Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a constituent in the MunAiMarkets American Cannabis MSO Stocks Portfolio, announced its financial results for Q3 ended September 30th today, as follows, Q3 is compared to Q2 and all figures are in U.S. dollars.

Q3 Financial Highlights

• Revenue: DOWN 6.3% to $284M
• Gross Profit: DOWN 4.9% to $173M
  • as a % of Revenue: UP to 61% from 60%
• Sales & Marketing Exp.: UP 5.5% to $66.7M
  • as a % of Revenue: UP to 23.5$ from 20.9% 
• General & Admin Exp. including the $48M Florida adult-use initiative campaign: UP 107.9% to $81.9M 
  • as a % of Revenue: UP to 28.8%
• General & Admin Exp. excluding the $48M Florida adult-use initiative campaign: DOWN 14.0% to $33.9M
  • as a % of Revenue: DOWN to 23.4% from 33.9%
• Net Income (Loss) including the $48M Florida adult-use initiative campaign: UP by 400% to $60.0M
• Net Income (Loss) excluding the $48M Florida adult-use initiative campaign: Unchanged at $(12)M
• Adj. EBITDA: Increased 0.9% to $107M
  • as a % of Revenue: DOWN to 35.0% from 35.5%
• Cash on Hand: UP 8.9% to $356M

Q3 Operational Highlights

• Opened 13 new retail outlets (i.e. dispensaries) during the quarter and now has 71% (156) of its 220 locations in Florida.

Management Commentary

Kim Rivers, Trulieve CEO, said:

• "As voters in Florida cast their ballots across the state today, there is an opportunity to make history by approving cannabis legalization for personal use. With 156 stores in Florida, scaled production capacity, and sufficient capital to support further investment, if approved, Trulieve is best positioned to fully prepare for the launch of recreational sales next Spring."

Stock Performance

Trulieve Cannabis stock is DOWN 7.9% as of mid-day but remains UP 124% YTD.

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