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

Q2 2023 Financial Highlights

(The information below compares Q2 2023 with Q1 2023 and all figures are in U.S. dollars.)

• Revenue: UP 1% to $282M
• Gross Profit: DOWN 6% to $142M 
  • Gross Profit Margin: DOWN to 50% from 53%
• Operating Expenses: UP 225% to $433M
  • Op. Exp. %: UP to 154% from 47%
• Net Income (Loss): UP 531% to $(404)M due to costs associated with the exiting of California retail assets and  wind down (on going) of operations in Massachusetts as part of cash preservation and generation plan to bolster business resilience. 
  • Adj. Net Income (Loss): DOWN 17% to $(15)M 
• Adj. EBITDA: UP 1% to $79M 
  • Adj. EBITDA Margin: UP to 28% from 27%
• Cash on Hand: $152M

Q2 Operational Highlights

• opened 2 retail outlets for a total of 186 nationwide of which 68% are in Florida
• exited California retail assets and commenced wind down of operations in Massachusetts as part of cash preservation and generation plan to bolster business resilience.

Management Commentary

Kim Rivers, Trulieve CEO, said: "

• "Demand for legal cannabis remains strong and Trulieve sells the highest volume of branded product through branded retail in the U.S.
• Our focused strategy, scaled operations and leading retail position provide distinct competitive advantages.
• We are on track to exit this year as a leaner, stronger organization, ready to meet the opportunities ahead."

Stock Performance

Trulieve's current stock price of $4.23 is DOWN 24% since the end of March and is now DOWN 44% YTD. 

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