Trulieve Delivers Record Second Quarter 2022 Results Driven by Organic Retail Sales

  • Revenue of $320.3 million , up 49% year over year and 1% sequentially
  • Retail revenue grew 3% sequentially across industry leading U.S. network of 168 dispensaries as of June 30, 2022
  • GAAP gross margin of 57% and Adjusted EBITDA* margin of 35%

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 June 30, 2022 . Results are reported in U.S. dollars unless otherwise indicated.

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

Q2 2022 Financial Highlights*

  • Revenue increased 49% year over year to $320.3 million from $215.1 million and 1% sequentially.
  • Retail revenue increased 3% to $298.6 million and wholesale, licensing and other revenue declined by 22% sequentially to $21.7 million .
  • Gross profit of $182.2 million and GAAP gross margin of 57% in the second quarter compared to gross profit of $178.2 million and GAAP gross margin of 56% in the first quarter of 2022.
  • Net loss of $22.5 million , a sequential improvement of 30%. Adjusted net loss of $1.1 million * excludes $11.8 million of transaction, acquisition, integration, and other non-recurring charges primarily associated with the Harvest acquisition, a $5.2 million earnout payment for acquired cultivation in Arizona , $4.3 million in asset impairments associated with the closing of redundant cultivation facilities in Florida and a loss of $0.7 million due to the repurposing of a development stage production site in Arizona .
  • Adjusted EBITDA grew 17% year over year to $111.0 million *, or 35% of revenue in the second quarter compared to Adjusted EBITDA of $105.5 million *, or 33% of revenue in the first quarter of 2022.
  • Cash at quarter end of $181.4 million .

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

Q2 2022 Operational Highlights

  • Opened 6 new dispensaries in Fort Myers and Zephyrhills, Florida ; Framingham, Massachusetts ; Coatesville, Pennsylvania ; and Parkersburg and South Charleston, West Virginia . Relocated one dispensary in New Port Richey, Florida .
  • Exited the second quarter with operations in 11 states, with 32% of our retail locations outside of the state of Florida .
  • Produced over 10 million finished goods units in the second quarter, up 79% year over year.
  • Received Notice of Award of Provisional Dispensary License for District Southeast-3 in Columbus, Ohio .
  • Successfully launched Modern Flower TM , Muse TM , Roll One TM , and Sweet Talk TM branded products across markets including Arizona , Florida , Maryland , Pennsylvania and West Virginia .
  • Hosted inaugural Analyst Day event featuring production facility tours including a new 750 thousand square foot automated cultivation facility and corporate presentation showcasing production, retail, branding and marketing, and data analytics capabilities.
  • Expanded roll out and applications of Customer Data Platform for targeted marketing campaigns.

Recent Events

  • Celebrated six year anniversary of first retail sale in Florida .
  • Opened 7 new dispensaries in Phoenix, Arizona ; Apopka , Coral Springs , Hollywood , and Kissimmee, Florida ; and Hurricane and Morgantown, West Virginia .
  • New Phoenix dispensary represented first branded Trulieve store in Arizona , kicking off statewide rebranding efforts to continue over the next year.
  • Currently operate 175 retail dispensaries and over 4.0 million square feet of cultivation and processing capacity in the United States .
  • Elected to discontinue wholesale operations in Nevada and are currently evaluating options to exit the market.
  • Made an initial contribution to the Smart and Safe Florida campaign, which aims to legalize adult use marijuana in Florida through a ballot initiative in November 2024 .

Management Commentary
"Our team delivered strong second quarter results with topline growth and margin improvement by staying focused on our plan," said Kim Rivers , Trulieve CEO. "During our mid-year strategic review, we identified proactive measures to address the rapidly evolving economic landscape."

Rivers continued, "We are committed to meeting customer needs, improving performance in core markets, managing cash wisely, and streamlining operations across the company. We strongly believe that taking firm and decisive action now will better position the organization to capitalize on numerous catalysts in the years ahead. Trulieve has the capital, discipline, and experience to navigate short term headwinds and emerge as a stronger company."

Financial Guidance
Factoring in strategic changes across our business, the impact of inflation on consumer spending, softness in wholesale markets, and the lack of visibility in the current macroeconomic environment, we are adjusting 2022 revenue guidance by 5% from the low end of our prior outlook to $1.25 billion to $1.3 billion . Accordingly, we anticipate Adjusted EBITDA will be in the range of $415 million to $450 million .

