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The Greenrose Holding Company Closes Asset Purchase of True Harvest, LLC

The Greenrose Holding Company Closes Asset Purchase of True Harvest, LLC

Greenrose控股公司完成對True Heavest，LLC的資產購買
GlobeNewswire ·  2022/01/03 21:36

- True Harvest Expands Greenrose's Footprint into Arizona and Establishes Strong Cultivation Presence in the Southwest -

-True Heavest將Greenrose的足跡擴展到亞利桑那州，並在西南部建立了強大的種植業務-

- Greenrose Provides Revised 2022 Outlook for True Harvest and Theraplant -

-Greenrose提供了修訂後的2022年True Heavest和TheraPlant展望-

AMITYVILLE, N.Y., Jan. 03, 2022 (GLOBE NEWSWIRE) -- The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) ("Greenrose" or the "Company") announced that it closed its previously announced acquisition of the assets of Arizona-based True Harvest, LLC.

紐約阿米蒂維爾，2022年1月3日(Global Newswire)--Greenrose Holding Company Inc.(場外交易代碼：GNRS，GNRSW)(以下簡稱“Greenrose”或“公司”)宣佈，它結束了之前宣佈的對總部設在亞利桑那州的True Graest，LLC資產的收購。

Under the terms of the acquisition, Greenrose paid consideration of $57.6 million at close, consisting of $12.5 million in cash, $23.0 million in the form of a convertible note, $4.6 million in assumed debt, and $17.5 million in shares of the Company's common stock. Contingent upon True Harvest achieving a certain price point per pound of cannabis flower relative to total flower production within 36 months of the closing of the transaction, Greenrose will pay additional consideration of up to $35.0 million in the form of an earnout, payable in shares of common stock of the Company.

根據收購條款，格林羅斯在收盤時支付了5760萬美元的對價，其中包括1250萬美元的現金、2300萬美元的可轉換票據、460萬美元的債務和1750萬美元的公司普通股。根據True Heavest在交易完成後36個月內達到每磅大麻花相對於花卉總產量的某個價位，Greenrose將以溢價的形式額外支付高達3500萬美元的對價，以公司普通股支付。

"Completing our asset purchase of True Harvest expands Greenrose's footprint into the Southwest and demonstrates the continued execution of our growth strategy," said Mickey Harley, CEO and Director of Greenrose. "We look forward to working with True Harvest's talented cultivation team to continue building our company around high-quality flower. With our strong cultivation footprint in Arizona and Connecticut, we believe our platform is well-positioned to capture the growth opportunities offered by these new and emerging recreational markets. I am proud of the progress we have made to date, and we will work to further expand our platform and execute on our strategic objectives in 2022."

Greenrose公司首席執行官兼董事米奇·哈雷説：“完成對True Heavest公司的資產收購，將把Greenrose公司的足跡擴展到西南地區，並表明我們繼續執行增長戰略。”我們期待着與True Heavest的人才培養團隊合作，繼續圍繞高質量的花卉建設我們的公司。憑藉我們在亞利桑那州和康涅狄格州的強大種植足跡，我們相信我們的平臺處於有利地位，能夠抓住這些新興娛樂市場提供的增長機會。我為我們迄今取得的進展感到自豪，我們將努力進一步擴大我們的平臺，並在2022年執行我們的戰略目標。

Greenrose completed its business combination with the acquisition of Connecticut-based Theraplant, LLC, on November 26, 2021. The Company has revised its 2022 outlook for True Harvest and Theraplant to reflect an expected Q4 2022 start for recreational cannabis sales in Connecticut. Combined, True Harvest and Theraplant are expected to generate between $120 million and $140 million in full year 2022 revenue, 2022 net income of between $8 million and $14 million, and 2022 adjusted EBITDA between the range of $75 million and $85 million.

Greenrose於2021年11月26日完成了對總部位於康涅狄格州的TheraPlant，LLC的收購，完成了業務合併。該公司修訂了對True Heavest和TheraPlant的2022年展望，以反映康涅狄格州娛樂性大麻銷售預計將於2022年第四季度開始。True Heavest和TheraPlant加在一起，預計2022年全年收入在1.2億至1.4億美元之間，2022年淨收入在800萬至1400萬美元之間，2022年調整後的EBITDA在7500萬美元至8500萬美元之間。

Advisors

顧問

Gateway Group is serving as communications advisor to Greenrose. Tarter Krinsky & Drogin LLP served as corporate, M&A and securities counsel for Greenrose, while Feuerstein Kulick LLP served as regulatory and debt counsel. Snell & Wilmer LLP served as corporate, M&A and securities counsel for True Harvest, LLC.

