Second Quarter 2022 Revenue of $338 Million, an increase of 8% sequentially and YoY
Second Quarter 2022 Adjusted EBITDA(1) of $86 Million, an increase of 18% sequentially and 2% YoY
Generated $12 Million of Positive Operating Cash Flow for the First Half of 2022
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer products in cannabis, today reported its financial and operating results for the second quarter ended June 30, 2022. All financial information is provided in U.S. dollars unless otherwise indicated.
Second Quarter 2022 Financial Highlights (Unaudited) ($ thousands) Three months ended June 30, 2022 March 31, 2022 June 30, 2021 Total Revenue $ 337,553 $ 313,074 $ 312,205 Gross profit before impact of biological assets 175,884 154,870 155,238 Gross profit on cannabis sales(1)(2) 174,654 153,617 154,527 Gross margin on cannabis sales(1)(2) 51.9 % 49.3 % 49.6 % Adjusted EBITDA(1)(2) 86,177 72,945 84,372 Net loss attributable to Curaleaf Holdings Inc. (28,336) (19,985) (4,847) Net loss per share - basic and diluted $ (0.04) $ (0.03) $ (0.01)
(1) Represents a Non-IFRS financial measure or Non-IFRS ratio without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. (2) See "Non-IFRS Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-IFRS financial measures and Non-IFRS ratios. See the sections entitled "Gross Profit on Cannabis Sales" and "Adjusted EBITDA" below (pg. 5) for reconciliations of Non-IFRS measures to the most directly comparable IFRS measures.
Earnings Call: Monday, August 8, 2022, at 5:00 P.M. ET Conference ID # is 7759736 Replay ID # is 4470743
U.S. Callers: +1-844-763-8274 U.S. Replay: +1-877-344-7529 International Callers: +1-412-717-9224
International Replay (Toll): +1-412-317-0088 Canadian Callers: +1-416-639-5883 Canadian Replay: +1-855-669-9658
The teleconference will be rebroadcasted starting at 7:00 P.M. ET on August 8, 2022 and will end at 7:00 P.M. ET on August 15, 2022
Boris Jordan, Executive Chairman of Curaleaf, commented, "Our record breaking second quarter got off to a great start with the launch of adult use in New Jersey and a historic 4/20. We bounced back from earlier headwinds to grow revenue 8%, and AEBITDA 18% sequentially, while continuing to execute on our growth strategy for Europe, a key differentiator for Curaleaf and a significant advantage over our competitors. I am also very pleased to report that thanks to our vertical penetration and operating efficiencies, Adjusted EBITDA margins expanded to 26%. The fundamentals of our business are strong, and our leadership team is moving with speed and discipline, continuing to set-up 2022 as another milestone year."
Matt Darin, Chief Executive Officer of Curaleaf, stated, "In the second quarter we made key adjustments and some bold decisions to focus on operational excellence, innovative products and brands, and leadership talent, and we are already seeing positive results as demonstrated by a 267 bps improvement in gross margin on cannabis sales. This quarter we continued to grow our retail footprint, expand our distribution partnerships and launch innovative new product lines that excite consumers and invigorate the industry. The power of our platform, our products and our people is undeniable, and we are now realizing the impact our long term strategy both in the U.S. and abroad. And with today's announcement of key hires in our Chief Financial Officer, Chief Investment Officer and Chief Strategy Officer, I am more confident than ever that Curaleaf will continue to be the global leader in the cannabis industry."
Second Quarter Operating Highlights
-- Added seven new retail dispensaries, closing the quarter with 135 total locations, and serviced nearly 2,200 wholesale partner accounts.
-- Commenced adult-use sales in New Jersey, with BDSA estimating a $2.3 billion market by 2026.
-- Executed historic 4/20 with net revenue increasing 45% year-over-year.
-- Launched Endless Coast Cannabis-Infused Seltzers, a highly sociable line of low-calorie, low-sugar and low-carb beverages.
