Trulieve Archives - Green Market Report

Debra BorchardtDebra BorchardtAugust 12, 2020
Trulieve3.jpg

6min3420

Trulieve Cannabis Corp.  (CSE: TRUL) (OTCQX: TCNNF) reported revenue of $120.8 million, a 26% sequential increase for the second quarter ending June 30, 2020. It was an increase of 109% over last year’s second quarter and beat the average analyst’s estimates of $106 million according to Yahoo Finance.

Trulieve also reported a net income of $6.6 million for the second quarter, which was considerably lower than last year’s net income of $57.5 million for the same time period. Last year’s income from operations was $87 million versus this year’s $37 million. The fair value adjustment of $93 million for the 2020 second quarter was also much higher than last year’s adjustment of $21 million on the $57 million in revenues. 

The earnings per share were $0.06, which missed the analyst’s estimates of $0.16. There are five analysts covering the stock with an average price target of $23.47. The stock closed yesterday at $20.50.

“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.”

Expenses did rise dramatically from last year’s $16 million to this year’s $36 million. Investors should be aware that for the six months ending June 30, 2020 and the year ended December 31, 2019, property and equipment
purchases from J.T. Burnette (CEO Kim River’s husband) consisted of construction-related services, totaled $35,942,463 and $46,381,877, respectively. the filing stated that “As of June 30, 2020, and December 31, 2019, $7,416,380 and $6,463,125 was included in accounts payable. The use of the Supplier was reviewed and approved by the independent
members of the Company’s board of directors, and all invoices are reviewed by the office of the Company’s general counsel.”

Big Cash Cushion

Trulieve is sitting comfortably on a big cash cushion. It has achieved a free cash flow of $39.6 million. The company also has cash and cash equivalents of $150.3 million as of June 30, 2020.

Raised Guidance

Trulieve has raised its full-year 2020 financial guidance. The company said it expects results to materially exceed previously issued revenue and adjusted EBITDA guidance ranges, driven principally by continued market share gains and operating leverage. The company is raising its guidance as follows:

In millions

Previous Guidance

Updated Guidance

Revenue

$380.0 – $400.0

$465.0 – $485.0

Adjusted EBITDA

$140.0 – $160.0

$205.0 – $225.0


Debra BorchardtDebra BorchardtApril 8, 2020
Trulieve3.jpg

4min9920

Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) delivered its financial results for the three and 12 months ending December 31, 2019. Revenue rose 13% and 146% respectively for those time periods and the company reaffirmed its guidance.

Trulieve is one of the few cannabis companies that is reporting net income versus its competitors who have mostly reported huge net losses. The stock was lately selling at $9.85, above its year’s low of $5.74 and below the 52-week high of $16.01. 

Fourth Quarter Results

Trulieve reported revenue of $79.7 million, which was an increase of 13% on a sequential quarter-to-quarter basis and a 122% increase over the same time period in 2018. Operating expenses increased by 30% sequentially to $23 million and 124% over the same time period in 2018. The company delivered a net income of $45 million for the quarter and noted that it has a 50% market share in the state of Florida.

“Our fourth-quarter results reflect our strong brand and customer loyalty, which were key factors in our success for the year. We continued to grow our footprint in Florida and made significant strides building out the infrastructure needed to maximize efficiencies and achieve economies of scale,” stated Kim Rivers, Trulieve CEO.

The company also stated that it opened seven additional dispensaries in Florida in the fourth quarter and now has 44 stores nationwide as of December 31, 2019. Trulieve also increased total current cultivation capacity to approximately 1.7 million square feet and has plans to continue indoor cultivation build-out at Jefferson County, FL location to match expected demand.

Full Year 2019

For the full-year 2019, Trulieve reported revenues of $252 million, a 146% increase over 2018’s revenue of $102 million. Net income for the year was $178 million. The company’s MD&A stated, “The (Florida) state registry
which approves and maintains the status of the medical cannabis license holders reached approximately
300,000 active patients during the fourth quarter of 2019. Trulieve’s statewide retail and home delivery
presence along with its broad product mix of over 300 SKUs were the main reasons for the continued
market growth.”

