Adastra Holdings Reports First Quarter Results

Adastra Holdings Reports First Quarter Results

  • Generated record gross revenues of $2,286,721 in Q1 2022, representing 288% growth compared to Q1 2021
  • Maintained a strong capital position in Q1 2022 with $28,176,801 in assets, and $6,712,176 in liabilities

Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company") is pleased to announce that it has filed its consolidated financial statements and related management discussion and analysis for the three months ended March 31, 2022 both of which are available at www.sedar.com.

Adastra Holdings brand ticker (CNW Group/Adastra Holdings Ltd.)

Michael Forbes , Chief Executive Officer of Adastra, commented, "The year is off to a record-breaking start with strong momentum for the year ahead. We have achieved record revenues and gross profit, while maintaining a strong capital position."

"Our team has made significant progress on many fronts, including bringing new brands to market, adding to our co-manufacturing portfolio and increasing production capacity and output. Our focus remains on implementing production rollout, generating multiple revenue streams and creating market expansion strategies. We have made proactive advances in all of these areas, which has ultimately resulted in a strong foundation for further continued growth of our business. We recently commissioned automated pre-roll hardware for infused pre-roll production to meet the demand for this product category."

"To augment our revenue stream, we launched the Endgame Extracts brand, with four initial SKUs, at the British Columbia Liquor Distribution Branch, which sold out within 48 hours of product launch," added Mr. Forbes. "We submitted applications for our Medical Sales Licence and Controlled Substances Dealer's Licence, in line with our market expansion strategy. Our objective is to strategically position ourselves for further growth into in-demand cannabis product categories and in the emerging regulated psychedelics market."

"We look forward to building on our reputation as a leader in the cannabis and patient-focused psychedelics space in order to deliver on our commitment to create long-term value for our customers, partners and shareholders."

Key Q1 2022 Financial Highlights
  • Achieved record revenues of approximately $2.3 million in Q1 2022, compared to approximately $0.6 million in Q1 2021 – representing an increase of 288%, demonstrating significant demand for Adastra's in-demand cannabis concentrate brands and products.
  • Achieved gross profit of $827,713 in Q1 2022, compared to $105,411 in Q1 2021 – representing an increase of 685%.
  • Operating expenses for Q1 2022 increased to $1,695,682 when compared to $467,771 during Q1 2021 – representing an increase of 263%.
Key Q1 2022 Corporate and Business Highlights
  • Launched Endgame Extracts SKUs in British Columbia , which was 100% sold out within 48 hours.
  • Submitted applications for a Medical Sales Licence and a Controlled Substances Dealer's Licence.
  • Commissioned automated pre-roll equipment for infused pre-roll production.
  • Shatter production increased to 106.6 kg in Q1 2022 compared to 20.7 kg in Q1 2021.
  • Commercialized additional full spectrum extract SKUs for in-house brands and co-manufacturing partners, ex: THCA Diamonds, Sugar Wax, Shatter, Full Spectrum vaporizer cartridges.
About Adastra Holdings Ltd.

Founded in 2018 and formerly known as Phyto Extractions Inc., Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use and medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada . Adastra is known for its popular line of Phyto Extractions branded cannabis concentrate products available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, BC , focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD by applying for a Controlled Substances Dealer's Licence, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, with the recent acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary centre for medical cannabis and psychedelic therapies, working alongside doctors and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients. For more information, visit: www.adastraholdings.ca.

Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward looking information in this news release includes statements regarding, but not limited to: the Company's goals of implementing production rollout, generating multiple revenue streams, and creating market expansion strategies; further continued growth of the Company's business; the Company's ability to meet the demand for infused pre-roll production; the Company's objective to position itself for further growth into in-demand cannabis product categories and in the emerging regulated psychedelics market; and the Company's goal of building on its reputation in the cannabis and patient-focused psychedelics space in order to create long-term value for customers, partners and shareholders. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Important factors that could cause actual results to differ materially from those expressed in the forward-looking information include: the availability of a qualified workforce; changes in regulations or licensing affecting the Company's business; reduced demand for cannabis and cannabis related products; reductions in the Company's retail space and store locations; and other factors beyond the control of the Company. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

SOURCE Adastra Holdings Ltd.

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Adastra Receives Controlled Substances Dealer's License

Adastra Receives Controlled Substances Dealer's License

Adastra Holdings Ltd. (CSE:XTRX) (FRA:D2EP) ("Adastra" or the "Company"), a leading cannabis company focused on processing, adult-use and medical sales, organoleptic testing and analytical testing, is pleased to announce that the Company has received its Controlled Drug and Substances Dealer's License ("Dealer's License") on August 24, 2022. This license allows Adastra to process psilocybin and psilocin, the active compounds derived from psychedelic mushrooms

"This is another significant step forward in the next phase of Adastra's goal to become a leader in alternative, plant-based treatments and remedies for physical, mental health and optimal functioning," said Michael Forbes, Chief Executive Officer of Adastra. "The medically regulated psychedelics market is just beginning to lay its foundation in North America; receiving this license enables us to process, formulate and perform scientific tests to verify the active ingredient and its stability for use in products once the market matures."

