A DISCIPLINED APPROACH TO VALUE CREATION · Camoin Associates Economic Development Article...
14
!"# %&'()*+(&*) %&!, %&'()*-. /.()(&*0*%-& +01 "2#3 A DISCIPLINED APPROACH TO VALUE CREATION !"# $%&'()*'%)( $%,- .( / 0-1- 2/('3 *45).6()/)' ,/%%/2.( 78'9/)79 :7,4('3 7% &/54' ,9'/).7% );974<; );' 3.(,.85.%'3 /,=4.(.).7% /%3 .%)'<9/).7% 7: ,79' 9')/.5> */%4:/,)49.%<> /%3 3.()9.24).7% /((')( .% ()9/)'<., */9?')(- @' 5'&'9/<' .%34()9A65'/3.%< 9')/.5 9'&'%4'( B.); ;.<;6<97B); 87)'%)./5 *45).6*/9?') 29/%3'3 ,7%(4*'9 8/,?/<'3 <773(- C S E C X X I O T C C X X I F : :
Transcript of A DISCIPLINED APPROACH TO VALUE CREATION · Camoin Associates Economic Development Article...
!"#$%&'()*+(&*)$%&!,$$%&'()*-.$/.()(&*0*%-&$$$+01$"2#3
A DISCIPLINED APPROACH TO VALUE CREATION
!"# $%&'()*'%)(+$%,- .( / 0-1-+2/('3+*45).6()/)' ,/%%/2.( 78'9/)79+:7,4('3 7%&/54' ,9'/).7% );974<; );' 3.(,.85.%'3 /,=4.(.).7% /%3 .%)'<9/).7%+7: ,79'9')/.5> */%4:/,)49.%<> /%3 3.()9.24).7% /((')( .% ()9/)'<., */9?')(- @'+5'&'9/<'+.%34()9A65'/3.%<+9')/.5+9'&'%4'(+B.);+;.<;6<97B);+87)'%)./5+*45).6*/9?')+29/%3'3+,7%(4*'9+8/,?/<'3+<773(-
CSE CXX I
OTC CXXIF
:
:
! " 2
A disciplined approach
Strategic Focus
!"#$#%$&'())(*+,-.+.&/'.- 0&12#*0&+/ +3#+ +#0& #45#-+#6&(7 (,* "(*&'"(2)&+&-".&/
! !"#$%&'(")*+)%,'-.$%&(&'/0%*12(.'#$/3$,(&',00&*'45678'$%&'9:0;(*$;('0<<(.)%,*'$/.0**'%(9'$%&'(")*+)%,'2$.3(+*
! =/>1).( $%& 0#+)2)?( @$;1(A$&& 2$%1<$/+1.)%, $%& &)*+.)-1+)0% $**(+* +0*1##;B /$#+)@('.(+$); $%& 9:0;(*$;( /:$%%(;*
! =/>1).('$&&)+)0%$;'.(+$);';0/$+)0%*'+0'0#+)2)?('$%&'*/$;('01.'*1//(**<1;'.(+$);'#;$+<0.2C
! =/>1).('-1*)%(**(*'+:$+'#.0@)&(')22(&)$+('/0%+.)-1+)0%'+0'2$.,)%'0.':$@('$'#$+:'+0'#.0<)+$-);)+B'9)+:)%'DE'20%+:*
! F(@(.$,( (")*+)%, $**(+*G'-.$%&*G'$%&'("#(.+)*('+0':(;#'*1##0.+'01.'$/>1)*)+)0%'*+.$+(,B
! " 3
! !"#$%&'()')
! *++#,#-./012'')
! !+34+++#56#7&8%9'#:;08%9<8%1(#:<(1/2
! *=+4+++#56#79<%0<>0'#:;08%9<8%1(#:<(1/2
! !*43++,#0>)?#601@'A#BA1C;&'C#7((;<002
! "D34+++#EA<.)#F1(8G02#-H8A<&8%1(#:</<&%82#IJ<@#K%0L
! =++#,#5MN)
! 3#:1();.'A#OA<(C)#
! 3+4+++#P%A'&8#J'8<%0#:;)81.'A)#IF<A&G#Q!RL
! S3T#79'A<E'#J'8<%0#UA<()<&8%1(
HIGHLIGHTS
Branded Products
!"#$%&'$($)*+(,-.),)$+($%/,-+%0)' 0(#") 1/+ %,0)'$/+'2
