Harvest Health & Recreation Inc.
Q2 2021 Earnings Call Transcript
Published:
- Operator:
- Good afternoon and welcome to the Harvest Health & Recreation Conference Call to Review Second Quarter 2021 Financial and Operating Results and Discuss the Company's Performance Outlook. Today's conference call is being recorded. I would now like to turn the conference over to your host; Christine Hersey, Director of Investor Relations for Harvest. Thank you. You may begin.
- Christine Hersey:
- Thank you. Good afternoon everyone and welcome to Harvest's Second Quarter 2021 Earnings Call. Today's call will include remarks from Harvest's Founder and Chief Executive Officer, Steve White. These remarks may include forward-looking statements which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. These risks and uncertainties are detailed in the company's reports filed with the United States Securities and Exchange Commission and Canadian securities regulators including our annual report on Form 10-K which was filed on March 30, 2021 and in each of our quarterly reports on Form 10-Q. Our quarterly report for June 30 2021 when filed this week along with today's earnings press release and a PowerPoint presentation can be found under the Investors section of our website. Harvest assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise following today's call. Throughout the discussion Harvest will refer to adjusted EBITDA which is a non-GAAP financial measure. A reconciliation of adjusted EBITDA to the most directly comparable GAAP measure is included in our earnings press release and SEC and SEDAR filings. Please note all financial information is provided in U.S. dollars unless otherwise indicated. I'll now turn the call over to Steve White, Harvest's Founder and Chief Executive Officer. Please go ahead.
- Steve White:
- Thanks Christine. Good afternoon everyone and thank you for joining us. I appreciate your continued support and interest in Harvest. Before we review our second quarter results, I will provide a brief update on Trulieve's pending acquisition of Harvest. For those of you who may not be aware, the pending sale was previously announced on May 10, 2021. Details regarding the transaction are outlined in regulatory filings with the SEC and with SEDAR. Since the deal was announced both companies have made significant progress towards meeting closing conditions and obtaining necessary regulatory approvals required to complete the transaction. On June 22, Trulieve announced that the HSR Act waiting period expired. Following the completion of this milestone both companies immediately began integration activities in anticipation of closing. To date integration planning and preparation for combining the two organizations has gone smoothly. The Harvest shareholder vote for the proposed transaction is being held tomorrow August 11, as part of the Harvest Annual and Special Shareholder Meeting. In parallel to the integration efforts both companies have been working hard to secure required state and local regulatory approvals to transfer ownership and operation of existing Harvest assets to Trulieve. While we cannot provide an exact time when those regulatory approvals may be complete, the collaboration to date adds further excitement about the prospects for the combined organization moving forward and we appreciate shareholder support of the business combination. Now turning to our results. Second quarter sales of $102.5 million represents an 84% increase year-over-year and a 15% increase from the first quarter. Approximately 89% of our second quarter revenue was derived from our core markets
- End of Q&A: