Trulieve Falls Despite Another Record Quarter

Trulieve Cannabis Corp. TRULTCNNF stated that the first quarter of 2019 marked another milestone in record revenue. Compared to the same quarter the previous year, Trulieve's revenue grew 192 percent, totaling $44.5 million.

Other financial highlights for the quarter include an adjusted EBIDTA that increased from $6.1 million the same period the previous year to $19 million in 2019.

Trulieve also touted milestones that included settling with the Florida Department of Health to increase the company's number of potential dispensaries. It also served as the first medical licensee to sell smokable flower while adding four new dispensaries across Florida. The company now has 26 locations across the state.

What's Next

CEO Kim Rivers said Trulieve's first-quarter performance shows its ability to execute and deliver strategic initiatives: "We are very pleased with the progress we experienced in the beginning of 2019 and are continuing to see that same momentum carry into the second quarter."

Trulieve will continue to set its sights on expansion across Florida and in other states. The company also believes it's well positioned to be a market leader as the medical marijuana patient base increases.

The stock traded down 4.2 percent to $12.32 per share on Wednesday afternoon.

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