A top-performing cannabis firm in the United States, Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (hereinafter referred to as “the Company” or “Trulieve”), released its quarterly results today. Absent a statement to the contrary, results are presented in US dollars and in compliance with GAAP. Rounding may cause numbers to not add up exactly.
$298 million in revenue for the first quarter, up 4% from the previous quarter, and a 58% gross margin
Excellent operating cash flow of $139 million and $124 million in free cash flow in the first quarter of 2024
Federal rescheduling of cannabis to Schedule III and the Smart and Safe Florida adult use initiative have made definitive progress.
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania.
They are poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits.
Kim Rivers, Trulieve CEO
“With strong performance in our core business and several meaningful catalysts on the horizon, the outlook has never been brighter,” said Kim Rivers, Trulieve CEO. “The team has done a phenomenal job carrying forward the momentum from last year, driving further improvements in production and retail. Given our financial performance and significant scale in key markets, Trulieve is best positioned for the coming wave of growth catalysts.”
A grand opening celebration will be held Friday, May 17, beginning at 9 a.m., featuring music, specials, discounts, and opportunities to register for upcoming patient education sessions.
“This new dispensary expands access to medical cannabis in Martin County and along Florida’s Treasure Coast,” said Trulieve’s Chief Executive Officer Kim Rivers. “We are proud to serve patients with Trulieve branded products through elevated customer experiences.”
The ownership structure of Trulieve Cannabis (TCNNF) stock is a mix of institutional, retail and individual investors. Approximately 2.49% of the company’s stock is owned by Institutional Investors, 26.65% is owned by Insiders and 70.87% is owned by Public Companies and Individual Investors.
Trulieve stands out as a different kind of cannabis company—one that has implemented strong business fundamentals, management, and accountability to become one of the largest Multi-State Operators.