Tallahassee, Florida-based Trulieve Cannabis Corp. TCNNF benefited from 19% medical marijuana patient growth in The Sunshine State in the second quarter, fueled largely by the introduction of smokable flower in the state's medical market, the company said Wednesday.
Flower accounted for half of product sales in Florida in the quarter, the company said — a quarter-over-quarter increase of about 20%.
Trulieve's adjusted EBITDA rose from $19 million to $31.6 million quarter-over-quarter. The company posted revenue of $57.9 million, a 30% sequential jump.
Trulieve shares closed Wednesday's session down 1.47% at $9.65.
The company's total cultivation capacity is 1.6 million square feet, Trulieve said. This includes large-scale greenhouses "previously reported as experimental, which were added as a cost-effective and highly efficient alternative to expand oil biomass capacity."
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"By continuing to focus on operational efficiencies, maintaining sound financial discipline, and leveraging our strong brand awareness and patient loyalty within current markets and in future expansion initiatives, we expect our efforts to translate to new strong results throughout the remainder of 2019," CEO Kim Rivers said in a statement.
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