The Valens Company Inc. (VLNS)

[LoveAndLight]

The following table of financial highlights is presented in thousands of Canadian dollars, except per share and biomass extracted amounts:



Adjusted EBITDA is a non-GAAP measure used by management that does not have any standardized
meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.
Management defines adjusted EBITDA as income (loss) and comprehensive income (loss) from operations,
as reported, before interest, tax, depreciation and amortization, and adjusted for removing share-based
payments, unrealized gains and losses from short term investments and other one-time and non-cash items
including impairment losses. Management believes adjusted EBITDA is a useful financial metric to assess its
operating performance on an adjusted basis as described above. See reconciliation of "Adjusted EBITDA
(non-GAAP measure)" in the Company's Management's Discussion and Analysis for the period ended
November 30, 2019 for additional information.