# Kaya Holdings, Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/Kaya Holdings, Inc.).

## Overview

Kaya Holdings, Inc. is a U.S.-based cannabis and emerging psychedelics operator that runs retail sales, cultivation-related projects, and service activities through a network of majority-owned subsidiaries. The company also has a newer digital-assets treasury initiative, but its current business remains centered on cash-and-carry cannabis retail and development-stage cannabis/psychedelic operations.

## Products & services

• Cannabis retail sales under OLCC licenses
• Medical cannabis expansion projects in Greece
• Psychedelic treatment/service center operations
• Pilot studies and licensing-related contracts
• ATM transaction revenue at retail locations

- **Cannabis retail** (70%) — Cash-and-carry sales of cannabis products through licensed retail locations.
- **Cannabis cultivation and processing development** (10%) — Development-stage cultivation, extraction, packing, and related infrastructure projects, mainly in Greece.
- **Psychedelic services** (10%) — OHA-licensed psilocybin service center activities and related facilitation services.
- **Licensing and pilot studies** (5%) — Contract-based revenue from licensing agreements and pilot studies.
- **Ancillary services** (5%) — ATM transaction fees and other small ancillary revenue streams at operating sites.

- Cannabis retail sales under OLCC licenses
- Medical cannabis cultivation and processing projects in Greece
- Psychedelic treatment/service center operations
- Licensing agreements and pilot study contracts
- ATM transaction revenue at retail locations

## Customers

Kaya sells primarily to adult-use cannabis consumers at licensed retail stores, where transactions are completed immediately in cash or card for services. It also targets medical cannabis and future international cannabis customers through its Greek subsidiary, while its psychedelic service center is aimed at patients or clients seeking regulated psilocybin facilitation services. Smaller revenue streams come from counterparties in licensing, pilot-study, and ATM-service arrangements.

- **Cannabis retail consumers** (primary) — Buy cannabis products at licensed stores on a cash-and-carry basis for immediate consumption or use.
- **Medical cannabis market participants** (secondary) — Buy cultivation, extraction, and processing output from the company's overseas cannabis platform as it develops.
- **Psilocybin service clients** (secondary) — Purchase regulated psilocybin facilitation services at the company's licensed service center.
- **Licensing and pilot-study partners** (emerging) — Enter contracts for product commercialization, licensing, or pilot studies tied to the company's development pipeline.
- **ATM service counterparties** (emerging) — Provide ancillary fee income from ATM transactions at retail locations.

- Adult-use cannabis consumers buying in-store retail products
- Medical cannabis customers in overseas expansion markets
- Psilocybin service clients using regulated facilitation services
- Licensing and pilot-study counterparties
- ATM service providers paying transaction fees

## Geography

Kaya is headquartered in the United States and operates mainly through Florida, Oregon, and other U.S. subsidiaries, with additional exposure to Israel and Greece through majority-owned international entities. Its Greece project is a major strategic geography, designed for cultivation, extraction, and packing, but it remains development-stage and dependent on financing. The company also has a newly formed crypto operations subsidiary in Florida, though that initiative is still early.

- United States is the core operating base and reporting jurisdiction
- Florida houses multiple subsidiaries and corporate operations
- Oregon supports licensed cannabis retail and related entities
- Israel and Greece are tied to the international cannabis platform
- Greece is a key development site for future cultivation capacity

## Strategy

Management is trying to fund and complete its growth projects while sustaining current retail operations and preserving liquidity. The strategy combines domestic cash-generating cannabis retail with overseas cannabis expansion in Greece, plus a newer psychedelic-treatment platform and a digital-assets treasury initiative. Near-term execution depends heavily on raising capital and converting development assets into operating revenue.

- **Raise additional capital** (short-term) — The company needs financing to fund operations, complete projects, and bridge working-capital deficits.
- **Complete Greece cannabis project** (medium-term) — The Epidaurus site could add cultivation, extraction, and packing capacity if financed and completed.
- **Develop psychedelic treatment operations** (medium-term) — This creates a second regulated healthcare-adjacent growth avenue beyond cannabis retail.
- **Broaden the business model** (long-term) — Management is adding new platforms to reduce dependence on a narrow retail base.

- Use financing proceeds for working capital and growth projects
- Complete the Epidaurus, Greece cannabis facility
- Expand medical cannabis operations through Kaya Brands International
- Develop psychedelic treatment projects through Fifth Dimension Therapeutics
- Maintain retail cash flow while pursuing new operating licenses

## Risks

Kaya faces substantial going-concern, financing, and execution risk because it has limited cash, a working-capital deficit, and development projects that require outside funding. Its cannabis operations are exposed to regulatory constraints, Section 280E tax treatment, and volatile pricing and competition, while the international project pipeline adds geopolitical and project-completion risk. The company also depends on successful commercialization of new products and services that are still early in their lifecycle.

- **Going-concern / business failure risk** [critical] — The company disclosed limited cash and a working-capital deficiency, making continued operations dependent on new funding.
- **Financing and dilution risk** [high] — Operations and project completion rely on future equity or debt raises, which may be unavailable or highly dilutive.
- **Cannabis regulatory and tax risk** [high] — Cannabis operations are subject to changing state/federal rules and Section 280E limits on deductions.
- **Commercialization risk** [medium] — Management cited uncertainty around product commercialization and ultimate success.
- **Competition and pricing pressure** [medium] — Retail cannabis markets are competitive and product pricing can be volatile, pressuring margins.
- **Geopolitical / project-delivery risk** [medium] — The Greece project has already been delayed by COVID-19 and the Russia/Ukraine war, showing external disruption risk.

- Going-concern and liquidity risk from low cash and working-capital deficits
- Financing risk if equity or debt cannot be raised on acceptable terms
- Cannabis regulatory and tax risk, including Section 280E exposure
- Commercialization risk for new products, services, and overseas projects
- Competition and price volatility in retail cannabis markets

## Accounting

Revenue is recognized at the point of sale for cash-and-carry cannabis retail and when services are delivered for psilocybin facilitation, so timing is highly transaction-driven and can be lumpy. Investors should also watch estimates around inventory, debt discounts, derivative liabilities, stock-based compensation, and liability extinguishments, because these can materially affect reported losses and equity. Section 280E tax treatment and related provisions can create tax expense even when net operating losses exist.

- **Revenue recognition timing** — Quarterly revenue can be volatile and highly dependent on transaction timing.
- **Inventory and cost of sales** — Margin volatility if product costs or testing costs rise.
- **Convertible debt and debt discounts** — Higher non-cash interest expense and dilution from conversions.
- **Stock-based compensation** — Non-cash compensation can materially widen reported losses.
- **Section 280E tax accounting** — Tax expense may not track pre-tax profitability.

- Point-in-time revenue recognition for retail cannabis sales
- Service revenue recognized when psilocybin facilitation is completed
- Inventory and cost-of-sales estimates affect gross margin
- Convertible debt discounts and extinguishments affect interest expense
- Stock-based compensation and derivative liabilities can swing earnings
- Section 280E can create tax expense despite operating losses

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*Last updated: 2026-04-28T20:20:06.819076+00:00*