Tinley's Provides Corporate Updates; Announces Cost Cutting Initiatives, Board & Management Changes

Tinley's Provides Corporate Updates; Announces Cost Cutting Initiatives, Board & Management Changes

The Tinley Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) ("Tinley's" or the "Company") provides update on the status of the previously announced decommissioning of its Long Beach manufacturing facility and relocation of its bottling and related assets to the new Blaze Life Holdings, LLC ("BLH") 45,000 square foot cannabis manufacturing and distribution facility located in Canoga Park, California, and on related measures being immediately implemented to facilitate the relocation including, but not limited to, substantive cost cutting initiatives and changes to the board and management teams.

Corporate Updates

Relocation to Canoga Park Facility and Long Beach Production Schedule

Tinley's confirms that it will decommission its Long Beach bottling assets before the end of the second quarter of this year, and currently expects installation and commissioning of bottling lines at strategic partner BLH's Canoga Park facility to take place at the beginning of the third quarter of this year. To help client brands ensure sufficient inventory for testing and release of products to distribution through the transition, the Company is collaborating with Long Beach contract manufacturing clients to complete service requests by the end of the week of March 20, 2023 to confirm added production dates prior to the decommissioning of the Long Beach facility. A detailed press release outlining the Company's strategy and movement to the Canoga Park facility, including anticipated overhead savings of the Company, was issued on January 23, 2023.

Recent Long Beach Production

Working through the end of 2022 and into January 2023 with co-pack client Green Monké, the Company successfully completed production of newly formulated infused iced tea and lemonade varieties developed by Green Monké under contract for the well-known "Cookies" brand.

Production in Long Beach includes both repeat and new client SKU's as well as inventory-building orders from high-volume recurring clients booked across the Company's three manufacturing lines. The Company has also recently run Tinley's own brand batches, as well as the first of several production runs scheduled in Q2 2023 for our strategic partner BLH's Illa-Canna LLC's new infused drinks. Additionally, certain established and innovating brands, introduced to the Company by BLH, have booked production for their products this quarter in Long Beach on an interim basis prior to the planned move to the Canoga Park facility.

Beckett's USA - Reorder in Progress

Following receipt of new purchase orders from Total Wine & More to replenish inventory, production of Beckett's Tonics RTD and Beckett's '27 multi-serve spirits and liqueur is now underway at the Company's chosen contract manufacturers. Delivery to Total Wine & More is expected at or around the end of the current quarter.

Substantive Cost Cutting Initiatives

To ensure a successful transition from Long Beach to Canoga Park, and to ensure that adequate financial resources are available to the Company in a market where access to capital is severely limited, Tinley's has immediately implemented substantive cost cutting measures to aggressively preserve capital and accelerate expense reduction. These steps recognize recent challenges in capital markets, growing costs in the California cannabis sector and the need for superior manufacturing and distribution scale, benefits of which are expected to materialize following the move.

Canadian Business - Pause on Expansion

In Canada, market complexities including high entry costs and ongoing challenges to profitability based on market structure continue to present challenges. As a Canadian company with a wide base of Canadian retail shareholders, Tinley's board and management acknowledge the natural interest in participating profitably in Canadian markets. We also recognize our need to prioritize our responsibility to the Company to manage cash flow and profitably, and will propose to invest overhead dollars saved as a result of the move, and revenues from Tinley's California and Beckett's USA, into initiatives with higher probability potential of return. Based on a current analysis of reintroduction of reformulated infused products to the Ontario Cannabis Store and the complexities of relaunching Beckett's into Canada at this time, to reflect the need to preserve capital and reduce expenses to focus future investment on high return initiatives, the Company has decided to pause its plan to re-enter Canada indefinitely.

Staff and Management Changes

In addition to reducing staff at the Long Beach facility in anticipation of the move to BLH's Canoga Park facility, the Company also regrets to announce that effective immediately, Rick Gillis has agreed to step down from his role as President, Tinley's Brands USA, a decision primarily driven in support of the Company's initiatives for preserving capital and cost cutting, and his concurrent appointment to the Company's advisory board. "We thank Mr. Gillis for his contributions as a Tinley officer to date," said Ted Zittell, Tinley's director and CEO. "We welcome Rick's ongoing commitment to support the Company and our Tinley's and Beckett's brands in his new role on the Company's Advisory Board," he added. In order to contribute to the preservation of cash, the Company's CEO, CFO and certain remaining employees and consultants have temporarily agreed to defer their respective salaries for a limited period of time.