34(+-&4%,,%,56*+(,-)-67/,'"8)+6.(79(5)-67(,,(*%'65//-'6(+)6'7(#(*#)6%,$/6,/$6/,#:6;)0(-(6(,-6<+)5/,=6*"$6(7+/''6$>)6?@64>)+)67(,,(*%'6%'6#)5(#2
A,1+('$+"7$"+) %,<+)5/,6(,-;)0(-( $/ )B)7"$)/"+4>/#)'(#)*+(,-)-CDE '$+($)5:2
!"#$%&
F(*@/7%)$:GB$+(7$'= D>(,$/8H(+8'= I//-<%#= @%#0)+ @$($)J)#%)1=6G7/6H%+8( H(+8'
Established Brands, Unequaled Quality, Consumer Value
' ( 4
)"*%+,-& . /
! C<K L(./+%M)+ D),! N%0)J)'%,L(./+%M)+ D),! F%'$%##($)L(./+%M)+ D),! N%0)6J)'%,6GB$+(7$! C"+)-6J)'%,6GB$+(7$! O"#9 H#/4)+
! D+)&J/##)-H#/4)+! C(.'"#)'6PQ%,7$"+)'! COF6C"+)-6J)'%,6L(./+%M)+6D),! COF6C<K6L(./+%M)+6D),! COF6J)'%,6GB$+(7$'6
C21 Investments Inc.
Revenue
Silver State Relief & Silver State Cultivation 2
UNAUDITED REVENUE GROSS MARGIN
!"#! $%&%' ()*
AUDITED UNAUDITED
+#,-./01#2.323 "4#,-./01#2.323
526#7"8#49": 526#7"8#49": 526#7"8#49"%
!"#$% $"4&7" $4)&() $"%&7(
&'(%%)*'(+,- $%&)% $")&(4 $:&:4
.$-)/0'$1-"23 $(&+9 $""&": $%&4(
! !"#$#%&'#( )*+#,-"./#+&0&12"&5#146#718923&#:;&99#<4=*>17&5#?7=76&3@
" :42+8&A#:790&+#:6>6&#B&97&CD<29670>6741#E)B#B&*4+6F#C79&3#)*+79#,.F#,-"./#:790&+#:6>6&#B&97&C#>13#:790&+#:6>6&#<29670>6741#;&+&#>8G27+&3#'H#<,"#41#I>12>+H#"F#,-".@
!""#$%&'()*#%+#,-.#/0%""%1+*2
p . 5
NEVADA!"#$"%&'
NEVADA CANNABIS MARKET
p. 6
!"#$%$&'()*+,'-(-*,).'-(./%,'-)0(1)*#.%"'($/(*11*)-,/.-0(-*('2$3"(,1(*,)("4.'-./5(6$/,7$2-,)./58(9:*3"'$3"($/%()"-$.3(*1")$-.*/'8(7*)(1)*%,2-($/%(+)$/%("41$/'.*/(-*(6""-(2*/',6")(%"6$/%;
!"#$%&'() *+" ,)"-.*$/01/2,-$$-3+4
2154,-$$-3+446/7
8921 ,-$$-3+8:/; ,-$$-3+4<7
!"#$% &'%"()*+! <2=,.)"8 *1-.6.>"8 $/% )"+)$/% '-)$-"5.2 )"-$.3 $''"-' -* "41$/% 7**-1)./-
! ?$,/2: +)$/%"% @AB -:)*,5: 2$1-.#" 2:$//"3 -* %).#" 6$)5./ 2$1-,)"
! C"#"3*1 9:*3"'$3" @AB +,'./"'' )"$2:./5 +"0*/% 2$1-.#" 2:$//"3 D?$'(E"5$'(F$)G"-H
! I61*)-("41")-.'"($/%(+)$/%'(7)*6("4.'-./5(J)"5*/($''"-'
",,%( -).-#).-(! K.3#") K-$-" %.'1"/'$)0 :$%$L;MN6$)G"- ':$)" ./!"#$%$ ./ OPQR $/%:$'+""/ $ -*1 S
%.'1"/'$)0+0 )"#"/,""#")06*/-: 7*) -:" 3$'- S 0"$)' D'./2"(3"5$3.>$-.*/H
! K.3#")(K-$-"T'('"2*/%(%.'1"/'$)0(3*2$-.*/(*1"/"%(./(U")/3"08(!E(*/(V$/,$)0(QM8(OPQW
Legal Status (2018)
Population (2018)
Visitors (Tourists) Annually
Consumption Rate (2018)
Adult-Use Spending(2018)Adult-Use Spending (2022)
Annualized MarketGrowth
!"#$% &'()*+,-.
