Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve”), a leading and top-performing cannabis company in the U.S., recently announced its results for the quarter ended September 30, 2022. Trulieve currently operates 178 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States.
Third Quarter 2022 Financial and Operational Highlights
Trulieve announced that revenue grew by 34% year over year to $301 million, with 94% of revenue from retail sales with a GAAP gross margin of 56% and a gross profit of $168 million.
Trulieve reported a net loss of $115 million and a net income of $4 million which excludes $26 million of transaction, acquisition, integration, and other non-recurring charges; $93 million in asset impairments, disposals and discontinued operations, primarily associated with the closure of dispensaries in California, redundant cultivation in Florida and the exit of wholesale operations in Nevada.
“Our team demonstrated tremendous flexibility and cross functional capabilities during the third quarter,” said Kim Rivers, Trulieve CEO. “We navigated macroeconomic pressure, changes to dosing limits in our core state of Florida, and the impact of Hurricane Ian while making further progress streamlining the organization.”
Rivers continued, “U.S. cannabis has significant white space ahead, with many states yet to implement medical or adult use programs and a growing appetite for substantive federal reform. Trulieve has been preparing for this next phase of industry evolution for years, building our regional hub strategy, scaling cutting edge cultivation and manufacturing capacity, expanding our leading retail platform, investing in data technology and perfecting the customer journey.”
Outlook
Trulieve anticipates fourth quarter results will be influenced by holiday retail performance and promotional activity across core markets during the latter half of the quarter. Based on performance year to date and current trends, we are targeting the low end of 2022 guidance of $1.25 billion to $1.3 billion in revenue and $415 million to $450 million in Adjusted EBITDA.
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Great point Dr. J:
A good bit of that significant net loss may have rolled over to get Kim’s husband J.T. Burnett’s DoubleTree Hotel back up and running in preparation for the 2022 football season’s profits.
Most likely there would be nothing wrong with that, but drug producer/suppliers have different rules and regulations to follow, better do an audit on Trulieve just to be sure.
Increased sales and significant net loss! Wow. Someone would have to explain this to me very slowly!