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Trulieve Reports $298M in Revenue for 1st Quarter 2024

The Florida-based multistate operator opened three new dispensaries and attributed 4% revenue growth to higher retail traffic and average basket sizes.

Trulieve Resized

TALLAHASSEE, Fla., May 9, 2024 /PRESS RELEASE -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), one of the largest cannabis companies in the U.S., today announced its Q1 financial results as of March 31, 2024. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.

Q1 2024 Financial and Operational Highlights*

  • Revenue of $298 million increased 4% sequentially and year over year, with 96% of revenue from retail sales. Strong first quarter sales were driven by higher retail traffic and average basket size.
  • Achieved GAAP gross margin of 58%, with gross profit of $174 million.
  • Reported net loss of $23 million, an improvement of 31% sequentially and 64% year over year. Adjusted net loss of $10 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
  • Achieved EBITDA of $85 million*, or 29% of revenue and adjusted EBITDA of $106 million*, or 36% of revenue, up 21% sequentially and 35% year over year.
  • Generated cash flow from operations of $139 million and free cash flow of $124 million*.
  • Cash at quarter end was $327 million, inclusive of $50 million in tax refunds, from amended returns, related to our tax challenge of 280E received during the first quarter.
  • Opened three new dispensaries in Cocoa Beach, Palm Bay, and Pinellas Park, Florida.
  • Ended the quarter with 31% of retail locations outside of the state of Florida.

*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

Recent Developments

  • Smart & Safe Florida initiative for adult use will be included on the ballot for the November 2024 election. If passed by voters, sales are anticipated to begin in May 2025.
  • Department of Justice confirmed progress on federal rescheduling of cannabis to Schedule III, which would allow research and remove 280E tax burden.
  • Opened one retail location in North Palm Beach, FL.
  • Currently operate 196 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States.

Management Commentary
"With strong performance in our core business and several meaningful catalysts on the horizon, the outlook has never been brighter," said Kim Rivers, Trulieve CEO. "The team has done a phenomenal job carrying forward the momentum from last year, driving further improvements in production and retail. Given our financial performance and significant scale in key markets, Trulieve is best positioned for the coming wave of growth catalysts."

Read the full release here.

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