Filed by Clever
Leaves International Inc.
Pursuant to Rule
425 under the Securities Act of 1933, and
deemed filed pursuant
to Rule 14a-12 under the
Securities Exchange
Act of 1934
Subject Company:
Schultze Special
Purpose Acquisition Corp.
(Commission File
No. 001-38760)
CLEVER LEAVES AND SCHULTZE SPECIAL PURPOSE
ACQUISITION CORP. BUSINESS COMBINATION WEBCAST SCRIPT
Operator (for the recording)
Good morning, Thank you for standing by
and welcome to the Clever Leaves and Schultze Special Purpose Acquisition Corp. Webcast. I would now like to turn the call over
to Gary Julien, Executive Vice President and Director of Schultze Special Purpose Acquisition Corp. to begin.
COVER SLIDE: Gary Julien
Thank you, and good morning. We appreciate
everyone joining us. Please note that today’s press release and related SEC documents can be found on the Schultze Special
Purpose Acquisition Corp. website at https://samcospac.com under the “Investor Relations” tab as well as on the www.sec.gov
website. In addition, the investor deck that will be presented as part of our discussion has been posted to our website and has
been filed with the SEC.
The presentation is for informational purposes
only and does not constitute an offer to sell, a solicitation of an offer to buy or a recommendation to purchase any equity, debt
or other financial instruments of Clever Leaves International Inc. or Schultze Special Purpose Acquisition Corp. as defined under
US Federal Securities Laws.
The presentation has been prepared to assist
interested parties in making their own evaluation of the proposed investment and for no other purpose. The information contained
herein does not purport to be all-inclusive. We refer you to the cautionary language regarding forward-looking statements that
can be found in our SEC Filings for a more detailed review of the risks and uncertainties contained herein.
The presentation also includes non-Generally
Accepted Accounting Principles or non-GAAP financial measures such as EBITDA. Non-GAAP financial measures should not be considered
as alternatives to GAAP measures of financial performance or liquidity.
With me today from Schultze Special Purpose
Acquisition Corp. is George Schultze, Chairman, President, & CEO; and from Clever Leaves are, Kyle Detwiler, Chief Executive
Officer, and Andrés Fajardo, President.
SLIDE 1: Key Leadership Slide –
Gary Julien, Andrés Fajardo, Kyle Detwiler
Gary: Turning to slide 1, I know
that I speak for all of us about how excited we are to be discussing our proposed business combination.
By way of background, George Schultze is
the founder and CEO, and I am a Managing Director at Schultze Asset Management, a firm with over two decades of experience in event-driven
and special situation investing. Our firm has deployed more than $3.2 billion in capital since our inception with a notable track
record in our active investment strategy. We launched our SPAC, SAMA, in December 2018 raising $130 million. Collectively, our
team has significant experience, both as investors and operators, in building businesses within the private and public domain,
which have resulted in significant monetization events. Sample case studies include Werner, Armor Holdings and AboveNet. Since
SAMA’s launch, we’ve evaluated several dozen acquisition opportunities and are incredibly excited at the opportunity
to present to investors this transaction with Clever Leaves.
We view Clever Leaves as uniquely positioned
to meaningful scale its business as a global industry market leader in pharmaceutical-grade cannabis. With a highly attractive,
ultra-low-cost operating model, significant scale, global distribution capability and an impressive management team, Clever Leaves
is ideally situated for sizable growth. We also believe that our cultural alignment and backgrounds in building businesses, including
through targeted M&A, creates a solid partnership with Clever Leaves to assist the company in its growth journey.
Now, I would like to turn the call over
to Clever Leaves’ President Andrés Fajardo and CEO Kyle Detwiler, who will together walk you through the majority
of the presentation.
Andrés: Thank you, Gary.
I co-founded Clever Leaves in 2016, and I managed it from the very beginning to become Latin America’s #1 cannabis cultivation
and extraction operation. My prior work experiences include serving as a former President/CEO of IQ Outsourcing (a 2,000 person
outsourced business services solutions provider), and as a Principal Member at Booz & Company, a globally recognized consulting
firm. I also hold an MBA from Harvard Business School.
Kyle: It’s Kyle Detwiler speaking.
