Full Press Release Details
Trulieve Reports Record Second Quarter 2021 Earnings and Expansion into New Markets
Achieved a number of firsts and records including 14th consecutive quarter of
profitability and over 500,000 customers served; Became the first medical cannabis operator to start planting in West Virginia; and Positioned to enter our 7th state with Production License
Tallahassee, FL August 12, 2021 Trulieve Cannabis Corp. ( Trulieve or the
Company ) (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, today announced its results for the quarter ended June 30, 2021.
Q2 2021 Financial and Operational Highlights
Our performance in the second quarter was strong across all financial and operating metrics, stated
Kim Rivers, Trulieve CEO. We have become operational in Massachusetts and West Virginia and recently won an application for one of two class 1 production licenses in Georgia. We continue to execute on our national expansion model, building our
footprint both organically, with license application awards, and inorganically, with strategic acquisitions.
Rivers continued, Trulieve has changed considerably since our first sale in Florida in 2016, and we
are only in the beginning stages of what we know we can achieve as a company. We believe the next chapter, including the anticipated closing of the Harvest acquisition, will only continue to build on the strong foundations we have worked tirelessly
Financial Highlights
| Results of operations | For the Three Months Ended, | For the Three Months Ended June, | For the Six Months Ended June, | |||||||||||||||||||||||||||||||||
| (Figures in millions and % change based on these figures) | June 30, 2021 | March 31, 2021 | % change | 2021 | 2020 | % change | 2021 | 2020 | % change | |||||||||||||||||||||||||||
| Total Revenue | $ | 215.1 | $ | 193.8 | 11 | % | $ | 215.1 | $ | 120.8 | 78 | % | $ | 408.9 | $ | 216.8 | 89 | % | ||||||||||||||||||
| Gross Profit | $ | 144.5 | $ | 135.3 | 7 | % | $ | 144.5 | $ | 90.5 | 60 | % | $ | 279.7 | $ | 164.4 | 70 | % | ||||||||||||||||||
| Gross Profit % | 67 | % | 70 | % | 67 | % | 75 | % | 68 | % | 76 | % | ||||||||||||||||||||||||
| Operating Expenses | $ | 61.5 | $ | 57.3 | 7 | % | $ | 61.5 | $ | 34.9 | 76 | % | $ | 118.8 | $ | 64.1 | 85 | % | ||||||||||||||||||
| Operating Expenses % | 29 | % | 30 | % | 29 | % | 29 | % | 29 | % | 30 | % | ||||||||||||||||||||||||
| Net income | $ | 40.9 | $ | 30.1 | 36 | % | $ | 40.9 | $ | 18.9 | 116 | % | $ | 71.0 | $ | 42.5 | 67 | % | ||||||||||||||||||
| Adjusted EBITDA | $ | 94.9 | $ | 90.8 | 4 | % | $ | 94.9 | $ | 61.4 | 55 | % | $ | 185.7 | $ | 109.9 | 69 | % |
The Company s Form 10-Q for the quarter ended June 30, 2021, is available on
the SEC s website or at https://investors.trulieve.com/financial-information/quarterly-results. The Company s Management Discussion and Analysis for the period and the accompanying financial statements and notes are available
under the Company s profile on SEDAR and on its website at https://investors.trulieve.com/financial-information/quarterly-results.
release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
The Company will host a conference call and live audio webcast on, August 12, 2021 at 8:30 A.M. Eastern time, to discuss its second quarter 2021
All interested parties can join the conference call by dialing 1-877-870-4263, conference ID: 10158485. Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until August 19, 2021. To access the archived
conference call, please dial 1-855-669-9658 or 1-877-344-7529 and enter the encore code 10158485.
A live audio webcast of the conference call will be
available at: https://investors.trulieve.com/events-presentations
Please connect at least 15 minutes prior to the conference call to ensure
adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days by clicking the link above.
Trulieve is primarily a vertically
integrated seed-to-sale company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of
Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida, as well as
directly to patients via home delivery. Trulieve also has licenses in California, Massachusetts, Connecticut, Pennsylvania, West Virginia and Georgia. Trulieve is listed on the Canadian Securities Exchange under the
symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
To learn more about Trulieve, visit www.Trulieve.com.