The company said it has cash and cash equivalents of $91 million at the end of 2019.

COVID

Rivers went on to say, “Despite recent developments surrounding COVID-19 and the uncertainty in the global economy, we see strong medical cannabis demand in our target markets and expect to continue maintaining our over 50% market share in Florida.  Our solid foundation and cash position enable us to monitor opportunities that meet our disciplined criteria and we remain optimistic about expansion in 2020.”

However, within the filing the company gave itself an out saying, “The ultimate extent of the impact of any epidemic, pandemic or other health crisis on the Corporation’s business, financial condition and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of such epidemic, pandemic or other health crisis and actions taken to contain or prevent their further spread, among others. These and other potential impacts of an epidemic, pandemic or other health crisis, such as COVID-19, could therefore materially and adversely affect the Corporation’s business,
financial condition and results of operations.”

 


StaffStaffDecember 19, 2019
Trulieve3.jpg

9min20770

Trulieve Cannabis Corp. (OTC: TCNNF) was being touted as the most promising of cannabis stocks. Its earnings reports put competitors to shame as the company delivered impressive net incomes and others instead struggled with net losses. This week a short-seller report has accused the company of being a fraud and that comes a week after the company faced fire over unwanted texts.

On Thursday, the company announced the appointment of two new advisors to the board of directors. Susan Thronson was a Senior Vice President of Global Marketing for Marriott International, leading Marriott’s worldwide integrated marketing strategy and execution for its 15 hotel brands. Ms. Thronson formerly served as a director of Angie’s List, an internet service company, and SONIC Drive-In, an operator of an American drive-in fast-food restaurant chain based in Oklahoma City, Oklahoma.

Thomas Millner served as CEO of Cabela’s, a direct marketer and specialty retailer of outdoor recreation merchandise, for nearly a decade.  Prior to Cabela’s, Mr. Milner spent 14 years as president and CEO of North Carolina’s Remington Arms Company, an American manufacturer of firearms and ammunition.

The stock tumbled on the news of the Grizzly Report but began to recover as others stepped up to defend the company. The stock fell from a close of $11.91 on Monday to $10.40 on Tuesday but was lately trading at $10.84.

Grizzly Research Report

The report called out the company for a variety of bad behaviors and questioned the earnings. The report said, “The company’s profitability is largely reliant on paper-gains, namely mark up on biological assets. Real cash flow has been in fact negative. We saw the company’s low-quality production, which makes us highly suspicious of the mark-ups that are far bigger than in for any other peer.”

It went on to say, “While almost all others are operating at a net loss during the examined horizon, Trulieve (using its
biological assets mark-ups), was able to consistently achieve positive net income with an astounding net
profit margin of as high as 99%. Upon closer inspection, we realize that at any given time, Trulieve holds an abnormally large amount of biological assets. Biological assets should typically be used to support revenue. However, we are seeing that Trulieve’s biological assets utilization efficiency is relatively low compared to peers. In other words, for every dollar in biological assets, Trulieve is able to generate the least amount of dollar sales. This
strongly suggests that the mark-up on these assets is overstated.”

The report did not shy away from its harsh words and allegations. It concluded, “CEO Kim Rivers and her husband JT Burnette are at the very center of a political crime ring the FBI has subpoenaed, and we have shown the multiple previously unknown connections between Trulieve and Burnette. We expect serious consequences for CEO Kim Rivers and Trulieve. They have been crooks then, and they are crooks now. We think Trulieve is absolutely uninvestible.”

Here’s a summary of the allegations:

  • Low quality cultivation facilities that could lead to poor products
  • Accusations that the CEO Kim River’s husband JT Burnette is involved in an FBI probe
  • Accusations that Burnette is Trulieve’s main construction partner
  • Alleges that Trulieve is not being truthful about its lenders and takes out small loans from insiders even as it suggests it has plenty of cash
  • Alleges that Trulieve is marking up the product to portray profitability

Trulieve Responds

While Trulieve, didn’t answer the accusations one-by-one it did release a response via a press release.  CEO Kim Rivers said, “We ask that our investors be aware that the Report reflects the opinions of an acknowledged short seller, whose sole interest is in profiting from a decline in the price of the Company’s shares. I have full confidence in our management team and their abilities to continue to serve our customers without being distracted by these baseless allegations. Trulieve reserves all of its rights to take appropriate legal action against those responsible for the Report.”

