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

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

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

Q1 2021 Highlights

  • Achieved record quarterly revenues of $193.8 million , a sequential increase of 15% over Q4 2020
  • Generated net income of $30.1 million
  • Delivered Adjusted EBITDA of $90 .8 million
  • Achieved gross profit of $135.3 million and gross margin of 70%
  • Delivered $60.4 million in cash flows from operations

2021 Operational Highlights and Recent Events

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

_________________

1

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

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

Rivers continued, "Our continued strength in our home state of Florida , as well as the build out of our northeast hub, with progress in Pennsylvania , Massachusetts and West Virginia , has generated momentum for an exciting remainder of the year. We expect many positive catalysts in the months ahead, which align well with the current political environment and heightened focus on cannabis in this country."

Financial Highlights

Results of operations



For the Three Months Ended,



For the Three Months

Ended March,














(Figures in millions and % change based on these figures)


March 31,

2021


December 31,

2020


%

change


2021


2020


%

change















Total Revenue


$

193.8

$

168.4


15%


$

193.8


$

96.1


102%

Gross Profit


$

135.3

$

119.9


13%


$

135.3


$

73.8


83%

Gross Profit %



70%


71%


-


70%



77%


-

Operating Expenses


$

57.3

$

52.0


10%


$

57.3


$

29.1


97%

Operating Expenses %



30%


31%


-


30%


30%


-

Net income


$

30.1

$

3.0


889%


$

30.1


$

23.6


27%

Adjusted EBITDA 1


$

90.8

$

81.4


12%


$

90.8


$

48.5


87%



1

See "Non-GAAP Financial Measures" below for a reconciliation to GAAP.

The Company's Form 10-Q for the quarter ended March 31, 2021 , is available on the SEC's website or at https://investors.trulieve.com/financial- information/quarterly-results. The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR and on its website at https://investors.trulieve.com/financial-information/quarterly-results

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

Conference Call

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

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

A live audio webcast of the conference call will be available at: https://investors.trulieve.com/events-presentations

Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days by clicking the link above.

About Trulieve

Trulieve is primarily a vertically integrated "seed-to-sale" company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida . Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida , as well as directly to patients via home delivery. Trulieve also has licenses in California , Massachusetts , Connecticut , Pennsylvania and West Virginia . Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.

To learn more about Trulieve, visit www.Trulieve.com .

Non-GAAP Financial Measures

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

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

Reconciliation of Non-GAAP Adjusted EBITDA


For the Three Months Ended,



For the Three Months

Ended March,








(Figures in millions and % change based on these figures)


March 31, 2021


December 31, 2020


% change


2021


2020


% change














Net Income (GAAP)


$

30.1


$

3.0


889%


$

30.1 1


$

23.6


(27)%

Add (Deduct) Impact of:














Depreciation and Amortization


$

5.4


$

$4.0


36%


$

5.4


$

2.2


148%

Depreciation included in Cost of Goods Sold


$

3.7


$

4.1


0%


$

3.7


$

2.5


0%

Interest Expense, Net


$

7.9


$

3.7


115%


$

7.9


$

5.9


34%

Share-Based Compensation


$

0.7


$

0.6


33%


$

0.7


$

1.2


(39)%

Other Expense (Income), Net


$

0.0


$

29.9


(100)%


$

0.0


$

(4.9)


(101)%

Provision for Income Taxes


$

34.5


$

27.3


26%


$

34.5


$

17.9


93%

Acquisition and Transaction Costs


$

2.0


$

4.7


(57)%


$

2.0


$

-


-

COVID Related Expenses


$

3.8


$

3.2


21%


$

3.8


$

0.1


3,252%

Inventory Step up, Fair Value


$

2.5


$

1.0


165%


$

2.5


$

-


-

Total Adjustments


$

60.7


$

78.4


(23)%


$

60.7


$

24.9


143%

Adjusted EBITDA


$

90.8


$

81.4


12%


$

90.8


$

48.5


87%

1.

Excluding the revaluation of our debt warrants in the fourth quarter, an impact of $29.9 million, adjusted net income would have been
$32.9 million.

