Trulieve Delivers A 2019 Net Income Of $178 Million

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.


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.”


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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