Balance Sheet The Cannabist Company Holdings Inc.

Equities

CBSTF

CA13765Y1034

Healthcare Facilities & Services

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08-23	Shango Holdings Inc. and The Mint Cannabis agreed to acquire 14 Cannabist dispensaries in Florida & cultivation & manufacturing facilities in Alachua and Arcadia for The Cannabist Company Holdings Inc. (OTCPK:CBST.F) for $5 million.	CI
08-23	The Cannabist Company Holdings Inc. (OTCPK:CBST.F) agreed to acquire Lakeland cultivation facility in a transaction valued at $11.4 million.	CI

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Published financial data: THE CANNABIST COMPANY HOLDINGS INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	77.46M	180M	460M	512M	511M
Total Revenues	77.46M	180M	460M	512M	511M
Cost of Goods Sold, Total	40.6M	110M	258M	310M	331M
Gross Profit	36.86M	69.09M	202M	201M	180M
Selling General & Admin Expenses, Total	84.31M	110M	230M	218M	164M
Stock-Based Compensation (IS)	34.37M	28.94M	-	-	-
Depreciation & Amortization - (IS)	-	-	-	59.47M	35.36M
Other Operating Expenses, Total	119M	139M	230M	277M	200M
Operating Income	-81.82M	-69.49M	-28.36M	-75.92M	-19.62M
Interest Expense, Total	-2.94M	-13.83M	-31.07M	-54.42M	-55.43M
Interest And Investment Income	1.24M	-	779K	362K	565K
Net Interest Expenses	-1.7M	-13.83M	-30.29M	-54.06M	-54.86M
Currency Exchange Gains (Loss)	852K	-11K	-	-	-
Other Non Operating Income (Expenses)	-118K	-11.6M	13.82M	3.68M	2.72M
EBT, Excl. Unusual Items	-82.78M	-94.93M	-44.84M	-126M	-71.76M
Restructuring Charges	-	-	-	-3.09M	-5.4M
Merger & Related Restructuring Charges	-	-4.61M	-9.68M	-204K	-
Impairment of Goodwill	-	-	-72.33M	-171M	-19.27M
Gain (Loss) On Sale Of Investments	-	720K	-	-	-
Gain (Loss) On Sale Of Assets	-	-427K	-	-	-6.12M
Asset Writedown	-	-1.97M	-2M	-169M	-66.34M
Legal Settlements	-	-14.2M	-75.66M	-	-
Other Unusual Items	-11.07M	-21.46M	57.78M	37.01M	-
EBT, Incl. Unusual Items	-93.85M	-137M	-147M	-433M	-169M
Income Tax Expense	12.87M	-3.66M	139K	-11.21M	5.39M
Earnings From Continuing Operations	-107M	-133M	-147M	-421M	-174M
Net Income to Company	-107M	-133M	-147M	-421M	-174M
Minority Interest	4.14M	22.42M	3.76M	5.48M	-1.42M
Net Income - (IS)	-103M	-111M	-143M	-416M	-176M
Net Income to Common Incl Extra Items	-103M	-111M	-143M	-416M	-176M
Net Income to Common Excl. Extra Items	-103M	-111M	-143M	-416M	-176M
Per Share Items
Net EPS - Basic	-0.49	-0.48	-0.42	-1.06	-0.44
Basic EPS - Continuing Operations	-0.49	-0.48	-0.42	-1.06	-0.44
Basic Weighted Average Shares Outstanding	210M	233M	339M	393M	403M
Net EPS - Diluted	-0.49	-0.48	-0.42	-1.06	-0.44
Diluted EPS - Continuing Operations	-0.49	-0.48	-0.42	-1.06	-0.44
Diluted Weighted Average Shares Outstanding	210M	233M	339M	393M	403M
Normalized Basic EPS	-0.23	-0.16	-0.07	-0.19	-0.11
Normalized Diluted EPS	-0.23	-0.16	-0.07	-0.19	-0.11