Gateway Group是Greenrose的公關顧問。Tarter Krinsky&Drogin LLP擔任Greenrose的企業、併購和證券法律顧問，而Feuerstein Kulick LLP擔任監管和債務法律顧問。Snell&Wilmer LLP曾擔任True Heavest，LLC的公司、併購和證券法律顧問。

About The Greenrose Holding Company Inc.

格林羅斯控股公司簡介

The Greenrose Holding Company Inc. intends to become a multi-state cultivator and producer of cannabis brands and products. Greenrose is driven by cultivation, with the understanding that being a leader in the cannabis industry requires starting with outstanding flower derived from unique genetics and scalable growth methods. Greenrose aims to be a vertically integrated company that looks for scale and horizontal consolidation. For more information, please visit greenroseholdings.com.

Greenrose控股公司打算成為多個州的大麻品牌和產品的種植者和生產商。Greenrose是由種植驅動的，他們明白，要成為大麻行業的領先者，需要從獨特的遺傳和可伸縮的生長方法衍生出的傑出花朵開始。Greenrose的目標是成為一家垂直整合的公司，尋求規模和橫向整合。欲瞭解更多信息，請訪問greenroseholdings.com。

Forward-Looking Statements

前瞻性陳述

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Greenrose's or its target companies' control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include:

本新聞稿中的某些陳述屬於“1995年美國私人證券訴訟改革法”中“安全港”條款所指的“前瞻性陳述”。本新聞稿中使用的“估計”、“預計”、“預期”、“預期”、“預測”、“計劃”、“打算”、“相信”、“尋求”、“可能”、“將”、“應該”、“未來”、“建議”以及這些詞語或類似表述的變體(或此類詞語或表述的否定版本)旨在識別前瞻性陳述。這些前瞻性陳述不是對未來業績、條件或結果的保證，涉及許多已知和未知的風險、不確定性、假設和其他重要因素，其中許多不在Greenrose公司或其目標公司的控制範圍之內，這些因素可能導致實際結果或結果與前瞻性陳述中討論的大不相同。除其他因素外，可能影響實際結果或結果的重要因素包括：

  • liquidity of Greenrose's stock; costs related to the proposed business combinations;
  • Greenrose's ability to manage growth; Greenrose's ability to identify and integrate other future acquisitions;
  • rising costs adversely affecting Greenrose's profitability;
  • competition in the legal cannabis industry;
  • adverse changes to the legal environment for the cannabis industry; and general economic and market conditions impacting demand for Greenrose's products and services;
  • failure to realize the anticipated benefits of recently completed and future acquisitions, including delays in consummating any future acquisitions or difficulty in, or costs associated with, integrating the businesses of Greenrose, Theraplant and True Harvest;
  • prevailing prices for cannabis products in the markets in which Greenrose operates;
  • new regulations or pending changes (and the timing of any such changes) in the current regulations in the states of Connecticut and Arizona where the businesses of Theraplant and True Harvest operate, respectively;
  • the effects of competition on Greenrose's business; and
  • those factors discussed in Greenrose's Proxy Statement on Schedule 14A filed October 5, 2021 under the heading "Risk Factors," and other documents of Greenrose filed, or to be filed, with the SEC.
  • 格林羅斯股票的流動性；與擬議的業務合併相關的成本；
  • 格林羅斯管理增長的能力；格林羅斯識別和整合其他未來收購的能力；
  • 不斷上升的成本對Greenrose的盈利能力產生了不利影響；
  • 合法大麻行業的競爭；
  • 大麻行業法律環境的不利變化；影響Greenrose產品和服務需求的一般經濟和市場條件；
  • 未能實現最近完成和未來收購的預期收益，包括延遲完成任何未來的收購，或整合Greenrose、TheraPlant和True Heavest業務的困難或相關成本；
  • Greenrose經營的市場上大麻產品的現行價格；
  • 分別在TheraPlant和True Heavest運營的康涅狄格州和亞利桑那州的現行法規中新的法規或即將發生的變化(以及任何此類變化的時間)；
  • 競爭對格林羅斯公司業務的影響；以及
  • 格林羅斯在2021年10月5日提交的關於附表14A的委託書中討論的這些因素，標題為“風險因素”，以及格林羅斯向美國證券交易委員會提交或將提交的其他文件。

If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Greenrose nor True Harvest presently know or that Greenrose and True Harvest currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

