Thursday , 9 July 2020

Trulieve Q2 Results Show Strong Operational Results, Record Revenue and Profits

Trulieve Cannabis Corp. (CSE:TRUL; OTCQX:TCNNF) announced its financial results for the second quarter of 2019 ended June 30, 2019 this past Wednesday after the markets closed.

Financial Highlights (All the financial information provided below is reported in U.S. dollars, unless otherwise indicated and all comparable figures are for the previous (Q1) quarter unless otherwise indicated.)

  • Revenue increased by 250% on a y-o-y basis and by 30% in Q2 vs the previous quarter to $57.9M
  • Gross Margin increased by 26%
  • Gross Margin % decreased from 67% to 65%
  • Operating Expenses increased by 24%
  • Adjusted EBITDA increased by 66.3% 

Recent Operational Highlights & Developments

  • Commenced trading on the OTCQX Best Market under the symbol “TCNNF”
  • Patient growth increased by 19% in Florida driven primarily by the introduction of smokable flower
  • Smokable flower accounted for approximately 50% of total product sales in Florida for Q2 2019, up from nearly 30% in Q1 2019
  • Opened 3 additional dispensaries in Florida for a total of 29
  • Completed acquisition of Connecticut-based medical cannabis dispensary, The Healing Corner

Financial Guidance

The Company has reaffirmed guidance for full year 2019 and long-term outlook.

(Guidance presented in 
millions and % change)







$220 – $240

$380 – $400

Adjusted EBITDA


$95 – $105

$140 – $160

About Trulieve Cannabis Corp.

Trulieve, the largest fully licensed medical cannabis company in the State of Florida, is a vertically integrated company that cultivates and produces all its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida (as well as directly to patients via home delivery) and in California, Massachusetts and Connecticut.

In spite of Trulieve’s success over the past year its stock price has been quite volatile much like the cannabis stock market in general. As of the close of business today (Friday, August 16th, 2019) the stock is down 41.4% from it April 3rd high but is still up 10.1% from the beginning of 2019 as can be seen in the chart below: