Trulieve Launches 57th Store, Boasts 10th Consecutive Quarter Of Growth

Cannabis company Trulieve Cannabis Corp. TRUL TCNNF has launched yet another store in Florida.

The new retail location — located at 2916 East Busch Boulevard, in Tampa — is the company's 55th store in the Sunshine State and 57th nationwide.

The ribbon-cutting is scheduled for Aug. 13, the company confirmed Wednesday.

"We are excited to broaden the Trulieve brand in such a supportive community," said Trulieve CEO Kim Rivers. The Tampa store allows us to continue to bring direct access to patients in the Tampa market."

On the opening day, Trulieve is offering a 25% in-store discount to all patients.

The store also has its online catalog of products and is also providing patients with in-store and curbside pickup, as well as a statewide home delivery service.

The Second Quarter Earnings Report

The news on the opening of Trulieve's newest store is coming on the heels of the company's latest earnings report.

The Tampa-based company saw its revenue jump by 26% sequentially to $120.8 million in the second quarter of 2020.

Moreover, it is Trulieve's 10th consecutive quarter of growth and profitability.

Adjusted EBITDA amounted to $60.5 million, versus $49.4 million in the previous quarter.

The company noted its operating expenses increased by roughly 17% during the quarter to $33.1 million.

Trulieve also achieved free cash flow of $39.6 million.

"We are pleased to be able to demonstrate strong financial performance in revenue, adjusted EBITDA, and free cash flow while pivoting our business to meet the changing behaviors and needs due to COVID," commented Rivers on the quarterly financial results.

Last month Trulieve tapped David Lummas to serve as its first chief of staff.

Courtesy photo