Goodness Growth Holdings Announces Fourth Quarter and Full Year 2023 Results

Company demonstrates improved performance with record revenue and operating income in fiscal year 2023 –

– Q4 2023 revenue of $24.2 million excluding discontinued operations increased 34.4% year-over-year –

– Q4 2023 operating income of $5.4 million, the second consecutive quarter above $5 million –

MINNEAPOLIS, April 01, 2024 (GLOBE NEWSWIRE) -- 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 reported financial results for its fourth quarter and full year ended December 31, 2023. Key financial results are presented below in summary form with supporting commentary and discussion from management of certain key operating metrics which the Company uses to judge its performance. All currency figures referenced herein are denominated in U.S. dollars.

Summary of Key Financial Metrics
Three Months Ended Year Ended
US $ in millions December 31, December 31,
2023 2022 Variance 2023 2022 Variance
GAAP Revenue $24.2 $19.0 26.9% $88.1 $74.6 18.1%
Revenue (excluding discontinued operations) $24.2 $18.0 34.4% $86.1 $66.2 30.1%
GAAP Gross Profit $12.1 $8.5 41.6% $44.1 $30.9 42.7%
Gross Profit Margin 49.9   % 44.7   % 520 bps 50.0   % 41.4   % 860 bps
SG&A Expenses $6.3 $7.4 -15.9% $28.2 $33.8 -16.6%
SG&A Expenses (% of Sales) 25.9   % 39.0   % 1320 bps 32.0   % 45.3   % 1330 bps
Operating Income (Loss) $5.4 $0.7 666.9% $10.6 ($6.9) NM
Operating Income Margin 22.3   % 3.7   % 1860 bps 12.0   % -9.3% 2130 bps
EBITDA $5.7 $0.8 586.7% $17.0 ($10.0) NM
EBITDA Margin 23.7   % 4.4   % 1930 bps 19.3   % (13.3   %) 3270 bps
NM = Not Meaningful

Management Commentary

Interim Chief Executive Officer Josh Rosen commented, "2023 was a transformational year for our Company, and our teams did an excellent job executing our CREAM & Fire strategy to deliver significant improvements in operating and financial performance. We delivered continual improvement in revenue, gross margin, and operating profit throughout the course of 2023. We're entering 2024 in a much stronger position because of these improvements and our team is poised to capitalize on what I believe is an attractive platform for growth. As I have stated in the past, de-risking our balance sheet was another critical focus for us over the past year, and our announcement this afternoon to divest our New York assets helps position us for an exciting year in 2024."

Amber Shimpa, President and CEO of Vireo Health of Minnesota commented, "Our operational key performance indicators continued to show strong improvements both during the fourth quarter and over the past twelve months. We remain especially pleased with the progress we've made with our focus on decentralized operations during the year, allowing our local teams and support from partners like Grown Rogue to help drive decision making for improved product quality and fundamental performance. We believe our continued market outperformance in Maryland's recently-launched adult-use market demonstrates that we are ready to compete effectively in adult-use cannabis markets, and we are looking forward to the launch of adult-use sales in Minnesota in 2025. We expect to provide additional updates surrounding our initiatives to ensure a successful adult-use launch in Minnesota in the coming quarters."

Core Market KPIs 1
Three Months Ended Year Ended
US $ in millions December 31, December 31,
2023 2022 Variance 2023 2022 Variance
Total Flower Harvested (lbs) 4,108 2,669 53.9% 14,267 8,279 72.3%
% "A" Flower 2 43.0   % 40.8   % 220 bps 48.5   % 34.6   % 1390 bps
Total Retail Revenue $19.9 $15.2 30.4% $71.7 $56.1 27.8%
Same Store Sales Growth - - 30.4% - - 27.8%
Minnesota - - 5.3   % - - 20.6   %
New York - - -15.9% - - -16.5%
Maryland - - 210.1   % - - 121.2   %
Total Wholesale Revenue $4.3 $2.8 56.5% $14.4 $9.5 52.6%
1 Core Markets refer to the Company's operations in Maryland, Minnesota, and New York.
2 "A Flower" refers to produced biomass that meet the Company's highest internal standards for flower quality, size, and appearance.

Other Events

On April 1, 2024, the Company executed an eighth amendment to its lease with its landlord, Innovative Industrial Properties, on its cannabis cultivation and manufacturing facilities located in Johnstown, New York. The eighth amendment to the Johnstown lease extends a lease termination option until June 30, 2024, and adds a purchase option of the facility for the tenant.

On April 1, 2024, the Company announced that it has executed a binding term sheet with ACE Venture Enterprises, Inc. ("Ace"), whereby Ace will acquire Goodness Growth Holdings subsidiary, Vireo Health of New York, pending regulatory approval. Terms of the transaction include a purchase price between $3.0 and $5.0 million for Vireo Health of New York's licenses, inventory and assets, an investment of $20.0 million from Ace for the development of the Johnstown, NY cannabis cultivation and manufacturing campus, and Ace's assumption of the Johnstown lease agreement with Innovative Industrial Properties. The parties also committed to a collaborative advisory agreement that retains Goodness Growth's management and compliance oversight in return for an approximate 15 percent share of net profits.