Non-GAAP Financial Measures
Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to
financial measures in accordance with GAAP to evaluate our operating results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results
prepared in accordance with GAAP. Our management uses adjusted EBITDA to evaluate our operating performance and trends and make planning decisions. Our management believes adjusted EBITDA helps identify underlying trends in our business that could
otherwise be masked by the effect of the items that we exclude. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall
understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision-making.
The following table presents a reconciliation of GAAP net income (loss) to non-GAAP Adjusted EBITDA, for each of the
| Reconciliation of Non-GAAP Adjusted EBITDA | For the Three Months Ended | For the Three Months Ended June, | For the Six Months Ended June, | |||||||||||||||||||||||||||||||||
| (Figures in millions and % change based on these figures) | June 30, 2021 | March 31, 2021 | % change | 2021 | 2020 | % change | 2021 | 2020 | % change | |||||||||||||||||||||||||||
| Net Income (GAAP) | 40.9 | 30.1 | 36 | % | $ | 40.9 | $ | 18.9 | 116 | % | $ | 71.0 | $ | 42.5 | 67 | % | ||||||||||||||||||||
| Add (Deduct) Impact of: | ||||||||||||||||||||||||||||||||||||
| Depreciation and Amortization | 6.7 | 5.4 | 23 | % | $ | 6.7 | $ | 3.1 | 115 | % | $ | 12.1 | $ | 5.3 | 128 | % | ||||||||||||||||||||
| Depreciation included in Cost of Goods Sold | 5.0 | 3.7 | 37 | % | $ | 5.0 | $ | 2.4 | 110 | % | $ | 8.7 | $ | 4.9 | 0 | % | ||||||||||||||||||||
| Interest Expense, Net | 6.6 | 7.9 | -16 | % | $ | 6.6 | $ | 5.3 | 25 | % | $ | 14.5 | $ | 11.2 | 30 | % | ||||||||||||||||||||
| Share-Based Compensation | 0.7 | 0.7 | 1 | % | $ | 0.7 | $ | 0.5 | 61 | % | $ | 1.5 | $ | 1.7 | -12 | % | ||||||||||||||||||||
| Other Expense (Income), Net | (0.3 | ) | 0.0 | -1000 | % | $ | (0.3 | ) | $ | 5.0 | -107 | % | $ | (0.3 | ) | $ | 0.0 | -4314 | % | |||||||||||||||||
| Provision for Income Taxes | 29.1 | 34.5 | -16 | % | $ | 29.1 | $ | 23.3 | 25 | % | $ | 63.7 | $ | 41.2 | 55 | % | ||||||||||||||||||||
| Acquisition and Transaction Costs | 4.5 | 2.0 | 118 | % | $ | 4.5 | $ | $ | 6.5 | $ | ||||||||||||||||||||||||||
| Covid Related Expenses | 1.7 | 3.8 | -56 | % | $ | 1.7 | $ | 3.0 | -43 | % | $ | 5.5 | $ | 3.1 | 79 | % | ||||||||||||||||||||
| Inventory Step up, Fair Value | 2.5 | -100 | % | $ | $ | $ | 2.5 | $ | ||||||||||||||||||||||||||||
| Total Adjustments | 54.0 | 60.7 | -11 | % | $ | 54.0 | $ | 42.5 | 27 | % | $ | 114.7 | $ | 67.3 | 70 | % | ||||||||||||||||||||
| Adjusted EBITDA | 94.9 | 90.8 | 4 | % | $ | 94.9 | $ | 61.4 | 55 | % | $ | 185.7 | $ | 109.9 | 69 | % |
Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward
looking statements relate to the Company s expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the
Company s expected financial performance for fiscal 2021, its plans for expansion, the scope and timing of adoption of cannabis in the U.S. and potential acquisitions and expansion of the Company s operations. Words such as
expects , continue , will , anticipates and intends or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the
Company s current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of
operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions
and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause
actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without
limitation, the risks discussed under the heading Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020 and in our periodic reports subsequently filed with the
United Sates Securities and Exchange Commission and in the Company s filings on SEDAR at www.sedar.com. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of
assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to
rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof and, except
as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from
those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise.
Director, Investor Relations