She went on to say, “Trulieve sells high quality flower, cultivated in our indoor facilities, and was recently recognized by an award from the Cannabis Business Association of having the best flower in Florida. We stand behind the quality of our products and have a long-standing no-questions-asked return policy.  Trulieve set a record for flower sales in Florida just last week, capturing over 51% of the market.”

Stifel Research

Stifel Director of Research Robert Fagen gave a fuller response to the Grizzly report. He addressed the FBI suggestion saying, “Kim Rivers’ involvement in the FBI investigation surrounding the activities of the Tallahassee CRA and its allocation of public funds has been well documented in TRUL’s disclosure since it went public.” The comment also noted that Trulieve paid for an independent review that determined the risk was not enough to keep Rivers from acting as CEO.

Fagen also noted that Burnette’s relationship as the main construction partner is not new information. “While we acknowledge the large amounts of equipment purchases by TRUL from an affiliated entity do not provide the best optics, we fail to see how this activity is technically illegal in light of public disclosures. It is rather a conflict of interest in our view.”

With regard to the accusation of poor quality products, Stifel reminded readers that the majority of the plants grown in the facility were intended for extraction purposes, which typically use a lower quality flower. He also pointed out that Trulieve has facilities for devoted to higher quality flower. “We would remind investors a major reason TRUL has maintained its disproportionately high market share is due to its high product quality, driving its strong repeat business.”

Finally, Fagen addressed the alleged paper-gains on the books by noting that an IFRS requirement forces the company to account for the product a certain way. “The concept that TRUL should be scrutinized for reporting gross margin in excess of revenue or large net income based on non-cash biological asset gains is rankly ridiculous in our view,” said Fagen.

Stifel did concede that Burnette’s relationship isn’t the company’s greatest attribute, but overall the Trulieve has been compliant in its disclosures. Stifel also pointed out that Trulieve’s competition is beginning to divert some of their capital away from the state as they tire of Truelives’s market share growth.

Unwanted Texts

It’s been a tough month for Trulieve. Mats Jaslow filed a class-action lawsuit last week claiming Trulieve is spamming its customers and followers with thousands of incessant texts. He claims the promotional tactic and its frequency violates the Telephone Consumer Protection Act, which aims to reduce the number of nuisance calls from businesses. Cannabis companies often turn to text messaging as a way to communicate with customers since many forms of advertising aren’t allowed.


Debra BorchardtDebra BorchardtNovember 19, 2019
Trulieve3.jpg

3min6520

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) released its financial results for the third quarter of 2019 ending September 30, 2019, with revenue of $70.7 million, an increase of 22% sequentially and an increase of 150% yearo-over-year. This beat analyst estimates by $5.09M.

The company also delivered a net income of $60.3 million for the quarter, which was higher than the second quarter’s net income of $57.5 million.

“Our third-quarter results reflect our continued customer loyalty, growth, and leadership position. Trulieve’s strong brand, wide-ranging access to stores, and authentic customer experience have resonated with our customers and patients,” stated Kim Rivers, Trulieve CEO. “The third quarter was also successful in further strengthening our position in our existing markets as well as preparing for new market entry. We continue to build operational efficiencies and financial discipline to ensure a solid foundation, cash reserves, and the right tools at our disposal to expand our footprint. Looking ahead, this is an exciting time as we execute on our strategic vision to be one of the top-performing cannabis companies in North America.”

Adjusted EBITDA increased from $31.6 million in Q2 2019 to $36.9 million at September 30, 2019.

