E Trulieve Reports Record Q1 Financial Results

Trulieve Cannabis Corp. (TCNNF) announced its Q1 financial and operational results for the period ended March 31, 2021, today that revealed record revenue, net income, and Adjusted EBITDA.

Trulieve had nothing to hide in its Q1 financial report providing a straight-forward comparison of its latest performance vs. the previous quarter allowing the true picture of its ongoing operation and trends to be easily assessed compared to the more common "sleight-of-hand" deployed by under-performers to mask weaknesses in their business.

Q1 2021 Financial Highlights

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

  • Revenue: increased 15% to $193.8M
  • Gross Profit: increased 13% to $135.3M
  • Gross Margin: decreased to 70% from 71%
  • Operating Expense: decreased to 31% of revenue from 30%
  • Net Income: increased 889% to $30.1M
  • Adjusted EBITDA: increased 12% to $90.8M
    • i.e. Earnings Before Interest Taxes Depreciation Appreciation

Q1 2021 Operational Highlight

  • Reported first full quarter of operations in Pennsylvania and opened phase 1 of their new cultivation facility adding 45,000 square feet for a total of 80,000 square feet of cultivation
  • Well-positioned to become a first-mover, vertically-integrated operator in West Virginia through successful application wins and the recent acquisition of Mountaineer Holding
  • Expanded their Florida operations by 8 stores and 116,000 square feet of cultivation, ending the quarter with 82 stores and over 2 million square feet of cultivation in Florida

Management Commentary

Kim Rivers, Trulieve CEO, had the following comments regarding the company's Q1 results:

  • "During Q1 we continued to execute on growth in Florida as well as our national hub expansions in Pennsylvania , Massachusetts and West Virginia.
  • Our record revenue and industry leading EBITDA margins demonstrate our continued focus on execution.
  • The pending acquisition of Harvest will be transformative and will build on our profitability, expanding our runway for growth."
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