Trulieve Cannabis Corp. Reports Strong Operational Results Record Revenue and Profits
45Trulieve Cannabis Corp. Reports Strong Operational Results Record Revenue and Profits - rich tv live - AUGUST 14, 2019 - Trulieve Cannabis Corp. ("Trulieve" or the "Company") (CSE: TRUL) (OTCQX: TCNNF), today announced its financial results for the second quarter of 2019 ended June 30, 2019. Unless otherwise stated, all currency is expressed in U.S. dollars.
Trulieve Cannabis Corp. (CNW Group/Trulieve Cannabis Corp.)
Second Quarter 2019 Financial & Operational Highlights
Record revenue of $57.9 million, an increase of 30% on a sequential quarter-to-quarter basis
Adjusted EBITDA1,2 increased from $19.0 million in Q1 2019 to $31.6 million in Q2 2019
Increase of 19% in Florida patient growth driven primarily by the introduction of smokable flower, increasing patient count to just over 181,000 at June 30, 2019
Smokable flower accounted for approximately 50% of total product sales in Florida for Q2 2019, up from nearly 30% in Q1 2019
Completed a public debt offering raising an aggregate principal amount of $70 million
Opened three additional dispensaries in Florida, bringing the total to 29 at Q2 2019
Completed acquisition of CT-based medical cannabis dispensary, The Healing Corner
Launched various automation initiatives to further increase efficiencies, product output, and innovation
Executed a large-scale customized SAP implementation
Recent Highlights & Developments
Reporting total current cultivation capacity of approximately 1.6 million square feet which includes large scale greenhouses, previously reported as experimental, which were added as a cost effective and highly efficient alternative to expand oil biomass capacity
Commenced trading on the OTCQX® Best Market under the symbol "TCNNF"
Extension of voluntary lock-up agreement with Company founders of 65,253,093, or approximately 59% of shares outstanding on an as converted basis, until July 2020, with 11,205,960, or approximately 10% of shares outstanding on an as converted basis, becoming unlocked in January 2020
Closed sale lease back transaction with Innovative Industrial Properties, Inc. to provide capital for Holyoke, MA cultivation and processing site
Appointed Peter T. Healy to Board of Directors
"Our strong financial results for the quarter combined with our operational and foundational evolution illustrates that Trulieve is not just a cannabis company, but an organization that possess the key fundamentals expected of leading companies across all industries," said Kim Rivers, CEO of Trulieve. "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."
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