The company also stated that gross profits after net gains on biological asset transformation for the quarter was $110.1 million, up $74.3 million or 208%, from $35.8 million for 2018 for the same time period. “This increase was driven by an increased gain on biological assets and increased retail sales. Additionally, because the corporation was growing more plants as of September 30, 2019 than it was as of September 30, 2018, there are more plants undergoing transformation and therefore more gain.”

Expenses Increase As More Locations Open

Total expenses for the three months ended September 30, 2019, was $20.6 million, an increase of $12.3 million or
147%, from $8.3 million for the three months ended September 30, 2018, which is mainly due to scaling of
the business.

Trulieve said the increase in total expenses was due to an increase of retail, sales and marketing expenses
which for the quarter which was $14.7 million, up to $8.2 million or 125%, from $6.5 million for 2018. Retail, sales and marketing expenses as a percentage of revenue were 21% for the quarter, as compared to 23% for the quarter 2018. “The overall increase in retail, sales and marketing expenses was due to the opening of additional dispensary locations and the associated costs including payroll and insurance.”

The stock was lately trading at $11.30, above its 52-week low of $6.68, but below its year high of $16.23.

 


William SumnerWilliam SumnerAugust 15, 2019
Trulieve.jpg

2min15580

Yesterday, Trulieve Cannabis Corp. (OTCMKTS: TCNNF) (CNSX: TRUL) announced the release of its second quarter financial results.

Year-over-year, Trulieve’s increased 149% from $23.3 million to $57.9 million. Keeping pace with revenue, operating expenses also rose from $6 million to 14.8 million, representing a 146% increase. Gross profit was $37.6 million, and the gross profit margin was 65%. Adjusted EBITDA was $31.6 million.

A considerable amount of the company’s growth was due to a rise in the number of medical cannabis patients in Florida, which increased by 19%. Driving patient growth was the introduction of cannabis flower to market, which accounted for 50% of total product sales in the state for the second quarter. As of June 30, 2019, there were 181,000 medical cannabis patients in Florida.

Quarterly Highlights

During the last quarter, Trulieve expanded its total cultivation capacity to 1.6 million square feet, completed its acquisition of The Healing Corner medical cannabis dispensary, closed a public debt offering of $70 million, and commenced trading on the OTCQX Best Market under the symbol TCNNF.

Additionally, the company’s founders extended a voluntary lock-up agreement of their 65,253,093 shares, or approximately 59% of shares outstanding on an as-converted basis, until July 2020.  Trulieve also closed its sale-leaseback transaction with Innovative Industrial Properties, Inc. to provide capital for its Holyoke, Massachusetts cultivation and processing site.

“Our strong financial results for the quarter combined with our operational and foundational evolution illustrates that Trulieve is not just a cannabis company, but an organization that possesses the key fundamentals expected of leading companies across all industries,” said Kim Rivers, CEO of Trulieve. “By continuing to focus on operational efficiencies, maintaining sound financial discipline, and leveraging our strong brand awareness and patient loyalty within current markets and in future expansion initiatives, we expect our efforts to translate to new strong results throughout the remainder of 2019.”


William SumnerWilliam SumnerJuly 11, 2019
daily_hit004-1280x533.png

5min8190

It’s time for your Daily Hit of cannabis financial news for July 11, 2019.

On the Site

Bhang Corporation

Cannabis edible company known for its chocolates Bhang Corporation (CSE: BHNG) began trading on the Canadian Securities Exchange as Bhang Inc. under the stock symbol “BHNG” on July 11, 2019. “We’re proud to announce this major milestone for Bhang and the industry, as we see a national cannabis brand begin trading on the CSE. This public listing fuels our strategy to meet the growing demand for today’s most innovative cannabis products,” Scott Van Rixel, CEO of Bhang, said.

California Cannabis Contract Conundrums For Lawyers

We were prompted to write this article by the juxtaposition of two articles republished by Cannabis Business Executive in its July 4th Edition. The title of the first article, The Top 5 Most Dangerous Cannabis Contracts in California, caught our eye. We were intrigued by the title. What is a “dangerous” contract?