Advance from BLH

On or about March 16, 2023, the Company received an advance of $200,000 from the remaining funds available to the Company under the BLH lending facility, with the final $300,000 from BLH currently expected to be expended by the Company during the move to BLH's Canoga Park facility. The $200,000 will be applied by the Company for general corporate purposes to provide the Company, together with the Company's ordinary course collection of client receivables, with sufficient capital to undertake its ordinary course operations until the Company is able to move to BLH's Canoga Park facility and realize on anticipated synergies of that move.

Board Changes

The Company regrets to announce that effective immediately, Kirsten Chapman has resigned from the Company's Board of Directors for personal reasons and to pursue other commitments. We thank Kirsten for her service and wish her continued success in the future.

About The Tinley's Beverage Company and Beckett's Tonics

The Tinley's Beverage Company Inc. (CSE: TNY) (OTCQB: TNYBF) develops and has licensed the production through its Long Beach, CA state-licensed manufacturing facility of terpene and cannabis-infused non-alcoholic Tinley's™ '27 and Tinley's™ Tonics products which are distributed to licensed dispensaries and home delivery channels in California. Expansion of these products, adapted for manufacturing and sale in Canada, is currently underway. The Beckett's Classics® and Beckett's '27® lines of non-alcoholic, terpene-infused non-cannabis versions of these formulations are available in select mainstream food, beverage, and specialty retailers, as well as online, in the United States as well as having appeared in select grocery and specialty stores in Canada. The Long Beach Facility contains versatile and technologically advanced cannabis-licensed beverage bottling equipment, and provides manufacturing and first-mile distribution services under one roof for third-party brands in addition to the Company-owned brands. Please visit www.drinktinley.com, and www.drinkbecketts.com Twitter and Instagram (@drinktinleys and @drinkbecketts) for recipes, product information and home delivery options.

Forward-Looking Statements

This news release contains forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include financial projections and estimates, statements regarding plans, goals, objectives and intentions, statements regarding the Company's expectations with respect to its future business and operations, the timing of the completion of the transfer of the Company's operations from the Long Beach facility to the BLH facility, management's expectations regarding growth and phrases containing words such as "ongoing", "estimates", "expects", "anticipates", or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions "will", "may", "could", or "should" occur or be achieved, or comparable terminology referring to future events or results. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, the timing of BLH's receipt of certain licences necessary to operate at the Canoga Park facility, the timing of the Canoga Park facility becoming fully operational, potential delays or unanticipated problems related to the relocation of Tinley's bottling assets to the Canoga Park facility, risks associated with Tinley's existing bottling customers continuing production at the Canoga Park facility and Tinley's existing can customers agreeing to move their production to the Canoga Park facility, Tinley's being sufficiently capitalized to meet its financial obligations related to the move to Canoga Park and otherwise continue to operate its business in the ordinary course, potential delays in obtaining, or failures to obtain, necessary governmental approvals required to operate the Canoga Park facility, political risks, uncertainties relating to the availability, and costs, of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in input costs, the ability to resume expansion to the Canadian market at a later date and the ability to collect receivables. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law. Products, formulations, and timelines outlined herein are subject to change at any time.

For further information, please contact:
The Tinley Beverage Company Inc.
Teddy Zittell
(310) 507-9146
relations@drinktinley.comCSE:TNY; OTC:TNYBF
Twitter: @drinktinleys and @drinkbecketts
Instagram: @drinktinleys and @drinkbecketts
www.drinktinley.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/159229

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  • First quarter performance of $298 million in revenue, up 4% sequentially, and 58% gross margin
  • Strong cash flow from operations of $139 million and free cash flow of $124 million * in Q1 2024
  • Definitive progress made on Smart and Safe Florida adult use initiative and federal rescheduling of cannabis to Schedule III

Trulieve Cannabis Corp . (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended March 31, 2024 . Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