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Adastra Holdings Reports Record Second Quarter Results; Momentum Accelerating in Second Half of the Year

Adastra Holdings Reports Record Second Quarter Results; Momentum Accelerating in Second Half of the Year

  • Record gross revenues of $5.34M YTD 2022, representing 192% growth compared to YTD 2021.
  • Q2 2022 gross revenues of $3.05M, representing an increase of 33% over last quarter (Q1 2022).

Adastra Holdings Ltd. (CSE:XTRX)(FRA:D2EP) ("Adastra" or the "Company"), a leading cannabis company focused on processing, adult-use and medical sales, organoleptic testing and analytical testing, is pleased to report financial results for the three and six months ended June 30, 2022

"Adastra experienced a record-breaking first half of the year, demonstrating growth and gaining strong momentum as we continued to execute on our transformational strategy," said Michael Forbes, Chief Executive Officer of Adastra. "Building on our first quarter achievements, we are once again reporting record revenues and gross profit levels in Q2 2022. In the first six months alone, our gross revenues are close to what we achieved for the entire twelve months last year."

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Adastra Expands Market Footprint Through Receipt of Medical Sales License from Health Canada

Adastra Expands Market Footprint Through Receipt of Medical Sales License from Health Canada

Adastra Holdings Ltd. (CSE:XTRX)(FRA:D2EP) ("Adastra" or the "Company"), a leading cannabis company focused on processing, product development, sales, organoleptic testing and analytical testing, is pleased to announce it has received its Medical Sales License from Health Canada which now authorizes Adastra to sell cannabinoid-containing products that are formulated for and distributed to the medical cannabis market

With its Medical Sales License, Adastra is now authorized to:

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Adastra Holdings Continues to Execute on Transformational Strategy; New Product Launches; Outlines Growth Strategy

Adastra Holdings Continues to Execute on Transformational Strategy; New Product Launches; Outlines Growth Strategy

  • Endgame Extracts brand launched in BC in Q1 2022 with a 100% case sell-through achieved in 48-hours; Endgame is currently ranked #3 and #4 for its shatter sales in BC – with launches planned for other large Canadian markets ( Alberta and Ontario ) to follow
  • Adastra continues to add new revenue streams, including the addition of new co-manufacturing contracts for several well-known Canadian brands to start in 2022
  • Continued expansion for product sales and distribution across Canada – Phyto Extractions is now available in the Northwest Territories and Yukon
  • Expanded capabilities and automation: pre-roll machine installed to meet anticipated consumer demand for this sought-after product category
  • Added extraction and processing shifts to increase end-product output and fulfill demand

 Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), a leading cannabis company focused on processing, sales, organoleptic testing and analytical testing, is pleased to provide the Company's shareholders with a corporate update from Michael Forbes Director and Chief Executive Officer of Adastra:

Endgame Extracts (CNW Group/Adastra Holdings Ltd.)

"Dear Shareholders,

I joined Adastra in May 2021 as Director and CEO and embarked on a journey to transform the business. Over the last twelve months, I have optimized all major aspects of our business to set Adastra up for long term success. Running a "good" business is not good enough for me. My goal is to lead a "great" business, by actively adapting all aspects to create long-term significant value for our shareholders.

As a pharmacist by education and training, my entire career has been firmly rooted in medicine, alternative treatments, cannabis production, sales and entrepreneurship. Joining Adastra, I have brought this expertise and multi-faceted, strategic focus to grow our business in areas such as sales volume, production output and capabilities, partnerships, market share and investor engagement. We have made meaningful progress, and we believe this is just the beginning.

Executing on Our Growth Strategy

Over the past twelve months we have achieved the following:

  • Corporate rebrand from Phyto Extractions Inc. back to our original name – Adastra Holdings Ltd. to position us as a trusted leader in cannabis and ethnobotanical extraction, processing, formulation and product development.
  • Acquired Phyto Extractions and PerceiveMD to vertically integrate our product reach.
  • Developed and launched in-house brand, Endgame Extracts, starting with a strategic initial SKU drop to British Columbia . Unique crossed flavour and strain profiles, priced in line with customer and retailer expectations to ensure sell-through alongside a quality experience.
  • Introduced several hydrocarbon extracts, novel full spectrum vape formulations, additional product SKUs for our wholly owned brand Endgame, and brands leveraging our extraction expertise via co-manufacturing complex concentrates, like THCA diamonds and high terpene full spectrum extract products.
  • Expanded our market share by branching into new domestic markets including British Columbia , with Endgame Extracts, with Alberta and Ontario to follow. Brought Phyto Extractions to the Northwest Territories and Yukon .
  • Executed marketing and sales initiatives to heighten brand awareness among consumers and retailers.
  • Restructured and reduced costs across the organization to ensure a solid foundation as we move forward. This includes adding production shifts to meet processing demand for provincial distributors for Endgame and our co-manufacturing partners' product SKUs, automating processes with new equipment and refining our practices.
  • Received our organoleptic testing license in June 2021 , enabling us to test product formats and formulations with a consumer audience. This reduces risk and cost associated with the "guess work" involved in product SKU launches, as consumption is heavily restricted by regulations.

