Melodiol Global Health Limited

Capital Raising & Corporate Update

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to advise it has received firm commitments to raise approximately $1m (before costs) through the issue of approximately 200,000,000 new fully paid ordinary shares (‘Shares’) at an issue price of $0.005 per Share (the ‘Placement’). The Company has also agreed with creditors to convert $724,206 of amounts outstanding to equity, via the issuance of 157,339,296 Shares at an issue price of $0.005 per Share, with the Shares having a dollar value of $786,696, on the same terms as the Placement (‘Debt Conversions').


Highlights:

  • Firm commitments received to issue 200,000,000 Shares at an issue price of $0.005 per Share to raise $1m (before costs)
  • Raise follows ~$7.5m in unaudited revenue achieved across the Melodiol Group in Q3 FY23 – a 265% increase on the PCP (Q3 FY22: $2.05m), and a 58% rise on last quarter (Q2 FY23: $4.74m)
  • Debt to equity conversions agreed for the issue of an additional 157,339,296 Shares at an issue price of $0.005 per Share, with the Shares having a dollar value of $786,696, on the same terms as the Placement
  • Q3 FY23 revenue growth takes total FY23 unaudited net revenue to date to $14.54m – new funding to underpin ongoing growth trajectory
  • Corporate updates on the Extension of Secured Notes, SBC Convertible Note Facility and the Panacea Transaction, resulting in total T1 and T2 SBC Facilities being 79% repaid
Funds from the Placement will be used towards select marketing and sales initiatives, corporate costs, potential debt repayments, and costs associated with the potential restructuring of lower revenue generating operating divisions to accelerate group profitability potential.

Subject to shareholder approval, Placement participants and Debt Conversion participants will receive two free attaching Options for every one new Share issued under the Placement or Debt Conversion. The Options will be exercisable at $0.01 with a five year expiry (on the same terms as the Bonus Option Offer announced on 23 October 2023) (‘ME1OE Options’). The Company will seek to quote the attaching Options, subject to meeting ASX listing requirements.

Placement Shares will be issued under the Company’s existing placement capacity, pursuant to ASX Listing Rule 7.1A. The issue price of the new Shares represents a 19.48% discount to the 15-day volume weighted average price (‘VWAP’) of $0.00621. The Debt Conversion Shares will be issued under the Company’s existing placement capacity, pursuant to ASX Listing Rule 7.1.

The Company notes that core subsidiaries, Mernova Medicinal Inc., and HealthHouse Australia have both demonstrated strong operating results during FY23 with each achieving at least one instance cash flow positive quarter during the year. With these encouraging results, the Company has taken active steps to refocus its efforts and resources into these higher performing business units, whilst exploring opportunities to undertake a strategic divestment of assets. Whilst it does so, it is likely that further capital will be required in the near term with the Company considering additional sources of capital, including but not limited to, other debt funding that has been previously announced and can be drawn down on, further capital raising activities, divestment of non-core assets, and possible accretive divestment of core assets.

Management commentary:

CEO and Managing Director, Mr William Lay said: “I would like to take this opportunity to thank investors for their support of the Placement. This new capital comes at a critical juncture as the Company continues to drive strong operating results at Mernova and HHI, while also pursuing strategies to restructure debt and divest some of the Company’s lower revenue generating divisions to meet the group's profitability goals.”

Lead Manager:

EverBlu Capital Corporate Pty Ltd (“EverBlu”) acted as lead manager to the Placement and Debt Conversion, as well as assisting with the negotiations with SBC Global and Panacea. EverBlu will earn a 6% cash fee on the gross cash amount raised and converted under the Placement, to be satisfied by the issue of Shares at an issue price of $0.005, together with one free attaching ME1OE Option for each Share issued, each subject to shareholder approval. Subject to shareholder approval, EverBlu will also receive 120,000,000 Shares, and 714,678,592 ME1OE Options (being the same number as issued to Placement and Debt Conversion participants), if feasible. If the issue of these Options is not feasible, the Company has agreed to work with EverBlu on a best efforts basis to come to an alternate arrangement. Where shareholder approval is not received, the cash equivalent of fees will be payable.

Other Corporate Updates

Extension of Secured Notes

The Company has reached an in-principle agreement with the majority of the remaining Secured Note lenders (refer to ASX announcements dated: 1 November 2022, and 19 May 2023) to extend the maturity and repayment date of the Secured Notes from 30 September 2023 to 30 November 2023. In return for agreeing to the extension, the lenders have been issued 100 million Shares at a deemed issue price of

$0.005 per Share, under the Company's ASX Listing Rule 7.1 placement capacity. Subject to shareholder approval, the lenders will also receive 100 million free attaching options on the same terms as the Bonus Options. The Company has also agreed in good faith to work with the Secured Note lenders to reach an agreement by 30 November 2023 to create a pathway for full repayment of the Secured Notes.

The Company has agreed to issue Briant Nominees Pty Ltd and CPS Capital Group Pty Ltd an aggregate of 20,000,000 Shares, as a fee for facilitating the extension negotiations. These Shares will be issued imminently out of the Company’s ASX Listing Rule 7.1 Placement Capacity.


Click here for the full ASX Release

This article includes content from Melodiol Global Health, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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  • 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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