-- Signed a distribution agreement with WB Canna Co. & Wellness which will launch Curaleaf's Hemp and Select CBD product lines in the U.S. Virgin Islands, Puerto Rico, Aruba, Bermuda, Barbados, Cayman, Costa Rica, Guatemala, Jamaica, and Saint Maarten, as well as additional markets in Latin America.
-- Tyneeha Rivers joined as the Company's first Chief People Officer in June and has made an immediate impact on organizational dynamics and leadership culture.
Post Second Quarter Operating Highlights
-- Opened Tampa Citrus Park dispensary, our 51st in Florida and 136th overall.
-- Launched "The Farmer's Select" program, an ongoing series of limited-edition collaborations with licensed legacy farmers and diverse operators in California.
-- Launched Plant Precision, a health and wellness line of products featuring the minor cannabinoids in combination with lower levels of THC to address a variety of need states for new consumer segments.
-- Announced key hires in Ed Kremer as Chief Financial Officer, Camilo Lyon as Chief Investment Officer and Mitch Hara as Chief Strategy Officer.
Financial Results for the Second Quarter Ended June 30, 2022 Revenue (Unaudited) ($ thousands) Three months ended June 30, 2022 March 31, 2022 June 30, 2021 Retail revenue $ 251,920 $ 226,109 $ 222,147 Wholesale revenue 84,403 85,712 89,347 Management fee income 1,230 1,253 711 Total Revenue $ 337,553 $ 313,074 $ 312,205 Number of retail stores 135 128 107 Wholesale accounts 2,200 2,200 2,000
Total revenue increased by 8% to $338 million during the second quarter of 2022, compared to $312 million in the second quarter of 2021. The Company's year-over-year revenue growth primarily reflects continued growth driven by new retail store openings and commencement of adult-use in New Jersey, the acquisition of Bloom Dispensaries, the addition of new wholesale partner accounts, product launches, and the expansion of cultivation and production facilities.
Retail revenue increased by 13% to $252 million during the second quarter of 2022, compared to $222 million in the second quarter of 2021, representing 75% of total revenue. Growth in retail revenue was primarily due to strong growth across Curaleaf's footprint and the opening of 28 new stores over the year, namely in Arizona (including the acquisition of Bloom Dispensaries), Florida, Maine, and Pennsylvania and the commencement of adult-use in New Jersey.
Wholesale revenue decreased 6% to $84 million during the second quarter of 2022, compared to $89 million in the second quarter of 2021, representing 25% of total revenue. Contraction in wholesale revenue during the quarter was largely due to the Company's continued assessment of the wholesale marketplace in California and Colorado.
Gross Profit on Cannabis Sales (Unaudited) ($ thousands) Three months ended June 30, 2022 March 31, 2022 June 30, 2021 Retail and wholesale revenue $ 336,323 $ 311,821 $ 311,494 Cost of goods sold 161,669 158,204 156,967 Gross profit on cannabis sales (1) $ 174,654 $ 153,617 $ 154,527 Gross margin on cannabis sales (1) 51.9 % 49.3 % 49.6 % Management fee income (2) 1,230 1,253 711 Gross profit before impact of biological assets $ 175,884 $ 154,870 $ 155,238
(1) Represents a non-IFRS measure or Non-IFRS ratio. See "Non-IFRS Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-IFRS financial measures and Non-IFRS ratios. (2) Management fee income is added to Gross Profit on Cannabis Sales to obtain Gross profit before impact of biological assets, the most comparable IFRS measure.
Gross profit on cannabis sales was $175 million for the second quarter of 2022, compared to $155 million in the second quarter of 2021. Gross profit margin reached 51.9%, compared to 49.6% in the second quarter of 2021 largely resulting from the increase in vertically integrated products sold in its dispensaries and the mix of revenue from higher margin states.
