Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a constituent in the munKNEE American Cannabis MSO Stocks Index, announced its results for the fourth quarter ended December 31, 2022, today, as follows:

Q4 2022 Financial Highlights

(The information below compares Q4 2022 with Q3 2022 and all figures are in U.S. dollars.)

• Revenue: UP 0.3% to $302M
• Gross Profit: DOWN 11% to $150M
  • Gross Profit Margin: DOWN to 50% from 56%
• Adj. Gross Profit: DOWN 6% to $162M
  • Adj. Gross Margin: DOWN to 54% from 57%
• Operating Expenses: DOWN 21% to $156M
  • Op. Exp. %: DOWN to 52% from 65%
• Net Income (Loss): DOWN 33% to $(77)M  
  • Adj. Net Income (Loss): UP to $(35)M from $4M 
• Adj. EBITDA: DOWN 14% to $85M
  • Adj. EBITDA Margin: DOWN to 28% from 33%
• Cash on Hand: $212M

Q4 Operational Highlights

• Opened three new dispensaries and now operate 184 retail dispensaries.
• Became the first U.S. cannabis company to launch advertising campaigns on Twitter.

Management Commentary

Kim Rivers, Trulieve CEO, said: "...In 2023, we are laser-focused on cash generation while investing to build a sustainable company designed to thrive in an integrated commerce environment."

Stock Performance

Trulieve's stock price declined 11% during Q4 (October, November, and December) and has declined a further 13.5% YTD.

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