+ 0.89
+ 0.26%
+ 0.07
+ 0.02%
+ 0.75
+ 0.18%

Trulieve Cannabis Hits $193.8M In Q1 Revenue, 13th Consecutive Profitable Quarter Following Harvest Merger

May 13, 2021 8:49 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Trulieve Cannabis Hits $193.8M In Q1 Revenue, 13th Consecutive Profitable Quarter Following Harvest Merger

Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) reported Thursday its financial results for the first quarter of 2021.

The Tallahassee, Florida-based company revealed it generated record quarterly revenue of $193.8 million over the period, representing sequential and year-over-year growth of 15% and 102%, respectively.

During the first quarter, which was the company's 13th consecutive quarter of profitability, "we continued to execute on growth in Florida as well as our national hub expansions," Kim Rivers, the company's CEO, said.

Here's a breakdown of what the first-quarter earnings report showed:

  • Generated net income amounted to $30.1 million, up by 889% sequentially and 27% year-over-year.
  • Adjusted EBITDA came in positive at $90.8 million, compared to an $81.4 million gain in the fourth quarter of 2020 and $48.5 million in the corresponding period of 2020.
  • Gross profit was $135.3 million, representing a 13% increase quarter-over-quarter and 83% year-over-year.
  • The gross margin was 70%, compared to 77% in the first quarter of last year.
  • Cash flows from operations amounted to $60.4 million.

"Our record revenue and industry-leading EBITDA margins demonstrate our continued focus on execution," Rivers added.

On Monday, Trulieve announced it's acquiring Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX:HRVSF) for roughly $2.1 billion, to strengthen its position in core markets and expand operations to 11 states.

The combined company is expected to reach an estimated total addressable market of $19.3 billion in 2025 in leading market shares in Arizona and Florida.

Phoenix-based Harvest recently reported having earned $88.8 million in the first quarter of 2021.

Rivers said the acquisition will be "transformative and will build on our profitability, expanding our runway for growth."

TCNNF Price Action: Trulieve shares were trading 0.58% lower at $39.58 at last check Thursday.

Photo by Elsa Olofsson on Unsplash

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.

Related Articles

Cannabis Dispensary Roundup: Trulieve To Debut In Massachusetts, Harvest Health Opens 10th Pennsylvania Store, Cannabis Jacks Expands In Ontario

Trulieve Enters Massachusetts With Store In Northampton Cannabis company Trulieve Cannabis Corp. (CSE: TRUL) (OTC: TCNNF) is poised to debut its products in Massachusetts in a Northampton shop. read more

Billion Dollar Trulieve-Harvest Cannabis Merge, Harvest's Positive Q1 Earnings

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) is purchasing Harvest Health & Recreation Inc. read more

Cannabis Investors Discuss Strategies For 2021 In The Context Of Consolidation And Interstate Commerce

2021 seems to be the year of cannabis, as its prospects and apparent societal acceptance have dramatically changed since the industry’s early days. How are investors navigating this complex and ever-shifting landscape as we sit on the verge of federal legalization? read more

EXCLUSIVE: Trulieve CEO On Harvest Deal, Shifting Cannabis Industry Focus, Social Equity

Trulieve Cannabis Corporation (OTCQX: TCNNF) CEO Kim Rivers opened day two of the Benzinga Cannabis Capital Conference Friday with Cheddar Reporter Chloe Aiello. read more