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Trulieve Announces Another Record Quarter

  • Record revenue of $318.3 million, up 64% year over year and 4% sequentially
  • First quarter 2022 cash flow from operations of $45.1 million and cash balance of $267 million
  • Industry leading U.S. retail network of 162 dispensaries, supported by over 4.0 million square feet of cultivation and processing capacity, up 95% and 93% year over year, respectively, as of March 31, 2022

Trulieve Announces Another Record Quarter – Trulieve Cannabis Corp. (OTCQX: TCNNF) a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended March 31, 2022. Results are reported in U.S. dollars unless otherwise indicated.

Q1 2022 Financial Highlights*

  • Revenue increased 64% year over year to $318.3 million from $193.8 million and 4% sequentially.
  • Gross profit of $178.2 million and GAAP gross margin of 56.0% in the first quarter compared to gross profit of $132.4 million and GAAP gross margin of 43.4% in the fourth quarter of 2021.
  • Net loss of $32.0 million, a sequential improvement of 55%, and adjusted net income of $1.7 million*, which excludes $17.2 million of transaction, acquisition, integration, and other non-recurring charges primarily associated with the Harvest acquisition, $13.8 million in asset impairments associated with the closing of redundant cultivation facilities and a loss of $2.7 million due to the divestiture of a duplicative, non-operating location.
  • Adjusted EBITDA of $105.5 million*, or 33.2% of revenue in the first quarter compared to adjusted EBITDA of $100.9 million*, or 33.0% of revenue in the fourth quarter of 2021.
  • Cash at quarter end of $267 million, bolstered by $45.1 million in cash flow from operations and the closing of $75 million senior secured notes at 8% due October 2026.

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

Q1 2022 Operational Highlights

  • Completed the rebranding to Trulieve of all 22 affiliated and acquired retail locations in Maryland and Pennsylvania.
  • Opened 3 new dispensaries in Boca Raton and Riverview, Florida and Philadelphia, Pennsylvania.
  • Exited the first quarter 2022 with operations in 11 states, with 30% of our retail locations outside of the state of Florida.
  • Acquired 64K square feet of operational indoor cultivation capacity in Arizona.
  • Successfully launched Cultivar CollectionTM, MuseTM, Modern FlowerTM, MomentaTM, and Roll OneTM brands across markets including FloridaMarylandMassachusettsPennsylvania and West Virginia.
  • Implemented nationwide Supplier Diversity Initiative.

Recent Events

  • Achieved record revenue, units sold, and number of customers served on 4/20.
  • Opened 3 new dispensaries in Fort Myers and Zephyrhills, Florida and Framingham, Massachusetts.
  • Currently operate 165 retail dispensaries and over 4.0 million square feet of cultivation and processing capacity in the United States.

Management Commentary
“Thanks to the efforts of all of our Trulieve employees, we’re off to a great start in 2022, with strong first quarter results underpinned by topline growth and cash flow,” said Kim Rivers, Trulieve CEO. “Once again we did what we said we would do, improving performance with our focus on the customer, hub strategy, branded products, and disciplined capital allocation.”

Rivers continued, “We delivered another record quarter while making substantive progress on our plan to optimize assets while preparing for future growth and catalysts. In 2022 we expect our strong balance sheet, access to capital and financial discipline will uniquely position us to capitalize on market opportunities created by the macroeconomic factors impacting our industry.”

Trulieve Announces Another Record Quarter

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