Financial Highlights

Results of Operations

For the Three Months Ended

For the Six Months Ended





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

June 30,
2022

June 30,
2021

change

March 31,
2022

change

June 30,
2022

June 30,
2021

change





Revenue

$

320.3

$

215.1

49 %

$

318.3

1 %

$

638.6

$

408.9

56 %



Gross Profit

$

182.2

$

144.5

26 %

$

178.2

2 %

$

360.3

$

279.7

29 %



Gross Margin %


57 %


67 %



56 %



56 %


68 %




Adjusted Gross Profit

$

183.4

$

146.7

25 %

$

185.4

-1 %

$

368.8

$

285.7

29 %



Adjusted Gross Margin %


57 %


68 %



58 %



58 %


70 %




Operating Expenses

$

144.2

$

68.2

111 %

$

149.5

-4 %

$

293.7

$

130.9

124 %



Operating Expenses %


45 %


32 %



47 %



46 %


32 %




Net Income (Loss)

$

(22.5)

$

40.9

---

$

(32.0)

---

$

(54.5)

$

71.0

---



Adjusted Net Income (Loss)

$

(1.1)

$

47.0

---

$

1.7

---

$

0.6

$

85.5

---



Diluted Shares Outstanding


187.2


133.0



187.1



187.1


127.9




EPS

$

(0.12)

$

0.31

---

$

(0.17)

---

$

(0.29)

$

0.55

---



Adjusted EPS

$

(0.01)

$

0.35

---

$

0.01

---

$

0.00

$

0.67

---



Adjusted EBITDA

$

111.0

$

94.9

17 %

$

105.5

5 %

$

216.5

$

185.7

17 %



Adjusted EBITDA Margin %


35 %


44 %



33 %



34 %


45 %




Conference Call
The Company will host a conference call and live audio webcast on August 10 , 2022, at 8:30 A.M. Eastern time , to discuss its second quarter 2022 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: 1-888-317-6003             passcode: 6100603
International: 1-412-317-6061                               passcode: 6100603

A live audio webcast of the conference call will be available at:
https://app.webinar.net/eNPDleGz6oj

A powerpoint presentation is available at
https://investors.trulieve.com/events-presentations

An archived replay of the webcast will be available at:
https://investors.trulieve.com/events-presentations

The Company's Form 10-Q for the quarter ended June 30, 2022 , will be available on the SEC's website or at https://investors.trulieve.com/financial-information/quarterly-results . The Company's Management Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on SEDAR and on its website at https://investors.trulieve.com/financial-information/quarterly-results . This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted gross profit, adjusted net income, adjusted net income per diluted share, and adjusted cash flow from operations. 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 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 Adjusted Gross Profit
The following table presents a reconciliation of GAAP gross profit to non-GAAP adjusted gross profit, for each of the periods presented:

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Gross Profit GAAP

$

182.2

$

144.5

$

178.2

$

360.3

$

279.7



Gross Margin % GAAP


57 %


67 %


56 %


56 %


68 %



Add (Deduct) Impact of:













Inventory Step Up Fair Value

$

0.6

$

0.0

$

0.4

$

1.0

$

2.5



Transaction, Acquisition, and Integration Costs

$

0.6

$

2.2

$

6.8

$

7.4

$

3.5



Adjusted Gross Profit Non-GAAP

$

183.4

$

146.7

$

185.4

$

368.8

$

285.7



Adjusted Gross Margin % Non-GAAP


57 %


68 %


58 %


58 %


70 %



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

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Net Income (Loss) GAAP

$

(22.5)

$

40.9

$

(32.0)

$

(54.5)

$

71.0



Add (Deduct) Impact of:













Warrant Liability Adjustment

$

(1.4)

$

0.0

$

(0.8)

$

(2.3)

$

0.0



Inventory Step Up Fair Value

$

0.6

$

0.0

$

0.4

$

1.0

$

2.5



Transaction, Acquisition, and Integration Costs

$

17.0

$

4.5

$

17.2

$

34.2

$

6.5



Covid Related Expenses

$

0.2

$

1.7

$

0.4

$

0.6

$

5.5



Divestment Non-Operating Assets

$

0.7

$

0.0

$

2.7

$

3.4

$

0.0



Impairment and Disposal of Long-lived Assets

$

4.3

$

0.0

$

13.8

$

18.1

$

0.0



Adjusted Net Income (Loss) Non-GAAP

$

(1.1)

$

47.0

$

1.7

$

0.6

$

85.5



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

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Earnings (Loss) Per Share GAAP

