Trulieve Beats Estimates With Strong 2020, Gives 2021 Guidance

Trulieve Cannabis Corp. (OTCQX: TCNNF) announced revenue grew 111% to $168.4 million for the fourth quarter ending December 2020 versus last year’s revenue of $79.7 million for the same time period. This beat the average analyst estimate for $162 million according to Yahoo Finance. Trulieve‘s net income fell 75% to $3 million for the quarter versus $12.2 million for the same time period in 2019. 

For the full year, Trulieve delivered revenue of $521.5 million, representing year-over-year growth of 106%. For the full year, the company reported a net income of $63.0 million resulting in full-year earnings per share of $0.53 on a fully diluted basis. Absent the revaluation of our debt warrants, an impact of $42.7 million for the year, adjusted net income would have been $105.7 million resulting in earnings per share of $0.89 on a fully diluted basis, which beat estimates by $0.38.

“2020 was a year of foundational growth that sets the stage for what we expect will be an exciting and transformational year of national expansion. We had an excellent fourth quarter with strong financial performance capping off our highest annual revenue, net income and Adjusted EBITDA year to date. Our results reflect the outstanding work we’ve accomplished as a company and our focus on continuous improvement. Our full-year Adjusted EBITDA in 2020 was nearly equal to our prior year revenue,” stated Kim Rivers, Trulieve CEO.

Trulieve also reported that its 2020 Adjusted EBITDA of $251.0 million, was a year-over-year growth of 99%. The adjusted EBITDA of $78.2 million in the fourth quarter was an increase of 19% from the third quarter. The company delivered $99.6 million in cash flows from operations for the year.


Based on Trulieve’s markets, current regulations, and foreseeable store growth, the company estimates 2021 revenues in the range of $815 million to $850 million, and $355 million to $375 million in adjusted EBITDA. Guidance for 2021 incorporates a full year of operations from Trulieve’s  Pennsylvania operations, continued growth in Florida as well as the Company’s Massachusetts, Connecticut, and California locations.

Operational Highlights

The company listed the following operational achievements in a statement:

  • Approved to start growing plants at our Tier 9 facility in Holyoke by the Cannabis Control Commission in Massachusetts.
  • Expanded national footprint in the Northeast with closings of the acquisition of Solevo Wellness, adding three operational dispensaries in Pennsylvania, and PurePenn, a cultivator and processor supplying wholesale product to 100% of dispensary operations in the state.
  • Entered a 6 th state with the award of a processor permit by the West Virginia Office of Medical Cannabis and four dispensary permits subsequent to year-end. Announced a Definitive Agreement for the acquisition of Mountaineer Holding, LLC, a West Virginia company that holds a cultivation permit and two dispensary permits, resulting in a vertical platform.
  • Opened 11 new retail dispensaries in the fourth quarter, ending the year with 75 stores in the U.S. Added over 200,000 square feet of cultivation facilities during 2020, ending the year with almost 2 million square feet of cultivation facilities, to support this explosive growth of new stores.
  • Ended 2020 with a 49% market share in oil and 53% market share in flower in the state of Florida and achieved record flower and oil sales at the end of December, selling 93.7M mgs of oil and 36,330 ounces, or over one ton of flower.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

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