Trulieve Touts Third Consecutive Quarter Of Revenue Growth, Narrows Q2 Net Loss 97% YoY, Launches Cannabis Sales In Ohio

Trulieve Cannabis Corp. TRUL TCNNF announced its second-quarter results on Tuesday for the three months ended June 30, 2024. The Florida medical cannabis giant reported a 2% quarter-over-quarter and 8% year-over-year to $303 million, with 95% of the sum coming from retail sales, driven by higher retail traffic and increased wholesale revenue.

Trulieve also launched recreational cannabis sales at its three Ohio retail locations on Tuesday. Kim Rivers, the company’s CEO, called the Ohio marijuana sales launch a "milestone" for the company as it "completed our first recreational sale in the state of Ohio with the successful conversion of our three locations to adult use."

The company commemorated the Ohio marijuana sales launch by reserving its first online order picked up at its Westerville location on Tuesday morning.

“We are thankful to our medical patients who have been with us since we entered Ohio, and we look forward to serving adult use customers as the state’s cannabis market continues to grow,” Rivers added.

Read Also: It’s Official! Ohio Begins Recreational Cannabis Sales On Tuesday: Here’s Where And How… You Know The Why

Meanwhile, commenting on the second quarter results, Rivers said Trulieve "demonstrated strength in our core business with our third consecutive quarter of revenue growth and margin expansion.”

Q2 2024 Financial Highlights

• Gross profit totaled $182 million, up 28% year-over-year and 5% sequentially.
• Achieved gross margin of 60%, with GAAP gross profit of $182 million.
• Net loss amounted to $12 million, representing an improvement of 48% sequentially and 97% year-over-year.
• Adjusted net income of $0.2 million excludes non-recurring charges, asset impairments, disposals and discontinued operations.
• Adjusted EBITDA came in positive at $107 million, or 35% of revenue, up 1% sequentially and 36% year over year.
• Generated cash flow from operations of $71 million and free cash flow of $45 million.
• Cash at quarter end was $356 million, inclusive of an additional $2 million in tax refunds received during the second quarter, from amended returns, related to our tax challenge of 280E.

Tulieve ended the quarter with 32% of retail locations outside of Florida. Combined with its Florida footprint, the company operates 206 retail dispensaries and over four million square feet of cultivation and processing capacity nationwide.

“All of the effort and investment over the past two years to set a solid foundation for long-term success is paying dividends," Rivers continued. "Given our financial performance and significant scale in key markets, Trulieve is best positioned for the coming wave of growth catalysts.”

The company recently contributed another $1 million to Smart & Safe Florida, adding to what is already the single largest pro-cannabis fund in U.S. history.

This addition brings Trulieve's total support for Amendment 3 to nearly $55 million over two years. The amendment seeks to legalize recreational cannabis in Florida and will be voted on Nov. 5.

Read Next:

• Florida’s Medical Cannabis Market Sees Explosive Growth Ahead Of November Legalization Ballot