Trulieve Reports Record Revenue for the Third Quarter of 2018
Release of strong earnings and growth follows recent announcement of first operational expansion outside of Florida
TALLAHASSEE, FL, Nov. 19, 2018 /CNW/ – Trulieve Cannabis Corp. (CSE: TRUL) (“Trulieve” or the “Company”) today announced its financial results for the third quarter ended September 30, 2018.
Unless otherwise stated, all currency is expressed in U.S. dollars.
Q3 2018 Highlights
- Revenue grew from $23.3 million in Q2 2018 to $28.3 million in Q3 2018
- Adjusted EBITDA1,2 increased from $11.7 million in Q2 2018 to $12.6 million in Q3 2018
- Began trading on the Canadian Securities Exchange
Highlight Subsequent to Q3 2018
- Entered into agreements to acquire 100% of Life Essence, Inc. and 100% of Leef Industries, LLC.
These outstanding results in Q3 demonstrate the meaningful progress we’ve made on our strategic plan since becoming a publicly-traded company in September. Looking ahead, we remain focused on scalable growth, including multi-state operational expansion.
Kim Rivers, CEO of Trulieve
Earlier this month, Trulieve announced the acquisition of Life Essence, Inc. and Leef Industries, LLC., based in Massachusetts and California respectively. These acquisitions mark the first operational initiatives beyond Florida for Trulieve.
“Trulieve’s market-leading brand experience continues to result in high patient retention as we deliver consistent, high-quality products, supported by predictive analytics and industry-leading outreach while advocating for patients and physicians,” Rivers continued. “We believe we are well-positioned in continuing to be the dominant leader in the Florida market while firmly establishing our footprint in the Massachusetts and California markets moving forward.”
Results of Operations (Figures in Millions)
Reconciliation of Non-IFRS Adjusted EBITDA (Figures in Millions)
¹EBITDA and Adjusted EBITDA are non-IFRS financial measures. While Trulieve believes that these measures are useful for the evaluation and assessment of its performance, they do not have any standard meaning prescribed by IFRS, are unlikely to be comparable to similar measures presented by other issuers and should not be considered as an alternative to comparable measures determined in accordance with IFRS.
²Adjusted EBITDA and Gross margin do not include net effect of change in fair value of biological assets (i.e. gain on biological assets).
The Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company’s profile on SEDAR at www.sedar.com and on its website at https://www.trulieve.com/investors.
This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
The Company will host a conference call and live audio webcast on Monday, November 19, 2018 at 10:00 a.m. Eastern time, to discuss its third quarter 2018 results.
All interested parties can join the conference call by dialing 1-888-231-8191 or 647-427-7450, conference ID: 3737588. Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until Monday, November 26, 2018 at midnight, ET. To access the archived conference call, please dial 1-855-859-2056 and enter the encore code 3737588.
A live audio webcast of the conference call will be available at: https://event.on24.com/wcc/r/1874806/BE70DB8D218BCC2BCA414D04A7C8EC2A.
Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days by clicking the link above.
About Trulieve Cannabis Corp.
Trulieve is a vertically integrated “seed-to-sale” company and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
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