By improving the delivery of our many capabilities, today we are a trusted processor and co-manufacturing partner to many Canadian brands who share our commitment for quality and innovation.

Our Key Areas of Focus

As we move forward, our strategic key areas are as follows:

  1. Medical product development and formulation – Manufacturing alternative plant-medicine treatments for sale in the medical market (i.e., capsules, tinctures). Adastra's wholly-owned PerceiveMD platform assesses patients seeking alternative treatments and remedies and provides documentation to enable access. Maximizing the full potential of PerceiveMD will bolster Adastra's future business and add additional revenue. Additionally, we have submitted a Medical Sales Licence application to Health Canada which will allow us to manufacture and sell medical cannabis product formats to the Canadian medical market. We believe PerceiveMD addresses the gap that exists in the market today for a patient access platform. Having this online platform in-house provides us with an advantage over many of our peers to meet the existing demand that we believe is underserved today.

  2. New premium cannabis extract product innovations – We are committed to maintaining our edge by staying ahead of trends and consumer preferences including:
  • THCA diamonds (high potency extracts) – commissioned equipment to develop diamonds for our Endgame brand and for our co-manufacturing partners.
  • Single-source shatter – this is a growing product category that we are pleased to serve with our institutional knowledge and expertise.
  • Full-spectrum vape cartridges – the market is maturing, with customer preferences refining and we are pleased to deliver on preferred flavour notes and quality experience.
  • Dried Flower Products – Pre-rolls are currently the fastest growing segment of the Canadian cannabis market. Infused pre-rolls is a category that has outpaced dried flower-only pre-rolls in legal US markets. On December 17, 2021 , we received Health Canada approval for the amendment of our sales licence to include dried flower. We see significant opportunity to continue to grow our pre-roll business (pre-rolls, infused pre-rolls, and larger quantity flower) for our Endgame and Phyto brands.

  • Market Trends and Other Alternative Treatments – We have demonstrated our ability to stay ahead of consumer trends by proactively amending our licences and expanding our capabilities to meet the ever-evolving preferences of consumers and the companies we partner with. In particular, we are seeing a significant movement towards alternative medicine. Having been involved in the cannabis industry for more than a decade, combined with my experience running pharmacies and wellness clinics, I have seen firsthand the positive impact and efficacy of cannabis for certain patients, as well as the increasing popularity of alternative treatments and remedies. We are committed to staying ahead of the game. We have submitted a Controlled Substances Dealer's Licence application to Health Canada to include psilocybin and, following approval thereof, we can begin formulating and developing alternative treatments for patients.
  • We are enjoying continued growth in the demand for high quality cannabis concentrates and products by continually adapting to changing consumer preferences.

    From a recreational lens, cannabis is an increasingly adopted alternative to alcohol, particularly when available in CPG formats (i.e., vapes and beverages) and presents far less opportunity for harm and undesirable side effects. The mainstream shift to "West Coast Sober" is happening, and we are here to stay at the forefront.

    We believe we have established a diversified platform for profitable growth and differentiation in the marketplace. We look to leverage this momentum over the coming months to create sustainable value for our customers, partners and shareholders.

    We are here for the future and the long run and maintain our commitment to growing and innovating."

    About Adastra Holdings Ltd.

    Founded in 2018 and formerly known as Phyto Extractions Inc., Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use and medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada . Adastra is known for its popular line of Phyto Extractions branded cannabis concentrate products available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, BC , focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD by applying for a Controlled Substances Dealer's Licence, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, with the recent acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary centre for medical cannabis and psychedelic therapies, working alongside doctors and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients. For more information, visit: www.adastraholdings.ca.

    Forward-Looking Information

    This news release contains forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward looking information in this news release includes statements regarding, but not limited to: creating long-term significant value for the Company's shareholders; the expectation that progress in sales volume, production output, market share and partnerships will continue in the future; the expectation that maximizing PerceiveMD will bolster the Company's future business and add additional revenue; the belief that PerceiveMD addresses the gap that exists in the market for a patient access platform; the expectation that the Company's pre-roll business represents a significant growth opportunity; the belief that the Company has established a diversified platform for profitable growth and differentiation in the marketplace and the intention to leverage this to create sustainable value for stakeholders; and other general statements regarding the Company's platform for profitable growth and creation of sustainable value for customers, partners and shareholders. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Important factors that could cause actual results to differ materially from those expressed in the forward-looking information include: the availability of a qualified workforce; changes in regulations or licensing affecting the Company's business; reduced demand for cannabis and cannabis related products; reductions in the Company's retail space and store locations; and other factors beyond the control of the Company. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

    Adastra Holdings Ltd. Logo (CNW Group/Adastra Holdings Ltd.)

