Trulieve Leverages Gains In Florida, Pennsylvania, Arizona, Topping $1.2 Billion In Sales
March 14, 2023Tallahassee, Florida-based Trulieve Cannabis saw revenues top $1.2 billion in its fiscal year through December. That figure represents a 32% gain year over year for the medical powerhouse whose leading operations in Florida, Pennsylvania, and Arizona propelled the growth. Trulieve opened 25 dispensaries last year and finished 2022 with operations in 11 states, having commenced cultivation operations in Georgia to support a retail launch later this year.
The company reported gross profit of $682 million for the year and a net loss of $246 million. That loss includes non-recurring charges, asset impairments, disposals and discontinued operations, associated with its Harvest acquisition and strategic repositioning of assets to improve cash flow. Excluding those, the adjusted net loss is $30 million and, on an underlying basis, Trulieve’s annual adjusted EBITDA was a positive $400 million, or 32% of revenue.
“Trulieve has grown to surpass $1.2 billion in revenue in less than seven years, a notable milestone and a testament to the agility of our team,” said Kim Rivers, Trulieve CEO. “Our success is the culmination of thoughtful intention, superb execution, and best in class capabilities for rapid growth. With increasing mainstream support and meaningful regulatory reform on the horizon, tremendous growth opportunities lie ahead for U.S. legal cannabis. In 2023, we are laser focused on cash generation while investing to build a sustainable company designed to thrive in an integrated commerce environment.”
In the last quarter, Trulieve achieved $302 million in revenue, with 2% retail revenue growth and 96% of revenue coming from retail sales. The company continues to open new retail locations, recently setting up shop in Palatka and Winter Haven in Florida and Beckley in West Virginia. It currently operates 184 retail locations and over four million square feet of cultivation and processing capacity.
Trulieve has also launched sales in Connecticut with the advent of that new market, rolled out its brands Roll One and Modern Flower to West Virginia and Massachusetts, and become the first U.S. cannabis company to run an advertising campaign on Twitter following its removal of restrictions.
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