I am the CEO of Clever Leaves. Previously, I co-founded Silver Swan Capital, an investment firm focused on niche and under-followed
sectors. Prior to that, I was a Principal at Blackstone’s Tactical Opportunities Fund and an investment professional at KKR
spending significant time on investments in natural resources, health care and Latin America. Similar to Andres, I also hold an
MBA with distinction from Harvard Business School.
When we analyzed the cannabis industry,
which was early in its infancy in 2016, we recognized a striking opportunity to address fundamental misalignments in the industry
where production capacity had been constructed not where it made economic or environmental sense, but where it was first legalized.
We see the opportunity to build something much like Chiquita has done with bananas or pharmaceutical companies in Southeast Asia
have done.
SLIDE 2: Investment Highlights - Kyle
Detwiler
We strongly believe that Clever Leaves
is well-positioned to disrupt the global cannabis industry with our “better mouse trap”. Let me frame our discussion
on slide 2 with our investment highlights before we delve more deeply into the business itself.
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First, we are a global leader in low-cost,
medical-focused cannabis cultivation and extraction. Our scale, as we will soon explain, provides us with a competitive and sustainable
advantage relative to our peer set.
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Second, we are a vertically integrated
multi-national operator with operations spanning Latin America, Europe, and North America. We are more capital efficient than the
Canadian LP or US MSO model, and more financeable as well.
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Third, we focus on high-quality pharmaceutical-grade,
GMP-certified production authorized for export, which puts us in very exclusive company.
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Fourth, we have been purpose-built for
significant growth, profitability and operating leverage.
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Fifth, we have a talented and exceptional
leadership team with significant related operational and regulatory expertise.
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Sixth, as we will demonstrate later in
the presentation, we have a highly-attractive valuation relative to our multi-national operator peer set.
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And finally, we are expecting to list
on the NASDAQ due to our federally-legal business model which we believe will attract additional high-quality institutional investor
following, expanding on the $125 million of capital we have raised to date.
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SLIDE 3: Vertically Integrated Platform
- Kyle Detwiler
Turning now to slide 3, Clever Leaves employs
approximately 500 professionals globally. We are best distinguished by our ability to leverage our low-cost and pharma quality
competitive advantages in a highly regulated industry across genetics, cultivation, extraction, R&D, and distribution, and
to selectively compete downstream in consumer or medical brands.
In Latin America, we are the #1 licensed
producer of medical cannabis and hemp with 1.8M of square feet of GACP-certified cultivation and the region’s only EU GMP-certified
extraction operation. Clever Leaves also has an exclusive distribution network in Brazil and a Latin American supply agreement
with Canopy Growth.
In Europe, we have applied to be a licensed
producer and expect to receive full licensing status in the second half of this year. We have an 85-hectare property in southern
Portugal which already consists of one hectare of greenhouse operations and has further expansion plans underway. Our intention
is to extend our EU GMP certification to our Portuguese operations in the future.
Our distribution network in Germany is
through Iqanna, a pharmaceutical brand and importer/distributor of medical cannabis product, and Cansativa, in which we are a minority
investor, which focuses on GDP and GMP-certified cannabis importation and distribution. We will discuss both of these relationships
and their importance in further detail shortly.
In North America, we own Herbal Brands,
a branded manufacturer and distributor of health and wellness products in over 10,000 retail locations across the US.
SLIDE 4: Colombia Leading the World
- Kyle Detwiler
Turning now to slide 4, we answer why we
are growing in Colombia.
At Blackstone and KKR, I spent significant
time spearheading investments in Latin America. In the late 2000s at KKR, I identified the attractive economics of the sugarcane
industry in Brazil, which seeded the idea for us to look at Colombia for cannabis production. In this part of the world, we can
limit our environment damage, keep costs low, and not have to “trick” the cannabis plant into thinking it is being
grown somewhere else.
If you look at the Southern California
greenhouses for cannabis growers, those properties used to grow red roses, and after that, tomatoes. However, due to globalization
and the proliferation of free trade, which I view as a good social initiative, the flower industry migrated to equatorial countries
like Colombia. Now, 70% of all cut flowers imported to U.S. come from Colombia. So in other words, we all already benefit from
a supply chain that has already figured out how to send a massive amount of red roses to the U.S. on refrigerated trucks, boats,
and airplanes for holidays like Valentine’s Day.
The optics of Colombia have changed dramatically
over the last two decades. This has in turn created a unique opportunity for the country to become a major export hub for quality
cannabis based upon its significant cost advantages and favorable location and climate.
