Trulieve Cannabis Q1 Financial Results Impressive: Revenue Loss Reduced 30%; Adj. EBITDA Up 20%

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a constituent in the munKNEE American Cannabis MSO Stocks Portfolio, has announced its results for the first quarter ended March 31, 2024, as follows:

Q1 Financial Highlights

(The information below compares Q1 2024 with Q4 2023 and all figures are in U.S. dollars.)

Q1 Financial Highlights

• Revenue: DOWN 4% to $298M
• Gross Profit: UP 13% to $174M
  • as a % of Revenue: UP to 58% from 52%
• SG&A Expenses: Increased 5% to $101M
  • as a % of Revenue: UP to 33.9% from 33.4%
• Net Income (Loss): Loss reduced by 30% to $(23)M
• Adj. EBITDA: Increased 21% to $106M
  • as a % of Revenue: UP to 35.5% from 30.7%
• Cash on Hand: UP 57% to $327M

Q1 Operational Highlights

• Opened 3 new retail outlets for a total of 196 nationwide of which 69% are in Florida

Management Commentary

Kim Rivers, Trulieve CEO, said:

• "...The team has done a phenomenal job carrying forward the momentum from last year, driving further improvements in production and retail.
• Given our financial performance and significant scale in key markets, Trulieve is well positioned for the coming wave of growth catalysts."

Stock Performance

Trulieve Cannabis is UP 3.5% on the day as of mid-day and is now UP 114% YTD which is double that of its nearest MSO competitor.

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