Balance Sheet and Liquidity

As of December 31, 2023, total current assets were $148.9 million, including cash on hand of $16.0 million. Total current liabilities were $179.5 million, including $88.3 million in liabilities held for sale related to the Company's businesses in the State of New York. As of December 31, 2023, the Company had a total of 232,799,343 shares outstanding on the treasury method basis.

Josh Rosen concluded, "While we await the closing of our pending transaction to divest our New York operations, we currently remain out of compliance with the covenants in our credit agreement. We are in the midst of ongoing, productive conversations with our secured lender, Chicago Atlantic to extend our credit agreement and remain committed to divesting New York. We expect to secure this extension within the next 30 days."

Conference Call and Webcast Information

Goodness Growth management will host a conference call with research analysts today, April 1, 2024, at 4:30 p.m. ET (3:30 p.m. CT) to discuss its financial results for its fourth quarter and full year ended December 31, 2023. 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.

A live audio webcast of this event will also be available in the Events & Presentations section of the Company's Investor Relations website and via the following link:
https://events.q4inc.com/attendee/669854452 .

About Goodness Growth Holdings, Inc.

Goodness Growth Holdings, Inc. is a cannabis company whose mission is to provide safe access, quality products and value to its customers while supporting its local communities through active participation and restorative justice programs. The Company is evolving with the industry and is in the midst of a transformation to being significantly more customer-centric across its operations, which include cultivation, manufacturing, wholesale and retail business lines. Today, the Company is licensed to grow, process, and/or distribute cannabis in four markets and operates 14 dispensaries in three states. For more information about Goodness Growth Holdings, please visit www.goodnessgrowth.com .

Additional Information

Additional information relating to the Company's fourth quarter and full year 2023 results will be available on EDGAR and SEDAR later today. Goodness Growth refers to certain non-GAAP financial measures such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in circumstances in which the Company believes that doing so provides additional perspective and insights when analyzing the core operating performance of the business. These measures do not have any standardized meaning and may not be comparable to similar measures presented by other issuers. Please see the Supplemental Information and Reconciliation of Non-GAAP Financial Measures at the end of this news release for more detailed information regarding non-GAAP financial measures.

Contact Information

Investor Inquiries:
Sam Gibbons
Managing Director
sam.gibbons@alpha-ir.com
(612) 314-8995
Media Inquiries:
Amanda Hutcheson
Senior Manager, Communications
amandahutcheson@goodnessgrowth.com
(919) 815-1476

Forward-Looking Statement Disclosure

This press release contains "forward-looking information" within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes "financial outlooks" within the meaning of applicable United States or Canadian securities laws, this information is being provided as preliminary financial results; the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as "should," "believe," "estimate," "would," "looking forward," "may," "continue," "expect," "expected," "will," "likely," "subject to," "transformation," and "pending," variations of such words and phrases, or any statements or clauses containing verbs in any future tense. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein and in our Annual Report on Form 10-K filed with the Securities Exchange Commission. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue, EBITDA, and cash on hand may differ materially from the values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management's experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, the reader should not place undue reliance on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to: risks related to the timing and content of adult-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to epidemics and pandemics; federal, state, local, and foreign government laws, rules, and regulations, including federal and state laws and regulations in the United States relating to cannabis operations in the United States and any changes to such laws or regulations; operational, regulatory and other risks; execution of business strategy; management of growth; difficulties inherent in forecasting future events; conflicts of interest; risks inherent in an agricultural business; risks inherent in a manufacturing business; liquidity and the ability of the Company to raise additional financing to continue as a going concern; the Company's ability to meet the demand for flower in Minnesota; risk of failure in the lawsuit with Verano and the cost of that litigation; our ability to dispose of our assets held for sale at an acceptable price or at all; and risk factors set out in the Company's Form 10-K for the year ended December 31, 2023, which will be available later today on EDGAR with the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com .

The statements in this press release are made as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.

Supplemental Information

The financial information reported in this news release is based on audited financial statements for the fiscal quarter and year ended December 31, 2023, and December 31, 2022. All financial information contained in this news release is qualified in its entirety with reference to such financial statements. To the extent that the financial information contained in this news release is inconsistent with the information contained in the Company's audited financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company's audited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.