SLIDE 5: Ideally Suited for Industrial
Scale Production - Kyle Detwiler
As you can see on slide 5, cannabis production
will inevitably evolve similar to how other industries have evolved over time. While Saudi oil fields have a 3x cost advantage
over Canadian oil sands and emit lower levels of C02 per barrel, and Chinese manufacturing has a 5x cost advantage over
US manufacturing with lower hourly wages and a slightly longer workday, Colombian cannabis similarly has a structural cost advantage
over Canadian cannabis, but in this case, it is even higher, at 8x! It is only for a brief moment in time that people will produce
cannabis in the snowy fields of Canada. One doesn’t grow avocados in Canada, so why would cannabis be any different?
SLIDE 6: Colombia Operating Advantages
- Kyle Detwiler
Turning to slide 6, as I just mentioned,
Colombia provides growing conditions that are unsurpassed nearly anywhere in the world and are supported by well-established infrastructure.
These advantages are clear.
Being near the equator provides 12 hours
of daily sunlight throughout the entire year and warm weather, while the soil itself is of high quality. Water is abundant, and
innovations from the Colombian flower industry allow us to provide 2/3rds of our water needs from our own water collection, increasing
our sustainability. This facilitates year-round cultivation without the need for light supplementation. The high elevation of around
8,300 feet compared to under 600 feet elevation in Canada also leads to improved pest mitigation. And finally, labor rates are
also much lower in Colombia.
Our cost advantages are two-fold. First,
our production costs are less than $0.20 per gram, which is well below the average Canadian cost of $2.14 per gram. These superior
unit economics do not merely generate excess returns. They suggest that in the long run, cultivation probably won’t exist
as we know it in a country like Canada and arguably even in many parts of the United States.
Second, our relative capital efficiency
is dramatic. Capacity has been built in Canada at a cost of around $200 per square foot. However, Clever Leaves has become one
of the largest federally legal producers in the world by creating capacity at $14 per square foot. Said another way, a dollar invested
with Clever Leaves can go 14 times as far as it can in Canada in terms of production capacity.
I will now turn the webcast over to Andrés.
SLIDE 7: Global Leader in Cultivation
and Extraction – Andrés Fajardo
On slide 7, you can see how Clever Leaves
cultivation and production footprint compares favorably amongst the largest operators in the world. We currently have 1.9M square
feet of cultivation and 104,400 kg of annual dry flower extraction capacity. With limited investment, we are able to increase our
extraction capacity to 324,400 kg annually. This combination of scale in two critical portions of the value chain is distinctive.
SLIDE 8: “Better Mouse Trap”
Has Received Media Attention - Andrés Fajardo
Turning to slide 8, we provide some examples
of how our “better mouse trap” has garnered a lot of interest from the media, including leading publications and TV
outlets such as FT, Barron’s, Forbes, Yahoo! Finance, CNBC, and BNN Bloomberg, which we expect will continue. Clever Leaves
has also benefited from the engagement of Former US Senate Majority Leader Tom Daschle, a strong figure in the health care community
as well as foreign affairs with Colombia.
SLIDE 9: EU GMP Certification Accelerates
European Pharma Expansion – Andrés Fajardo
On slide 9, we are pleased to report that
in early July, we received our EU GMP certification as a vertically integrated botanical extractor. This places us in very select
company as the criteria to meet these requirements are rather stringent and bolster our competitiveness in global cannabis. This
milestone, which took years for us to achieve, unlocks materially higher price points for our products by creating an early mover
advantage for us. While we are among only a handful of companies in the world to achieve EU GMP certification, we are the first
and only company in Latin America with this certification of quality.
SLIDE 10: Colombia Greenhouse Cultivation
Site – Andrés Fajardo
Turning to slide 10, you can see a recent
picture of our primary greenhouse cultivation site in Colombia. We have already completed 1.8M square feet of greenhouse and have
had a perpetual harvest cycle in operation since November 2018. We were also GACP-certified in May 2020. For those new to the industry,
this facility is one of the largest cannabis greenhouse facilities in the world.