    SOURCE Adastra Holdings Ltd.

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    Adastra Holdings Announces New Director

    Adastra Holdings Announces New Director

    Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), a Health Canada Licensed cannabis company focused on processing, sales, organoleptic testing, and analytical testing, is pleased to announce the appointment of Smoke Wallin to the Company's board of directors.

    Adastra Holdings brand ticker (CNW Group/Adastra Holdings Ltd.)

    "We are extremely honoured and privileged to welcome Mr. Wallin to Adastra's board of directors," said Michael Forbes , CEO of Adastra. "Mr. Wallin is an accomplished leader and international business builder in the CPG, cannabis, health and wellness, food and beverage, distribution, hospitality and technology industries. Mr. Wallin is a seasoned executive and serial entrepreneur who has a wealth of knowledge in the cannabis industry. I am confident that he will be an important contributor to our Company's long term success."

    Mr. Wallin added, "I'm excited to support Michael and the team at Adastra as they build on an already impressive set of production assets in the Canadian cannabis market, with an eye toward additional capabilities in some super innovative forward looking therapeutics including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD. I believe in their strategy and the team's ability to execute their growth plan profitably, something quite rare in this rapidly growing market."

    Mr. Wallin is a highly accomplished CEO, entrepreneur, leader, board member and philanthropist with more than 25 years of success across the consumer products, beverage, cannabis, distribution and technology industries. He is a partner and Managing Director for STS Capital Partners; has frequently served as CEO for new and existing businesses; has been directly involved in $1.7 billion in mergers and acquisitions and financings; and has acquired, created, or sold 50+ brands and companies. He has been recognized with the Ernst & Young Entrepreneur of The Year award, and the Vanderbilt Business "Distinguished Alumni Award." He was also named one of the 100 most influential leaders in the cannabis industry by High Times Magazine. Smoke earned an MBA from Vanderbilt University and a B.S. degree in Agricultural Economics from Cornell University's Dyson School of Applied Economics at the Cornell SC Johnson College of Business.

    About Adastra Holdings Ltd.

    Founded in 2018 and formerly known as Phyto Extractions Inc., Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use and medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada . Adastra is known for its popular line of Phyto Extractions branded cannabis concentrate products available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, BC , focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD by applying for a Controlled Substances Dealer's Licence, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, with the recent acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary centre for medical cannabis and psychedelic therapies, working alongside doctors and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients. For more information, visit: www.adastraholdings.ca.

    Forward-Looking Information

    This news release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking information in this news release includes statements with respect to: (i) the Company's long-term success; (ii) the Company building on production assets in the Canadian cannabis market and additional therapeutic areas including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD; and (iii) the Company's execution of its growth plan. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the cannabis extraction sector in general; (iii) changes in regulations surrounding cannabis as a controlled substance; and (iv) other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

    SOURCE Adastra Holdings Ltd.

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    Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced the opening of a new medical cannabis dispensary in Stuart, Florida .

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    Trulieve Reports First Quarter 2024 Results Demonstrating Core Business Strength and Cash Generation

    • First quarter performance of $298 million in revenue, up 4% sequentially, and 58% gross margin
    • Strong cash flow from operations of $139 million and free cash flow of $124 million * in Q1 2024
    • Definitive progress made on Smart and Safe Florida adult use initiative and federal rescheduling of cannabis to Schedule III

    Trulieve Cannabis Corp . (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended March 31, 2024 . Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.

    Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

    Q1 2024 Financial and Operational Highlights*

    • Revenue of $298 million increased 4% sequentially and year over year , with 96% of revenue from retail sales. Strong first quarter sales were driven by higher retail traffic and average basket size.
    • Achieved GAAP gross margin of 58%, with gross profit of $174 million .
    • Reported net loss of $23 million , an improvement of 31% sequentially and 64% year over year . Adjusted net loss of $10 million * excludes non-recurring charges, asset impairments, disposals and discontinued operations.
    • Achieved EBITDA of $85 million *, or 29% of revenue and adjusted EBITDA of $106 million *, or 36% of revenue , up 21% sequentially and 35% year over year.
    • Generated cash flow from operations of $139 million and free cash flow of $124 million *.
    • Cash at quarter end was $327 million , inclusive of $50 million in tax refunds, from amended returns, related to our tax challenge of 280E received during the first quarter.
    • Opened three new dispensaries in Cocoa Beach , Palm Bay , and Pinellas Park, Florida .
    • Ended the quarter with 31% of retail locations outside of the state of Florida .