GOODNESS GROWTH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS AS OF 12/31/2023 AND 12/31/2022
(Amounts Expressed in United States Dollars, Audited and Condensed)
December 31, December 31,
2023 2022
Assets
Current assets:
Cash $ 15,964,665 $ 15,149,333
Accounts receivable, net of allowance for doubtful accounts of $254,961 and $453,860, respectively 3,086,640 4,286,072
Income tax receivable 12,278,119
Inventory 19,285,870 20,508,023
Prepayments and other current assets 1,336,234 2,544,532
Notes receivable, current 3,750,000
Warrants held 1,937,352
Assets Held for Sale 91,213,271 4,240,781
Total current assets 148,852,151 46,728,741
Property and equipment, net 23,291,183 89,606,932
Operating lease, right-of-use asset 2,018,163 6,110,787
Notes receivable, long-term 3,750,000
Intangible assets, net 8,718,577 8,776,946
Goodwill 183,836
Deposits 383,645 2,312,161
Deferred tax assets 1,687,000
Total assets $ 183,263,719 $ 159,156,403
Liabilities
Current liabilities
Accounts Payable and Accrued liabilities $ 7,674,389 $ 14,928,780
Long-Term debt, current portion 60,220,535 11,780,000
Right of use liability 890,013 1,680,294
Uncertain tax liability 22,356,000
Liabilities held for sale 88,326,323 1,319,847
Total current liabilities 179,467,260 29,708,921
Right-of-use liability 10,543,934 79,757,994
Other long-term liabilities 155,917
Convertible debt, net 9,140,257
Long-Term debt, net 46,248,604
Total liabilities $ 199,307,368 $ 155,715,519
Stockholders' equity (deficiency)
Subordinate Voting Shares ($- par value, unlimited shares authorized; 110,007,030 shares issued and outstanding at December 31, 2023 and 86,712,030 at December 31, 2022)
Multiple Voting Shares ($- par value, unlimited shares authorized; 331,193 shares issued and outstanding at December 31, 2023 and 348,642 at December 31, 2022)
Super Voting Shares ($- par value; unlimited shares authorized; 0 shares issued and outstanding at December 31, 2023 and 65,411 at December 31, 2022)
Additional Paid in Capital 187,384,403 181,321,847
Accumulated deficit (203,428,052 ) (177,880,963 )
Total stockholders' equity (deficiency) $ (16,043,649 ) $ 3,440,884
Total liabilities and stockholders' equity (deficiency) $ 183,263,719 $ 159,156,403


GOODNESS GROWTH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS AND YEAR ENDED DECEMBER 31, 2023 AND 2022
(Amounts Expressed in United States Dollars, Audited and Condensed)
Three Months Ended Year Ended
December 31, December 31,
2023 2022 2023 2022
Revenue $ 24,173,038 $ 19,043,046 $ 88,133,163 $ 74,625,867
Cost of sales
Product costs 12,392,296 9,891,449 42,739,653 39,423,918
Inventory valuation adjustments (274,527 ) 636,000 1,289,345 4,293,788
Gross profit 12,055,269 8,515,597 44,104,165 30,908,161
Operating expenses:
Selling, general and administrative 6,252,404 7,430,550 28,217,980 33,823,686
Stock-based compensation expenses 148,183 57,603 4,157,598 2,694,197
Depreciation 92,827 165,913 469,948 653,077
Amortization 180,033 159,766 678,861 676,566
Total operating expenses 6,673,447 7,813,832 33,524,387 37,847,526
Gain (loss) from operations 5,381,822 701,765 10,579,778 (6,939,365 )
Other income (expense):
Impairment of long-lived assets (411,629 ) (1,119,583 ) (411,629 ) (8,596,201 )
Gain (loss) on disposal of assets (1,679,171 ) 153,822 (4,477,738 ) 322,181
Gain (loss) on sale of property and equipment 3,347
Interest expenses, net (8,465,556 ) (7,120,667 ) (31,260,798 ) (22,593,552 )
Other income (expenses) 1,579,826 45,518 7,746,298 1,242,493
Other income (expenses), net (8,976,530 ) (8,037,563 ) (26,037,194 ) (29,625,079 )
Loss before income taxes (3,594,708 ) (7,335,798 ) (17,824,089 ) (36,564,444 )
Current income tax expenses 1,321,871 (1,955,000 ) (6,036,000 ) (6,085,000 )
Deferred income tax recoveries (2,310,000 ) (3,993,000 ) (1,687,000 ) 192,000
Net loss and comprehensive loss (4,582,837 ) (13,283,798 ) (25,547,089 ) (42,457,444 )
Net loss per share - basic and diluted $ (0.03 ) $ (0.10 ) $ (0.18 ) $ (0.33 )
Weighted average shares used in computation of net loss per share - basic & diluted 143,126,330 128,126,330 135,235,919 128,126,330


GOODNESS GROWTH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2023 AND 2022
(Amounts Expressed in United States Dollars, Audited and Condensed)
December 31,
2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (25,547,089 ) $ (42,457,444 )
Adjustments to reconcile net loss to net cash used in operating activities:
Inventory valuation adjustments 1,289,345 4,293,788
Depreciation 469,948 653,077
Depreciation capitalized into inventory 2,404,095 2,682,818
Non-cash operating lease expense 523,662 934,443
Amortization of intangible assets 678,861 676,566
Amortization of intangible assets capitalized into inventory 49,558
Stock-based payments 4,157,598 2,885,223
Warrants receivable (1,937,352 )
Interest Expense 7,070,026 4,935,616
Impairment of long-lived assets 411,629 8,596,201
Deferred income tax 1,687,000 (192,000 )
Accretion 994,654 3,979,503
Loss (gain) on sale of property and equipment (173,938 )
Loss on disposal of Red Barn Growers 2,909,757
Loss (gain) on disposal of assets 1,567,981
Gain on disposal of royalty asset (168,359 )
Change in operating assets and liabilities:
Accounts Receivable 1,449,432 227,747
Prepaid expenses 1,182,766 (984,419 )
Inventory (1,823,391 ) (3,992,663 )
Income taxes (18,330,899 ) 801,471
Uncertain tax position liabilities 22,356,000
Accounts payable and accrued liabilities (1,256,913 ) (770,895 )
Changes in operating lease liabilities (1,151,011 )
Change in assets and liabilities held for sale (121,563 )
Net cash provided by (used in) operating activities $ (965,906 ) $ (18,073,265 )
CASH FLOWS FROM INVESTING ACTIVITIES:
PP&E Additions $ (4,963,107 ) $ (5,561,663 )
Intangible license additions (1,090,919 )
Proceeds from sale of Red Barn Growers net of cash 689,186 395,458
Proceeds from sale of property, plant, and equipment 253,288
Proceeds from sale of royalty asset 236,635
Deposits 1,636,455 (686,948 )
Net cash provided by (used in) investing activities $ (3,475,097 ) $ (5,616,518 )
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs $ $ 25,763,080
Proceeds from convertible debt, net of issuance costs 9,150,262
Proceeds from option exercises 7,201
Debt principal payments (2,976,362 )
Lease principal payments (917,565 ) (2,086,444 )
Net cash provided by (used in) financing activities $ 5,256,335 $ 23,683,837
Net change in cash $ 815,332 $ (5,946 )
Cash, beginning of period $ 15,149,333 $ 15,155,279
Cash, end of period $ 15,964,665 $ 15,149,333


