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 Florida, Maryland, Massachusetts, Pennsylvania 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
About Cannin: Your Cannabis Stocks Resource
78% of Cannin’s fundamentals prove true within 30 days or less on 100+ recommendations over the past 2 years.
Cannin is your #1 trusted resource for cannabis stocks. Our global team of experts evaluates all emerging cannabis stock investing opportunities. In fact, we aggregate hundreds of hours of financial research and provide tips on the best cannabis stocks for 2021.
Use Cannin as your resource for:
Market analysts expect the marijuana and hemp industry will have an annual value exceeding $75 Billion in the next decade. Is it too late to invest in marijuana stocks? No! This is the perfect time to invest.
Are you looking to buy stock in hemp companies or marijuana companies for 2021? If so, are you interested in new penny hemp stock companies? Or, looking for the best Canadian cannabis stocks to invest in? Maybe, you’re looking to leverage the power of algorithmic stock trading to beat the cannabis market? We can help.
Are you interested in cannabis stocks like Curaleaf, Trulieve, Aurora Cannabis, Charlotte’s Web, Canopy Growth, or Hemp Inc.?
Predict price movements of cannabis stocks several hours in advance with our proprietary algorithmic stock trading software.
- +34% Gains in 2022
- +56% Gains in 2021
- +30% Gains in 2020
- +49.8% Gains in 2019
- Backtested since 2012
In fact, we’re so confident you’ll love our algotrading cannabis stock signals, we’re willing to give you a one week risk-free trial to see it for yourself.
Profit from the best cannabis stocks – we’ll show you how at cannin.com.