OregonSTRATEGY
Oregon CANNABIS MARKET
p. 7
!"#$%&'#()" '"*)+#(,(-'#()" ). $/(0#("% '00$#01(#2 ' 0+$3(43 $,+2'0(0 )",'&5$#67$'*$&02(+ (" 8&'"*$* 3)"09,$&6+'35'%$*6%))*06:;<=>?
!"#$%&'() *+" ,)"-.*$/0123 ,-$$-4+3
56078
966: ,-$$-4+97/7 ,-$$-4+3558
!""#$%&'#(')#*
! !"#$%&'())#*)'%++,-.'(//')#+*%")'%0'*1#'+(&&(23)'4(/,#'+1(3&
! 5%+,)'%&'6(736383&$6("$3& +(-*,"# *1"%,$1 ),--/. +1(3& #09+3#&+.
! :7-(&)3%&%0 #73)*3&$'2"(&;#;<=> -"%;,+* /3&#)
'!+,#%-(#!$)&.! !-*3638# ),--/. +1(3& #003+3#&+3#) *1"%,$1 #+%&%63#) %0 )+(/# (&; +%)* +,**3&$
! ?+(/# #73)*3&$ 6(&,0(+*,"3&$ (&; ;3)*"32,*3%& *% $"%@ @1%/#)(/# +1(&&#/
! A#4#"($#'#7-#"*3)#'%0'!"#$%&'%-#"(*3%&)'*%'3&+"#()#'-"%;,+*3%&B'-"%;,+*';#4#/%-6#&*'(&;')(/#)'3&'%*1#"'6("C#*)
Legal Status (2018)
Population (2018)
Consumption Rate (2018)
Adult-Use Spending(2018)Adult-Use Spending (2022)
Annualized MarketGrowth
!"#$% &'()*+,-.
A Disciplined approach!"#$%&'()"#"*'+
p. 8
!""#$$$$$$$$$$$$$$$$"%&
'%&()*$'+,+)$*)&%)-
#,.$'"/%)+0$)1+*,/+'
2!,3+"4$-,*4'
)/"$-%*4,$-,*4'
!"#$%$&'#&()*+,%&-.(/0+#1(,"-+,&-(+#1($*2'0%"0(3*$&"4'0($'05%3'(&0+#$,+&'(&"(%#1*$&0-6,'+1%#7($+,'$(2'0($)*+0'(8""&9((!"42'&%&"0$($2'#1(#'+0,-(&'#(:;<=(&%4'$("#(4+0>'&%#7(+$(+(2'03'#&+7'("8($+,'$(&"(10%5'($%4%,+0(2'08"04+#3'9
INDUSTRY-LEADING SALES PER SQUARE FOOT:
Retail Sales
! " 9
! !"#$%&'()*+,%-.%/0+'12+()3%4
!"#$%"
!&#%'"
!'#'$(
!(#&')
#$%&'(
!"#"#$%&'
()**+',-.
/00#$
1$21$'
34567'8$.9%$'9.67':;
/''"+#6<$9+)#6=+#$.6>?@6A$B6=C6D
!"##$%&'()*+$&,$-(+.