Q1 2024 Financial and Operational Highlights*

  • Revenue of $298 million increased 4% sequentially and year over year , with 96% of revenue from retail sales. Strong first quarter sales were driven by higher retail traffic and average basket size.
  • Achieved GAAP gross margin of 58%, with gross profit of $174 million .
  • Reported net loss of $23 million , an improvement of 31% sequentially and 64% year over year . Adjusted net loss of $10 million * excludes non-recurring charges, asset impairments, disposals and discontinued operations.
  • Achieved EBITDA of $85 million *, or 29% of revenue and adjusted EBITDA of $106 million *, or 36% of revenue , up 21% sequentially and 35% year over year.
  • Generated cash flow from operations of $139 million and free cash flow of $124 million *.
  • Cash at quarter end was $327 million , inclusive of $50 million in tax refunds, from amended returns, related to our tax challenge of 280E received during the first quarter.
  • Opened three new dispensaries in Cocoa Beach , Palm Bay , and Pinellas Park, Florida .
  • Ended the quarter with 31% of retail locations outside of the state of Florida .

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

Recent Developments

  • Smart & Safe Florida initiative for adult use will be included on the ballot for the November 2024 election. If passed by voters, sales are anticipated to begin in May 2025 .
  • Department of Justice confirmed progress on federal rescheduling of cannabis to Schedule III, which would allow research and remove 280E tax burden.
  • Opened one retail location in North Palm Beach, FL.
  • Currently operate 196 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States .

Management Commentary
"With strong performance in our core business and several meaningful catalysts on the horizon, the outlook has never been brighter," said Kim Rivers , Trulieve CEO. "The team has done a phenomenal job carrying forward the momentum from last year, driving further improvements in production and retail. Given our financial performance and significant scale in key markets, Trulieve is best positioned for the coming wave of growth catalysts."

Financial Highlights*

Results of Operations

For the Three Months Ended

(Figures in millions except per share data and %
change based on these figures)

March 31,
2024

March 31,
2023

change

December 31,
2023

change

Revenue

$

298

$

285

4 %

$

287

4 %

Gross Profit

$

174

$

150

16 %

$

154

13 %

Gross Margin %


58 %


53 %



54 %


Operating Expenses

$

128

$

133

(4 %)

$

125

2 %

Operating Expenses %


43 %


47 %



43 %


Net loss**

$

(23)

$

(64)

64 %

$

(33)

31 %

Net loss continuing operations

$

(23)

$

(34)

32 %

$

(37)

36 %

Adjusted net loss

$

(10)

$

(18)

43 %

$

(23)

55 %

Basic and diluted shares outstanding


189


189



189


EPS continuing operations

$

(0.16)

$

(0.18)

9 %

$

(0.19)

17 %

Adjusted EPS

$

(0.05)

$

(0.09)

44 %

$

(0.12)

58 %

Adjusted EBITDA

$

106

$

78

35 %

$

88

21 %

Adjusted EBITDA Margin %


36 %


27 %



31 %



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

**Net loss includes discontinued operations and non-controlling interest.

Conference Call
The Company will host a conference call and live audio webcast on May 9, 2024, at 8:30 A.M. Eastern time , to discuss its first quarter 2024 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.

North American toll free: 1-844-824-3830


Passcode: 3368806




International: 1-412-542-4136


Passcode: 3368806

A live audio webcast of the conference call will be available at:
Trulieve Cannabis Corp Q1 2024 Earnings

A powerpoint presentation and archived replay of the webcast will be available at:
https: //investors.trulieve.com/events

The Company's Form 10-Q for the quarter ended March 31, 2024 , will be available on the SEC's website or at https://investors.trulieve.com/quarterly-results . The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on SEDAR and on its website at https://investors.trulieve.com/quarterly-results . This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

Trulieve Cannabis Corp.