    *See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

    Recent Developments

    • Smart & Safe Florida initiative for adult use will be included on the ballot for the November 2024 election. If passed by voters, sales are anticipated to begin in May 2025 .
    • Department of Justice confirmed progress on federal rescheduling of cannabis to Schedule III, which would allow research and remove 280E tax burden.
    • Opened one retail location in North Palm Beach, FL.
    • Currently operate 196 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States .

    Management Commentary
    "With strong performance in our core business and several meaningful catalysts on the horizon, the outlook has never been brighter," said Kim Rivers , Trulieve CEO. "The team has done a phenomenal job carrying forward the momentum from last year, driving further improvements in production and retail. Given our financial performance and significant scale in key markets, Trulieve is best positioned for the coming wave of growth catalysts."

    Financial Highlights*

    Results of Operations

    For the Three Months Ended

    (Figures in millions except per share data and %
    change based on these figures)

    March 31,
    2024

    March 31,
    2023

    change

    December 31,
    2023

    change

    Revenue

    $

    298

    $

    285

    4 %

    $

    287

    4 %

    Gross Profit

    $

    174

    $

    150

    16 %

    $

    154

    13 %

    Gross Margin %


    58 %


    53 %



    54 %


    Operating Expenses

    $

    128

    $

    133

    (4 %)

    $

    125

    2 %

    Operating Expenses %


    43 %


    47 %



    43 %


    Net loss**

    $

    (23)

    $

    (64)

    64 %

    $

    (33)

    31 %

    Net loss continuing operations

    $

    (23)

    $

    (34)

    32 %

    $

    (37)

    36 %

    Adjusted net loss

    $

    (10)

    $

    (18)

    43 %

    $

    (23)

    55 %

    Basic and diluted shares outstanding


    189


    189



    189


    EPS continuing operations

    $

    (0.16)

    $

    (0.18)

    9 %

    $

    (0.19)

    17 %

    Adjusted EPS

    $

    (0.05)

    $

    (0.09)

    44 %

    $

    (0.12)

    58 %

    Adjusted EBITDA

    $

    106

    $

    78

    35 %

    $

    88

    21 %

    Adjusted EBITDA Margin %


    36 %


    27 %



    31 %



    *See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

    **Net loss includes discontinued operations and non-controlling interest.

    Conference Call
    The Company will host a conference call and live audio webcast on May 9, 2024, at 8:30 A.M. Eastern time , to discuss its first quarter 2024 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.

    North American toll free: 1-844-824-3830


    Passcode: 3368806




    International: 1-412-542-4136


    Passcode: 3368806

    A live audio webcast of the conference call will be available at:
    Trulieve Cannabis Corp Q1 2024 Earnings

    A powerpoint presentation and archived replay of the webcast will be available at:
    https: //investors.trulieve.com/events

    The Company's Form 10-Q for the quarter ended March 31, 2024 , will be available on the SEC's website or at https://investors.trulieve.com/quarterly-results . The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on SEDAR and on its website at https://investors.trulieve.com/quarterly-results . This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

    Trulieve Cannabis Corp.

    Condensed Consolidated Balance Sheets (Unaudited)

    (in millions, except for share data)






    March 31,
    2024


    December 31,
    2023

    ASSETS




    Current Assets:




    Cash and cash equivalents

    $                320.3


    $                201.4

    Restricted cash

    6.6


    6.6

    Accounts receivable, net

    5.9


    6.7

    Inventories

    209.4


    213.1

    Prepaid expenses

    17.4


    17.6

    Other current assets

    20.3


    23.7

    Notes receivable - current portion, net

    4.4


    6.2

    Assets associated with discontinued operations

    0.9


    2.0

    Total current assets

    585.3


    477.3

    Property and equipment, net

    672.1


    676.4

    Right of use assets - operating, net

    97.2


    95.9

    Right of use assets - finance, net

    58.0


    58.5

    Intangible assets, net

    901.7


    917.2

    Goodwill

    483.9


    483.9

    Notes receivable, net

    6.3


    7.4

    Other assets

    12.8


    10.4

    Long-term assets associated with discontinued operations

    2.0


    2.0

    TOTAL ASSETS

    $            2,819.3


    $            2,729.1

    LIABILITIES




    Current Liabilities:




    Accounts payable and accrued liabilities

    $                  82.8


    $                  83.2

    Income tax payable

    1.2


    Deferred revenue

    2.1


    1.3

    Notes payable - current portion

    3.8


    3.8

    Operating lease liabilities - current portion

    10.5


    10.1

    Finance lease liabilities - current portion

    7.8


    7.6

    Construction finance liabilities - current portion

    1.6


    1.5

    Contingencies

    4.4


    4.4

    Liabilities associated with discontinued operations

    3.1


    3.0

    Total current liabilities

    117.2


    114.8

    Long-Term Liabilities:




