Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced its results for the quarter and full-year ended December 31, 2021. In the fourth quarter, Trulieve delivered revenue of $305.3 million, which was an increase of 81% over the fourth quarter of 2020 and 36% sequentially over the third quarter. The company reported a net loss of $71.5 million in the quarter and an adjusted net income of $1.8 million, which excludes $73.3 million of the non-recurring fair value of inventory step-up, transaction, acquisition, and integration charges primarily associated with the Harvest acquisition. the earnings per share was a loss of ($0.49) per share which missed the Yahoo Finance average analyst estimate for a loss of $0.18) cents per share.
Full Year Results
For the full year of 2021, Trulieve reported that revenue increased 80% year over year to $938.4 million in 2021. The company also delivered a net income of $18 million and adjusted net income of $123.4 million, which excluded $105.4 million of non-recurring compensation, the fair value of inventory step-up, and transaction, acquisition, and integration charges primarily associated with the Harvest Health & Recreation Inc. (“Harvest”) acquisition. The company said it had rebranded and reopened fourteen legacy Harvest dispensaries in Florida during October as required following the Harvest acquisition.
“2021 was a phenomenal year for Trulieve, full of monumental achievements, punctuated by the completion of the Harvest acquisition,” said Kim Rivers, Trulieve CEO. “We delivered another record year while making substantive progress toward achieving our long-term goals.”
Trulieve is introducing 2022 guidance with expected revenue in the range of $1.3 billion to $1.4 billion and adjusted EBITDA in the range of $450 million to $500 million. Based on its current forecasts, the company said it expected to realize improved performance in the second half of 2022 relative to the first half of 2022.
Rivers continued, “Our team built upon our established track record of success, further expanding our distribution network through our hub strategy while setting the stage for continued growth. In 2022 we expect to deliver improved performance as our efforts to optimize assets and teams across our platform provide meaningful contributions to our results.”
Trulieve continues to open dispensaries at a breathless pace. The company added 58 dispensaries in the fourth quarter including 49 acquired through Harvest and Purplemed, 9 opened in Florida, Pennsylvania, and West Virginia, and completed the relocation of two dispensaries in Florida. Overall, the company added 84 dispensaries in 2021, increasing retail footprint by 112% to 159 retail locations nationwide at year-end. It finished the year with operations in 11 states and 30% of its retail locations outside of the state of Florida.