Trulieve Reports Record Q3 Revenue

Trulieve Cannabis Corp. TRUL TCNNF reported third-quarter record revenue of $70.7 million, up by 22% on a quarter-to-quarter basis.

The company posted a positive adjusted EBITDA of $36.9 million for the quarter, compared to adjusted EBITDA of $31.6 million in the previous quarter.

It also disclosed net income of $60.3 million, up from $17.5 million in the corresponding period of 2018.

During the third quarter, the company also achieved some important operational milestones, such as trading on OTCQX Best Market, opening six additional dispensaries in Florida, closed sale-leaseback agreement on Holyoke, Massachusetts cultivation and processing site.

Trulieve disclosed more recent developments such as finalizing a public debt deal via which it delivered around $61 million in gross proceeds, and announcing second sale-leaseback on cultivation property in Quincy, Florida.

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"Our third quarter results reflect our continued customer loyalty, growth, and leadership position. Trulieve's strong brand, wide-ranging access to stores, and authentic customer experience have resonated with our customers and patients," Kim Rivers, Trulieve CEO said in a statement.

"The third quarter was also successful in further strengthening our position in our existing markets as well as preparing for new market entry. We continue to build operational efficiencies and financial discipline to ensure a solid foundation, cash reserves, and the right tools at our disposal to expand our footprint."

Trulieve’s stock closed Monday’s session at $11.30 per share.