Trulieves Achieves Record Revenue of $136.3 Million in Third Quarter Results

TALLAHASSEE, FL, Nov. 17, 2020 /CNW/ - Trulieve Cannabis Corp. ("Trulieve" or the "Company") (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, today announced its results for the quarter ended September 30, 2020. As previously disclosed, the Company is transitioning to U.S. generally accepted accounting principles ("GAAP") and a number of its financial measures associated with third quarter results are included and presented in accordance with GAAP. All currency is expressed in U.S. dollars.

Third Quarter 2020 Financial Highlights

On an IFRS basis

  • Achieved record revenue of $136.3 million, an increase of 13% on a sequential quarter-over-quarter basis

  • Unaudited pro forma revenue, which includes our Pennsylvania acquisitions of PurePenn and Solevo and assumes the acquisitions had occurred on January 1, 2020, would have been $154.9 million for the current quarter and $392.0 million for the nine months ended September 30th

  • Achieved adjusted EBITDA1,2,3 of $67.5 million, or 50% of revenue, representing the 11th quarter of consecutive growth and profitability

  • Delivered $73.7M in cash flows from operations for the nine months ended September 30, 2020.4

  • Maintained strong cash position with cash and cash equivalents of $193.4 million as of September 30, 2020

On a GAAP converted basis

  • Attained positive net income of $17.4 million, or $0.15 per diluted share

  • Achieved GAAP adjusted EBITDA of $65.8 million

Operational Highlights and Recent Events

  • Expanded operational footprint into Pennsylvania through acquisitions of PurePenn LLC and Solevo Wellness, which closed on November 12, 2020

  • Awarded a processor permit in West Virginia, providing a presence in six states

  • First to market with edible cannabis products for patients in Florida, providing a full suite of edibles, including gels, chocolates, cookies, and brownies

  • Opened nine stores in the third quarter, and recently achieved our 2020 goal of 68 stores nationwide

"Following an outstanding quarter, industry leading profitability, and our recent entry into two additional states in the northeast, Trulieve has never been better positioned for the future. Our third quarter was especially memorable because we introduced the long-awaited edibles product lines to our offerings and announced our acquisitions in Pennsylvania, where we see tremendous growth potential. Just last week the Pennsylvania acquisitions closed, and we were awarded a processor license in West Virginia. We also recently achieved our 2020 goal of opening 68 stores nationwide and expect our strong growth to continue," stated Kim Rivers, Trulieve CEO. "Going forward, we will continue to provide best-in-class customer experiences for our Trulievers while strategically expanding our operations to accelerate growth."

2020 Quarterly Financial Highlights

The Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR at and on its website at

This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

Conference Call

The Company will host a conference call and live audio webcast on, November 17, 2020 at 8:30 A.M. Eastern time, to discuss its third quarter 2020 financial results.

All interested parties can join the conference call by dialing 1-888-231-8191 or 1-647-427-7450, conference ID: 9836737. Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until November 24, 2020 at midnight, ET. To access the archived conference call, please dial 1-855-859-2056 and enter the encore code 9836737.

A live audio webcast of the conference call will be available at:

Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days by clicking the link above.

To learn more about Trulieve, visit their profile page.

View the original press release here.

About Trulieve

Trulieve is a vertically integrated "seed-to-sale" company and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery. Trulieve also has operations in California, Massachusetts, Connecticut and Pennsylvania. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX Best Market under the symbol TCNNF.

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