Trulieve Cannabis Corp (TCNNF)

[BobDude]

Trulieve Reports Strong Consecutive Growth and Raises Guidance

8/12/20, 6:30 AM
Solid operational results from achieving scale of cultivation and store footprint, provides industry leading free cash flow this quarter

TALLAHASSEE, Fla., Aug. 12, 2020 /PRNewswire/ - 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 second quarter of 2020 ended June 30, 2020. Unless otherwise stated, all currency is expressed in U.S. dollars.

Second Quarter 2020 Financial & Operational Highlights

Achieved record revenue of $120.8 million, an increase of 26% on a sequential quarter-to-quarter basis
Adjusted EBITDA1,2,3 was $60.5 million, or 50% of revenue, representing the 10th quarter of consecutive growth and profitability
Achieved free cash flow of $39.6 million
Sustained strong cash position with cash and cash equivalents of $150.3 million at June 30, 2020
Achieved GAAP adjusted margin4 of 75%
Announcement of transitioning to a U.S. domestic issuer subject to SEC reporting requirements as of January 2021
Opened five new stores in Florida, ending the second quarter with 52 stores nationwide
Continued to implement best-in-class, industry leading health and safety protocols in response to COVID
Recent Highlights & Developments

Company provides updated 2020 financial guidance
"Once again our financial results reflect our exceptional ability to grow our business quarter over quarter, through continued organic expansion of our retail footprint, while maintaining industry leading profitability. We are pleased to be able to demonstrate strong financial performance in revenue, adjusted EBITDA and free cash flow while pivoting our business to meet the changing behaviors and needs due to COVID," stated Kim Rivers, Trulieve CEO. "Looking ahead, we are excited about the second half of the year and will continue focusing on execution and expansion. We anticipate exceeding our goal of 68 stores and will continue our strong growth in Florida. Massachusetts is getting closer to completion and we are excited to enter that market in 2021. And, we believe the M&A pipeline and application processes underway will present new opportunities for expansion. Lastly, we are moving quickly down the path toward registering with the SEC and SOX compliances. This is a great start on our next level of strategic growth."