Trulieve Projects Confidence Ahead Of Florida Adult-Use Vote
November 5, 2024Billion-dollar multistate player Trulieve has been the main backer of Florida’s ballot initiative to open adult-use sales in the state, contributing upwards of $140 million to the Smart & Safe Florida political committee—including $48 million over the three months through September. This morning, Trulieve CEO Kim Rivers projected confidence that the measure will meet the 60% threshold needed to pass, creating a new adult-use market worth billions of dollars. Recent polling has indicated support of roughly 66%.
“As voters in Florida cast their ballots across the state today, there is an opportunity to make history by approving cannabis legalization for personal use,” said Rivers. “With 156 stores in Florida, scaled production capacity, and sufficient capital to support further investment, if approved, Trulieve is best positioned to fully prepare for the launch of recreational sales next Spring.”
The comments came as Trulieve reported third quarter sales up 3% to $284 million, with 95% of revenue from retail sales. Adjusted EBITDA reached $96 million, about 34% of revenue, increasing 24% year-over-year. Expanding retail locations boosted the results, with Trulieve opening 15 new stores across Florida and Pennsylvania, as well as beginning adult-use sales in Ohio during the quarter.–Daniel Marsteller
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