Executive Spotlight: Antonio Frazier, Director of Operations for CannaSafe

Antonio Frazier is the Director of Operations at CannaSafe, the first ISO licensed cannabis lab in the world and the leading marketshare holder in California. He met CannaSafe President, Aaron Riley, while playing football together at Furman University, where he earned a Bachelor of Science degree; he also holds a B.S. in Materials Engineering from Clemson.

In Other News

Demetrix

The biotechnology company Demetrix Inc. announced that it had raised $50 million in Series A funding. The company specializes in the production of CBD through fermentation, using bakers’ yeast to help accelerate cannabinoid production. Tuatara Capital led the fundraise and included investors from Horizons Ventures, who led Demetrix’s previous $11 million Series Seed round. Demetrix plans on using the funds to scale its operations.

Trulieve

Trulieve Cannabis Corp. (CSE: TRUL) (OTC: TCNNF) announced that its company founders have voluntarily entered into a lock-up agreement. Representing 65,253,093 subordinate voting shares of the company (59.25%), shareholders have agreed that they will not sell or offer to sell their shares on or before July 25, 2020. On January 25, 2020, an additional 15%, or 11,205,960, of the subordinate voting shares will be released from the lockup. According to Trulieve CEO Kim Rivers, the lock-up will help increase shareholder value. “This extension of the lock-up period demonstrates the continued confidence the company founders have in the execution of our long-term strategy,” Rivers said.

Green Growth Brands

Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) announced that it had reached a deal with American Eagle Outfitters to sell hemp-based CBD infused products in nearly 500 of the retail clothing brand’s stores, as well as its online store. The products will be specifically designed for the American Eagle brand, and sales are expected to begin sometime in October 2019.

Supreme

The Supreme Cannabis Company, Inc. announced today that the Supreme Court of British Columbia had approved its acquisition of Blissco Cannabis Corp. The arrangement will close on July 12, 2019, upon which Supreme will acquire all of Blissco’s issued and outstanding common shares. “With the closing of this acquisition, Supreme Cannabis will expand its portfolio to include a consumer focused brand that specializes in products for the premium global wellness category,” said Navdeep Dhaliwal, CEO of Supreme Cannabis. “In addition to gaining an established wellness brand, Supreme Cannabis will acquire Blissco’s facility built to EU GMP standards that has been extracting oils for the Canadian market since August 2018.”


StaffStaffApril 11, 2019
Trulieve3.jpg

4min12440

Trulieve Cannabis Corp. (CSE: TRUL) reported its fourth quarter and 2018 full-year results with revenue rising 172% to $35.9 million from last year’s $28.3 million for the same time period. The company’s net income grew a whopping 3,467% in the fourth quarter to $10.7 million from last year’s $0.3 million for the same time period.

“In 2018, we focused on building a foundation to scale the business over the long-term and made significant progress on Trulieve’s core mission to create the preferred customer-centric brand in cannabis,” said Kim Rivers, CEO of Trulieve. “In the fourth quarter, we demonstrated our growth through brand expansion and scale by increasing our dispensary footprint in Florida by five stores, adding cultivation and state of the art processing facilities, onboarding strategic brand relationships and making significant progress on our plans for growth beyond Florida with acquisitions in Massachusetts and California.”

Gross margins increased from 46% to 58% in the fourth quarter and the adjusted EBITDA was $45.6 million, or 44.4%.

Full-Year 2018 Results

Revenue for the full-year 2018 increased 419% to $102.8 million over last year’s $19.8 million. The net income for 2018 was $43 million, an increase of 1,094% over last year’s $3.6 million. This was an adjusted EBITDA of $45.6 million, or 44.4%.

2018 Highlights

In 2018, the company entered into agreements to acquire 100% of Life Essence, Inc. in Massachusetts and 100% of Leef Industries, LLC in California. It also expanded Trulieve-branded products, partnerships, and the number of Florida dispensaries to 22 and opened a 55,000 square foot, best-in-class, GMP certified processing facility, bringing efficiencies and state-of-the-art innovation to our Florida production.

The company received a favorable Florida settlement that increased the potential number of Trulieve dispensaries to 14 above the state cap. The state of Florida also approved of smokable flower for medical marijuana patients. 