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 pending acquisition of Harvest, the Company's expected financial performance for fiscal 2021, the operations and prospects of the Company, the current and projected market and growth opportunities for the Company, and the timing and completion of the Harvest acquisition, including all the required conditions thereto. 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, prospects, 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 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the United Sates Securities and Exchange Commission (the "SEC") on EDGAR and with certain Canadian regulators on SEDAR at www.sedar.com and in other periodic reports and filings made by the Company with the SEC on EDGAR and with such Canadian securities regulators on SEDAR. 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.

SOURCE Trulieve Cannabis Corp.

Cision View original content: https://www.newswire.ca/en/releases/archive/May2021/13/c9344.html

News Provided by Canada Newswire via QuoteMedia

The Conversation (0)

Trulieve to Open Medical Cannabis Dispensary in Cocoa Beach, Florida

New Brevard County location will host grand opening celebration Friday, April 5 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 Cocoa Beach, Florida .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Goodness Growth Holdings Reschedules Fourth Quarter and Full Year 2023 Results Call to April 1, 2024

Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), a cannabis company committed to providing safe access, quality products and great value to its customers, today announced that, due to scheduling conflicts, it has rescheduled its fourth quarter and full year results conference call for the year ended December 31, 2023 to Monday, April 1, 2024 after the market closes.

Goodness Growth management will host a conference call with the investment community that day, Monday, April 1, 2024 at 4:30 p.m. ET (3:30 p.m. CT) to discuss its results. Interested parties may attend the conference call by dialing 1-800-715-9871 (Toll-Free) (US and Canada) or 1-646-307-1963 (Toll) (International) and referencing conference ID number 3718174.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Cronos Launches Lord Jones® Chocolate Fusions

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company"), an innovative global cannabinoid company, announced today the launch of Lord Jones® Chocolate Fusions, its exciting first entry into the chocolate edibles category. Cronos' newest edible innovation was developed and designed by an expert team of culinary chefs, food scientists, and leaders in cannabis product development. The bite-sized Chocolate Fusions™ feature a dynamic, multi-texture experience, combining a soft and chewy center, crunch inclusions, and an outer layer of rich creamy chocolate that delivers a decadent sweet treat for adult cannabis consumers.

"We are thrilled to bolster the recent successful launch of the Lord Jones® brand in Canada with our first chocolate edibles," said Jeff Jacobson, Chief Growth Officer, Cronos. "These hand-crafted and artfully created chocolates demonstrate our passion for delivering a differentiated experience through an innovative cannabis product that our consumers will love. This breakthrough innovation is the result of our continuous commitment to and investment in R&D and product development, and we're excited to add Chocolate Fusions™ to our growing family of premium and THC-focused Lord Jones® products in Canada, which are designed to take adult consumers above and beyond."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
canadian finance minister chrystia freeland

Cannabis Round-Up: Canadian Finance Minister Knew About Industry's "Financial Distress"

US Vice President Kamala Harris met with recipients of President Joe Biden's Pardon for the Offense of Simple Possession of Marijuana as part of the Democrats' cross-country campaign trail. She urged the Drug Enforcement Administration (DEA) to release its findings on rescheduling cannabis "as quickly as possible."

Meanwhile, as Massachusetts pushes for broader cannabis clemency, Hawaii has passed an amended expungement bill that will institute a pilot program instead of automatic expungements for low-level cannabis convictions.

Stay up to date on the latest news, trends and policy developments in the cannabis industry with our round-up below.

Keep reading...Show less

Goodness Growth Holdings to Release Fourth Quarter and Full Year 2023 Results on March 28, 2024

Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), a cannabis company committed to providing safe access, quality products and great value to its customers, today announced that it will release its financial results for its fourth quarter and full year ended December 31, 2023 on Thursday, March 28, 2024 after the market closes.

Goodness Growth management will host a conference call with the investment community that same day, Thursday, March 28, 2024 at 4:30 p.m. ET (3:30 p.m. CT) to discuss its results. Interested parties may attend the conference call by dialing 1-800-715-9871 (Toll-Free) (US and Canada) or 1-646-307-1963 (Toll) (International) and referencing conference ID number 3718174.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Cronos Group Inc. to Speak at the 36th Annual Roth Conference

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company"), an innovative global cannabinoid company, today announced that Mike Gorenstein, Chairman, President and CEO, will speak at the 36 th Annual Roth Conference on Monday, March 18, 2024, at 8:30AM PT.

A live webcast will be available on the Investors section of the Company's website at https://ir.thecronosgroup.com/events-presentations .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×