$

 

Issuance of forward share purchase agreements

$

14,170

 

$

 

Issuance of private warrants

$

3,916

 

$

 

Issuance of sponsor shares subject to earnout conditions

$

6,867

 

$

 

Issuance of stockholder earn-out rights

$

26,131

 

$

 

LEAFLY HOLDINGS, INC

NON-GAAP FINANCIAL MEASURES – UNAUDITED

(in thousands)

Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) and Adjusted EBITDA

To provide investors with additional information regarding our financial results, we have disclosed EBITDA and Adjusted EBITDA, both of which are non-GAAP financial measures that we calculate as net loss before interest, taxes and depreciation and amortization expense in the case of EBITDA and further adjusted to exclude non-cash, unusual and/or infrequent costs in the case of Adjusted EBITDA. Below we have provided a reconciliation of net loss (the most directly comparable GAAP financial measure) to EBITDA and from EBITDA to Adjusted EBITDA.

We present EBITDA and Adjusted EBITDA because these metrics are a key measure used by our management to evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of investment capacity. Accordingly, we believe that EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

EBITDA and Adjusted EBITDA have limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:

  • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and both EBITDA and Adjusted EBITDA do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
  • EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and
  • EBITDA and Adjusted EBITDA do not reflect interest or tax payments that may represent a reduction in cash available to us.

Because of these limitations, you should consider EBITDA and Adjusted EBITDA alongside other financial performance measures, including net loss and our other GAAP results.

A reconciliation of net loss to non-GAAP EBITDA and Adjusted EBITDA is as follows:

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2022

2021

2022

2021

Net income (loss)

$

14,759

 

$

(1,317

)

$

(4,617

)

$

(2,426

)

Interest expense, net

 

717

 

 

109

 

 

1,414

 

 

108

 

Depreciation and amortization expense

 

97

 

 

58

 

 

149

 

 

138

 

EBITDA

 

15,573

 

 

(1,150

)

 

(3,054

)

 

(2,180

)

Stock-based compensation

 

464

 

 

340

 

 

2,388

 

 

521

 

Transaction expenses allocated to derivatives

 

 

 

 

 

874

 

 

 

Change in fair value of derivatives

 

(24,397

)

 

 

 

(14,000

)

 

 

Adjusted EBITDA

$

(8,360

)

$

(810

)

$

(13,792

)

$

(1,659

)

Source: Leafly Holdings, Inc.

Contacts

Media
Josh deBerge

josh.deberge@leafly.com
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CORRECTING and REPLACING Zoned Properties Reports Second Quarter 2022 Financial Results

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60% Revenue Growth Year-over-Year for Six-Months Ended June 30, 2022

New $4.5 Million Debt Facility Creates Buying Power for New Property Acquisitions and Portfolio Expansion

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–$ZDPY #ZDPY–Under the header Six Months and Second Quarter Ended June 30, 2022 Financial Results, fourth bullet should read: compared to $550,064 for the second quarter ended June 30, 2021 (instead of compared to $445,479 for the second quarter ended June 30, 2021)

The updated release reads: 

ZONED PROPERTIES REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS

60% Revenue Growth Year-over-Year for Six-Months Ended June 30, 2022

New $4.5 Million Debt Facility Creates Buying Power for New Property Acquisitions and Portfolio Expansion

Zoned Properties®, Inc. (“Zoned Properties” or the “Company”) (OTCQB: ZDPY), a leading real estate development firm for emerging and highly regulated industries, including legalized cannabis, today announced its financial results for the second quarter ended June 30, 2022.

“The Zoned Properties team has positioned the Company for national scale and growth, and we continue to execute on our full-spectrum of real estate services for both independent clients and our own development projects. We are focused on investing in the growth and diversity of our top line revenue while maintaining positive cash flow from operations, and we view these metrics as some of the most important financial indicators for investors and shareholders to follow,” commented Bryan McLaren, Chief Executive Officer of Zoned Properties.

“We believe we have developed the right business mix of real estate services to effectively scale Zoned Properties along with the needs of our target industries, primarily the regulated cannabis industry. Our full spectrum of real estate services have been intentionally positioned and designed to feed a strong pipeline of acquisition targets for our Investment Portfolio. Now we must execute on scaling both our active real estate services for the national marketplace and also buying power to expand our Investment Portfolio.”

Six Months and Second Quarter Ended June 30, 2022 Financial Results

  • Revenues were $1,437,353 for the six months ended June 30, 2022, compared to $895,909 for the six months ended June 30, 2021, an increase of 60.4%.
  • Operating expenses were $1,437,039 for the six months ended June 30, 2022, compared to $799,624 for the six months ended June 30, 2021, an increase of 79.7%.
  • The Company reported a net loss of $64,759 for the six months ended June 30, 2022, as compared to net income of $41,259 for the six months ended June 30, 2021.
  • Revenues were $498,652 for the second quarter ended June 30, 2022, compared to $550,064 for the second quarter ended June 30, 2021, a decrease of 9.3%.
  • Operating expenses were $507,856 for the second quarter ended June 30, 2022, compared to $410,411 for the second quarter ended June 30, 2021, an increase of 23.7%.
  • The Company reported a net loss of $39,063 for the second quarter ended June 30, 2022, as compared to net income of $112,594 for the second quarter ended June 30, 2021.
  • The Company had cash of $891,244 as of June 30, 2022, compared to $1,191,940 as of December 31, 2021, primarily reflecting a $500,000 investment in tenant improvements related to the Company’s Chino Valley Cultivation Facility, and a $50,000 investment in equity securities related to the Company’s AnamiTech investment. The Company reported net cash provided by operating activities of $270,968 for the six months ended June 30, 2022.

