Aurora Cannabis Announces Results of 2022 Annual General and Special Meeting

NASDAQ | TSX: ACB

 Aurora Cannabis Inc. (the " Company " or " Aurora ") (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, is pleased to announce the voting results from its Annual General and Special Meeting of Shareholders (the " Meeting ") held today, Monday, November 14, 2022 by virtual webcast. The total number of shares represented by shareholders present in person and by proxy at the Meeting was 92,937,078, representing 30.93% of Aurora's issued and outstanding common shares as of the record date.

Aurora Cannabis Logo (CNW Group/Aurora Cannabis Inc.)

All of the matters put forward before shareholders for consideration and approval, as set out in the Company's Management Information Circular dated September 30, 2022 , were approved by the requisite majority of votes cast at the Meeting. The details of the voting results for the election of directors are set out below:

Nominee

Votes For

Votes Withheld / Abstain

Ron Funk

24,462,448 (79.57 %)

6,281,370 (20.43 %)

Miguel Martin

28,454,962 (92.56 %)

2,288,854 (7.44 %)

Michael Singer

28,319,289 (92.11 %)

2,424,527 (7.89 %)

Norma Beauchamp

25,670,069 (83.50 %)

5,073,748 (16.50 %)

Shan Atkins

21,660,552 (70.45 %)

9,083,265 (29.55 %)

Theresa Firestone

25,747,470 (83.75 %)

4,996,347 (16.25 %)

Adam Szweras

25,955,096 (84.42 %)

4,788,720 (15.58 %)

Lance Friedmann

24,445,338 (79.51 %)

6,298,478 (20.49 %)

Chitwant Kohli

28,535,604 (92.82 %)

2,208,213 (7.18 %)


Shareholders also approved the following matters:

  • the appointment of KPMG LLP as auditors of the Company for the ensuing year;
  • amendments to the Company's stock option plan, restricted share unit plan, performance share unit plan and deferred share unit plan; and
  • a non-binding advisory resolution on the Company's approach to executive compensation.

The Company has filed a report of voting results on all resolutions voted on at the Meeting under its profile on www.sedar.com .

About Aurora

Aurora is a global leader in the cannabis industry, serving both the medical and consumer markets. Headquartered in Edmonton, Alberta , Aurora is a pioneer in global cannabis, dedicated to helping people improve their lives. The Company's adult-use brand portfolio includes Aurora Drift , San Rafael '71 , Daily Special , Whistler , Being and Greybeard , as well as CBD brands, Reliva and KG7 . Medical cannabis brands include MedReleaf, CanniMed, Aurora and Whistler Medical Marijuana Co. Aurora also has a controlling interest in Bevo Farms , North America's leading supplier of propagated agricultural plants. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora's brands continue to break through as industry leaders in the medical, performance, wellness and adult recreational markets wherever they are launched. Learn more at www.auroramj.com and follow us on Twitter and LinkedIn .

Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".

Forward-looking Information

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur.

These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable.  Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer  sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises, including the current outbreak of COVID-19, and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information form dated September 20, 2022 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com and filed with and available on the SEC's website at www.sec.gov .  The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/aurora-cannabis-announces-results-of-2022-annual-general-and-special-meeting-301677643.html

SOURCE Aurora Cannabis Inc.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/November2022/14/c3951.html

News Provided by Canada Newswire via QuoteMedia

ACB:CA,ACB
The Conversation (0)
TSXV:FLWR

The Flowr Corporation Among Top Sellers in Ontario

The Flowr Corporation (TSXV:FLWR) was recently featured in an article analyzing sales data for Ontario cannabis companies on the Ontario cannabis store (OCS) during the first two weeks of legalization.

The OCS is an online sales platform and is the only legal place to acquire recreational cannabis in the province of Ontario. The top sellers in the province were Aurora Cannabis (TSX:ACB; NYSE:ACB), responsible for 24 percent of sales, and RedeCan Pharm, with 26 percent of sales. The next four companies ranged between five and ten percent of sales, and included Emblem Corp. (TSXV:EMC,OTCQX:EMMBF), Canopy Growth (TSX:WEED,NYSE:CGC), VIVO Cannabis and Flowr, which was responsible for six percent of sales in the province.

Keep reading...Show less
TSXV:FLWR

The Flowr Corporation Goes Public on the TSXV

The Flowr Corporation (TSXV:FLWR) has announced that it will commence trading today, September 26, on the TSX Venture Exchange under the ticker symbol FLWR.

The company was recently featured in a Forbes article, where the publication addressed the company’s work leading up to the listing. In anticipation of today’s news, the company raised $27 million and took part in a reverse takeover. According to Flowr CEO Vinay Tolia, they will use the momentum from the listing to “focus on executing [their] business plan.”

Keep reading...Show less
TSXV:LABS

OCS Announces New Supply Agreements with Additional Licensed Producers and Accessory Suppliers

The Ontario Cannabis Store (OCS) is dedicated to providing safe and responsible access to recreational cannabis through its online store once it’s legal on October 17.  In preparation for October, the OCS has been establishing its wholesale distribution network so they can provide a broad selection of cannabis products in their legal and privately run stores once Ontario puts its regulations in place.

This week the OCS announced that they have signed six more agreements with licensed producers, bringing their total to 32 licensed producers and 10 accessory suppliers. Of the licensed producers signed, MediPharm Labs Inc. was one of them. MediPharm Labs is a leading B2B Canadian cannabis extractor that produces pharma-grade cannabis oil and concentrates for cannabinoid derived products. Their state-of-the-art facility can currently process 100,000 kilograms of dry cannabis per year and the company plans on increasing its capacity to over 250,000 kilograms per year by Q4 2018. MediPharm Labs has secured a steady supply of cannabis to process from several licensed producers including the James E. Wagner Cultivation Corporation (TSXV:JWCA) and 6779264 Manitoba Ltd. (O/A Bonify).

Keep reading...Show less

Breathalyzer Innovations Meet Rising Demand as Cannabis Market Booms

-

FinancialBuzz.com News Commentary

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Trulieve to Open Medical Cannabis Dispensary in Stuart, Florida

New Martin County location will host grand opening celebration Friday, May 17 th

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 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Cronos Group Reports 2024 First Quarter Results

Industry-leading balance sheet with $855 million in cash and cash equivalents

Net revenue in Q1 2024 increased by 30% year-over-year to $25.3 million

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

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

Keep reading...Show less

Goodness Growth Holdings Announces First Quarter 2024 Results

Q1 2024 revenue of $21.1 million excluding discontinued operations and NY increased 44.5% year-over-year –

– Submitted a substantial legal filing on May 2nd in the ongoing litigation with Verano –

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

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

Keep reading...Show less

Latest Press Releases

Related News

×