SLIDE 11: Project Apollo: Colombia Outdoor
Cultivation Site – Andrés Fajardo
On slide 11, while lower operating costs
per gram and lower cap-ex costs per square foot provide us with a meaningful and sustainable advantage compared to our peers, they
are only a starting point. If Clever Leaves is to truly become the Chiquita of cannabis, we have to be the absolute best in the
world. This is why we created Project Apollo, our 73M square feet outdoor cultivation site. This open field provides us with the
potential to be an unrivaled global leader with over 5x more cultivation hectares than the top Canadian LPs combined. For those
unfamiliar with real estate in Latin America, securing a site of this quality, flatness, and clean title, in addition to suitable
local infrastructure took several years, and is quite rare.
Slide 12: Colombian Pharma Grade Extraction
Operations – Andrés Fajardo
Turning to slide 12, as we mentioned earlier,
we currently have 104,400 kg per year of dry flower extraction capacity in our EU GMP-certified facility, the only one in Latin
America, and this can be expanded to 300,000+ kg annually with limited incremental investment.
We have systems in place for C02 extraction,
distillation and isolation, and THC removal.
We can produce bulk products such as crude
oil extracts, distillates, and isolates, and end products such as tinctures.
And our facility allows for further expansion
as we have 3 adjacent lots under contract, 1 lot currently under construction, and 29,000 square feet of expansion capacity.
SLIDE 13: Scale and Strategy Set Clever
Leaves Apart from LatAm Operators – Andrés Fajardo
Our advantages in the marketplace are not
just limited to the Canadian LPs, MSOs, and MNOs. With a superior company structure, we are also far ahead of the LatAm operators
across all key criteria, as shown on slide 13.
Our target end-market is global, not just
regional. Our cultivation capacity is larger than the listed peer companies combined, and we are the only operator that is EU GMP-certified.
We have an over 26,000 kg extraction quota for THC products, which is more than 2x that of our peer companies, whereas most other
operators in Colombia do not have any required production quotas. Colombia only permits the export of extracted products, so another
differentiator is our access to THC flower sales in Portugal, subject to receiving a sales license that is expected in the second
half of this year. This allows us to compete across the entire value chain, from extracts to flower.
SLIDE 14: Europe is Primed for Cannabis
– Andrés Fajardo
On slide 14, while many companies are pursuing
the opportunity in Canada and the United State, we believe Europe is an opportunity. With a similar sized economy to the US, federally-legal
cannabis regulation, high start-up costs including the coveted EU GMP certification, fewer operators capable of meeting the European
quality requirements translates into higher pricing. The average price per gram of cannabis retail is around $9.30 in Europe and
about $22 in Germany. These price points are significantly higher than what the market will bear in Canada and the US, and due
to the pharmaceutical nature of the European industry, often requiring physician prescriptions, switching costs for patients are
higher.
SLIDE 15: Expansion into Portugal –
Andrés Fajardo
Turning to slide 15, we have been developing
a team and expansion project in Portugal since late 2018. We already acquired 85 hectares south of Lisbon last summer with 100,000
square feet of existing greenhouse and room for substantial expansion. After completing our first test harvest just a few months
ago, we anticipate having our full license to cultivate cannabis flower for export in the second half of this year.
Portugal offers us an important foothold
for us on the continent and several advantages in terms of access to flower sales. Portugal has a favorable regulatory framework,
a stable economy with infrastructure and talent, and a fantastic climate for cultivation purposes.
Compared to the rest of the EU, operations
are relatively low cost, enabling the country to compete in the European cannabis flower industry.
I will now turn things back over to Kyle
to discuss Germany on slide 16.
Slide 16: Germany: Leading the European
Medical Market – Kyle Detwiler
Thank you, Andrés.
In Germany, we have made strategic investments
in its cannabis industry so that we can access its significant and valuable customer base. As we demonstrate on slide 16, Germany
is the largest medical cannabis geography on the continent and a rapidly growing market for healthcare insurance coverage of medical
cannabis.
The German cannabis model is very different
from the US and Canada. With a strong pharmaceutical underpinning, there are no dispensaries in Germany—cannabis use must
be prescribed by a physician and all distribution occurs at pharmacies and pharmacies are highly fragmented, with no chain of more
than 4 locations.
Since the onset of legalization, this high-growth
market already consists of only about 100,000 patients. Current penetration relative to the US and Canada is negligible, as there
is one only medical cannabis patient in Germany compared to 13 in the US and 10 in Canada for every 1,000 people.
Our intention is to use Germany as a platform
to expand further into the European cannabis industry, which commands highly favorable importation margins.
