Trulieve Q2 Revenue Declines 10% YoY, What About Adjusted EBITDA?

Trulieve Cannabis Corp. TCNNF TRUL released its results for the quarter ended June 30, 2023, revealing revenue of $282 million, a decrease of 10% compared to $314 million in Q2 2022.

Q2 2023 Financial Highlights

• Gross profit of $142 million, a decrease of 23% compared to $183 million in Q2 2022.

• Gross margin of 50% compared to 58% in Q2 2022.

• Net loss of $404 million, compared to loss of $22 million.

• Adjusted EBITDA of $79 million, a decrease of 29% compared to $111 million in Q2 2022.

• Cash at quarter end of $160 million.

"Demand for legal cannabis remains strong and Trulieve sells the highest volume of branded product through branded retail in the U.S.," stated Kim Rivers, Trulieve CEO. "Our focused strategy, scaled operations and leading retail position provide distinct competitive advantages. We are on track to exit this year as a leaner, stronger organization, ready to meet the opportunities ahead."

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Photo by Esteban López on Unsplash

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