GOODNESS GROWTH HOLDINGS, INC.
STATE-BY-STATE REVENUE PERFORMANCE
  THREE MONTHS ENDED DECEMBER 31, 2023 AND 2022
Three Months Ended
December 31,
2023 2022 $ Change % Change
Retail:
MN $ 11,182,332 $ 10,622,384 $ 559,948 5 %
NY 2,088,143 2,482,884 (394,741 ) (16 ) %
NM 1,055,902 (1,055,902 ) (100 ) %
MD 6,588,418 2,124,796 4,463,622 210 %
Total Retail $ 19,858,893 $ 16,285,966 $ 3,572,927 22 %
Wholesale:
MD 3,076,337 1,312,537 1,763,800 134 %
NY 1,441,473 1,444,543 (3,070 ) (0 ) %
MN 25,300 25,300 100 %
Total Wholesale $ 4,543,110 $ 2,757,080 $ 1,786,030 65 %
MD Service Revenue (228,965 ) - (228,965 ) 100 %
Total Revenue $ 24,173,038 $ 19,043,046 $ 5,129,992 27 %
AZ and NM Revenue $ $ (1,055,902 ) $ 1,055,902 (100 ) %
Total Revenue excluding AZ and NM $ 24,173,038 $ 17,987,144 $ 6,185,894 34 %


GOODNESS GROWTH HOLDINGS, INC.
STATE-BY-STATE REVENUE PERFORMANCE
  YEAR ENDED DECEMBER 31, 2023 AND 2022
Year Ended
December 31,
2023 2022 $ Change % Change
Retail:
MN $ 45,171,621 $ 37,461,646 $ 7,709,975 21 %
NY 8,915,421 10,676,424 (1,761,003 ) (16 ) %
NM 1,964,285 6,040,847 (4,076,562 ) (67 ) %
MD 17,569,539 7,944,440 9,625,099 121 %
Total Retail $ 73,620,866 $ 62,123,357 $ 11,497,509 19 %
Wholesale:
AZ $ $ 2,361,233 $ (2,361,233 ) (100 ) %
MD 9,400,733 5,474,824 3,925,909 72 %
NY 5,046,537 3,994,313 1,052,224 26 %
MN 25,300 672,140 (646,840 ) (96 ) %
NM 39,727 39,727 (100 ) %
Total Wholesale $ 14,512,297 $ 12,502,510 $ 2,009,787 16 %
Total Revenue $ 88,133,163 $ 74,625,867 $ 13,507,296 18 %
AZ and NM Revenue $ (2,004,012 ) $ (8,402,080 ) $ 6,398,068 (76 ) %
Total Revenue excluding AZ and NM $ 86,129,151 $ 66,223,787 $ 19,905,364 30 %

Reconciliation of Non-GAAP Financial Measures

Goodness Growth management occasionally elects to provide certain non-GAAP financial measures such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). EBITDA is a non-GAAP measure and does not have a standardized definition under GAAP. The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.

Reconciliation of Net Loss to EBITDA
Three Months Ended Year Ended
December 31, December 31,
2023 2022 2023 2022
Net income (loss) $ (4,582,837 ) $ (13,283,798 ) (25,547,089 ) (42,457,444 )
Interest expense, net 8,465,556 7,120,667 31,260,798 22,593,552
Income taxes 988,129 5,948,000 7,723,000 5,893,000
Depreciation & Amortization 272,860 325,679 1,148,809 1,329,643
Depreciation included in cost of goods sold 582,456 723,282 2,453,653 2,682,818
EBITDA (non-GAAP) $ 5,726,164 $ 833,830 17,039,171 (9,958,431 )

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  • Gross margin of 61%, compared to 52% during the third quarter of 2023
  • Year to date cash flow from operations of $241 million and free cash flow of $162 million *
  • Florida adult-use campaign support of $48 million during the third quarter

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 September 30, 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.)

