GIVEN WHAT WE KNOW, IF WE COULD BUILD A BUSINESS FROM SCRATCH, WHAT WOULD WE BUILD?

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1 LETTER TO SHAREHOLDERS Q2 FISCAL 2019

2 Letter to Shareholders from Peter Horvath, CEO of Green Growth Brands GIVEN WHAT WE KNOW, IF WE COULD BUILD A BUSINESS FROM SCRATCH, WHAT WOULD WE BUILD? This is the question we asked ourselves on March 5, 2018 when we started Green Growth Brands. We set out to revolutionize cannabis retail and create the CBD personal care and beauty market. How did we get started? Research. We began by visiting 100 of the best cannabis stores in the country and bought every CBD product we could find. What we found was an industry with huge potential, a community of passionate entrepreneurs, and a lot of room for us to disrupt both the cannabis and CBD industries. Diversified Business Model. Major Talent. Strategic Access. Each quarter, I want to give shareholders a transparent view in to our business strategy by sharing this letter and holding a question and answer focused earnings call. We re confident in our ability to meaningfully impact the cannabis and CBD industries because of the following three core differentiators: 1. We are taking advantage of the huge growth opportunity in both CBD and cannabis by operating two unique but complimentary lines of business: cannabis retail and CBD personal care and beauty. Through both businesses, we are totally focused on earning customer loyalty by creating remarkable experiences across all touch points. 2. Our management team has decades of retail and consumer packaged goods expertise, developing and executing strategies for some of the most successful consumer companies in the world. We re now applying that expertise to enhance the existing cannabis retail experience and create high-quality, affordably priced CBD-infused personal care and beauty products. 3. We have a network of well-connected investors and partners giving us access to capital and resources. We recently announced that 108 of our CBD shops will be in Simon Property Group Malls and that we are partnering with Authentic Brands Group and Greg Norman to jointly produce a line of CBD products. Opportunities like these will accelerate our growth and presented themselves because of our network. 2 3

3 Q2 2019: BUILDING A FOUNDATION FOR GROWTH During the 52-day period, after the closing of the business combination on November 9 until December 31, 2018, we are proud to report revenue of $3.1M and consolidated gross profit of $1.3M. Cannabis Segment In September 2018, we acquired The+Source, Las Vegas the best cannabis store that we found while researching the industry. Upon acquisition, we could have replaced the management team, renovated the store, re-branded, changed the product assortment and charged ahead. Instead, we observed. We wanted to know what made this operation so exceptional and how we could make it even better. The conclusion is now the blueprint for all of our future cannabis stores, and strong results that we ll build on: Revenue of $3.1M Gross Profit of $1.3M Annualized Net Revenue per Selling Square Feet* of approximately $15,700, representing the strongest reported figure in the cannabis and retail sectors** IFRS Cannabis Segment Margin after fair value adjustments of 45.3% Non-IFRS Cannabis Segment Margin before fair value adjustments of 40.0% While the brands and locations of our growing footprint of cannabis stores will all be different, what unites them is our belief in customer-centricity, a unique and well-designed store that allows for high-productivity, and an intuitive merchandise assortment. Nevada Nevada is a significant focus for us. We invested significantly in growing our footprint in the state and were awarded seven licenses by the Department of Taxation. In total we have access to nine licenses to operate cannabis dispensaries in Nevada. On December 5, we were awarded seven licenses to operate dispensaries in the state. We believe our compliant track record, experience in the space, and resumes of our management team all contributed to the award of those licenses. The planned acquisition and build-out of a second cultivation facility in Pahrump, Nevada was announced on December 13. This location is expected to be expanded to 150,000 square feet from 12,000 square feet. This location will support our flower and wholesale revenue stream and support our supply chain throughout Nevada. On December 14, we announced the irrevocable option to acquire the sister location of The+Source Las Vegas, located in Henderson, Nevada. We expect to close on this location before the end of the fiscal year. Massachusetts We turned our sights to expansion by entering Massachusetts through the acquisition of Just Healthy LLC, which was announced on December 11 and closed on January 30, Through this acquisition, we acquired licenses to operate up to three dispensaries and a cultivation center in the state. We re working on opening up to three cannabis stores, one of which is in Northampton, along with a cultivation facility. We are currently in the process of identifying two additional locations in Massachusetts. Arizona On January 31, we announced an agreement to acquire ZLJT LLC, which will give GGB control of a popular medical dispensary and cultivation facility in Phoenix, Arizona. We anticipate significantly growing our presence through organic license capture. The resumes of our management team, compliant track record, and industry experience set us apart. When opportune, we will continue to be interested in acquiring existing licenses for exceptional operations like The+Source Las Vegas, Just Healthy LLC, and ZLJT LLC. 4 GGB Quarterly Earnings Q GGB Quarterly Earnings Q

