Trulieve Q1 Revenue Increases 102% to $194 Million

Trulieve Reports Record First Quarter 2021 Revenue of $193.8M, Net Income of $30.1M and Adjusted EBITDA of $90.8M

Achieved 13th consecutive quarter of profitability; Announces definitive agreement to acquire Harvest Health & Recreation Inc., one of the largest US cannabis acquisitions to date which would establish our southwest hub and expand national footprint

TALLAHASSEE, Fla., May 13, 2021 /CNW/ – Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, today announced its results for the quarter ended March 31, 2021. The Company became a U.S. reporting company effective February 4, 2021 and the consolidated financial statements are reported in accordance with U.S. Generally Accepted Accounting Principles (GAAP). All currency is expressed in U.S. dollars.

Q1 2021 Highlights

  • Achieved record quarterly revenues of $193.8 million, a sequential increase of 15% over Q4 2020
  • Generated net income of $30.1 million
  • Delivered Adjusted EBITDA of $90.8 million
  • Achieved gross profit of $135.3 million and gross margin of 70%
  • Delivered $60.4 million in cash flows from operations

2021 Operational Highlights and Recent Events

  • Recently announced definitive agreement to acquire Harvest Health & Recreation Inc., the largest cannabis acquisition announced in the U.S. to date.
  • Harvest reported first quarter revenue of $88.8 million and Adjusted EBITDA of $26.9 million1
  • Reported first full quarter of operations in Pennsylvania and opened phase 1 of our new cultivation facility adding 45,000 square feet for a total of 80,000 square feet of cultivation
  • Well-positioned to become a first-mover, vertically-integrated operator in West Virginia through successful application wins and the recent acquisition of Mountaineer Holding
  • Expanded our Florida operations by eight stores and 116,000 square feet of cultivation, ending the quarter with 82 stores and over 2 million square feet of cultivation in Florida


1 As reported May 10, 2021 on the Harvest Q1 2021 Earnings Press Release

“During Q1 we continued to execute on growth in Florida as well as our national hub expansions. Our record revenue and industry leading EBITDA margins demonstrate our continued focus on execution,” stated Kim Rivers, Trulieve CEO. “The pending acquisition of Harvest will be transformative and will build on our profitability, expanding our runway for growth.”

Our continued strength in our home state of Florida, as well as the build out of our northeast hub, with progress in Pennsylvania, Massachusetts and West Virginia, has generated momentum for an exciting remainder of the year.

Kim Rivers, Trulieve CEO

We expect many positive catalysts in the months ahead, which align well with the current political environment and heightened focus on cannabis in this country.

Financial Highlights

The Company’s Form 10-Q for the quarter ended March 31, 2021, is available on the SEC’s website or at The Company’s Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company’s profile on SEDAR and on its website at

This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

Conference Call

The Company will host a conference call and live audio webcast on, May 13, 2021 at 8:30 A.M. Eastern time, to discuss its first quarter 2021 financial results.

All interested parties can join the conference call by dialing 1-888-231-8191 or 1-647-427-7450, conference ID: 4880609. Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until May 20, 2021. To access the archived conference call, please dial 1-855-859-2056 and enter the encore code 4880609.

A live audio webcast of the conference call will be available at:

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

Trulieve is primarily a vertically integrated “seed-to-sale” company in the U.S. 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 also has licenses in California, Massachusetts, Connecticut, Pennsylvania and West Virginia. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.

To learn more about Trulieve, visit

Non-GAAP Financial Measures

Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. Our management uses adjusted EBITDA to evaluate our operating performance and trends and make planning decisions. Our management believes adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the items that we exclude. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision-making.

The following table presents a reconciliation of GAAP net income (loss) to non-GAAP Adjusted EBITDA, for each of the periods presented:

Original press release

Published by NCV Newswire
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