如果風險成為現實或假設被證明是不正確的，實際結果可能與這些前瞻性陳述所暗示的結果大不相同。可能還存在Greenrose和True Heavest目前都不知道的或Greenrose和True Heavest目前認為不重要的額外風險，這些風險也可能導致實際結果與前瞻性陳述中包含的結果不同。

In addition, forward-looking statements reflect Greenrose's expectations, plans or forecasts of future events and views as of the date hereof. Greenrose anticipates that subsequent events and developments will cause its assessments to change. However, while Greenrose may elect to update these forward-looking statements at some point in the future, Greenrose specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Greenrose's assessments as of any date subsequent to the date hereof. Accordingly, readers should not unduly rely on any projections or other forward-looking statements or data contained herein.

此外，前瞻性陳述反映了格林羅斯公司截至目前對未來事件和觀點的預期、計劃或預測。格林羅斯預計，隨後的事件和發展將導致其評估發生變化。然而，儘管格林羅斯可能會選擇在未來某個時候更新這些前瞻性陳述，但格林羅斯明確表示不承擔任何這樣做的義務。這些前瞻性陳述不應被視為代表Greenrose在本新聞稿日期之後的任何日期的評估。因此，讀者不應過度依賴本文中包含的任何預測或其他前瞻性陳述或數據。

Investor Relations Contact:
Gateway Investor Relations
Cody Slach or Jackie Keshner
(949) 574-3860
GNRS@gatewayir.com

投資者關係聯繫人：
網關投資者關係
Cody Slach或Jackie Keshner
(949) 574-3860
郵箱：gnrs@gatewayir.com

Greenrose Contact:
Daniel Harley
Executive Vice President, Business Development
(516) 307-0383
ir@greenroseholdings.com

格林羅斯聯繫方式：
丹尼爾·哈雷
負責業務發展的執行副總裁
(516) 307-0383
郵箱：ir@greenroseholdings.com

The Greenrose Holding Company Inc.
2022 Projections Range
(Amounts in thousands of U.S. dollars)
    Low Range   High Range  
Revenues, net of discounts(1)   $ 120,000   $ 140,000  
Net income (loss):   $ 8,371   $ 14,661  
Provision For Income Taxes(2)     22,260     25,970  
Interest expense(3)     27,823     27,823  
Depreciation and Amortization(4)     16,546     16,546  
EBITDA(5)   $ 75,000    $ 85,000  
(1) Revenue estimates assume that Connecticut recreational begins in Q4 with an increase in purchasing at the end of Q3. Current revenue estimates reflect recently closed acquisitions of Theraplant and True Harvest. We presently estimate approximately $60m of revenue will be attributed to Connecticut implementing full legalization.  
(2) Prior to acquisition, our targets were LLCs, and as such, we have utilized an estimated 26.5% on the Revenues less Cost of Goods Sold (excluding depreciation), and estimated that rate to be approximately 70%.  
(3) Interest expense calculated using the effective interest method, as done in the article 11 pro formas.
(4) Depreciation and amortization expense is based upon a preliminary fair value valuation, with its related depreciation and is used in our Article 11 proformas, which may change upon the completion of purchase accounting under ASC 805.  
(5) This excludes any transaction related expenses.          
格林羅斯控股公司(Greenrose Holding Company Inc.)
2022年預測範圍
(金額以千美元為單位)
低射程 高射程
扣除折扣後的收入(1) $ 120,000 $ 140,000
淨收益(虧損)： $ 8,371 $ 14,661
所得税撥備(2) 22,260 25,970
利息支出(3) 27,823 27,823
折舊及攤銷(4) 16,546 16,546
EBITDA(5) $ 75,000 $ 85,000
(1)收入估計假設康涅狄格州娛樂活動從第四季度開始，第三季度末購買量增加。目前的收入估計反映了最近完成的對TheraPlant和True Heavest的收購。我們目前估計，康涅狄格州實施完全合法化將帶來約6000萬美元的收入。
(2)在收購之前，我們的目標是有限責任公司，因此，我們利用了收入減去銷售商品成本(不包括折舊)的估計26.5%，並估計這一比率約為70%。
(3)利息支出採用實際利息法計算，如第11條形式中所述。
(4)折舊及攤銷費用以公允價值初步估值及其相關折舊為基礎，並在我們的第11條表格中使用，該表格可能會在ASC 805項下的採購會計完成後發生變化。
(5)這不包括任何與交易相關的費用。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的，不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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