E Cannabis Central: Trulieve Q2 Financials Show Record Revenue

Trulieve Cannabis Corp. (TCNNF) announced its Q2 financial and operational results for the period ended June 30, 2020, today that revealed record revenue and the 10th quarter of consecutive growth and profitability.

Trulieve had nothing to hide in its latest (Q2) financial report providing a straight-forward comparison of its latest performance vs. the previous quarter and keeping any reference to the same quarter a year ago to a minimum. This transparency allowed the true picture of its ongoing operation and trends to be easily accessed compared to the more common "sleight-of-hand" deployed by under-performers (see the recent quarterly report by Canopy Growth here as an example), to mask weaknesses in their businesses. Indeed, those companies present their quarterly reports in such a convoluted way that they are too difficult and time-consuming to decipher and present here in a concise and understandable way. Thank you, Trulieve, for being so forthright in presenting your quarterly report in such a meaningful way.

Q2 2020 Financial Highlights  

(Unless otherwise stated, all currency is expressed in U.S. dollars and in comparison to the previous quarter.)

  • Revenue: increased 26% to $120.8M
  • Operating Expense: reduced to 27% of revenue from 29%
  • Adjusted EBITDA: increased 23% to $60.5M
  • Cash & Equiv. on hand: $150.3M
  • Free Cash Flow: $39.6M

Q2 2020 Operational Highlight

  • Opened five new stores in Florida, ending the second quarter with 52 stores nationwide

Management Commentary

Kim Rivers, Trulieve CEO, had the following comments regarding the company's Q2 results:

  • "We are pleased to be able to demonstrate strong financial performance in revenue, adjusted EBITDA, and free cash flow while pivoting our business to meet the changing behaviors and needs due to COVID...
  • We are excited about the second half of the year and will continue focusing on execution and expansion...
  • We are moving quickly down the path toward registering with the SEC and SOX compliances. This is a great start on our next level of strategic growth."
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William K. 2 months ago Member's comment

What this article is telling us is that a well managed organization dealing in a product with a good market demand will do quite well. Good news for theinvestors.