$

(0.12)

$

0.31

$

(0.17)

$

(0.29)

$

0.55



Add (Deduct) Impact of:













Warrant Liability Adjustment

$

(0.01)

$

0.00

$

0.00

$

(0.01)

$

0.00



Inventory Step Up Fair Value

$

0.00

$

0.00

$

0.00

$

0.01

$

0.02



Transaction, Acquisition, and Integration Costs

$

0.09

$

0.03

$

0.09

$

0.18

$

0.05



Covid Related Expenses

$

0.00

$

0.01

$

0.00

$

0.00

$

0.04



Divestment Non-Operating Assets

$

0.00

$

0.00

$

0.01

$

0.02

$

0.00



Impairment and Disposal of Long-lived Assets

$

0.02

$

0.00

$

0.07

$

0.10

$

0.00



Adjusted Earnings Per Share Non-GAAP

$

(0.01)

$

0.35

$

0.01

$

0.00

$

0.67



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

(Amounts expressed in millions
of United States dollars)

For the Three Months Ended

For the Six Months Ended





June 30, 2022

June 30,
2021

March 31,
2022

June 30,
2022

June 30,
2021





Net Income (Loss) GAAP

$

(22.5)

$

40.9

$

(32.0)

$

(54.5)

$

71.0



Add (Deduct) Impact of:













Interest Expense, net

$

19.7

$

6.6

$

17.9

$

37.6

$

14.5



Provision For Income Taxes

$

44.8

$

29.1

$

42.3

$

87.1

$

63.7



Depreciation and Amortization

$

30.9

$

6.7

$

29.3

$

60.2

$

12.1



Depreciation in COGS

$

13.8

$

5.0

$

10.7

$

24.5

$

8.7



EBITDA

$

86.7

$

88.3

$

68.2

$

154.9

$

169.9
















Inventory Step Up Fair Value

$

0.6

$

0.0

$

0.4

$

1.0

$

2.5



Integration and Transition Costs

$

5.1

$

1.5

$

5.3

$

10.4

$

1.9



Acquisition and Transaction Costs

$

7.0

$

1.6

$

3.3

$

10.3

$

3.2



Share-Based Compensation

$

5.7

$

0.7

$

4.6

$

10.3

$

1.5



Other Non-Recurring Expenses

$

4.9

$

1.4

$

8.6

$

13.5

$

1.4



Covid Related Expenses

$

0.2

$

1.7

$

0.4

$

0.6

$

5.5



Impairment and Disposal of Long-lived Assets

$

4.3

$

0.0

$

13.8

$

18.1

$

0.0



Divestment and Sale of Non-Operating Assets

$

0.7

$

0.0

$

2.7

$

3.4

$

0.0



Non-Controlling Interest

$

(1.1)

$

0.0

$

0.0

$

(1.1)

$

0.0



Other Expense (Income), net

$

(1.7)

$

(0.3)

$

(0.9)

$

(2.6)

$

(0.3)



Fair Value of Derivative Liabilities - Warrants

$

(1.4)

$

0.0

$

(0.8)

$

(2.3)

$

0.0



Adjusted EBITDA Non-GAAP

$

111.0

$

94.9

$

105.5

$

216.5

$

185.7



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 expected revenue and adjusted EBITDA for fiscal 2022, its plans for streamlining operations and navigating short term headwinds to emerge stronger, and potential expansion of the Company's operations.  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, 2021 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. operating in 11 states, 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 _
Twitter: @Trulieve

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

Media Contact  
Rob Kremer , Executive Director of Corporate Communications
+1 (404) 218-3077
Robert.Kremer@Trulieve.com

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SOURCE Trulieve Cannabis Corp.

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The Conversation (0)
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A State-by-State Guide to Cannabis in Australia

Australia federally legalised medicinal cannabis in 2016, and Australia's cannabis market has seen major growth since then.

Medical cannabis approvals were up by 120 percent in the first half of 2023 compared to the same period in 2022. Statista forecasts that Australian cannabis revenue will reach AU$3.73 billion in 2024 and grow at an annual rate of 3.22 percent, culminating in market volume worth AU$4.53 billion by 2029.

However, Australia’s cannabis industry is still young. Despite there being a strong case for a regulated market, which was outlined in a July 2024 report by the Penington Institute, recreational use is not legal and medical access remains limited and regulated.