In terms of the recreational market, there
are already roughly 3.7M cannabis users in Germany, or about 4% of the population. If the market were to be legalized, it would
be potentially be as large as California and generate $9.68B in sales by 2028.
SLIDE 17: Success in Germany Requires
Significant Strategic Investment in Distribution – Kyle Detwiler
On slide 17, you can see how Canadian LPs
have shown how important it is to own the supply chain. In fact, most early movers have embarked on distribution through acquisition
or through contractual distribution to unlock the EU market.
We have taken a “dual track”
approach which has reduced our reliance on German import partners. We are already an influential investor in Cansativa, which is
one of the largest German medical cannabis importers and distributors, and have additional licensing in process under Iqanna, which
we own outright, for additional paths for importation or commercial partnerships.
SLIDE 18: German Distribution Assets
Unlock the EU Industry – Kyle Detwiler
Turning to slide 18, we demonstrate how
we have created an ecosystem to connect our low-cost product with one of the highest price points markets.
Our indicative margins point to importer
gross margins that are equal to cultivator’s gross revenue in a market with a population that is about 2.3x bigger than Canada.
As we said earlier, we have an investor
partnership with Cansativa, an existing distributor, and licensed, GDP and GMP-certified asset. Our relationship includes a 5-year
supply agreement and exclusivity on Colombian and LatAm imports. We also have a 100% ownership stake in Iqanna, which is a pending
global pharma brand with pending licenses for importation and distribution that is focused on wholesale, large-scale distribution.
SLIDE 19: Brazil Requires Importation
of Medical Cannabis – Kyle Detwiler
I think it is now clear why we are targeting
Europe, and Germany in particular, but we have also not lost sight of opportunities within LatAm. On slide 19, for example, take
Brazil, where cannabis is legal for medical uses and we have 210 million potential patients to serve.
Similar to Germany, but contrasting with
the US and Canadian model, the Brazilian regulation prohibits domestic product. Distribution is generally conducted through pharmacies,
and quite important, GMP certification is required.
We are positioned to be an early-mover
there, with exporting to begin as early as Q1 of 2021 with our first $1 million supply agreements in motion.
SLIDE 20: Building the B2B Sales Pipeline
– Kyle Detwiler
Clever Leaves also has a substantial B2B
opportunity as I will now detail on slide 20. In April, we announced a LatAm supply agreement with Canopy Growth as our partner
of choice which entails us providing them with a steady supply of extracted cannabis products. This is a one-year agreement with
an option to renew for two additional years. We completed our first shipment in January from our GMP-certified facilities in Colombia.
Our partnership is truly a win-win. For
Clever Leaves, it affirms our position as a cannabis leader in LatAm, paves the way for Colombia to become a hub in the global
supply chain.
For Canopy Growth, it accelerates their
time to market, ensures future supply availability from the only EU GMP-certified cannabis facility in Latin America, and enables
an asset-light strategy.
We are also building a sales pipeline across
a variety of industries spanning global and LatAm operators, pharma, nutraceutical, and cosmetics companies, and government agencies.
While our focus is primarily on Europe
and to a lesser extent LatAm, we are also expanding our distribution capabilities in Australia/New Zealand and while positioning
ourselves for additional geographies as markets invariably become legalized for medicinal cannabis.
SLIDE 21: Financial Projections –
Kyle Detwiler
On slide 21, we have included our near-term
forecast and longer term financial target.
In 2020, we are focused on commercialization,
with positive EBITDA generation expected in 2021 and rapid growth thereafter. We anticipate our gross margins to grow from 63%
this year to 76% by 2022 as our business continues to scale. We currently anticipate a longer term target of achieving $500 million
in revenue and $200 million in EBITDA, with a 75% gross margin.
As you can see, our revenue is skewed heavily
to Herbal Brands this year but that is expected to shift to our cannabinoid extracts later this year. By 2022, we estimate a nearly
equal contribution from extracts and dried flower products, and we anticipate the gradual launch of select branded products in
select geographies.
I will now turn the webcast to Gary Julien
to discuss the transaction, beginning on slide 22.
SLIDE 22: Transaction Overview –
Gary Julien
Thanks, Kyle. We view the Clever Leaves
investment opportunity and entry price as uniquely attractive for investors.
The transaction is valued at an enterprise
value of approximately $255M which translates to a $333M fully diluted market capitalization based primarily on $111M in anticipated
cash on the balance sheet at closing.