Supplemental Items
EBITDA	-73.13M	-50.96M	24.64M	8.87M	43.11M
EBITA	-81.28M	-65.85M	-2.28M	-31.38M	-1.02M
EBIT	-81.82M	-69.49M	-28.36M	-75.92M	-19.62M
EBITDAR	-64.48M	-38.7M	78.17M	68.04M	102M
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	-13.72	2.68	-0.09	2.59	-3.19
Current Domestic Taxes	549K	5.78M	26.25M	58.07M	31.38M
Total Current Taxes	549K	5.78M	26.25M	58.07M	31.38M
Deferred Domestic Taxes	12.32M	-9.45M	-26.11M	-69.28M	-26M
Deferred Foreign Taxes	-	-	0	0	0
Total Deferred Taxes	12.32M	-9.45M	-26.11M	-69.28M	-26M
Normalized Net Income	-47.6M	-36.91M	-24.27M	-73.46M	-46.28M
Interest on Long-Term Debt	2.94M	8.96M	11.7M	14.3M	55.43M
Supplemental Operating Expense Items
Advertising Expense	5.79M	6.08M	16.26M	14.17M	5.39M
Selling and Marketing Expenses	5.79M	6.08M	16.26M	14.17M	5.39M
General and Administrative Expenses	-	-	-	35.35M	26.79M
Net Rental Expense, Total	8.66M	12.26M	53.52M	59.17M	58.55M
Imputed Operating Lease Interest Expense	4.63M	7.16M	37.14M	52.12M	46.63M
Imputed Operating Lease Depreciation	4.03M	5.1M	16.39M	7.05M	11.92M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	-	-	25.02M	-	-
Stock-Based Comp., Other (Total)	34.37M	247M	-	27.93M	5.46M
Total Stock-Based Compensation	34.37M	247M	25.02M	27.93M	5.46M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	47.46M	61.11M	82.2M	48.15M	35.76M
Short Term Investments	-	-	6.96M	1.81M	1.15M
Total Cash And Short Term Investments	47.46M	61.11M	89.16M	49.97M	36.91M
Accounts Receivable, Total	1.04M	7.41M	18.3M	10.09M	15.6M
Other Receivables	-	-	1.11M	691K	367K
Notes Receivable	55K	58K	-	-	-
Total Receivables	1.09M	7.47M	19.41M	10.78M	15.97M
Inventory	94.59M	130M	94.57M	128M	112M
Prepaid Expenses	11.34M	11.33M	15.36M	7.15M	9.24M
Other Current Assets, Total	-	3.48M	7.94M	41.38M	13.78M
Total Current Assets	154M	214M	226M	237M	188M
Gross Property Plant And Equipment	206M	333M	638M	649M	633M
Accumulated Depreciation	-23.15M	-30.99M	-53.16M	-71.02M	-116M
Net Property Plant And Equipment	183M	302M	585M	578M	517M
Long-term Investments	-	-	776K	775K	775K
Goodwill	-	133M	184M	19.27M	-
Other Intangibles, Total	15.7M	100M	368M	145M	76.77M
Loans Receivable Long-Term	29.72M	16.63M	2.21M	2.15M	6.04M
Deferred Tax Assets Long-Term	-	-	-	-	22.97M
Other Long-Term Assets, Total	19.31M	27M	10.05M	12.2M	12.26M
Total Assets	402M	793M	1.38B	995M	823M
Liabilities
Accounts Payable, Total	20.08M	18.47M	44.01M	23.78M	29.8M
Accrued Expenses, Total	9.14M	45.33M	119M	52.94M	51.65M
Current Portion of Long-Term Debt	-	8.44M	1.88M	47.32M	5.9M
Current Portion of Leases	6.18M	9.94M	14.15M	13.31M	17.05M
Current Income Taxes Payable	-	-	26.54M	33.96M	47.36M
Other Current Liabilities	-	66.79M	37.93M	31.81M	8.28M
Total Current Liabilities	35.4M	149M	244M	203M	160M
Long-Term Debt	-	76.09M	159M	282M	297M
Long-Term Leases	77.46M	201M	246M	225M	226M
