Florida's Trulieve Reports Solid Quarter Of Rising Revenues

Florida’s Trulieve (CSE: TRUL) (TCNNF) reported that its third-quarter revenue came in at $28.3 million, a 21% sequential increase and 42% increase over last year’s revenue of $19.8 million for the same time period. The net income increased 386% to $17.5 million versus last year’s net income of $3.6 million for the same time period.

“These outstanding results in Q3 demonstrate the meaningful progress we’ve made on our strategic plan since becoming a publicly-traded company in September,” said Kim Rivers, CEO of Trulieve. “Looking ahead, we remain focused on scalable growth, including multi-state operational expansion.”

Following the end of the quarter, Trulieve announced that it was moving beyond the Florida market by making acquisitions of Life Essence, Inc. and Leef Industries, LLC., based in Massachusetts and California respectively.

“Trulieve’s market-leading brand experience continues to result in high patient retention as we deliver consistent, high-quality products, supported by predictive analytics and industry-leading outreach while advocating for patients and physicians,” Rivers continued. “We believe we are well-positioned in continuing to be the dominant leader in the Florida market while firmly establishing our footprint in the Massachusetts and California markets moving forward.”

New Acquisitions

Trulieve is paying approximately $4.1 million for Life Essence, Inc., which includes $3.9
million to be paid over time upon specific locations being approved by the state of Massachusetts. The acquisition will be financed with cash on hand and is expected to close within 60-90 days
when certain regulatory approvals are received.

The company also paid  approximately  $4.0 million for Leef Industries, LLC and this
acquisition will be financed with cash on hand. It is expected to close within 30-60 days
when certain regulatory approvals are received.

The cash and cash equivalents at the end of the quarter were $42.1 million.

Stock Performance

Trulieve stock was lately trading at $12.40 on the OTC Markets. The 52-week low was $7.89 and the year high was $21.