Trulieve Cannabis Corp. TRUL TCNNF disclosed Wednesday its first quarter of 2020 financial and operational update.
Q1 Financial Highlights
The Quincy, Florida-headquartered company, known as a vertically integrated seed to sale company licensed to provide medical cannabis, reported quarter record revenue of $96.1 million. That's up by 21% quarter over quarter and 116% year over year.
Here's a breakdown of the earnings report:
- Net income totaled $14 million.
- Adjusted EBITDA reached $49.4 million, compared to $19 million in the same period of 2019.
- In the first quarter, Trulieve posted earnings per share of 12 cents.
- Cash equivalents totaled $100.8 million for the period ending March 31.
- The GAAP adjusted margin was 77%.
- Operating expenses went up by 21% to $28.3 million compared to the previous quarter, while the year over year increase was 138%.
“Trulieve's execution of key fundamentals and financial discipline coupled with market share growth this quarter contributed to positive free cash flow, further strengthening our balance sheet and validating our financial stewardship,” said Trulieve CEO Kim Rivers in a statement.
Don’t miss this opportunity to connect with THE cannabis movers and shakers from across the globe during Benzinga’s first Virtual Cannabis Capital Conference on June 1.
Operational Milestones And Updates
During the first quarter, Trulieve launched three new retail locations in Florida, including Titusville dispensary, opened in the midst of the coronavirus outbreak. It closed the quarter with 47 stores across the country.
The company also enriched its product portfolio by introducing TruPowder, TruTincture drops, and TruWax concentrates.
It recorded two revenue days of around $2 million each day during the 4/20 celebration.
That same month, Trulieve appointed Alex D'Amico as its new CFO, following the Mohan Srinivasan's resignation.
Meanwhile, the year started rough for the company, which filed a lawsuit against Grizzly Research, GeoInvesting, GeoInvesting analyst Siegfried Eggert and few others following accusations it's producing low-quality cannabis.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Missed the first wave of cannabis investments? Don’t make that mistake again.
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
Join Benzinga PotProfits. Our in-house canna stock expert, Michael Berger, is on a mission to uncover the most promising cannabis stocks poised for growth, even in a dull market. He leaves no bud unturned to bring you the juiciest potential double-digit opportunities!
Just this year, the PotProfits portfolio has seen smoking-hot gains like:
- 47.10% with $GTBIF
- 40.23% with $TCNNF
- 21.50% with $VFF