Clever Leaves’ existing shareholders
will be rolling over the vast majority of their equity ownership at 96% reflecting continuing majority ownership of the combined
company. As an incentive for continued value creation, Clever Leaves will have an earn-out of up to 1.8M common shares solely tied
to the performance of the stock. There is also a minimum cash condition of $60.0 million, reflecting less than half of our current
cash position, evidencing the limited capital required for Clever Leaves to achieve its plan going forward.
The pro forma equity ownership will comprise
current Clever Leaves shareholders at 55.6%, existing SAMA shareholders (or the public float) at 39.4%, and SAMA founders at 4.9%.
As mentioned earlier, we expect to list
on the NASDAQ, where we will be one of only a handful of cannabis companies, and close the transaction in the fourth quarter this
year.
On the bottom of the slide, we itemize
sources and uses. Notable items are an expected post-closing cash balance of $111.0 million and roll-over debt of $37.0 million.
To re-emphasize, there is very little cash needed to for the company to achieve its plan but we all recognize the importance of
having a strong balance sheet.
SLIDE 23: Pro Forma Capitalization and
Growth Opportunities – Gary Julien
Assuming the transaction is consummated
as we have shown, Clever Leaves will be one of the best-capitalized cannabis companies, on both a relative and absolute basis,
with approximately $111.0 million in cash and $37.0 million in debt as shown on slide 23.
Our capital deployment opportunities will
consist of accelerating existing growth initiatives such as our greenhouse expansion in Portugal, making the best use of our EU
GMP certification, investment in the Company’s sales team and distribution capabilities, Project Apollo, and our launch of
Iqanna.
We may also pursue opportunistic M&A
in distribution assets, opportunities that capitalize on US regulatory developments, and even non-cannabis opportunities where
linkage to cannabis can augment growth. We expect to benefit from attractive organic and M&A investment opportunities where
capital availability amongst our peers and targets has become increasingly scarce.
Importantly, our intention is to use this
capital infusion to maintain a healthy balance sheet while enabling Clever Leaves to execute its growth plans, all while mitigating
uncertainty and regulatory changes in this evolving industry.
In our industry, companies with the strongest
balance sheets have commanded premium valuation, and we believe, Clever Leaves can achieve that result over time given its operating
model and solid cash position.
We expect that the company will achieve
positive Free Cash Flow by the fourth quarter of 2021 and we do not expect to tap the equity capital markets anytime soon following
this transaction.
SLIDE 24: Public Comparable Companies
– Growth and Margin – Gary Julien
According to our projections and analyst
consensus estimates of our peers, on slide 24 we anticipate that Clever Leaves will achieve a three-year revenue CAGR through 2022
of 162%.
From an EBITDA margin standpoint, we expect
that Clever Leaves will have amongst the highest margins versus our peers by 2022 at 33% as the company ramps and capitalizes on
its low-cost business model.
While we are starting from a low base,
our expected growth rates for revenue and EBITDA are impressive by any measure.
SLIDE 25: Public Comparable Companies
– Trading Multiples – Gary Julien
As you can see on slide 25, we believe
the transaction is attractively valued when looking at the company on a multi-year basis.
On an EV/revenue basis, we are valued at
3.6x for 2021 and 1.8x for 2022 while on an EV/EBITDA basis, we are valued at 23.6x 2021 and 5.4x 2022. The significant reduction
in the valuation multiple in 2022 is naturally driven by the company’s projected global product adoption and highly attractive
economic model.
Now, to wrap things up, I will turn the
webcast back over to Kyle.
SLIDE 26: Investment Highlights –
Kyle Detwiler
Thank you, Gary.
To conclude, I want to reiterate and reinforce
our investment highlights.
As we have now explained, Clever Leaves
has built a better mouse trap as the global leader in low-cost medical-focused cultivation with pharma-grade production primed
for export. What we are doing here is disruptive and can change the industry, and we are excited for you to join us on this journey.
The industry has been waiting for a low-cost, large scale producer, and we believe Clever Leaves will earn strong margins while
helping shape the future of the industry.
We have significant opportunities for growth,
profitability and leverage supported by a highly skilled team and passionate team. Our valuation is highly attractive compared
to our multi-national operator peers and we are aiming for a NASDAQ listing in the fourth quarter this year.
That concludes our presentation and we
encourage you to review our appendix slides at your convenience. Thank you for your time today and goodbye.
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