Net Income / (Loss) (Unaudited) ($ thousands) Three months ended June 30, 2022 March 31, 2022 June 30, 2021 Total Revenue $ 337,553 $ 313,074 $ 312,205 Gross profit 167,996 179,044 184,495 Income from operations 23,364 43,732 54,279 Total other expense, net (6,517) (22,347) (19,026) Income tax expense (45,066) (43,142) (42,624) Net loss (28,219) (21,757) (7,371) Less: Net income (loss) attributable to non-controlling interest 117 (1,772) (2,524) Net loss attributable to Curaleaf Holdings, Inc. $ (28,336) $ (19,985) $ (4,847)
For the second quarter of 2022, net loss attributable to Curaleaf Holdings, Inc. was $28 million, compared to a net loss of $5 million in the second quarter of 2021. The increase in net loss was due to an unfavorable net change in fair value of biological assets coupled with the increase in operating expenses, which were partially offset by higher revenues.
Adjusted EBITDA (Unaudited) ($ thousands) Three months ended June 30, 2022 March 31, 2022 June 30, 2021 Net loss $ (28,219) $ (21,757) $ (7,371) Interest expense, net 25,099 23,790 21,330 Income tax expense 45,066 43,142 42,624 Depreciation and amortization (1) 42,506 41,157 32,637 Share-based compensation 6,039 5,093 18,370 Other (income) expense (18,582) (1,443) (2,304) Change in fair value of biological assets 7,888 (24,174) (29,257) Other add-backs (2) 6,380 7,137 8,343 Adjusted EBITDA (3) $ 86,177 $ 72,945 $ 84,372 Adjusted EBITDA Margin (3) 25.6 % 23.4 % 27.1 %
(1) Depreciation and amortization expense include amounts charged to cost of goods sold on the statement of profits and losses. (2) Other add-backs primarily include acquisition related expenses including fair market value adjustments on inventory related to acquisitions, legal fees, accounting and professional fees. (3) Represents a non-IFRS measure or Non-IFRS ratio. See "Non-IFRS Financial and Performance Measures" below for definitions and more information regarding Curaleaf's use of Non-IFRS financial measures and Non-IFRS ratios. The table above provides a reconciliation of Net Loss, the most comparable IFRS measure, to Adjusted EBITDA, a non-IFRS measure.
Adjusted EBITDA was $86 million for the second quarter of 2022, compared to $84 million for the second quarter of 2021. The year-over-year increase in adjusted EBITDA was primarily driven by solid revenue growth combined with operating leverage. The year-over-year decrease in Adjusted EBITDA margin reflects greater SG&A expenditures due to increased headcount in support of new store openings, higher levels of expenses related to research and development activities, as well as higher sales and marketing spend, and an increase in professional fees.
Balance Sheet and Cash Flow
As of June 30, 2022, the Company had $187 million of cash and $587 million of outstanding debt net of unamortized debt discounts, which had a weighted average interest rate of 7.3% per annum.
During the first-half of 2022, Curaleaf invested $60 million net in capital expenditures mostly attributable to cultivation, processing, and retail sites development activities. The Company expects to invest approximately $125 million in capital expenditures for the full year 2022.
As of June 30, 2022 and March 31, 2022, the Company's weighted average subordinate voting shares outstanding amounted to 709,434,324 and 708,897,273 shares, respectively.
As of June 30, 2022 and March 31, 2022, the Company's issued and outstanding subordinate voting shares plus multiple voting shares amounted to 710,136,421 and 708,812,195 shares, respectively.
As disclosed in the Company's Consolidated Annual Financial Statements for the year ended December 31, 2021, the Company made an immaterial restatement to the initial purchase accounting for the Select acquisition. Adjustments have been made to the comparative period financial statements presented herein, which reflect a decrease in amortization expense, as applicable. The net impact of the adjustment on the Company's Interim Consolidated Statements of Profits and Losses for the three and six months ended June 30, 2021, was a positive $2.4 million and $4.8 million, respectively, to Net loss attributable to Curaleaf Holdings, Inc.