Looking Ahead

The company forecast that revenue is expected to grow 108% to approximately $214M. As previously disclosed, full-year 2019 revenue growth guidance includes an expected increase in the number of dispensaries in Florida and execution on our multi-state expansion. The anticipated gross profit of approximately $145M for 2019, or 68% of revenue before net changes in the fair value of biological assets. Trulieve is also projecting that it will have an adjusted EBITDA of approximately $92M, or 43% of revenue, reflecting our continued leverage of scale and financial discipline.

Rivers added, “2019 will be a year of execution for us as we leverage our strong revenue growth and positive adjusted EBITDA. We will focus on innovating and delivering new products for our customers, such as smokable flower, edibles, and nano-emulsions. We will cultivate new strategic partnerships, as we have recently demonstrated with Slang and Blue River. Finally, we will execute on our plans for multi-state operational expansion.”

 


Debra BorchardtDebra BorchardtFebruary 19, 2019
openvape.jpg

4min16050

Fresh off its successful IPO, SLANG Worldwide (CNSX: SLNG) has formed a strategic partnership with Florida-based Trulieve Cannabis (OTC: TCNNF) to offer cannabis patients in Florida access to leading cannabis brands in Trulieve’s dispensaries across the state. As part of the agreement, Trulieve will have an exclusive license to SLANG’s extensive portfolio through its U.S. subsidiary, National Concessions Group, Inc. better known as Organa Brands.

Florida is quickly establishing itself as a significant cannabis market in the U.S.  The state has registered over 180,000 medical cannabis patients, a number that has tripled since 2017. According to the Florida Department of Health, Trulieve is responsible for consistently producing and distributing between 60% and 80% of cannabis in the state. The company has 24 dispensaries and home delivery available throughout the state.

“Great partnerships and collaboration are foundational to SLANG’s culture, scalability, and growth strategy,” said SLANG’s CEO Peter Miller. “Not only does Trulieve operate one of the most impressive cannabis cultivation and distribution businesses in Florida, they also share SLANG’s commitment to bringing leading cannabis products to consumers. Every year, SLANG products deliver millions of high-quality cannabis experiences to consumers around the world and, in partnership with Trulieve, we look forward to providing those same exceptional cannabis products to Florida’s patients.”

As a result of the partnership, SLANG will introduce the O.penVAPE, Bakked, District Edibles, and Magic Buzz product lines to Florida medical patients. The company said that the availability of edible products will be subject to regulatory approval by the Florida Department of Health. As part of the agreement signed by the two groups, SLANG will collaborate with Trulieve with regard to the production and distribution of the SLANG portfolio of products, offering in-house training to staff in preparation for production and distribution exclusively through Trulieve.

“SLANG operates with the same goals as Trulieve, working to expand patient access and create products that are high-quality, consistent, and reliable,” said Trulieve CEO Kim Rivers. “SLANG’s expansive portfolio ranges from vaporizer cartridges to edibles to concentrates, all products that will provide Florida’s patients with the effective, natural relief they’re seeking in ways that are innovative and fresh.”

According to an Arcview report titled the State of Legal Marijuana Markets, Florida is estimated to have 550,000 legal potential consumers by 2022. It is projected to reach $1.7 billion in legal spending by the year 2022. The report also stated that medical cannabis sales are expected to reach $456 million in 2018, up from $192 million in 2017.

 

 


Debra BorchardtDebra BorchardtNovember 19, 2018
Trulieve.jpg

3min11663

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.



About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 3 hours

RT : With 48 days until the election, we are finding ways to let voters in New Jersey know Cannabis is on the ballot and why t…

@GreenMarketRpt – 3 hours

RT : With 48 days until the election, we are finding ways to let voters in New Jersey know Cannabis is on the ballot and wh…

@GreenMarketRpt – 3 hours

RT : “MD Numbers’ primary mission is centered around corporate responsibility, sustainability, and equity in every facet.” — #MDN…

Back to Top

You have Successfully Subscribed!