PRISM Company Spotlight: Trulieve Delivers Strong Earnings, $275M in Revenue from 190 Retail Dispensaries
PRISM Emerging Cannabis Index company, Trulieve Cannabis Corp. (OTCQX: TCNNF), has delivered its financial results for the quarter ended September 30, 2023, showing positive growth and a strong forecast into 2024.
The company generated cash flow from operations of $93 million and free cash flow of $87 million. It reduced debt with the purchase of $57 million of 2026 notes and announced the redemption of $130 million of 2024 notes, resulting in $20 million in interest savings through maturity. Trulieve expects to deliver a 2023 operating cash flow of at least $100 million and free cash flow of at least $70 million.
Kim Rivers, Trulieve CEO, said, “This year our team has done a phenomenal job executing on our plan to generate cash while making investments to support future growth. As demonstrated this quarter, Trulieve remains aligned with our shareholders, and is committed to strengthening our balance sheet with non-dilutive measures. With significant scale and service, strong cash generation, and a clearly defined strategy, Trulieve is best positioned for the coming wave of meaningful growth catalysts.”
Highlights
Revenue of $275 million, with 96% of revenue from retail sales.
Reported net loss of $25 million. Adjusted net loss of $15 million excludes non-recurring charges, disposals and discontinued operations.
Opened five new dispensaries in Pace and Sanford, FL, Evans and Pooler, GA, and Columbus, OH and relocated one dispensary in Kissimmee, FL.
Trulieve currently operates 190 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States.
Cash as of September 30, 2023 of approximately $200 million.
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.