Condensed Consolidated Balance Sheets (Unaudited)

(in millions, except for share data)






March 31,
2024


December 31,
2023

ASSETS




Current Assets:




Cash and cash equivalents

$                320.3


$                201.4

Restricted cash

6.6


6.6

Accounts receivable, net

5.9


6.7

Inventories

209.4


213.1

Prepaid expenses

17.4


17.6

Other current assets

20.3


23.7

Notes receivable - current portion, net

4.4


6.2

Assets associated with discontinued operations

0.9


2.0

Total current assets

585.3


477.3

Property and equipment, net

672.1


676.4

Right of use assets - operating, net

97.2


95.9

Right of use assets - finance, net

58.0


58.5

Intangible assets, net

901.7


917.2

Goodwill

483.9


483.9

Notes receivable, net

6.3


7.4

Other assets

12.8


10.4

Long-term assets associated with discontinued operations

2.0


2.0

TOTAL ASSETS

$            2,819.3


$            2,729.1

LIABILITIES




Current Liabilities:




Accounts payable and accrued liabilities

$                  82.8


$                  83.2

Income tax payable

1.2


Deferred revenue

2.1


1.3

Notes payable - current portion

3.8


3.8

Operating lease liabilities - current portion

10.5


10.1

Finance lease liabilities - current portion

7.8


7.6

Construction finance liabilities - current portion

1.6


1.5

Contingencies

4.4


4.4

Liabilities associated with discontinued operations

3.1


3.0

Total current liabilities

117.2


114.8

Long-Term Liabilities:




Private placement notes, net

363.6


363.2

Notes payable, net

115.0


115.9

Operating lease liabilities

93.6


92.2

Finance lease liabilities

61.6


61.7

Construction finance liabilities

136.4


136.7

Deferred tax liabilities

217.0


207.0

Uncertain tax position liabilities

278.0


180.4

Other long-term liabilities

5.0


7.1

Long-term liabilities associated with discontinued operations

40.9


41.6

TOTAL LIABILITIES

$            1,428.3


$            1,320.4

MEZZANINE EQUITY




Redeemable non-controlling interest

$                    7.7


$                      —

SHAREHOLDERS' EQUITY




Common stock, no par value; unlimited shares authorized. 187,253,410 and
186,235,818 shares issued and outstanding as of March 31, 2024 and
December 31, 2023, respectively.

$                      —


$                      —

Additional paid-in-capital

2,054.1


2,055.1

Accumulated deficit

(663.7)


(640.6)

Non-controlling interest

(7.0)


(5.9)

TOTAL SHAREHOLDERS' EQUITY

1,383.3


1,408.6

TOTAL LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS' EQUITY

$            2,819.3


$            2,729.1

Trulieve Cannabis Corp.

Condensed Consolidated Statements of Operations (Unaudited)

(in millions, except for share data)




Three Months Ended March
31,


2024


2023

Revenue

$            297.6


$            285.2

Cost of goods sold

123.8


135.0

Gross profit

173.8


150.2

Expenses:




Sales and marketing

61.1


60.7

General and administrative

40.2


39.3

Depreciation and amortization

27.8


29.6

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

(1.4)


3.4

Total expenses

127.7


133.0

Income from operations

46.1


17.2

Other income (expense):




Interest expense, net

(14.7)


(21.2)

Interest income

3.3


1.1

Other (expense) income, net

(2.7)


4.1

Total other expense, net

(14.2)


(16.0)

Income before provision for income taxes

31.9


1.2

Provision for income taxes

55.4


35.5

Net loss from continuing operations

(23.5)


(34.3)

Net loss from discontinued operations, net of tax benefit of zero and $(0.5), respectively

(1.4)


(31.3)

Net loss

(24.8)


(65.6)

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

(1.4)


(1.0)

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

(0.3)


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


(0.5)

Net loss attributable to common shareholders

$            (23.1)


$            (64.1)





EPS Numerator Reconciliation




Net loss attributable to common shareholders

$            (23.1)


$            (64.1)

Net loss from discontinued operations

1.4


30.8

Adjustment of redeemable non-controlling interest to maximum redemption value

(8.8)


Net loss from continuing operations available to common shareholders

$            (30.6)


$            (33.3)





Net loss per share - Continuing operations:




Basic and diluted

$            (0.16)


$            (0.18)

Net loss per share - Discontinued operations:




Basic and diluted

$            (0.01)


$            (0.16)

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




Basic and diluted

189.5


188.9

Trulieve Cannabis Corp.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in millions)




Three Months Ended March
31,


2024


2023

Cash flows from operating activities




Net loss

$            (24.8)


$            (65.6)

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




Depreciation and amortization

27.8


30.4

Depreciation included in cost of goods sold

13.5


13.6

Non-cash interest expense, net

0.4


1.4

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

(1.4)