Q3   2024 Financial and Operational Highlights*

  • Revenue of $284 million increased 3% year over year, with 95% of revenue from retail sales.
  • Achieved gross margin of 61%, with GAAP gross profit of $173 million .
  • Reported net loss attributable to common shareholders of $60 million . Adjusted net loss of $12 million * excludes $48 million in campaign support and other non-recurring charges, asset impairments, disposals and discontinued operations.
  • Achieved adjusted EBITDA of $96 million *, or 34% of revenue, up 24% year over year.
  • Generated cash flow from operations of $30 million and free cash flow of $(7) million *, both of which were impacted by $48 million in campaign support.
  • Cash and short term investments at quarter end totaled $319 million .
  • Launched adult use sales at three Ohio locations: Beavercreek, Columbus , and Westerville .
  • Rolled out #YesOn3 product line to support Smart and Safe Florida adult-use campaign.
  • Entered partnership with Professional Pickleball Association and Major League Pickleball to sponsor events in Arizona , Florida , and Georgia .
  • Opened 15 new dispensaries in Florida and Pennsylvania .
  • Ended the quarter with 30% 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

  • Opened five new retail locations in Bonita Springs , Hallandale , Lake Placid , Orlando , and St. Augustine, Florida .
  • Currently operate 220 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States .

Management Commentary

"As voters in Florida cast their ballots across the state today, there is an opportunity to make history by approving cannabis legalization for personal use," said Kim Rivers , Trulieve CEO. "With 156 stores in Florida , scaled production capacity, and sufficient capital to support further investment, if approved, Trulieve is best positioned to fully prepare for the launch of recreational sales next Spring."

Financial Highlights*

Results of Operations

For the Three Months Ended

For the Nine Months Ended

(Figures in millions except per
share data)

September
30, 2024

September
30, 2023

% Better /
(Worse)

June 30,
2024

% Better /
(Worse)

September
30, 2024

September
30, 2023

% Better /
(Worse)

Revenue

$

284

$

275

3 %

$

303

(6 %)

$

885

$

842

5 %

Gross profit

$

173

$

143

21 %

$

182

(5 %)

$

529

$

435

22 %

Gross margin %


61 %


52 %



60 %



60 %


52 %


Operating expenses

$

173

$

120

(44 %)

$

132

(31 %)

$

432

$

686

37 %

Operating expenses %


61 %


43 %



43 %



49 %


81 %


Net loss**

$

(60)

$

(25)

(137 %)

$

(12)

NMF

$

(95)

$

(493)

81 %

Net loss continuing
operations

$

(60)

$

(23)

(163 %)

$

(11)

NMF

$

(94)

$

(399)

76 %

Adjusted net (loss) income

$

(12)

$

(15)

19 %

$

0

NMF

$

(22)

$

(47)

53 %

Basic and diluted shares
outstanding


190


189



190



190


189


EPS continuing operations

$

(0.32)

$

(0.12)

(168 %)

$

(0.04)

NMF

$

(0.52)

$

(2.09)

75 %

Adjusted EPS

$

(0.06)

$

(0.08)

20 %

$

0.00

NMF

$

(0.12)

$

(0.25)

54 %

Adjusted EBITDA

$

96

$

78

24 %

$

107

(10 %)

$

309

$

235

32 %

Adjusted EBITDA Margin %


34 %


28 %



35 %



35 %


28 %



NMF - No Meaningful Figure

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

**Net loss attributable to common shareholders which excludes non-controlling interest.

Conference Call

The Company will host a conference call and live audio webcast on November 5, 2024, at 8:30 A.M. Eastern time , to discuss its third 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: 3735709




International: 1-412-542-4136


Passcode: 3735709

A live audio webcast of the conference call will be available at:
Trulieve Cannabis Corp Q3 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 September 30, 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 https://www.sedarplus.ca/landingpage/ 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)



September 30,  
2024


December 31,  
2023

ASSETS




Current Assets:




Cash and cash equivalents

$                237.7


$                201.4

Short-term investments

80.2


Restricted cash

0.9


6.6

Accounts receivable, net

9.0


6.7

Inventories

220.9


213.1

Income tax receivable

5.8


Prepaid expenses

19.2


17.6

Other current assets

26.6


23.7

Notes receivable - current portion, net

1.8


6.2

Assets associated with discontinued operations

0.9


2.0

Total current assets

603.0


477.3

Property and equipment, net

701.6


676.4

Right of use assets - operating, net

116.1


95.9

Right of use assets - finance, net

65.6


58.5

Intangible assets, net

873.3


917.2

Goodwill

483.9


483.9

Notes receivable, net

5.8


7.4

Other assets

23.0


10.4

Long-term assets associated with discontinued operations

2.0


2.0

TOTAL ASSETS

$            2,874.2


$             2,729.1

LIABILITIES




Current Liabilities:




Accounts payable and accrued liabilities

$                  96.1


$                  83.2

Deferred revenue

6.7


1.3

Notes payable - current portion

3.3


3.8

Operating lease liabilities - current portion

11.6


10.1

Finance lease liabilities - current portion

9.1


7.6

Construction finance liabilities - current portion

1.8


1.5

Contingencies

4.6


4.4

Liabilities associated with discontinued operations

3.5


3.0

Total current liabilities

136.7


114.8

Long-Term Liabilities:




