Trulieve Reports Second Quarter 2024 Results Exceeding Quarterly Guidance
WEB Revenue of $303 Million, Increased 2% Sequentially and 8% Year-over-Year with 95% of Revenue from Retail Sales
TALLAHASSEE, Fla., Aug. 10, 2024 - Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States, today announced its financial results for the second quarter ended June 30, 2024.
Key Financial Highlights
- WEB revenue increased 2% sequentially and 8% year-over-year to $303 million, with 95% of revenue from retail sales.
- GAAP gross profit was $182 million, representing a 60% gross margin.
- Net income was $81 million, an increase of 3% sequentially and 12% year-over-year.
- Adjusted EBITDA was $105 million, a 4% increase sequentially and a 10% increase year-over-year.
"We are pleased to report another quarter of strong financial performance, with revenue exceeding our quarterly guidance," said Kim Rivers, CEO of Trulieve. "Our consistent growth is a testament to our team's dedication to providing high-quality products and exceptional customer service. We remain focused on expanding our retail footprint, increasing production capacity, and driving innovation to meet the growing demand for cannabis products."
Business Highlights
- Trulieve expanded its retail footprint to 178 dispensaries in 11 states.
- The Company increased its cultivation and processing capacity by 30% and 40%, respectively.
- Trulieve launched new product offerings, including edibles, concentrates, and topicals.
Guidance
Trulieve expects to continue its strong financial performance in the third quarter of 2024. The Company projects WEB revenue to be in the range of $310 million to $320 million, representing an increase of 3% to 6% sequentially.
About Trulieve
Trulieve is a leading and top-performing cannabis company in the United States, with a nationwide footprint in 11 states. The Company is vertically integrated, operating dispensaries, cultivation, and processing facilities, and manufacturing branded products. Trulieve is committed to providing high-quality, affordable cannabis products to its customers and operates with a focus on patient care and customer satisfaction.
Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to Trulieve's anticipated financial performance, business prospects, and other matters. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties described in Trulieve's public filings with the applicable securities regulatory authorities. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made.
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