31.0

Amortization of operating lease right of use assets

2.6


2.6

Accretion of construction finance liabilities

0.2


0.4

Share-based compensation

5.2


2.4

Proceeds received from insurance - inventory and business interruption

1.5


Change in fair value of derivative liabilities - warrants


(0.3)

Non-cash change in contingencies


(3.7)

Allowance for credit losses

3.0


(0.2)

Deferred income tax expense (benefit)

10.0


(7.9)

Changes in operating assets and liabilities:




Inventories

3.5


0.3

Accounts receivable

1.5


1.6

Prepaid expenses and other current assets

1.0


(1.8)

Other assets

(2.4)


1.9

Accounts payable and accrued liabilities

1.0


9.2

Income tax payable

2.7


(13.4)

Other current liabilities


(5.4)

Operating lease liabilities

(2.2)


(2.5)

Deferred revenue

0.8


(4.5)

Uncertain tax position liabilities

97.6


9.8

Other long-term liabilities

(2.1)


1.2

Net cash provided by operating activities

139.2


0.4

Cash flows from investing activities




Purchases of property and equipment

(15.6)


(13.7)

Capitalized interest

0.1


(0.6)

Purchases of internal use software

(5.0)


(2.0)

Proceeds received from insurance recoveries on property and equipment

0.5


Cash paid for licenses


(3.5)

Proceeds from sales of long-lived assets


0.3

Payments received from notes receivable

0.3


0.2

Proceeds from sale of held for sale assets

0.7


0.6

Net cash used in investing activities

(19.0)


(18.8)

Cash flows from financing activities




Proceeds from redemption of non-controlling interest

3.0


Proceeds from equity exercises

0.2


Payments on notes payable

(0.9)


(3.4)

Payments on finance lease obligations

(1.9)


(2.0)

Payments on construction finance liabilities

(0.8)


(0.3)

Distributions to subsidiary non-controlling interest

(1.1)


(0.1)

Net cash used in financing activities

(1.6)


(5.8)

Net increase (decrease) in cash, cash equivalents, and restricted

118.6


(24.2)

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

208.0


213.8

Cash and cash equivalents of discontinued operations, beginning of period

0.3


5.7

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


(2.5)

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

$            326.9


$            192.8

The consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.

Non-GAAP Financial Measures (Unaudited)
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin %, adjusted net loss (income), adjusted net income (loss) per diluted share and free cash flow. The Company calculates EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization and also excludes certain extraordinary items; adjusted net income (loss) as net income (loss) less certain extraordinary items; and free cash flow as cash flow from operations less capital expenditures. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

Reconciliation of Non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin % (Unaudited)
The following table presents a reconciliation of GAAP net loss to non-GAAP EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin %, for each of the periods presented:

(Amounts expressed in millions of United States dollars)

Three Months Ended

March 31,
2024

March 31,
2023

December 31,
2023

Net loss attributable to common shareholders

$

(23.1)

$

(64.1)

$

(33.4)

Add (deduct) impact of:







Interest expense, net

$

14.7

$

21.2

$

20.6

Interest income

$

(3.3)

$

(1.1)

$

(1.8)

Provision for income taxes

$

55.4

$

35.5

$

45.4

Depreciation and amortization

$

27.8

$

29.6

$

27.2

Depreciation included in cost of goods sold

$

13.5

$

12.1

$

14.5

EBITDA (Non-GAAP)

$

85.0

$

33.2

$

72.5

EBITDA Margin % (Non-GAAP)


29 %


12 %


25 %








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

$

(1.4)

$

3.4

$

1.2

Legislative campaign contributions

$

9.2

$

10.5

$

0.5

Acquisition, transaction, and other non-recurring costs

$

3.7

$

1.9

$

10.7

Share-based compensation

$

5.2

$

2.4

$

3.2

Other expense (income), net

$

2.7

$

(4.1)

$

(0.7)

Discontinued operations, net of tax, attributable to common shareholders

$

1.4

$

30.8

$

(1.8)

Gain on debt extinguishment, net

$

$

$

2.2

Adjusted EBITDA (Non-GAAP)

$

105.8

$

78.1

$

87.8

Adjusted EBITDA Margin % (Non-GAAP)