Deferred Tax Liability Non Current	16.69M	32.4M	79.48M	2.9M	-
Other Non Current Liabilities	5.8M	12.52M	96.93M	75.2M	74.35M
Total Liabilities	135M	471M	826M	788M	758M
Common Stock, Total	355M	534M	-	-	-
Additional Paid In Capital	-	-	1.04B	1.12B	1.15B
Retained Earnings	-176M	-305M	-468M	-904M	-1.08B
Comprehensive Income and Other	89.55M	112M	-	-	-
Total Common Equity	268M	342M	571M	213M	66.87M
Minority Interest	-1.34M	-19.71M	-20.57M	-6.38M	-1.52M
Total Equity	267M	322M	551M	207M	65.35M
Total Liabilities And Equity	402M	793M	1.38B	995M	823M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	217M	277M	377M	412M	458M
ECS Total Common Shares Outstanding	217M	277M	376M	401M	430M
Book Value / Share	1.24	1.24	1.52	0.53	0.16
Tangible Book Value	253M	108M	19.59M	48.74M	-9.9M
Tangible Book Value Per Share	1.17	0.39	0.05	0.12	-0.02
Total Debt	83.64M	295M	421M	567M	546M
Net Debt	36.18M	234M	332M	517M	509M
Debt Equivalent Oper. Leases	69.24M	98.07M	428M	473M	468M
Minority Interest, Total (Incl. Fin. Div)	-1.34M	-19.71M	-20.57M	-6.38M	-1.52M
Equity Method Investments, Total	-	-	776K	775K	775K
Account Code - Inventory Valuation	6	6	6	3	3
Inventories - Work In Process, Total	32.54M	107M	52.52M	92.96M	86.4M
Inventories - Finished Goods, Total	61.87M	22.36M	41.23M	33.44M	24.08M
Inventories - Others	180K	477K	815K	1.51M	1.16M
Land - (BS)	4.06M	3.76M	114M	128M	115M
Machinery, Total	17.99M	31.91M	47.53M	50.78M	58.14M
Full Time Employees	-	-	2.59K	2.5K	2.19K
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	2.54M	3.14M	6.51M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-103M	-111M	-143M	-416M	-176M
Depreciation & Amortization - CF	14.65M	26.63M	26.92M	40.26M	44.12M
Amortization of Goodwill and Intangible Assets - (CF)	540K	3.64M	26.08M	44.53M	18.61M
Depreciation & Amortization, Total	15.19M	30.27M	53M	84.79M	62.73M
Amortization of Deferred Charges, Total - (CF)	-	-	6.42M	8.75M	9.35M
(Gain) Loss From Sale Of Asset	106K	1.97M	2M	-	6.12M
Asset Writedown & Restructuring Costs	-	-	72.33M	340M	85.62M
Stock-Based Compensation (CF)	34.37M	28.94M	25.02M	27.93M	5.46M
Other Operating Activities, Total	4.2M	7.48M	-97.62M	-106M	-11.09M
Change In Accounts Receivable	-134K	-4.58M	-6.33M	8.09M	-2.77M
Change In Inventories	-12.67M	-17.26M	-18.03M	-44.3M	6.7M
Change In Accounts Payable	12M	5.38M	7.95M	-10.08M	8.96M
Change In Income Taxes	-	-	3.64M	7.42M	13.92M
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-10.23M	15.96M	94.19M	-11.67M	-1.82M
Cash from Operations	-59.74M	-42.61M	-523K	-111M	7.47M
Capital Expenditure	-77.44M	-42.88M	-118M	-72.74M	-9.97M
Sale of Property, Plant, and Equipment	-	11.93M	386K	358K	6.23M
Cash Acquisitions	-	3.82M	-50.76M	29K	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-446K	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-11.39M	-548K	-657K	-	-
Other Investing Activities, Total	-1.98M	988K	-22.81M	-2.97M	238K
