Trulieve's Q3 Revenue Up Slightly Year-Over-Year, Net Loss Grows Amid $48M In Cannabis Legalization Support

Trulieve Cannabis Corp. TCNNF reported financial results Tuesday for the quarter ended Sept. 30, 2024, showing revenue of $284 million, up 3% from the same period last year.

“As voters in Florida cast their ballots across the state today, there is an opportunity to make history by approving cannabis legalization for personal use,” stated Kim Rivers, Trulieve CEO. “With 156 stores in Florida, scaled production capacity, and sufficient capital to support further investment, if approved, Trulieve is best positioned to fully prepare for the launch of recreational sales next Spring.”

Q3 2024 Financial Highlights

• Gross margin of 61%, with GAAP gross profit of $173 million.
• Net loss was $60 million, compared to $25.4 million in the same quarter last year.
• Adjusted net loss of $12 million excludes $48 million in campaign support and other non-recurring charges, asset impairments, disposals and discontinued operations.
• Adjusted EBITDA was a gain of $96 million, or 34% of revenue, up 24% year-over-year.
• Cash flow from operations was $30 million and free cash flow of $ (7) million, both of which were impacted by $48 million in campaign support. This compares to cash flow from operations of $93.4 million and free cash flow of $87.2 million in the same period last year.
• Cash and short-term investments at quarter-end totaled $319 million.

Read Also: Trulieve CEO Kim Rivers Calls Out ‘Distortions’ In Ads Opposing Florida’s Cannabis Amendment

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Recent Milestones

• Launched adult-use sales at three Ohio locations: Beavercreek, Columbus and Westerville.
• Rolled out #YesOn3 product line to support Smart and Safe Florida adult-use campaign.
• Entered partnership with Professional Pickleball Association and Major League Pickleball to sponsor events in Arizona, Florida and Georgia.
• Opened 15 new dispensaries in Florida and Pennsylvania.
• Operates 220 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.

Price Action

Trulieve shares closed Monday's market session 3.59% higher at $12.70 per share.

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Photo: Courtesy of Branding Pot via Shutterstock