Trulieve Reports Third Quarter 2024 Results Ahead of Florida Adult-Use Vote
- Third quarter revenue of $284 million, up 3% year over year, in line with guidance
- Gross margin of 61%, compared to 52% during the third quarter of 2023
- Year to date cash flow from operations of $241 million and free cash flow of $162 million*
- Florida adult-use campaign support of $48 million during the third quarter
TALLAHASSEE, Fla., Nov. 5, 2024 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended September 30, 2024. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q3 2024 Financial and Operational Highlights*
- Revenue of $284 million increased 3% year over year, with 95% of revenue from retail sales.
- Achieved gross margin of 61%, with GAAP gross profit of $173 million.
- Reported net loss attributable to common shareholders of $60 million. Adjusted net loss of $12 million* excludes $48 million in campaign support and other non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved adjusted EBITDA of $96 million*, or 34% of revenue, up 24% year over year.
- Generated cash flow from operations of $30 million and free cash flow of $(7) million*, both of which were impacted by $48 million in campaign support.
- Cash and short term investments at quarter end totaled $319 million.
- Launched adult use sales at three Ohio locations: Beavercreek, Columbus, and Westerville.
- Rolled out #YesOn3 product line to support Smart and Safe Florida adult-use campaign.
- Entered partnership with Professional Pickleball Association and Major League Pickleball to sponsor events in Arizona, Florida, and Georgia.
- Opened 15 new dispensaries in Florida and Pennsylvania.
- Ended the quarter with 30% of retail locations outside of the state of Florida.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
- Opened five new retail locations in Bonita Springs, Hallandale, Lake Placid, Orlando, and St. Augustine, Florida.
- Currently operate 220 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“As voters in Florida cast their ballots across the state today, there is an opportunity to make history by approving cannabis legalization for personal use,” said Kim Rivers, Trulieve CEO. “With 156 stores in Florida, scaled production capacity, and sufficient capital to support further investment, if approved, Trulieve is best positioned to fully prepare for the launch of recreational sales next Spring.”