    Private placement notes, net

    363.6


    363.2

    Notes payable, net

    115.0


    115.9

    Operating lease liabilities

    93.6


    92.2

    Finance lease liabilities

    61.6


    61.7

    Construction finance liabilities

    136.4


    136.7

    Deferred tax liabilities

    217.0


    207.0

    Uncertain tax position liabilities

    278.0


    180.4

    Other long-term liabilities

    5.0


    7.1

    Long-term liabilities associated with discontinued operations

    40.9


    41.6

    TOTAL LIABILITIES

    $            1,428.3


    $            1,320.4

    MEZZANINE EQUITY




    Redeemable non-controlling interest

    $                    7.7


    $                      —

    SHAREHOLDERS' EQUITY




    Common stock, no par value; unlimited shares authorized. 187,253,410 and
    186,235,818 shares issued and outstanding as of March 31, 2024 and
    December 31, 2023, respectively.

    $                      —


    $                      —

    Additional paid-in-capital

    2,054.1


    2,055.1

    Accumulated deficit

    (663.7)


    (640.6)

    Non-controlling interest

    (7.0)


    (5.9)

    TOTAL SHAREHOLDERS' EQUITY

    1,383.3


    1,408.6

    TOTAL LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS' EQUITY

    $            2,819.3


    $            2,729.1

    Trulieve Cannabis Corp.

    Condensed Consolidated Statements of Operations (Unaudited)

    (in millions, except for share data)




    Three Months Ended March
    31,


    2024


    2023

    Revenue

    $            297.6


    $            285.2

    Cost of goods sold

    123.8


    135.0

    Gross profit

    173.8


    150.2

    Expenses:




    Sales and marketing

    61.1


    60.7

    General and administrative

    40.2


    39.3

    Depreciation and amortization

    27.8


    29.6

    Impairment and disposal of long-lived assets, net of (recoveries)

    (1.4)


    3.4

    Total expenses

    127.7


    133.0

    Income from operations

    46.1


    17.2

    Other income (expense):




    Interest expense, net

    (14.7)


    (21.2)

    Interest income

    3.3


    1.1

    Other (expense) income, net

    (2.7)


    4.1

    Total other expense, net

    (14.2)


    (16.0)

    Income before provision for income taxes

    31.9


    1.2

    Provision for income taxes

    55.4


    35.5

    Net loss from continuing operations

    (23.5)


    (34.3)

    Net loss from discontinued operations, net of tax benefit of zero and $(0.5), respectively

    (1.4)


    (31.3)

    Net loss

    (24.8)


    (65.6)

    Less: net loss attributable to non-controlling interest from continuing operations

    (1.4)


    (1.0)

    Less: net loss attributable to redeemable non-controlling interest from continuing
    operations

    (0.3)


    Less: net loss attributable to non-controlling interest from discontinued operations


    (0.5)

    Net loss attributable to common shareholders

    $            (23.1)


    $            (64.1)





    EPS Numerator Reconciliation




    Net loss attributable to common shareholders

    $            (23.1)


    $            (64.1)

    Net loss from discontinued operations

    1.4


    30.8

    Adjustment of redeemable non-controlling interest to maximum redemption value

    (8.8)


    Net loss from continuing operations available to common shareholders

    $            (30.6)


    $            (33.3)





    Net loss per share - Continuing operations:




    Basic and diluted

    $            (0.16)


    $            (0.18)

    Net loss per share - Discontinued operations:




    Basic and diluted

    $            (0.01)


    $            (0.16)

    Weighted average number of common shares used in computing net loss per share:




    Basic and diluted

    189.5


    188.9

    Trulieve Cannabis Corp.

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (in millions)




    Three Months Ended March
    31,


    2024


    2023

    Cash flows from operating activities




    Net loss

    $            (24.8)


    $            (65.6)

    Adjustments to reconcile net loss to net cash provided by operating activities:




    Depreciation and amortization

    27.8


    30.4

    Depreciation included in cost of goods sold

    13.5


    13.6

    Non-cash interest expense, net

    0.4


    1.4

    Impairment and disposal of long-lived assets, net of recoveries

    (1.4)


    31.0

    Amortization of operating lease right of use assets

    2.6


    2.6

    Accretion of construction finance liabilities

    0.2


    0.4

    Share-based compensation

    5.2


    2.4

    Proceeds received from insurance - inventory and business interruption

    1.5


    Change in fair value of derivative liabilities - warrants


    (0.3)

    Non-cash change in contingencies


    (3.7)

    Allowance for credit losses

    3.0


    (0.2)

    Deferred income tax expense (benefit)

    10.0


    (7.9)

    Changes in operating assets and liabilities:




    Inventories

    3.5


    0.3

    Accounts receivable

    1.5


    1.6

    Prepaid expenses and other current assets

    1.0


    (1.8)

    Other assets

    (2.4)


    1.9

    Accounts payable and accrued liabilities

    1.0


    9.2

    Income tax payable

    2.7


    (13.4)

    Other current liabilities


    (5.4)

    Operating lease liabilities

    (2.2)


