Trulieve Cannabis Corp. (CSE: TRUL) announced and released the company’s financial reports for the fourth quarter of 2018 and fiscal year that ended on December 31st of 2018. The company’s 4th quarter results and financial highlights included revenue growth of $28.3 million in Q3 of 2018 to $35.9 million in Q4 of 2018. The adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) increased in Q4 to $15.2 million from Q3’s EBITDA of $12.6 million. Trulieve’s financial highlight results for the entire period of 2018 totaled to a revenue of $102.8 million, year-over-year revenue increase of 419%, and an adjusted EBITDA of $45.6 million.
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Operational highlights that occurred in 2018 for the company included the successful listing onto the Canadian Securities Exchange (CSE), an agreement to acquire 100% of Life Essence, Inc. and 100% of Leef Industries, LLC. The company also managed to expand the number of its Trulieve-branded dispensaries in Florida to 22 locations. A 55,000 square foot GMP certified processing facility was opened by Trulieve in Florida in 2018. The state-of-the-art innovation and design behind the facility’s production process brought high-quality standards, and what is still considered to be the “best-in-class” in efficiency, to the company’s Florida-based production.
Kim Rivers, Chief Executive Officer of Trulieve, stated: “In the fourth quarter, we demonstrated our growth through brand expansion and scale by increasing our dispensary footprint in Florida by five stores, adding cultivation and state of the art processing facilities, onboarding strategic brand relationships and making significant progress on our plans for growth beyond Florida with acquisitions in Massachusetts and California.”
Trulieve’s results for the fiscal year of 2018 and the 4th quarter of 2018 came with the affirmation that the 2018 outlook and projections matched the pace of the company’s current developments in 2019.
CEO of Trulieve, Kim Rivers, commented on the company’s goals for 2019 and stated: “2019 will be a year of execution for us as we leverage our strong revenue growth and positive adjusted EBITDA. We will focus on innovating and delivering new products for our customers, such as smokable flower, edibles and nano-emulsions. We will cultivate new strategic partnerships, as we have recently demonstrated with Slang and Blue River. Finally, we will execute on our plans for multi-state operational expansion”.
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