#USA #Cannabis #Q4 2024 #Trulieve Cannabis Corp #Tallahassee, Florida

Trulieve Reports Strong Q4 and 2024 Financial Performance

Trulieve Cannabis Corp. has officially announced its financial results for the fourth quarter and full year of 2024, reaffirming its status as a leading player in the cannabis industry. The company reported a fourth-quarter revenue of $301 million, marking a 5% year-over-year increase and surpassing its guidance. Notably, 95% of this revenue was derived from retail sales. The gross margin for this quarter rose to 62%, a significant improvement from 54% in the same period of 2023.

In terms of financial strength, Trulieve achieved a record cash flow from operations of $271 million for the year, alongside a free cash flow of $150 million. These metrics underscore the company's robust operational capacity and strategic positioning within the cannabis sector.

Annual Financial Highlights

For the full year 2024, Trulieve reported impressive financial metrics:

• - Total revenue reached $1.2 billion, a 5% increase year-over-year.
• - Gross margin remained healthy at 60%, leading to a gross profit of $716 million.
• - Although the company reported a net loss attributable to common shareholders of $155 million, the adjusted net loss stands at only $19 million, which excludes one-time charges and other significant costs.
• - Adjusted EBITDA climbed to a record $420 million, reflecting a 30% increase from the previous year, equating to an impressive 35% of revenue.
• - Cash and short-term investments totaled $300 million at year-end, fueling future growth and operational flexibility.

Trulieve's expansion efforts have also been noteworthy, as the company launched adult-use cannabis sales in three Ohio locations: Beavercreek, Columbus, and Westerville. Additionally, it expanded its retail footprint by adding 33 dispensaries throughout 2024, resulting in a total of 225 retail locations across the country.

Q4 Financial Performance

In the fourth quarter alone, Trulieve's financial metrics included:

• - Revenue of $301 million, marking a 5% increase from Q4 2023.
• - Gross profit was reported at $187 million, signifying a 22% rise from the previous quarter.
• - The company experienced a net loss of $60 million; however, when adjusted for non-recurring charges, an adjusted net income of $3 million was reported.
• - Adjusted EBITDA reached $111 million, which is 37% of revenue, showing a 27% increase year-over-year.
• - Despite navigating challenges—including $55 million in campaign contributions impacting operation costs—the cash flow from operations amounted to $31 million.

Recent Developments and Future Directions

Trulieve has made strategic management changes by appointing Jason Pernell as President. Under new leadership, the company launched Onward, a premium line of non-alcoholic THC beverages. Targeting consumers aged 21 and older, Onward features diverse flavors and is processed for consistent quality. The products can be purchased and shipped directly to consumers in 36 states.

The firm has continued to enhance its retail presence, recently opening five new locations across multiple states, including Arizona, Florida, and Ohio, as well as relocating a store in Pennsylvania. Currently, Trulieve operates 229 retail dispensaries and maintains a cultivation and processing capacity exceeding four million square feet.

In a statement discussing these results, CEO Kim Rivers noted, “Our team has demonstrated operational excellence, achieving industry-leading margins and record cash flows. With our substantial operational scale, financial fortitude, and dedicated customer base, Trulieve is poised as an industry leader with a differentiated approach.”

As Trulieve continues to navigate the evolving cannabis market landscape, its robust financials and proactive expansion strategies are expected to set the stage for future growth and profitability.

Conclusion

With a strong performance in the fourth quarter and a successful 2024, Trulieve Cannabis Corp. solidifies its position in the cannabis industry, demonstrating resilience and adaptability in a competitive market. Investors and consumers alike can anticipate significant developments as the company continues to grow its footprint and product offerings in the coming years.