Management Discussion and Company Highlights

  • Zoned Properties has developed a full spectrum of integrated growth services to support its commercial real estate development model; the Company’s Property Technology (“PropTech”), Advisory Services, Commercial Brokerage, and Investment Portfolio collectively cross-pollinate within the model to drive project value associated with complex real estate projects.

    • Zoned Properties Property Technology: PropTech platforms have the opportunity to bring service and data solutions to complex markets at national scale. Zoned Properties is in the process of investing in, partnering with, and securing various property technology platforms to establish a robust tech-stack to service the regulated cannabis industry and support the Company’s full spectrum of real estate services. In April 2022, the Company’s project team launched the Rezone Beta platform into the marketplace. Rezone will focus on democratizing commercial real estate intelligence, developing the capabilities to provide hundreds of thousands of service professionals, business operators, and real estate investors with GIS mapping data and information. In July 2022, the Company invested in another PropTech company, AnamiTech, alongside the launch of its flagship PropTech platform, GreenSpace Pro. AnamiTech has focused its PropTech platform on project management tools and solutions for the cannabis operators, regulators, and project teams.
    • We expect our Property Technology division to create efficient and effective pathways for the national scale of our real estate services and investment opportunities.
    • Zoned Properties Advisory Services: The Company continues to expand its advisory services team and client-base in new state markets across the country, strengthening the Zoned Properties network that specializes in commercial real estate solutions for the regulated cannabis industry.
    • We expect our Advisory Services division to continue to engage with a wide range of Multi-State Operators (MSOs), Social Equity Operators (SEOs), and real estate operators; strengthening our client roster as we scale nationally into existing and new state markets.
    • Zoned Properties Commercial Brokerage: We launched our in-house licensed brokerage in June 2021. In its first year of operations, the brokerage team has created brokerage partnerships and served clients across the nation, closing more than $50 million worth of real estate transactions earning nearly $1 million in commission revenue. Our brokerage team has been engaged on listing projects representing more than 1.5 million square feet of commercial real estate for cannabis dispensaries, cultivation, processing, and warehouse facilities across the nation.
    • We expect our Commercial Brokerage division to execute on its nation growth strategy to establish Zoned Properties brokerage partnerships or brokerage offices in multiple new state markets creating service access to the national cannabis marketplace.
    • Zoned Properties Investment Portfolio: Zoned Properties owns properties within its Investment Portfolio that are leased to regulated cannabis operators. As of June 2022, the Company’s stabilized property portfolio produces $1.83 million annually in triple-net, passive rental revenue, and is expected to yield over $30 million in cash flow over the life of its contracted lease agreements. In July 2022, the Company secured an initial debt facility of $4.5 million creating buying power for new property acquisitions to expand our Investment Portfolio. It will become increasingly important for the Company to focus on raising access to capital and buying power to align with our strong pipeline of acquisition and investment opportunities.
    • We expect our Investment Portfolio to grow commensurate with our buying power over the next few months and quarters as the Zoned Properties team proceeds with prospective acquisition offers for both stabilized properties with operating tenants and pre-operating development projects. The Company believes a balance of both debt and equity in buying power, and also stabilized properties and development projects in acquisition targeting will create the most opportune risk-reward profile for Zoned Properties and its shareholders.

About Zoned Properties, Inc. (OTCQB: ZDPY):

Zoned Properties is a leading real estate development firm for emerging and highly regulated industries, including regulated cannabis. The Company is redefining the approach to commercial real estate investment through its integrated growth services.

Headquartered in Scottsdale, Arizona, Zoned Properties has developed a full spectrum of integrated growth services to support its real estate development model; the Company’s Property Technology, Advisory Services, Commercial Brokerage, and Investment Portfolio collectively cross-pollinate within the model to drive project value associated with complex real estate projects. With national experience and a team of experts devoted to the emerging cannabis industry, Zoned Properties is addressing the specific needs of a modern market in highly regulated industries.

Zoned Properties is an accredited member of the Better Business Bureau, the U.S. Green Building Council, and the Forbes Business Council. Zoned Properties does not grow, harvest, sell or distribute cannabis or any substances regulated under United States law such as the Controlled Substance Act of 1970, as amended (the “CSA”). Zoned Properties corporate headquarters are located at 8360 E. Raintree Dr., Suite 230, Scottsdale, Arizona. For more information, call 877-360-8839 or visit www.ZonedProperties.com.

Twitter: @ZonedProperties
LinkedIn: @ZonedProperties

Safe Harbor Statement

This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Contacts

Media Relations
Proven Media

Neko Catanzaro

Tel (401) 484-4980

neko@provenmediaservices.com

Investor Relations
Zoned Properties, Inc.

Bryan McLaren

Tel (877) 360-8839

Investors@zonedproperties.com
www.zonedproperties.com

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