    (2.5)

    Deferred revenue

    0.8


    (4.5)

    Uncertain tax position liabilities

    97.6


    9.8

    Other long-term liabilities

    (2.1)


    1.2

    Net cash provided by operating activities

    139.2


    0.4

    Cash flows from investing activities




    Purchases of property and equipment

    (15.6)


    (13.7)

    Capitalized interest

    0.1


    (0.6)

    Purchases of internal use software

    (5.0)


    (2.0)

    Proceeds received from insurance recoveries on property and equipment

    0.5


    Cash paid for licenses


    (3.5)

    Proceeds from sales of long-lived assets


    0.3

    Payments received from notes receivable

    0.3


    0.2

    Proceeds from sale of held for sale assets

    0.7


    0.6

    Net cash used in investing activities

    (19.0)


    (18.8)

    Cash flows from financing activities




    Proceeds from redemption of non-controlling interest

    3.0


    Proceeds from equity exercises

    0.2


    Payments on notes payable

    (0.9)


    (3.4)

    Payments on finance lease obligations

    (1.9)


    (2.0)

    Payments on construction finance liabilities

    (0.8)


    (0.3)

    Distributions to subsidiary non-controlling interest

    (1.1)


    (0.1)

    Net cash used in financing activities

    (1.6)


    (5.8)

    Net increase (decrease) in cash, cash equivalents, and restricted

    118.6


    (24.2)

    Cash, cash equivalents, and restricted cash, beginning of period

    208.0


    213.8

    Cash and cash equivalents of discontinued operations, beginning of period

    0.3


    5.7

    Less: cash and cash equivalents of discontinued operations, end of period


    (2.5)

    Cash, cash equivalents, and restricted cash, end of period

    $            326.9


    $            192.8

    The consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.

    Non-GAAP Financial Measures (Unaudited)
    In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin %, adjusted net loss (income), adjusted net income (loss) per diluted share and free cash flow. The Company calculates EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization and also excludes certain extraordinary items; adjusted net income (loss) as net income (loss) less certain extraordinary items; and free cash flow as cash flow from operations less capital expenditures. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

    Reconciliation of Non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin % (Unaudited)
    The following table presents a reconciliation of GAAP net loss to non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin %, for each of the periods presented:

    (Amounts expressed in millions of United States dollars)

    Three Months Ended

    March 31,
    2024

    March 31,
    2023

    December 31,
    2023

    Net loss attributable to common shareholders

    $

    (23.1)

    $

    (64.1)

    $

    (33.4)

    Add (deduct) impact of:







    Interest expense, net

    $

    14.7

    $

    21.2

    $

    20.6

    Interest income

    $

    (3.3)

    $

    (1.1)

    $

    (1.8)

    Provision for income taxes

    $

    55.4

    $

    35.5

    $

    45.4

    Depreciation and amortization

    $

    27.8

    $

    29.6

    $

    27.2

    Depreciation included in cost of goods sold

    $

    13.5

    $

    12.1

    $

    14.5

    EBITDA (Non-GAAP)

    $

    85.0

    $

    33.2

    $

    72.5

    EBITDA Margin % (Non-GAAP)


    29 %


    12 %


    25 %








    Impairment and disposal of long-lived assets, net of (recoveries)

    $

    (1.4)

    $

    3.4

    $

    1.2

    Legislative campaign contributions

    $

    9.2

    $

    10.5

    $

    0.5

    Acquisition, transaction, and other non-recurring costs

    $

    3.7

    $

    1.9

    $

    10.7

    Share-based compensation

    $

    5.2

    $

    2.4

    $

    3.2

    Other expense (income), net

    $

    2.7

    $

    (4.1)

    $

    (0.7)

    Discontinued operations, net of tax, attributable to common shareholders

    $

    1.4

    $

    30.8

    $

    (1.8)

    Gain on debt extinguishment, net

    $

    $

    $

    2.2

    Adjusted EBITDA (Non-GAAP)

    $

    105.8

    $

    78.1

    $

    87.8

    Adjusted EBITDA Margin % (Non-GAAP)


    36 %


    27 %


    31 %

    Reconciliation of Non-GAAP Adjusted Net Loss (Unaudited)
    The following table presents a reconciliation of GAAP net loss to non-GAAP adjusted net loss, for each of the periods presented:


    For the Three Months Ended

    (Amounts expressed in millions of United States dollars)

    March 31,
    2024

    March 31,
    2023

    December 31,
    2023

    Net loss attributable to common shareholders

    $

    (23.1)

    $

    (64.1)

    $

    (33.4)

    Net loss (income) from discontinued operations

    $

    1.4

    $

    30.8

    $

    (1.8)

    Adjustment of redeemable non-controlling interest to maximum redemption value

    $

    (8.8)

    $

    $

    Net loss from continuing operations available to common shareholders

    $

    (30.6)

    $

    (33.3)

    $

    (35.2)