Non-IFRS Financial and Performance Measures
Curaleaf reports its financial results in accordance with IFRS and uses a number of financial measures and ratios when assessing its results and measuring overall performance. Some of these financial measures and ratios are not calculated in accordance with IFRS. Curaleaf refers to certain Non-IFRS financial measures and ratios such as "Gross Profit on Cannabis Sales", "Gross Margin on Cannabis Sales", "Adjusted EBITDA", and "Adjusted EBITDA Margin". These measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. The Company defines "Gross Profit on Cannabis Sales" as retail and wholesale revenues less cost of goods sold. "Gross Margin on Cannabis Sales" is defined by Curaleaf as gross profit on cannabis sales divided by retail and wholesale revenues. "Adjusted EBITDA" is defined by Curaleaf as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and other add-backs related to business development, acquisition, financing and reorganization costs. "Adjusted EBITDA Margin" is defined by Curaleaf as Adjusted EBITDA divided by total revenue. Curaleaf considers these measures to be an important indicator of the financial strength and performance of our business. We believe the adjusted results presented provide relevant and useful information for investors because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with IFRS, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The tables provided in this press release contained in the sections "Gross Profit on Cannabis Sales" and "Adjusted EBITDA" (pg. 5) provide reconciliations of Non-IFRS measures to the most directly comparable IFRS measures.
Consolidated Statements of Financial Position ($ thousands) As of June 30, 2022 December 31, 2021 Assets Audited Current assets: Cash and cash equivalents $ 187,116 $ 299,329 Accounts receivable, net 63,729 64,570 Inventories, net 428,280 391,195 Biological assets 96,480 78,600 Assets held for sale 115,723 80,583 Prepaid expenses and other current assets 41,379 35,667 Current portion of notes receivable -- 2,315 Total current assets 932,707 952,259 Deferred tax asset 2,979 2,593 Notes receivable -- 842 Property, plant and equipment, net 385,271 379,720 Right-of-use assets, net 359,275 285,111 Intangible assets, net 1,153,770 1,010,008 Goodwill 661,866 605,496 Investments 3,646 4,401 Other assets 17,612 22,048 Total assets $ 3,517,126 $ 3,262,478 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 73,942 $ 26,751 Accrued expenses 89,463 87,583 Income tax payable 125,274 140,019 Current portion of lease liability 23,266 19,279 Current portion of notes payable 2,035 1,966 Current contingent consideration liability 20,963 9,155 Liabilities held for sale 18,850 18,472 Other current liabilities 28,861 12,171 Total current liabilities 382,654 315,396 Deferred tax liability 334,809 299,333 Notes payable 584,945 434,123 Lease liability 378,580 298,281 Non-controlling interest redemption liability 44,335 72,140 Contingent consideration liability 1,874 28,839 Other long term liability 9,381 5,876 Total liabilities 1,736,578 1,453,988 Shareholders' equity: Share capital 2,239,352 2,225,940 Treasury shares (5,208) (5,208) Reserves (160,620) (162,085) Accumulated other comprehensive income (21,142) (9,996) Accumulated deficit (339,639) (291,395) Redeemable non-controlling interest contingency (44,335) (72,140) Total Curaleaf Holdings, Inc. shareholders' equity 1,668,408 1,685,116 Non-controlling interest 112,140 123,374 Total shareholders' equity 1,780,548 1,808,490 Total liabilities and shareholders' equity $ 3,517,126 $ 3,262,478