Source: Camoin Associates Economic Development Article “Average Square Footage and Retail Sales per Square Foot Across Major Brands” August 16, 2018The Motley Fool Web Article “This Marijuana Retailer Beats Apple and Tiffany on 1 Key Sales Metric” August 26, 2018
In the News
!"#$!% &'$($) !"# $$!%&'()*'+,#-./0-12)&'3,4&
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
*+&',$-.+// .%"#.".50-1 2)&'3,4&
B+3(-$9 +, - 3(-%&$%$0 -33"/)&-)& 2+&( $=&$),+1$ $=.$%+$)3$ -& &($ $=$3/&+1$ 9$1$9 +) ,$1$%-9 +)0/,&%+$, +) #"&( 9-%5$% "%5-)+H-&+"), -)0 ,&-%&A/.,:<<;$@, ,.$)& &($ .-,& FI *$-%, -, 'JJK'LJ >"% -6+0A,+H$ 0+,&%+#/&"% 2+&( M #%-)3($, -3%",, '-)-0- -)0 &($ B+009$ N-,&: ?00+&+")-99*7 ($ (-,<<6"%$<&(-)<FO<*$-%,<"><$=.$%+$)3$<+)<&($<L"%$,&<P)0/,&%*<Q+)39/0+)5<O<*$-%,<+)<R$2<S$-9-)0T<,&-%&+)5<-,<'")&%"99$%<-)0<.%"5%$,,+)5<&"<&($<<$=$3/&+1$ 9$1$9:
MEET THE TEAM/6/.789:/;-"<2 29=/.80=;
#!0&$*,&/"(,-/2)&'3,4&
1+--1$!/$(2)&'3,4&
D+99 (-, "1$% UI *$-%, "> $=.$%+$)3$ +) 59"#-9 ("%&+3/9&/%$: ;$ ,.$3+-9+H$, +) "/&0""% -)0 +)0""% 5%"2 .%-3&+3$,7 >-3+9+&+$, 3"),&%/3&+")7 BNV<<,*,&$6,7 -)0 5$)$&+3,: ;-1+)5 "1$%,$$) 9-%5$A,3-9$ 5%"2 ".$%-&+"), 2+&( ,&-&$ "> &($ -%& &$3()"9"5*7D+99 #%+)5, -2$-9&( "> 4)"29$05$ &" &($<<'EF &$-6:
2.)-$! 3+((+&..>0-12)&'3,4&
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
p. 11
OVERVIEWVERTICALLY INTEGRATED CANNABIS
!"#$%&'($"&)*&*''
+,-*& ..'/01-)*$2)
3#,&4!"56$*$#$2)7-48&#*
GEOGRAPHIC FOCUS!"#$%&'(#$%)'&*#%+,%-".(/(0%12"3',%(,/%4(5+)'2,+(0%6+$7%8'$",$+(5%(&9*+#+$+',#%+,%'$7"2%#$2($"3+&%:;<;%=(2>"$#;
LICENSES4*5$+.($+', ?@A0BC$2(&$+', ?DA0!7'5"#(5" ?DA0 (,/E"$(+5 ?DA
FOUNDED FGHI%
EMPLOYEES !""#$
MARKETS!"#$%&'(&) *#+()(
VERTICAL INTEGRATION4*5$+.($+',0BC$2(&$+',0J2(,/"/4KL0!7'5"#(5" (,/E"$(+5
INDUSTRY POSITIONB(25M%='."2%(#%(%4(,(/+(,%<$'&>%BC&7(,3"%?4<BA%5+#$"/%&'=8(,M;%N""8%.(5*"%&7(+,%%"C8"2$+#"0%#+3,+O&(,$%"C+#$+,3%2".",*"#0%(,/%#&(5(P5"%'8"2($+',#%+,%#$2($"3+&%%=(2>"$#;%Q(5*"%&2"($+',%$72'*37R%HA%5"."2(3+,3%"#$(P5+#7"/%P2(,/#%+,%&(8$+."%%&7(,,"5#%(&2'##%=*5$+85"%#$($"#0%FA%2"$(+5%)''$82+,$%"C8(,#+',%$72'*37%.(5*"S(//"/%%(&9*+#+$+',#0%DA%/2+.+,3%#&(5"%6+$7%"C+#$+,3%P*#+,"##%5+,"#;
BRANDS!+/"5M%2"&'3,+T"/%(,/%(6(2/S6+,,+,3%P2(,/#%+,&5*/"%<+5."2%<$($"%E"5+")0%N(P%<'&+"$M%%BC$2(&$#0%U''/%1+50%K7(,$'=%V(2=#%(,/%B&'%V+2=( V(2=#;
p. 12
Thank you for your interest in C21 Investments.
