Trulieve Continues To Flex With Strong Revenue

Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) reported revenue of $136.3 million for the third-quarter ending September 30, 2020. This was a 13% sequential increase over the second quarter and topped the Yahoo Finance analyst estimate for revenue of $131 million. Trulieve also delivered a positive net income of $17.4 million, or $0.15 per diluted share, easily beating the Yahoo Finance analyst estimate of $0.22.

“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.

The company also reported GAAP adjusted EBITDA of $65.8 million and has a solid cash position with cash and cash equivalents of $193.4 million as of September 30, 2020. Operating expenses rose by 15% to $37.9 million.

Year-to-date the company has reported roughly $352 million in revenue. Trulieve said during its last earnings release that it was forecasting 2020 revenue to be in the range of $465 million to $485 million. This puts the fourth quarter on target to deliver roughly $150 million in revenue and it would only have to report approximately $113 million to meet the low end of that estimated range. 


While Trulieve is known for its large footprint in the state of Florida, the company has been on a push to expand into other states. The recent acquisitions of PurePenn LLC and Solevo Wellness, which closed on November 12, 2020, have helped the company plant its flag in Pennsylvania. It was also awarded a processor permit in West Virginia. Trulieve opened nine stores in the third quarter and recently achieved its 2020 goal of 68 stores nationwide.

“We want to thank the Office of Medical Cannabis for their comprehensive and thoughtful approach during this process, and we look forward to building a positive relationship with the state of West Virginia,” said Kim Rivers, CEO of Trulieve. “We are truly excited to be entering a sixth state. As a processor, we look forward to bringing our Trulieve brand to West Virginia through wholesale opportunities, partnering with other companies to bring their products to market in the state, and executing on our strategic vision to be the leading customer-focused cannabis brand in the United States, with depth in the markets we choose to operate in. Our plan is to be operational as soon as possible to provide access to the patients in West Virginia.”

The stock was lately trading at $26.95, near the top end of its year high of $27.79.


Debra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief 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 Masters degree in Business Journalism from New York University.

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss This Week's Groundbreaking News

Join the thousands of subscribers who stay informed with GMR's exclusive news briefs delivered directly to your inbox every Friday afternoon.

We respect your privacy. See our privacy policy.

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


Recent Tweets

@GreenMarketRpt – 17 hours

If you were watching the Jan. 6 Commission today – we got you covered. You can read and get caught up.

@GreenMarketRpt – 22 hours

says buy USA, Canada cannabis co’s will have profitability issues.

Back to Top