Consolidated Statements of Profits and Losses (Unaudited) ($ thousands, except for share and per share amounts) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Revenues: Retail and wholesale revenues $ 336,323 $ 311,494 $ 648,144 $ 571,377 Management fee income 1,230 711 2,483 1,148 Total revenues 337,553 312,205 650,627 572,525 Cost of goods sold 161,669 156,967 319,873 288,820 Gross profit before impact of biological assets 175,884 155,238 330,754 283,705 Realized fair value amounts included in inventory sold (123,413) (81,803) (228,591) (150,717) Unrealized fair value gain on growth of biological assets 115,525 111,060 244,877 192,321 Gross profit 167,996 184,495 347,040 325,309 Operating expenses: Selling, general and administrative 107,516 87,959 207,276 168,052 Share-based compensation 6,039 18,370 11,132 23,277 Depreciation and amortization 31,077 23,887 61,536 43,606 Total operating expenses 144,632 130,216 279,944 234,935 Income from operations 23,364 54,279 67,096 90,374 Other income (expense): Interest income 10 278 69 366 Interest expense (15,105) (12,269) (29,005) (24,420) Interest expense related to lease liabilities (10,004) (9,339) (19,953) (17,899) Other income 18,582 2,304 20,025 2,719 Total other expense (6,517) (19,026) (28,864) (39,234) Income before provision for income taxes 16,847 35,253 38,232 51,140 Income tax expense (45,066) (42,624) (88,208) (73,332) Net loss (28,219) (7,371) (49,976) (22,192) Less: Net income (loss) attributable to non-controlling interest 117 (2,524) (1,655) (2,524) Net loss attributable to Curaleaf Holdings, Inc. $ (28,336) $ (4,847) $ (48,321) $ (19,668) Loss per share attributable to Curaleaf Holdings, Inc. - basic and diluted $ (0.04) $ (0.01) $ (0.07) $ (0.03) Weighted average common shares outstanding - basic and diluted 709,965,526 701,668,932 709,434,324 691,909,375
Consolidated Statements of Cash Flows (Unaudited) ($ thousands, except for share and per share amounts) Six months ended June 30, 2022 2021 (As Restated) Cash flows from operating activities: Net loss $ (49,976) $ (22,192) Adjustments to reconcile loss to net cash provided (used) in operating activities: Depreciation and amortization 83,662 60,251 Share-based compensation 11,132 23,277 Non-cash interest expense 25,634 19,477 Unrealized gain on changes in fair value of biological assets (244,877) (192,349) Realized fair value amounts included in inventory sold 228,591 150,717 Gain on debt retirement (1) -- Gain on retirement of asset (1,601) (740) Gain on investment (14,852) -- Deferred taxes (5,915) 8,250 Changes in operating assets and liabilities: Accounts receivable 1,624 (12,046) Biological assets (2,021) 29,294 Inventories (35,717) (100,800) Prepaid expenses and other current assets (5,398) (13,240) Other assets 3,735 (1,137) Accounts payable 38,174 (4,516) Income taxes payable (13,824) (15,377) Accrued expenses (6,755) (7,996) Net cash provided by (used in) operating activities 11,615 (79,127) Cash flows from investing activities: Purchases of property, plant and equipment, net (60,252) (73,342) Proceeds from sale of entity 2,964 24,884 Cash acquired from acquisitions 21,132 -- Payments made on completion of acquisitions (96,089) 12,891 Amounts advanced for notes receivable, net of payments received 2,315 2,038 Net cash used in investing activities (129,930) (33,529) Cash flows from financing activities: Cash received from financing agreement -- 54,599 Proceeds from sale leaseback 40,203 19,947 Debt issuance costs -- (681) Lease liability payments (29,323) (25,130) Proceeds from minority interest investment in Curaleaf International -- 86,957 Principal payments on notes payable (198) (6,093) Exercise of stock options (826) 2,667 Issuance of common shares, net of issuance costs -- 240,569 Net cash provided by (used in) financing activities 9,856 372,835 Net change in cash (108,459) 260,179 Cash at beginning of period 299,329 73,542 Effect of exchange rate on cash (3,754) 70 Cash at end of period $ 187,116 $ 333,791
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international provider of consumer products in cannabis with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf and Select, provide industry-leading service, product selection and accessibility across the medical and adult-use markets. In the United States, Curaleaf currently operates in 22 states with 136 dispensaries, 26 cultivation sites, and employs over 5,700 team members. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Canadian Securities Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.