4 CBD Personal Care and Beauty Segment We have tremendous confidence in our CBD line of business. In mid we made a strategic decision to focus on topical care CBD, rather than ingestible. Our logic was the following: The existing CBD market is ingestible-focused, and of the leading brands, less than half of their assortment is topical, leaving us significant room to lean in to our personal care and beauty experience. The margins on topical care products are strong, often above seventy percent. Uncertainty of FDA regulation and enforcement of CBD ingestible products persists after the signing of the Farm Bill. This foresight has allowed us to build out the most complete assortment of high-quality affordably priced CBD products available. In October 2018, we placed our Seventh Sense Botanical Therapy CBD personal care products in ten DSW shoe stores no marketing, no sales associate training, just beautifully-packed products that smell great and are affordably priced. Our expectations were far exceeded. 74.4% of stock sold out in 10 weeks. This test confirmed that there is a demand for high-quality, affordably priced CBD personal care products. The test allowed us to derive insights into what types of products, packaging, pricing, and fragrances are resonating with consumers. By the end of calendar 2019, we expect to have our CBD products for sale in over 400 points of distribution, including the following: Recently launched our ecommerce site, ShopSeventhSense.com, which we expect to be a high-volume and high-margin channel. Our CBD mall-based shop, the first three of which opened this month. We expect to have over 100 operating by the end of June. We have partnered with Simon Property Group for access to over 100 locations in their most prime malls. We are also actively working with other top property groups to secure additional mall real estate. Our wholesale efforts with DSW to scale Seventh Sense products to 96 DSW stores throughout the country was announced on January 10. Through our partnership with Authentic Brands Group and Greg Norman we will be able to leverage the network of Greg Norman product distribution for our joint CBD products. Aphria Offer We officially launched our bid to acquire Aphria Inc. ( Aphria ) in January. We see this as an exciting opportunity for both our shareholders and Aphria s to build value and create a preeminent cannabis operator in North America. The combination of Aphria s Canadian supply and wholesale agreements with our vertically integrated operations and rapidly growing retail footprint in the United States best positions us to capitalize on the massive growth opportunities in North America and beyond. Our focus in Q2 2019, was to build insights to inform our strategy, which will always be a core part of our business. We will continue to test, read, and wisely react to implemented strategies as we expand our assets and presence. We are disrupting the cannabis and CBD industries. Our two complimentary lines of business, our network of well-connected investors, and management s retail and consumer packaged goods experience differentiate us from the rest of the industry. We are confident in our ability to build and grow a business that resonates with consumers and grows in value, quarter after quarter. We hope you will continue to join us on our journey to build the business we have imagined. Cheers, Peter Horvath CEO, Green Growth Brands 6 GGB Quarterly Earnings Q GGB Quarterly Earnings Q

5 All financial information for the period, ending December 31, 2018, is in U.S. dollars. A description of the use of non-ifrs financial measures and IFRS financial measures can be found in our second quarter filing 2019 condensed interim Consolidated Financial Statements posted on SEDAR on February 27, * Annualized Net Revenue per Selling Square Feet is calculated forward-looking annualized revenue / 1,200 selling square feet ** emarketer Retail, Ecommerce trends and store sales for top retailers Retailer Average Apple $5,159 Murphy USA $3,009 Tiffany & Co. $2,697 Birks Group $1,555 Kate Spade & Co. $1,523 NON-IFRS MEASURES: This letter to shareholders includes information on non-ifrs financial measures ( non-ifrs or adjusted ), including the consolidated results of operations excluding non-ifrs items. These financial measures are not based on any standardized methodology prescribed by International Financial Reporting Standards ( IFRS ) and are not necessarily comparable to similar measures presented by other companies. Management believes that this non-ifrs information is useful for an alternate presentation of the company s performance, when reviewed in conjunction with the company s IFRS financial statements. These amounts are not determined in accordance with IFRS and therefore, should not be used exclusively in evaluating the company s business and operations. CAUTIONARY STATEMENTS: Certain information in this letter to shareholders constitutes forward-looking statements under applicable securities law. Any statements that are contained in this letter to shareholders that are not statements of historical fact may be deemed to be forwardlooking statements. Forward-looking statements are often identified by terms such as may, should, anticipate, expect, intend, forecast and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical and recreational marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the marijuana industry in the United States, income tax and regulatory matters; the ability of Green Growth Brands to implement its business strategies; competition; currency and interest rate fluctuations and other risks, including those factors described under the heading Risks Factors in the Green Growth Brand s Annual Information Form dated November 26, 2018 which is available on Green Growth Brand s issuer profile on SEDAR. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this release are made as of the date hereof and Green Growth Brands is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Forward-looking statements contained in this letter to shareholders are expressly qualified by this cautionary statement. This letter to shareholders does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this letter to shareholders nor anything contained in it shall form the basis of any contract or commitment. In particular, this letter to shareholders does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the Securities Act ), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. 8