Thank you
Address
!"#$%&'(')*+*&,-.%&!$/%%$0&1234-"5%/&6787&198:;*
Canada off ice
#3<-=4>>#742
!"# $ % !&& ' ()! $ % !&& ' *
telephone
?@&A''&:A+&:++B
DISCLAIMER
!"#$%&'()*+,-.-#',%#$%.%/0+$+,-.-#',%1-"+%230+$+,-.-#',45%'6%7+,+0.8%9.(:70'),&%#,6'0*.-#',%.9')-%;<=%%>,?+$-*+,-$%>,('0/'0.-+&@A12;<=45%.(-#?#-#+$%()00+,-%.$%'6%B.C =DA%<E=F@%>-%#$%#,6'0*.-#',%#,%.%$)**.0C%6'0*%.,&%%&'+$%,'-%/)0/'0-%-'%9+%('*/8+-+@%>-%#$%,'-%#,-+,&+&%-'%9+%0+8#+&%)/',%.$%.&?#(+%-'%#,?+$-'0$%'0%/'-+,-#.8%#,?+$-'0$%%.,&%&'+$%,'-%-.:+%#,-'%.(('),-%-"+%#,?+$-*+,-%'9G+(-#?+$A%6#,.,(#.8%$#-).-#',%'0%,++&$%'6%.,C%/.0-#()8.0%#,?+$-'0@%%!"+$+%$"')8&%9+%(',$#&+0+&A%H#-"%'0%H#-"')-%/0'6+$$#',.8%.&?#(+A%H"+,%&+(#&#,7%#6%.,%#,?+$-*+,-#$.//0'/0#.-+@%%!"+%#,6'0*.-#',%(',-.#,+&%#,%-"#$%30+$+,-.-#',%#$%&+0#?+&%$'8+8C%60'*%*.,.7+*+,-%'6%;<=%.,&%'-"+0H#$+%/)98#(8C%%.?.#8.98+%-"#0&%/.0-C%#,6'0*.-#',%.,&%&'+$%,'-%/)0/'0-%-'%9+%.88I#,(8)$#?+%'0%-'%(',-.#,%.88%-"+%#,6'0*.-#',%-".-%.,%%#,?+$-'0%*.C%&+$#0+%-'%".?+%#,%+?.8).-#,7%H"+-"+0%'0%,'-%-'%*.:+%.,%#,?+$-*+,-%#,%;<=@%!"+%-"#0&%/.0-C%%#,6'0*.-#',%".$%,'-%9++,%#,&+/+,&+,-8C%?+0#6#+&@%J"#8+%;<=%*.C%,'-%".?+%?+0#6#+&%D0&%/.0-C%#,6'0*.-#',A%%,+?+0-"+8+$$A%#-%9+8#+?+$%-".-%#-%'9-.#,+&%-"+%#,6'0*.-#',%60'*%0+8#.98+%$')0(+$%.,&%".$%,'%0+.$',%-'%9+8#+?+%#-%#$%%,'-%.(()0.-+%#,%.88%*.-+0#.8%0+$/+(-$@%K'%0+/0+$+,-.-#',%'0%H.00.,-CA%+L/0+$$%'0%#*/8#+&A%#$%*.&+%'0%7#?+,%9C%'0%',%%9+".86%'6%;<=%'0%.,C%'6%#-$%.66#8#.-+$A%�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�+(-'0$A%'66#(+0$A%.7+,-$%.,&%+*/8'C++$%&#$(8.#*%.,C%'98#7.-#',%-'%)/&.-+%.,C%6'0H.0&I8'':#,7%%$-.-+*+,-$A%H"+-"+0%.$%.%0+$)8-%'6%,+H%#,6'0*.-#',A%6)-)0+%+?+,-$%'0%0+$)8-$%'0%'-"+0H#$+@%!"+0+%(.,%9+%,'%%.$$)0.,(+%-".-%6'0H.0&I8'':#,7%$-.-+*+,-$%H#88%/0'?+%-'%9+%.(()0.-+A%.$%.(-).8%0+$)8-$%.,&%6)-)0+%+?+,-$%(')8&%%B+0%*.