Cash from Investing	-91.26M	-26.7M	-191M	-75.33M	-3.5M
Long-Term Debt Issued, Total	5.71M	89.38M	91.52M	170M	8.05M
Total Debt Issued	5.71M	89.38M	91.52M	170M	8.05M
Long-Term Debt Repaid, Total	-8.44M	-7.78M	-19.61M	-8.33M	-44.4M
Total Debt Repaid	-8.44M	-7.78M	-19.61M	-8.33M	-44.4M
Issuance of Common Stock	157M	388K	135M	425K	25M
Repurchase of Common Stock	-2.41M	-	-3.7M	-465K	-470K
Other Financing Activities, Total	-	961K	-1.23M	-7.7M	-2.31M
Cash from Financing	152M	82.95M	202M	154M	-14.12M
Net Change in Cash	1.22M	13.65M	10.56M	-33.04M	-10.15M
Supplemental Items
Cash Interest Paid	3.09M	14.32M	19.34M	28.71M	30.24M
Cash Income Tax Paid (Refund)	2.53M	7.69M	22.56M	51.44M	10.2M
Levered Free Cash Flow	-55.82M	238M	-34.41M	-168M	51.87M
Unlevered Free Cash Flow	-53.98M	247M	-21.41M	-143M	77.16M
Change In Net Working Capital	-25.04M	-55.81M	-35.8M	135M	-31.19M
Net Debt Issued / Repaid	-2.73M	81.6M	71.91M	161M	-36.35M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-16.08	-7.27	-1.68	-4	-1.35
Return on Total Capital	-18.31	-8.98	-2.28	-5.43	-1.77
Return On Equity %	-45.36	-45.24	-35.06	-111.25	-128.03
Return on Common Equity	-43.56	-36.33	-32.59	-106.03	-125.44
Margin Analysis
Gross Profit Margin %	47.59	38.49	43.84	39.37	35.2
SG&A Margin	108.84	61.08	50	42.59	32.12
EBITDA Margin %	-94.41	-28.39	5.36	1.73	8.43
EBITA Margin %	-104.93	-36.68	-0.5	-6.13	-0.2
EBIT Margin %	-105.63	-38.71	-6.16	-14.84	-3.84
Income From Continuing Operations Margin %	-137.79	-74.2	-31.92	-82.39	-34.09
Net Income Margin %	-132.44	-61.71	-31.1	-81.32	-34.36
Net Avail. For Common Margin %	-132.44	-61.71	-31.1	-81.32	-34.36
Normalized Net Income Margin	-61.45	-20.56	-5.27	-14.36	-9.05
Levered Free Cash Flow Margin	-72.06	132.82	-7.48	-32.87	10.14
Unlevered Free Cash Flow Margin	-69.69	137.64	-4.65	-27.93	15.09
Asset Turnover
Asset Turnover	0.24	0.3	0.44	0.43	0.56
Fixed Assets Turnover	0.7	0.74	1.03	0.88	0.93
Receivables Turnover (Average Receivables)	79.77	42.48	35.78	36.04	39.81
Inventory Turnover (Average Inventory)	0.5	0.98	3.46	2.79	2.77
Short Term Liquidity
Current Ratio	4.36	1.43	0.93	1.17	1.17
Quick Ratio	1.37	0.46	0.44	0.3	0.33
Operating Cash Flow to Current Liabilities	-1.69	-0.29	-0	-0.55	0.05
Days Sales Outstanding (Average Receivables)	4.6	8.62	10.2	10.13	9.17
Days Outstanding Inventory (Average Inventory)	729.73	372.73	105.5	130.9	131.93
Average Days Payable Outstanding	64.74	48.28	38.24	36.01	31.03
Cash Conversion Cycle (Average Days)	669.59	333.07	77.46	105.02	110.07
Long Term Solvency
Total Debt/Equity	31.33	91.71	76.49	274.15	835.97
Total Debt / Total Capital	23.86	47.84	43.34	73.27	89.32
LT Debt/Equity	29.02	86.01	73.58	244.85	800.85
Long-Term Debt / Total Capital	22.09	44.86	41.69	65.44	85.56
Total Liabilities / Total Assets	33.64	59.39	59.98	79.2	92.06
EBIT / Interest Expense	-27.84