    Add (deduct) impact of:







    Adjustment of redeemable non-controlling interest to maximum redemption value

    $

    8.8

    $

    $

    Fair value of derivative liabilities - warrants

    $

    $

    (0.3)

    $

    Acquisition, transaction, and other non-recurring costs

    $

    3.7

    $

    1.9

    $

    10.7

    Legislative campaign contributions

    $

    9.2

    $

    10.5

    $

    0.5

    Impairment and disposal of long-lived assets, net of (recoveries)

    $

    (1.4)

    $

    3.4

    $

    1.2

    Adjusted net loss (Non-GAAP)

    $

    (10.2)

    $

    (17.7)

    $

    (22.8)

    Reconciliation of Non-GAAP Adjusted Loss Per Share (Unaudited)
    The following table presents a reconciliation of GAAP loss per share to non-GAAP adjusted loss per share, for each of the periods presented:


    For the Three Months Ended

    (Amounts expressed are per share except for shares which are in millions)

    March 31,
    2024

    March 31,
    2023

    December 31,
    2023

    Net loss attributable to common shareholders

    $

    (0.12)

    $

    (0.34)

    $

    (0.18)

    Net loss (income) from discontinued operations

    $

    0.01

    $

    0.16

    $

    (0.01)

    Adjustment of redeemable non-controlling interest to maximum redemption value

    $

    (0.05)

    $

    $

    Net loss from continuing operations available to common shareholders

    $

    (0.16)

    $

    (0.18)

    $

    (0.19)

    Add (deduct) impact of:







    Adjustment of redeemable non-controlling interest to maximum redemption value

    $

    0.05

    $

    $

    Fair value of derivative liabilities - warrants

    $

    $

    0.00

    $

    Acquisition, transaction, and other non-recurring costs

    $

    0.02

    $

    0.01

    $

    0.06

    Legislative campaign contributions

    $

    0.05

    $

    0.06

    $

    0.00

    Impairment and disposal of long-lived assets, net of (recoveries)

    $

    (0.01)

    $

    0.02

    $

    0.01

    Adjusted net loss per share (Non-GAAP)

    $

    (0.05)

    $

    (0.09)

    $

    (0.12)

    Basic and diluted shares outstanding


    189.5


    188.9


    189.0

    Reconciliation of Non-GAAP Free Cash Flow (Unaudited)
    The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:


    For the Three Months Ended

    (Amounts expressed in millions of United States dollars)

    March 31,
    2024

    March 31,
    2023

    December 31,
    2023

    Cash flow from operating activities

    $

    139.2

    $

    0.4

    $

    131.5

    Payments for property and equipment

    $

    (15.6)

    $

    (13.7)

    $

    (9.4)

    Free cash flow

    $

    123.6

    $

    (13.3)

    $

    122.1

    Forward-Looking Statements
    This news release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company's growth opportunities and and the Company's positioning for the future. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our periodic reports subsequently filed with the United Sates Securities and Exchange Commission and in the Company's filings on SEDAR at www.sedar.com . Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise.

    About Trulieve
    Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .

    Facebook: @Trulieve
    Instagram: @Trulieve_
    X: @Trulieve

    Investor Contact
    Christine Hersey , Vice President of Investor Relations
    +1 (424) 202-0210
    Christine.Hersey@Trulieve.com

    Media Contact
    Phil Buck , APR, Corporate Communications Manager
    +1 (406) 370-6226
    Philip.Buck@Trulieve.com

    Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-reports-first-quarter-2024-results-demonstrating-core-business-strength-and-cash-generation-302140588.html

    SOURCE Trulieve Cannabis Corp.

    Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/09/c0061.html

    News Provided by Canada Newswire via QuoteMedia

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    Goodness Growth Holdings Announces First Quarter 2024 Results

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    Trulieve Announces May 2024 Event Participation

    Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced planned event participation in May.

    Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

    • 19 th Annual Needham Technology, Media, & Consumer Conference, May 16, 2024 : Christine Hersey , VP of Investor Relations, will participate in virtual meetings on May 16 .

    • Canaccord Genuity 8th Annual Global Cannabis Conference, May 23, 2024 : Founder and CEO Kim Rivers will participate in a fireside chat and investor meetings.

    Information about our events, links to events where available, and slide presentations can be found at: https://investors.trulieve.com/events

    About Trulieve
    Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.

    Facebook: @Trulieve
    Instagram: @Trulieve _
    X: @Trulieve

    Investor Contact
    Christine Hersey , Vice President of Investor Relations
    +1 (424) 202-0210
    Christine.Hersey@Trulieve.com

    Media Contact
    Phil Buck , APR, Corporate Communications Manager
    +1 (406) 370-6226
    Philip.Buck@Trulieve.com

    Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-announces-may-2024-event-participation-302137377.html

    SOURCE Trulieve Cannabis Corp.

    Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/07/c6835.html

    News Provided by Canada Newswire via QuoteMedia

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