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New Cannabis Consumption Trends, Regulatory Shifts Seen Driving Market in 2025

Understanding trends in the cannabis industry is paramount for investors eyeing a market with steady growth potential, but the landscape is complex as products and regulations continue to evolve.

Consumption habits are changing as edibles, vaping and THC beverages gain traction, especially among younger users, and cannabis companies are adapting their offerings to meet shifting demand.

Meanwhile, regulatory uncertainty, particularly surrounding the future of the US Farm Bill and state-level restrictions on hemp-derived cannabinoids, continues to challenge the market.

Despite these headwinds, production data and long-term growth forecasts suggest the cannabis industry remains on a promising — albeit turbulent — path. Read on for more on key trends to watch in 2025.

Consumption methods evolving post-legalization

Shifts in consumer behavior are reshaping markets across the board, and the cannabis industry is no exception.

While smoking remains the dominant method of cannabis consumption, a recent report from the Centers for Disease Control and Prevention highlights the growing popularity of edibles, vaping and dabbing.

The report notes that vaping and dabbing are particularly pronounced among younger adults.

A separate study published by the American Medical Association and funded in part by the Canadian Institutes of Health Research also points to how product preferences have changed among Canadian users since legalization in 2018.


The study indicates that while the use of flower, cannabis concentrates, oil, tinctures and topicals has decreased during that time, the use of vape cartridges, edibles and beverages has increased.

Edibles and beverages were legalized in Canada in late 2019, and Truss Beverage was one of the first players to introduce cannabis-infused drinks. Truss was a joint venture formed by Molson Coors Canada (TSX:TPX.A,TSX:TPX.B) and HEXO, a cannabis company that has since been acquired by Tilray Brands (TSX:TLRY,NASDAQ:TLRY).

In early 2020, Tilray launched a lineup of confectionery, wellness products and beverages through its subsidiary, High Park; Canopy Growth (TSX:WEED,NASDAQ:CGC) made a similar move. These companies gradually brought their products to the US as more states legalized cannabis for medical and/or recreational use.

Today, established cannabis brands typically offer edibles and beverages alongside their other products. Organigram Global (TSX:OGI,NASDAQ:OGI) is one of the newest US entrants, with its April acquisition of Collective Project providing immediate access to the US hemp-derived THC beverage market.

Growing awareness of health and wellness, potentially amplified by the pandemic-led adoption of health trackers, appears to be making an impact on the alcoholic beverage market.

A 2023 Gallup poll reveals a two decade decline in alcohol consumption, particularly among younger adults, suggesting a shift towards more health-conscious lifestyles within this demographic.

Craft beer production declined by 4 percent year-on-year in 2024, according to data collected by the Brewers Association. This marked the largest drop in the industry's history, excluding the pandemic. For small, independent craft breweries, 2024 marked the third consecutive year of declining production. A drop in the number of operating small breweries last year provides further evidence of this trend, with 501 closures in 2024 versus 434 openings.

Challenges in the alcohol market extend beyond the brewing industry, with the New York Times recently reporting the closure of a handful of nightclubs facing decreased alcohol sales alongside rising insurance and rent costs.

Meanwhile, cannabis lounges have been popping up across the US for the last several years. As of early 2025, several states had legalized or were in the process of implementing regulations for cannabis consumption lounges.

Hemp market growth despite regulatory uncertainty

The burgeoning hemp industry is another segment of the expanding cannabis market.

The legalization of industrial hemp — defined as cannabis with a THC concentration of 0.3 percent or less — through the 2018 Farm Bill led to initial investment and optimistic projections for CBD wellness products and various industrial applications. The sector’s rapid evolution also brought the rise of hemp-derived intoxicating cannabinoids, creating a market that presented both opportunities and complexities for participants.

However, after an initial boom, a lack of infrastructure and clearly defined regulations for CBD, as well as state-level variations and market oversupply, ultimately contributed to a quick retraction.

2024 was a pivotal year for the US hemp industry, as the hemp-related provisions of the 2018 Farm Bill — originally set to expire in September 2023, but extended to December 31, 2024 — created an urgent need to address critical issues like THC limits and the regulation of novel hemp-derived cannabinoids. A major point of contention was the proposed shift from defining hemp based on Delta-9 THC concentration (0.3 percent or less) to “total THC,” which includes THCA.

This change had the potential to significantly impact farmers and processors, as many hemp varieties that are compliant under the Delta-9 THC rule could exceed the 0.3 percent limit when THCA is included.

