Mycotopia Therapies Inc. Update on Ei.Ventures and Strategic Investments

Mycotopia Therapies Inc. Update on Ei.Ventures and Strategic Investments

Mycotopia Therapies Inc. (OTC Pink: TPIA), a biopharma company focused on research, technology, and the development of medical psychedelics, and Ei.Ventures Inc., a technology company empowering mental wellness through psychoactive compounds, nutraceuticals and web 3.0, are pleased to announce several strategic investments to advance the combined company's business plan. Ei.Ventures completed its Regulation A+ financing round on March 22, 2022 after announcing plans to go public in a $360 million transaction with Mycotopia Therapies on December 07, 2021.

The combined company will be renamed PSLY.COM and focus its efforts on developing fungi and plant based Botanical Psychedelic API and Therapeutics instead of single molecule synthetic drugs with the belief that research will continue to confirm the importance of a synergistic approach. This will set PSLY.COM apart from virtually every other company in the space developing synthetic versions of Psilocybin. Ei.Ventures holds the IP for the extraction process of three botanical potential API compounds, Psilocybin, DMT and MDMA. PSLY.COM plans to further develop this API and file a Drug Master File with the FDA, which will provide the opportunity to potentially sell the API to other organizations while protecting its IP.

David Nikzad, founder and CEO of Ei.Ventures explains: "It has always been – and remains to be – our mission to impact one billion people through natural therapies and remedies. I believe our recent strategic corporate actions and investments speak volumes that we are on target – and the momentum is accelerating."

UPDATE ON RECENT ACHIEVEMENTS:

On the recent $1.111 million investment in Toronto-based Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) , Nikzad continues: "We are excited to make this strategic investment in Avicanna, and believe in the Avicanna team and their mission to develop advanced and proprietary plant-based formulations. We intend to scale our investment and bring our blockchain, Web 3.0 and Metaverse assets to increase our share of the psychedelic market while supporting the continued success of Avicanna and its products."

Avicanna is a commercial stage, international biopharmaceutical company with existing and planned licenses in cannabis, CBD, and psychedelics. With a pharmaceutical pipeline that includes more than 50 formulations in development, Avicanna will be a strategic partner in Ei.Ventures' development of its proprietary, plant-based formulations.

  • Strategic Investment: Odyssey Elixir

Ei.Ventures has also made a recent investment in privately held Odyssey Elixir . The $1.111 million commitment will help Fort Lauderdale-based Odyssey scale its line of ground-breaking functional mushroom beverages, which have been well received in multiple markets across the U.S. With Ei.Ventures support, capital and community, Odyssey will be a continued strategic partner in Ei.Ventures' development of functional mushroom products.

Further, the Ei.Ventures' team is strategizing with both Avicanna and Odyssey to launch a retail store in the metaverse that contains all of the products from both companies, respectively.

  • Update on LOI with Mycotopia:

As previously reported, Ei.Ventures continues to move forward with its plans to go public in a $360 million transaction with Mycotopia Therapies. The Miami-based company provides psychedelic therapies through technology-focused, data-driven, and medical-based solutions for people dealing with anxiety, depression, bipolar disorders, PTSD, ADHD, autism, and addictions.

Founder Jason Hobson explains: "With these recent corporate actions, we continue on our way to provide the healing benefits, therapies, and treatments both online and offline at a time when they are needed more than ever. We will continue to develop our presence in Web3 and Blockchain in order to achieve transparency and in keeping with our vision for 100% plant based and non-synthetic products. As Ei.Ventures becomes a public company, we will be able to provide liquidity for our shareholders, as well as gain access to the capital markets in order to fund future growth."

According to a recent article by CNBC, the metaverse will be predominately populated by Gen Z and subsequent generations, who will have exclusively grown up in the digital world. A recent study by Razorfish and Vice Media Group indicated that Gen Z gamers spend twice as much time hanging out with friends in the metaverse than they do in real life. More than half said they would like to experience making money in the metaverse; 33% would like to experience building a career there; and 20% of their entertainment/leisure budgets will be earmarked for in-game purchases over the next five years.

"These strategic acquisitions made by Ei.Ventures set the stage for future growth in the psychedelic sector. As Mycotopia Therapies and Ei.Ventures combine to form PSLY.com, we intend to be the industry leader in developing synthetic versions of Psilocybin. As the digital and physical worlds come together in web 3.0, we are acquiring key assets and developing partnerships that will play a critical role in the development of metaverse platforms. These transactions will deliver compelling value for all of our shareholders, position our company to achieve our growth objectives and advance our position in the psychedelic sector as we take the combined company to the next level."

About Mycotopia Therapies

Mycotopia Therapies focuses on helping you heal and reclaim your life. Your journey of healing is an understanding of the causes and works to mental wellness through psychedelic enhanced psychotherapy, integrated with a professional team of mental wellness practitioners and cutting-edge technology. Psychedelic therapy is a holistic and spiritual approach providing healing and has shown successful treatment for many years. Additional information on Mycotopia Therapies can be found on the Company's website at: https://www.mycotopiatherapies.com .

About Ei.Ventures

Ei.Ventures Inc. in an early-stage tech company empowering mental wellness through psychoactive compounds, nutraceuticals and technology. Ei.Ventures is leveraging blockchain, emerging technologies and the Metaverse to deliver governmental approved therapeutic treatment options that address the current global mental healthcare pandemic. It is the goal of the company to utilize the development of these technologies, to create a safe, efficient, and secure way to provide telehealth services in general and specifically to the psychoactive therapeutics. Additional information on Ei.Ventures can be found on the Company's website at: https://www.ei.ventures .

About Avicanna Inc.

Avicanna is a commercial-stage international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based cannabinoid-based products for the global consumer, medical and pharmaceutical market segments. In leading global cannabinoid advancements, the Company actively collaborates with leading Canadian academic and medical institutions in research and commercialization. Avicanna has established an industry-leading scientific platform including advanced R&D and clinical development that has led to the commercialization of more than thirty products across its main market segments.

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are an advanced line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol ("CBD") and tetrahydrocannabinol ("THC"). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The advanced formulary is marketed with consumer, patient and medical-community education and training.

Pharmaceutical Pipeline: Leveraging Avicanna's scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates provide solutions for unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna's first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

About Odyssey Elixirs

Based in Fort Lauderdale, Florida, Odyssey Elixirs is an emerging, fast-growing RTD functional beverage company. Their innovative and exotic flavor-forward, functional mushroom elixirs are rich in active compounds found in the fruiting body of a mushrooms such as Shitake, Lion's Mane, Reishi, Turkey Tail, Maitake, Chaga, and Cordyceps. These mushrooms have been revered throughout history as having medicinal qualities.

Forward-Looking Statement Disclaimer

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company's research, manufacturing and other development efforts; (ii) the Company's ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company's products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company's industry and introduction of competing products; (vi) the Company's ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the USA FDA and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is contained under the heading "Risk Factors" in 20/20 Global, Inc.'s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (SEC) on September 24, 2015, as amended, which is available on the SEC's website, https://www.sec.gov.

For Media and Investor Relations, please contact:

David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
Email: dk@atlcp.com  
Skype: kugsusa


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  • Third quarter revenue of $284 million , up 3% year over year, in line with guidance
  • 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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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.

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