Trulieve Cannabis Q3 Financials Show Major Improvement In Net Loss

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a constituent in the munKNEE American Cannabis MSO Stocks Index, announced its results for the third quarter ended September 30, 2023, today, as follows:

Q3 2023 Financial Highlights

(The information below compares Q3 2023 with Q2 2023 and all figures are in U.S. dollars.)

• Revenue: DOWN 2.5% to $275M
• Gross Profit: UP 0.7% to $143M
  • Gross Profit Margin: UP to 52% from 50%
• SG&A Expenses: DOWN 2.1% to $94M
• Net Income (Loss): DOWN 86.1% to $(25)M
  • Adj. Net Income (Loss): Unchanged @ $(15)M
• Adj. EBITDA: DOWN 1.3% to $78M
  • Adj. EBITDA Margin: Unchanged @ 28%
• Cash on Hand: UP 7.3% to $200M

Q3 Operational Highlights

• opened 5 retail outlets for a total of 191 nationwide of which 68% are in Florida
• have over 4 million square feet of cultivation and processing capacity

Management Commentary

Kim Rivers, Trulieve CEO, said: "

• "...With significant scale and service, strong cash generation, and a clearly defined strategy, Trulieve is...[well] positioned for the coming wave of meaningful growth catalysts.""

Stock Performance

Trulieve's stock price was UP 55.4% in Q3 but was DOWN 19.5% as of yesterday. Its stock had advanced 4.7% by mid-morning today and is currently DOWN 29.5% YTD. 

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