Various bills and amendments were proposed in 2024 as part of the Farm Bill discussions, each with different approaches to regulating hemp. Separate regulatory frameworks for industrial hemp and hemp grown for cannabinoids were suggested, and many states took their own action, leading to a patchwork of regulations and even outright bans.

Despite challenges, data from the US Department of Agriculture suggests signs of recovery.

The department's annual National Hemp Report from 2024 points to an 18 percent increase in industrial hemp production value between 2022 and 2023, with output growth seen in specific sectors like floral (18 percent), fiber (133 percent) and seed hemp (414 percent). The 2025 report from the Department of Agriculture indicates further expansion, with notable increases observed in both acreage (up 64 percent from 2023) and value (46 percent).

The 2024 Farm Bill ultimately did not pass, and right now the hemp industry is operating under a temporary extension of the 2018 Farm Bill under the American Relief Act of 2025, signed into law on December 21, 2024.

The 2018 Farm Bill is now set to expire on September 30, 2025.

While analysts for Markets and Markets project that the North American hemp industry will grow at a CAGR of 22.4 percent and ultimately reach a valuation of US$30.24 billion by 2029, the future of the industry will be heavily influenced by the outcome of the ongoing Farm Bill discussions.

US cannabis legalization remains stalled

Although there is clear demand for cannabis products, the now-defunct rescheduling process in the US is likely to continue casting a shadow of uncertainty over the industry's long-term trajectory.

Legal and procedural delays, including allegations of improper conduct and bias within the US Drug Enforcement Administration (DEA), led to hearing cancellations, and the new administration of US President Donald Trump has brought leadership changes to key agencies like the DEA and the Department of Justice.

Terry Cole, who Trump nominated to be DEA administrator on February 11, has a history of opposing cannabis legalization in the country. Similarly, Pam Bondi, Trump’s pick to lead the justice department, staunchly opposed a movement to legalize medical cannabis during her tenure as Florida’s attorney general.

While there have been bipartisan efforts in Congress to end federal cannabis prohibition and establish regulations for eventual legalization, the DEA’s actions and statements indicate a potential stall or reversal of progress.

In addition to that, new research is adding complexity to the debate.

A study published in the American Journal of Psychiatry this past March highlights an association between the use of high-potency cannabis strains and increased risks of psychosis, a factor that may not have been fully considered by the Department of Health and Human Services. As stronger cannabis strains become more widely available, a reassessment of their potential health risks may be required.

Investor takeaway

While the cannabis industry holds promise for growth and innovation, investors must remain acutely aware of the regulatory uncertainties and market volatility that will undoubtedly shape its trajectory in the years to come.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Person touching a cannabis plant; Australia map in flag colours.

ASX Cannabis Stocks: 10 Biggest Companies

While Australia has yet to legalise all forms of cannabis, the country is a growing medical cannabis and hemp market, with many companies manufacturing, researching and exporting the plant-based product.

Medical cannabis was federally legalised in 2016, and the export of cannabis from Australia was legalised in 2018. As for recreational use, the only state to legalise recreational use and possession so far is the Australian Capital Territory, which did so in 2020, but it did not establish a regulated recreational cannabis market.

The country's medical cannabis market has been steadily expanding in size and scope. A Penington Institute report shows that Australians spent approximately AU$400 million on medicinal cannabis in the first half of 2024, 72 percent higher than the AU$234 million they spent over the entirety of 2022.

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Cannabis leaves, gavel.

Cannabis Round-Up: Rescheduling Faces New Roadblocks, SAFER Banking Act Gets Another Look

February 2025 was characterized by an evolving legislative landscape and important financial updates from major players.

These developments underscore the complex and dynamic nature of the sector as it continues to navigate legal, financial, and regulatory challenges while experiencing ongoing growth and evolution.

Discussions around cannabis rescheduling, changes in federal agency leadership, state-level legalization efforts, and financial reports from key companies all contributed to a month of notable activity in the cannabis space.

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Trulieve Announces Launch of Onward: A Premium THC Beverage

Available now online and coming soon to select Total Wine locations in Florida

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced the launch of Onward, a premium, non-alcoholic THC beverage offering a modern alternative for social occasions. These Farm Bill compliant beverages are available now online and coming soon to select Total Wine locations in Florida .

News Provided by Canada Newswire via QuoteMedia

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Cronos Group Inc. to Hold 2024 Fourth Quarter and Full-Year Earnings Conference Call on February 27, 2025

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") will hold its 2024 fourth-quarter and full-year earnings conference call on Thursday, February 27, 2025 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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