Investor Contact:Curaleaf Holdings, Inc.email@example.com
Media Contact:Curaleaf Holdings, Inc.Tracy Brady, SVP of Corporate Communicationsmedia@curaleaf.com
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws ("forward-looking statements"). Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on management's current beliefs, expectations or assumptions regarding the future of the business, plans and strategies, operational results and other future conditions of the Company. In addition, the Company may make or approve certain statements in future filings with Canadian securities regulatory authorities, in press releases, or in oral or written presentations by representatives of the Company that are not statements of historical fact and may also constitute forward-looking statements. All statements, other than statements of historical fact, made by the Company that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements, including, but not limited to, statements preceded by, followed by or that include words such as "assumptions", "assumes", "guidance", "outlook", "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "intends", "anticipates", "targeted", "continues", "forecasts", "designed", "goal", or the negative of those words or other similar or comparable words and includes, among others, information regarding: its outlook for and expected operating margins, capital allocation, free flow cash and other financial results; growth of its operations via expansion, for the effects of any transactions; expectations for the potential benefits of any transactions; statements relating to the business and future activities of, and developments related to, the Company after the date of this press release, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company's business, operations and plans; expectations that planned acquisitions will be completed; expectations regarding cultivation and manufacturing capacity; expectations regarding receipt of regulatory approvals; expectations that licenses applied for will be obtained; potential future legalization of adult-use and/or medical cannabis under U.S. federal law; expectations of market size and growth in the U.S. and the states in which the Company operates; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; and other events or conditions that may occur in the future. Forward-looking statements may relate to future financial conditions, results of operations, plans, objectives, performance or business developments. These statements speak only as at the date they are made and are based on information currently available and on the then current expectations. Holders of securities of the Company are cautioned that forward-looking statements are not based on historical facts but instead are based on reasonable assumptions and estimates of management of the Company at the time they were provided or made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, but not limited to, risks and uncertainties related to: the available funds of the Company and the anticipated use of such funds; the availability of financing opportunities; legal and regulatory risks inherent in the cannabis industry; risks associated with economic conditions, dependence on management and currency risk; risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti-money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to contracts with third-party service providers; risks related to the enforceability of contracts; reliance on the expertise and judgment of senior management of the Company, and ability to retain such senior management; risks related to proprietary intellectual property and potential infringement by third-parties; the concentrated voting control of the Company's Chairman and the unpredictability caused by the capital structure; risks relating to the management of growth; increasing competition in the industry; risks inherent in an agricultural business; risks relating to energy costs; risks associated to cannabis products manufactured for human consumption including potential product recalls; reliance on key inputs, suppliers and skilled labor; cybersecurity risks; ability and constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risks related to the economy generally; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcement of judgments and effect service outside of Canada; risks related to future acquisitions or dispositions; sales by existing shareholders; limited research and data relating to cannabis; as well as those risk factors discussed under "Risk Factors" in the Company's Annual Management, Discussion and Analysis for the fiscal year that ended December 31, 2021 (which has been filed on the Company's SEDAR profile at www.sedar.com and on its EDGAR profile at www.sec.gov/edgar/html) and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities. The purpose of forward-looking statements is to provide the reader with a description of management's expectations, and such forward-looking statements may not be appropriate for any other purpose. In particular, but without limiting the foregoing, disclosure in this press release as well as statements regarding the Company's objectives, plans and goals, including future operating results and economic performance may make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. You should not place undue reliance on forward-looking statements contained in this press release. Such forward-looking statements are made as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the Company's prospective results of operations, production and production efficiency, commercialization, revenue and cash on hand, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set second in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about the Company's future business operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. The financial information reported in this news release is based on unaudited management prepared financial statements for the quarter ended June 30, 2022. Accordingly, such financial information may be subject to change. Financial statements for the period will be released and filed under the Company's profiles on SEDAR at www.sedar.com no later than August 15, 2022. All financial information contained in this news release is qualified in its entirety with reference to such unaudited financial statements. While the Company does not expect there to be any material changes, to the extent that the financial information contained in this news release is inconsistent with the information contained in the Company's unaudited financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company's unaudited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.
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SOURCE Curaleaf Holdings, Inc.