Private placement notes, net

364.4


363.2

Notes payable, net

112.8


115.9

Operating lease liabilities

113.4


92.2

Finance lease liabilities

68.4


61.7

Construction finance liabilities

135.9


136.7

Deferred tax liabilities

204.2


207.0

Uncertain tax position liabilities

384.1


180.4

Other long-term liabilities

6.5


7.1

Long-term liabilities associated with discontinued operations

39.4


41.6

TOTAL LIABILITIES

$            1,565.8


$             1,320.4

MEZZANINE EQUITY




Redeemable non-controlling interest

$                    7.1


$                      —

SHAREHOLDERS' EQUITY




Common stock, no par value; unlimited shares authorized. 189,154,228 and
186,235,818 shares issued and outstanding as of September 30,
2024 and December 31, 2023, respectively.

$                      —


$                      —

Additional paid-in-capital

2,048.0


2,055.1

Accumulated deficit

(736.0)


(640.6)

Non-controlling interest

(10.7)


(5.9)

TOTAL SHAREHOLDERS' EQUITY

1,301.3


1,408.6

TOTAL LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS' EQUITY

$            2,874.2


$             2,729.1

Trulieve Cannabis Corp.

Condensed Consolidated Statements of Operations (Unaudited)

(in millions, except for share data)



Three Months Ended  
September 30,


Nine Months Ended  
September 30,


2024


2023


2024


2023

Revenue

$       284.3


$       275.2


$       885.3


$       842.2

Cost of goods sold

111.0


132.3


356.6


407.4

Gross profit

173.3


142.9


528.7


434.8

Expenses:








Sales and marketing

66.7


59.4


191.0


181.2

General and administrative

81.9


34.5


161.5


108.7

Depreciation and amortization

28.3


27.0


84.2


82.6

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

(4.3)


(1.2)


(4.4)


5.5

Impairment of goodwill




307.6

Total expenses

172.7


119.6


432.3


685.6

Income (loss) from operations

0.6


23.3


96.5


(250.8)

Other income (expense):








Interest expense, net

(17.5)


(20.8)


(47.6)


(60.9)

Interest income

4.2


1.9


11.5


4.3

Gain on debt extinguishment


8.2



8.2

Other (expense) income, net

(0.2)


1.1


(4.8)


5.9

Total other expense, net

(13.5)


(9.6)


(40.9)


(42.6)

(Loss) income before provision for income taxes

(12.8)


13.7


55.6


(293.4)

Provision for income taxes

47.4


36.6


150.0


105.9

Net loss from continuing operations

(60.2)


(22.9)


(94.4)


(399.3)

Net loss from discontinued operations, net of tax benefit
(provision) of zero, zero, zero, and $(0.6), respectively

(1.6)


(2.9)


(4.6)


(99.1)

Net loss

(61.9)


(25.8)


(99.0)


(498.3)

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

(1.4)


(0.5)


(2.8)


(3.8)

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

(0.3)



(0.9)


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




(1.2)

Net loss attributable to common shareholders

$        (60.2)


$        (25.4)


$        (95.3)


$     (493.4)









Earnings Per Share (see numerator reconciliation below)








Net loss per share - Continuing operations:








Basic and diluted

$        (0.32)


$        (0.12)


$        (0.52)


$        (2.09)

Net loss per share - Discontinued operations:








Basic and diluted

$        (0.01)


$        (0.02)


$        (0.02)


$        (0.52)

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








Basic and diluted

190.2


188.9


190.0


189.0









EPS Numerator Reconciliation








Net loss attributable to common shareholders (from above)

$        (60.2)


$        (25.4)


$        (95.3)


$     (493.4)

Net loss from discontinued operations, net of tax, attributable to
common shareholders

1.6


2.9


4.6


97.9

Adjustment of redeemable non-controlling interest to maximum
redemption value

(2.1)



(9.0)


Net loss from continuing operations available to common
shareholders

$        (60.6)


$        (22.5)


$        (99.7)


$     (395.5)

Trulieve Cannabis Corp.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in millions)



Three Months Ended  
September 30,


Nine Months Ended  
September 30,


2024


2023


2024


2023

Cash flows from operating activities








Net loss

$            (61.9)


$            (25.8)


$            (99.0)


$          (498.3)

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








Depreciation and amortization

28.3


27.0


84.2


83.6

Depreciation included in cost of goods sold

13.3


14.5


40.1


45.4

Gain on debt extinguishment


(8.2)



(8.2)

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

(4.3)


(1.2)


(4.4)


5.5

Impairment of goodwill




307.6

Amortization of operating lease right of use assets

3.0


2.5


8.3


7.8

Share-based compensation

5.5


4.5


15.6


7.4

Allowance for credit losses

0.5


0.5


4.9


0.9

Deferred income taxes

(6.2)


(6.5)


(2.7)


(18.7)

Loss from disposal of discontinued operations


0.6



69.8

Other non-cash changes

(0.3)


1.7


0.9


5.0

Changes in operating assets and liabilities:








Inventories

(13.3)


26.2


(8.3)


66.5

Accounts receivable

(1.5)


(1.2)


(0.7)


(1.9)

Prepaid expenses and other current assets

4.9


4.3


(0.9)


9.3

Other assets

(1.1)


