Trulieve Reports First Quarter 2023 Results Marking Progress on Cash Objectives
  • Record 4/20 results with traffic, customers served, and units sold up 10%, 11%, and 9%, respectively, year over year
  • Cost reduction initiatives deliver $24 million decrease in SG&A expenses
  • Industry leading U.S. retail network of 184 dispensaries, up 14% year over year, supported by over 4 million square feet of cultivation and processing capacity as of March 31, 2023
  • Record 4/20 results with traffic, customers served, and units sold up 10%, 11%, and 9%, respectively, year over year
  • Record 4/20 results with traffic, customers served, and units sold up 10%, 11%, and 9%, respectively, year over year

  • Cost reduction initiatives deliver $24 million decrease in SG&A expenses
  • Cost reduction initiatives deliver $24 million decrease in SG&A expenses$24 million

  • Industry leading U.S. retail network of 184 dispensaries, up 14% year over year, supported by over 4 million square feet of cultivation and processing capacity as of March 31, 2023
  • Industry leading U.S. retail network of 184 dispensaries, up 14% year over year, supported by over 4 million square feet of cultivation and processing capacity as of March 31, 2023March 31, 2023

    TALLAHASSEE, Fla., May 10, 2023 /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 March 31, 2023. 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.

    Trulieve Cannabis Corp.

    Q1 2023 Financial and Operational Highlights*

    Q1 2023 Financial and Operational Highlights*

    • Revenue of $289 million, with 95% of revenue from retail sales.
    • Achieved GAAP gross margin of 52%, with gross profit of $150 million.
    • SG&A expenses lowered by $24 million sequentially to $102 million.
    • Reported net loss of $64 million. Adjusted net loss of $21 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
    • Generated adjusted EBITDA of $78 million*, or 27% of revenue.
    • Cash at quarter end of $195 million.
    • Opened three new dispensaries in Palatka and Winter Haven, Florida and Beckley, West Virginia.
    • Launched adult-use sales in Bristol, Connecticut.
    • First U.S. cannabis company to launch advertising campaigns on Twitter.
    • Exited the quarter with operations in 11 states, with 32% of retail locations outside of the state of Florida.
  • Revenue of $289 million, with 95% of revenue from retail sales.
  • $289 million

  • Achieved GAAP gross margin of 52%, with gross profit of $150 million.
  • $150 million

  • SG&A expenses lowered by $24 million sequentially to $102 million.
  • $24 million$102 million

  • Reported net loss of $64 million. Adjusted net loss of $21 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
  • $64 million$21 million

  • Generated adjusted EBITDA of $78 million*, or 27% of revenue.
  • $78 million

  • Cash at quarter end of $195 million.
  • $195 million

  • Opened three new dispensaries in Palatka and Winter Haven, Florida and Beckley, West Virginia.
  • PalatkaWinter Haven, FloridaBeckley, West Virginia

  • Launched adult-use sales in Bristol, Connecticut.
  • Bristol, Connecticut

  • First U.S. cannabis company to launch advertising campaigns on Twitter.
  • Exited the quarter with operations in 11 states, with 32% of retail locations outside of the state of Florida.
  • Florida

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

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

    Recent Developments

    Recent Developments

    • First to launch medical sales in Georgia with two new dispensaries in Macon and Marietta.
    • Achieved record traffic, customers served, and units sold on 4/20 holiday, up 10%, 11%, and 9%, respectively, year over year.
    • Currently operate 186 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States.
  • First to launch medical sales in Georgia with two new dispensaries in Macon and Marietta.
  • GeorgiaMaconMarietta

  • Achieved record traffic, customers served, and units sold on 4/20 holiday, up 10%, 11%, and 9%, respectively, year over year.
  • Currently operate 186 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States.
  • the United States

    Management Commentary

    Management Commentary

    Our team is laser focused on cash preservation and generation as we set the stage for the next phase of accelerated growth. Trulieve’s scale and service, operational flexibility, and strong balance sheet are essential for success in the current environment.

    Our team is laser focused on cash preservation and generation as we set the stage for the next phase of accelerated growth. Trulieve’s scale and service, operational flexibility, and strong balance sheet are essential for success in the current environment.

    Kim Rivers, Trulieve CEO

    With increasing adoption and expanding state level access to cannabis, the industry is well beyond the tipping point. Tremendous opportunities lie ahead for companies that can successfully adapt within evolving landscapes.

    With increasing adoption and expanding state level access to cannabis, the industry is well beyond the tipping point. Tremendous opportunities lie ahead for companies that can successfully adapt within evolving landscapes.

    Financial Highlights*

    Financial Highlights*