-+0#.88C%60'*%-"'$+%.,-#(#/.-+&%#,%$)("%$-.-+*+,-$@%W(('0&#,78CA%C')%$"')8&%,'-%/8.(+%),&)+%0+8#.,(+%',%%6'0H.0&I8'':#,7%$-.-+*+,-$%&)+%-'%-"+%#,"+0+,-%),(+0-.#,-C%-"+0+#,@%W88%6'0H.0&I8'':#,7%#,6'0*.-#',%#$%+L/0+$$8C%%M).8#6#+&%#,%#-$%+,-#0+-C%9C%-"#$%(.)-#',.0C%$-.-+*+,-@%Q'0H.0&I8'':#,7%#,6'0*.-#',%.,&%'-"+0%#,6'0*.-#',%(',-.#,+&%%"+0+#,%(',(+0,#,7%*.,.7+*+,-R$%7+,+0.8%+L/+(-.-#',$%(',(+0,#,7%-"+%*+&#(.8%*.0#G).,.%#,&)$-0C%.0+%9.$+&%',%%+$-#*.-+$%/0+/.0+&%9C%*.,.7+*+,-%)$#,7%&.-.%60'*%/)98#(8C%.?.#8.98+%#,&)$-0C%$')0(+$%.$%H+88%.$%60'*%*.0:+-%%0+$+.0("%.,&%#,&)$-0C%.,.8C$#$%.,&%',%.$$)*/-#',$%9.$+&%',%&.-.%.,&%:,'H8+&7+%'6%-"#$%#,&)$-0C%H"#("%%*.,.7+*+,-%9+8#+?+$%-'%9+%0+.$',.98+@%X'H+?+0A%-"#$%&.-.%#$%#,"+0+,-8C%#*/0+(#$+A%.8-"')7"%7+,+0.88C%#,&#(.-#?+%%'6%0+8.-#?+%*.0:+-%/'$#-#',$A%*.0:+-%$".0+$%.,&%/+06'0*.,(+%(".0.(-+0#$-#($@%J"#8+%*.,.7+*+,-%#$%,'-%.H.0+%'6%%.,C%*#$$-.-+*+,-$%0+7.0&#,7%.,C%#,&)$-0C%&.-.%/0+$+,-+&%"+0+#,A%#,&)$-0C%&.-.%#$%$)9G+(-%-'%(".,7+%9.$+&%',%%?.0#')$%6.(-'0$@%!"#$%30+$+,-.-#',%*.C%,'-%9+%0+/0'&)(+&A%6)0-"+0%&#$-0#9)-+&%'0%/)98#$"+&%#,%H"'8+%'0%#,%/.0-%9C%%.,C%'-"+0%/+0$',@%K+#-"+0%-"#$%30+$+,-.-#',%,'0%.,C%('/C%'6%#-%*.C%9+%-.:+,%'0%-0.,$*#--+&%#,-'%'0%&#$-0#9)-+&%#,%.,C%%'-"+0%G)0#$&#(-#',%H"#("%/0'"#9#-$%-"+%$.*+%+L(+/-%#,%('*/8#.,(+%H#-"%.//8#(.98+%8.H$@%W,C%6.#8)0+%-'%('*/8C%H#-"%%-"#$%0+$-0#(-#',%*.C%(',$-#-)-+%.%?#'8.-#',%'6%.//8#(.98+%$+()0#-#+$%8.H@%Y+(#/#+,-$%.0+%0+M)#0+&%-'%#,6'0*%-"+*$+8?+$%%'6A%.,&%('*/8C%H#-"A%.88%$)("%0+$-0#(-#',$%'0%/0'"#9#-#',$%.,&%;<=%&'+$%,'-%.((+/-%8#.9#8#-C%-'%.,C%/+0$',%#,%0+8.-#',%%-"+0+-'@%Q'0%.&&#-#',.8%0#$:%6.(-'0$%-".-%*.C%.66+(-%;<=R$%9)$#,+$$%.,&%'/+0.-#',$A%$++%-"+%*'$-%0+(+,-%%*.,.7+*+,-R$%&#$()$$#',%.,&%.,.8C$#$%.,&%'-"+0%6#8#,7$%',%VPZWY%.- HHH@$+&.0@('*
;<=%>,?+$-*+,-$ >,(@
V)#-+%DEDA%[F[%X'H+%V-@%\.,(')?+0A%];%;.,.&.%\^;%<