0.3


(6.1)


2.0

Accounts payable and accrued liabilities

4.9


8.9


4.6


4.5

Income tax receivable / payable

0.5


(0.1)


(4.3)


(49.9)

Other liabilities


0.9


0.2


(14.4)

Operating lease liabilities

(1.6)


(2.1)


(6.0)


(6.9)

Deferred revenue

2.3


(2.2)


5.3


(6.0)

Uncertain tax position liabilities

51.0


50.7


203.8


61.8

Other long-term liabilities

1.8


(1.8)


(0.7)


(2.6)

Proceeds received from insurance for operating expenses

4.4



5.9


Net cash provided by operating activities

30.3


93.4


240.8


70.4

Cash flows from investing activities








Purchases of property and equipment

(36.9)


(6.3)


(79.0)


(31.0)

Capitalized interest

(1.2)


0.9


(0.9)


0.1

Purchases of internal use software

(6.8)


(3.4)


(18.3)


(7.7)

Purchases of short-term investments

(80.0)



(80.0)


Cash paid for licenses

(6.5)



(7.0)


(4.0)

Payment for initial direct costs on finance leases

(0.6)



(0.6)


Proceeds from disposal activities

0.3


3.5


1.0


11.7

Proceeds from notes receivable repayments

0.3


0.2


0.9


0.6

Proceeds received from insurance recoveries on property and equipment



0.5


Net cash used in investing activities

(131.5)


(5.0)


(183.4)


(30.3)

Cash flows from financing activities








Payments for taxes related to net share settlement of equity awards

(12.2)



(12.3)


Payments on finance lease obligations

(1.9)


(1.8)


(5.5)


(5.7)

Payments on notes payable

(1.4)


(0.7)


(3.8)


(5.5)

Payments on construction finance liabilities

(0.9)


(0.7)


(2.5)


(1.3)

Payments and costs related to consolidated VIE settlement transaction



(5.1)


Distributions to subsidiary non-controlling interest



(1.1)


(0.1)

Payments on private placement notes


(47.6)



(47.6)

Payments for debt issuance costs


(0.4)



(0.4)

Proceeds from non-controlling interest holders' subscription



3.0


Proceeds from equity exercises



0.2


Net cash used in financing activities

(16.4)


(51.3)


(27.1)


(60.6)

Net (decrease) increase in cash, and cash equivalents

(117.5)


37.2


30.3


(20.5)

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

356.1


159.9


208.0


213.8

Cash and cash equivalents of discontinued operations, beginning of
period


1.8


0.3


5.7

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


(0.1)



(0.1)

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

$            238.6


$            198.9


$            238.6


$            198.9


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 (loss) income 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, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; adjusted EBITDA margin as adjusted EBITDA as % of revenue, adjusted net (loss) income as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net (loss) income divided by basic and diluted shares outstanding; 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 and Adjusted EBITDA (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP EBITDA and Adjusted EBITDA for each of the periods presented:

(Amounts expressed in millions of United States dollars)

Three Months Ended

For the Nine Months Ended

September
30, 2024

September
30, 2023

June 30,
2024

September
30, 2024

September
30, 2023

Net loss attributable to common shareholders

$

(60.2)

$

(25.4)

$

(12.0)

$

(95.3)

$

(493.4)

Add (deduct) impact of:











Interest expense, net

$

17.5

$

20.8

$

15.4

$

47.6

$

60.9

Interest income

$

(4.2)

$

(1.9)

$

(4.0)

$

(11.5)

$

(4.3)

Provision for income taxes

$

47.4

$

36.6

$

47.2

$

150.0

$

105.9

Depreciation and amortization

$

28.3

$

27.0

$

28.1

$

84.2

$

82.6

Depreciation included in cost of goods sold

$

13.3

$

14.6

$

13.3

$

40.1

$

42.7

EBITDA (Non-GAAP)

$

42.1

$

71.8

$

88.0

$

215.0

$

(205.5)

EBITDA Margin (Non-GAAP)


15 %


26 %


29 %


24 %


(24 %)












Impairment of goodwill

$

$

$

$

$

307.6

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

$

(4.3)

$

(1.2)

$

1.2

$

(4.4)

$

5.5

Legislative campaign contributions

$

48.4

$

0.5

$

5.0

$

62.7

$

19.6

Acquisition, transaction, and other non-recurring costs

$

2.6

$

8.5

$

4.3

$

10.6

$

16.1

Share-based compensation

$

5.5

$

4.5

$

5.0

$

15.6

$

7.4

Gain on debt extinguishment

$

$

(8.2)

$

$

$

(8.2)

Other (expense) income, net

$

0.2

$

(1.1)

$

1.8

$

4.8

$

(5.9)

Discontinued operations, net of tax, attributable to
common shareholders

$

1.6

$

2.9

$

1.6

$

4.6

$

97.9

Adjusted EBITDA (Non-GAAP)

$

96.1

$

77.7

$

107.0

$

308.8

$

234.5

Adjusted EBITDA Margin (Non-GAAP)


34 %


28 %


35 %


35 %


28 %

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


For the Three Months Ended

For the Nine Months Ended

(Amounts expressed in millions of United States dollars)