36 %


27 %


31 %

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


For the Three Months Ended

(Amounts expressed in millions of United States dollars)

March 31,
2024

March 31,
2023

December 31,
2023

Net loss attributable to common shareholders

$

(23.1)

$

(64.1)

$

(33.4)

Net loss (income) from discontinued operations

$

1.4

$

30.8

$

(1.8)

Adjustment of redeemable non-controlling interest to maximum redemption value

$

(8.8)

$

$

Net loss from continuing operations available to common shareholders

$

(30.6)

$

(33.3)

$

(35.2)

Add (deduct) impact of:







Adjustment of redeemable non-controlling interest to maximum redemption value

$

8.8

$

$

Fair value of derivative liabilities - warrants

$

$

(0.3)

$

Acquisition, transaction, and other non-recurring costs

$

3.7

$

1.9

$

10.7

Legislative campaign contributions

$

9.2

$

10.5

$

0.5

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

$

(1.4)

$

3.4

$

1.2

Adjusted net loss (Non-GAAP)

$

(10.2)

$

(17.7)

$

(22.8)

Reconciliation of Non-GAAP Adjusted Loss Per Share (Unaudited)
The following table presents a reconciliation of GAAP loss per share to non-GAAP adjusted loss per share, for each of the periods presented:


For the Three Months Ended

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

March 31,
2024

March 31,
2023

December 31,
2023

Net loss attributable to common shareholders

$

(0.12)

$

(0.34)

$

(0.18)

Net loss (income) from discontinued operations

$

0.01

$

0.16

$

(0.01)

Adjustment of redeemable non-controlling interest to maximum redemption value

$

(0.05)

$

$

Net loss from continuing operations available to common shareholders

$

(0.16)

$

(0.18)

$

(0.19)

Add (deduct) impact of:







Adjustment of redeemable non-controlling interest to maximum redemption value

$

0.05

$

$

Fair value of derivative liabilities - warrants

$

$

0.00

$

Acquisition, transaction, and other non-recurring costs

$

0.02

$

0.01

$

0.06

Legislative campaign contributions

$

0.05

$

0.06

$

0.00

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

$

(0.01)

$

0.02

$

0.01

Adjusted net loss per share (Non-GAAP)

$

(0.05)

$

(0.09)

$

(0.12)

Basic and diluted shares outstanding


189.5


188.9


189.0

Reconciliation of Non-GAAP Free Cash Flow (Unaudited)
The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:


For the Three Months Ended

(Amounts expressed in millions of United States dollars)

March 31,
2024

March 31,
2023

December 31,
2023

Cash flow from operating activities

$

139.2

$

0.4

$

131.5

Payments for property and equipment

$

(15.6)

$

(13.7)

$

(9.4)

Free cash flow

$

123.6

$

(13.3)

$

122.1

Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company's growth opportunities and and the Company's positioning for the future. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our periodic reports subsequently filed with the United Sates Securities and Exchange Commission and in the Company's filings on SEDAR at www.sedar.com . Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise.

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .

Facebook: @Trulieve
Instagram: @Trulieve_
X: @Trulieve

Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-reports-first-quarter-2024-results-demonstrating-core-business-strength-and-cash-generation-302140588.html

SOURCE Trulieve Cannabis Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/09/c0061.html

News Provided by Canada Newswire via QuoteMedia

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Goodness Growth Holdings Announces First Quarter 2024 Results

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

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

News Provided by GlobeNewswire via QuoteMedia

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Trulieve Announces May 2024 Event Participation

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced planned event participation in May.

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

  • 19 th Annual Needham Technology, Media, & Consumer Conference, May 16, 2024 : Christine Hersey , VP of Investor Relations, will participate in virtual meetings on May 16 .

  • Canaccord Genuity 8th Annual Global Cannabis Conference, May 23, 2024 : Founder and CEO Kim Rivers will participate in a fireside chat and investor meetings.

Information about our events, links to events where available, and slide presentations can be found at: https://investors.trulieve.com/events

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.

Facebook: @Trulieve
Instagram: @Trulieve _
X: @Trulieve

Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-announces-may-2024-event-participation-302137377.html

SOURCE Trulieve Cannabis Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/07/c6835.html

News Provided by Canada Newswire via QuoteMedia

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