September
30, 2024

September
30, 2023

June 30,
2024

September
30, 2024

September
30, 2023

Net loss attributable to common shareholders

$

(60.2)

$

(25.4)

$

(12.0)

$

(95.3)

$

(493.4)

Net loss from discontinued operations, net of tax,
attributable to common shareholders

$

1.6

$

2.9

$

1.6

$

4.6

$

97.9

Adjustment of redeemable non-controlling interest to
maximum redemption value

$

(2.1)

$

$

1.9

$

(9.0)

$

Net loss from continuing operations available to common
shareholders

$

(60.6)

$

(22.5)

$

(8.5)

$

(99.7)

$

(395.5)

Add (deduct) impact of:


Adjustment of redeemable non-controlling interest to
maximum redemption value

$

2.1

$

$

(1.9)

$

9.0

$

Impairment of goodwill

$

$

$

$

$

307.6

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

$

(4.3)

$

(1.2)

$

1.2

$

(4.4)

$

5.5

Legislative campaign contributions

$

48.4

$

0.5

$

5.0

$

62.7

$

19.6

Acquisition, transaction, and other non-recurring costs

$

2.6

$

8.5

$

4.3

$

10.6

$

16.1

Fair value of derivative liabilities - warrants

$

$

$

$

$

(0.3)

Adjusted net (loss) income (Non-GAAP)

$

(11.9)

$

(14.7)

$

0.2

$

(21.9)

$

(47.0)

Reconciliation of Non-GAAP Adjusted Net (Loss) Income Per Diluted Share (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders per share to non-GAAP adjusted net (loss) income per diluted share, for each of the periods presented:


For the Three Months Ended

For the Nine Months Ended

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

September
30, 2024

September
30, 2023

June 30,
2024

September
30, 2024

September
30, 2023

Net loss attributable to common shareholders

$

(0.32)

$

(0.13)

$

(0.06)

$

(0.50)

$

(2.61)

Net loss from discontinued operations, net of tax,
attributable to common shareholders

$

0.01

$

0.02

$

0.01

$

0.02

$

0.52

Adjustment of redeemable non-controlling interest to
maximum redemption value

$

(0.01)

$

$

0.01

$

(0.05)

$

Net loss from continuing operations available to common
shareholders

$

(0.32)

$

(0.12)

$

(0.04)

$

(0.52)

$

(2.09)

Add (deduct) impact of:


Adjustment of redeemable non-controlling interest to
maximum redemption value

$

0.01

$

$

(0.01)

$

0.05

$

Impairment of goodwill

$

$

$

$

$

1.63

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

$

(0.02)

$

(0.01)

$

0.01

$

(0.02)

$

0.03

Legislative campaign contributions

$

0.25

$

0.00

$

0.03

$

0.33

$

0.10

Acquisition, transaction, and other non-recurring costs

$

0.01

$

0.05

$

0.02

$

0.06

$

0.09

Fair value of derivative liabilities - warrants

$

$

$

$

$

0.00

Adjusted net (loss) income (Non-GAAP)

$

(0.06)

$

(0.08)

$

0.00

$

(0.12)

$

(0.25)

Basic and diluted shares outstanding


190.2


188.9


190.3


190.0


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

For the Nine Months Ended

(Amounts expressed in millions of United States dollars)

September
30, 2024

September
30, 2023

June 30,
2024

September
30, 2024

September
30, 2023

Cash flow from operating activities

$

30.3

$

93.4

$

71.3

$

240.8

$

70.4

Payments for property and equipment

$

(36.9)

$

(6.3)

$

(26.5)

$

(79.0)

$

(31.0)

Free cash flow (Non-GAAP)

$

(6.6)

$

87.2

$

44.8

$

161.8

$

39.4

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, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the potential approval of cannabis legalization for personal use in Florida , the Company's growth opportunities 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 https://www.sedarplus.ca/landingpage/ . 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-third-quarter-2024-results-ahead-of-florida-adult-use-vote-302296068.html

SOURCE Trulieve Cannabis Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/05/c9112.html

News Provided by Canada Newswire via QuoteMedia

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Cannabis leaves, US flag.

Cannabis Round-Up: Harris  to Push for Federal Legalization, DEA Choosing Witnesses for Rescheduling Trial

October brought new developments in the cannabis and hemp industries, with Georgia's Hemp Farming Act coming into effect on October 1.

In California, Governor Newsom signed a bill legalizing Amsterdam-esque cannabis cafes, which will allow dispensaries to serve food and drinks and host live entertainment.

Meanwhile, Kentucky held its first lottery for medical cannabis business licenses as the DEA prepared to hold a hearing on rescheduling cannabis, and Vice President Harris included cannabis legalization in her policy agenda.

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Cronos Group Inc. to Hold 2024 Third Quarter Earnings Conference Call on November 12, 2024

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") will hold its 2024 third quarter earnings conference call on Tuesday, November 12, 2024 at 8:30 a.m. ET. Cronos' senior management team will discuss the Company's financial results and will be available for questions from the investment community after prepared remarks.

To attend the conference call or webcast, participants should register online at https://ir.thecronosgroup.com/events-presentations . To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. The webcast of the call will be archived for replay on the Company's website.

News Provided by GlobeNewswire via QuoteMedia

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