Full Press Release Details
Trulieve Reports Third Quarter 2022 Results and
Drives Forward Progress on Strategic Vision
Tallahassee, FL November 9, 2022 Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF)
( Trulieve or the Company ), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended September 30, 2022. Results are reported in
U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q3 2022 Financial and Operational Highlights*
Management Commentary
Our team demonstrated tremendous flexibility and cross functional capabilities during the third quarter said Kim Rivers, Trulieve CEO. We
navigated macroeconomic pressure, changes to dosing limits in our core state of Florida, and the impact of Hurricane Ian while making further progress streamlining the organization.
Rivers continued, U.S. cannabis has significant white space ahead, with many states yet to implement medical or adult use programs and a growing
appetite for substantive federal reform. Trulieve has been preparing for this next phase of industry evolution for years, building our regional hub strategy, scaling cutting edge cultivation and manufacturing capacity, expanding our leading retail
platform, investing in data technology and perfecting the customer journey.
We anticipate fourth quarter results will be influenced by holiday retail performance and promotional activity across core markets during the latter half of
the quarter. Based on our performance year to date and current trends, we are targeting the low end of 2022 guidance of $1.25 billion to $1.3 billion in revenue and $415 million to $450 million in Adjusted EBITDA.
Financial Highlights*
| Results of Operations | For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||
| (Figures in millions and % change based on these figures) | September 30, 2022 | September 30, 2021 | change | June 30, 2022 | change | September 30, 2022 | September 30, 2021 | change | ||||||||||||||||||||||||
| Revenue | $ | 301 | $ | 224 | 34 | % | $ | 319 | -6 | % | $ | 938 | $ | 633 | 48 | % | ||||||||||||||||
| Gross Profit | $ | 168 | $ | 154 | 9 | % | $ | 184 | -9 | % | $ | 532 | $ | 434 | 23 | % | ||||||||||||||||
| Gross Margin % | 56 | % | 69 | % | 58 | % | 57 | % | 69 | % | ||||||||||||||||||||||
| Adjusted Gross Profit | $ | 172 | $ | 155 | 11 | % | $ | 184 | -6 | % | $ | 541 | $ | 441 | 23 | % | ||||||||||||||||
| Adjusted Gross Margin % | 57 | % | 69 | % | 58 | % | 58 | % | 70 | % | ||||||||||||||||||||||
| Operating Expenses | $ | 196 | $ | 88 | 123 | % | $ | 143 | 37 | % | $ | 488 | $ | 219 | 123 | % | ||||||||||||||||
| Operating Expenses % | 65 | % | 39 | % | 45 | % | 52 | % | 35 | % | ||||||||||||||||||||||
| Net Income (Loss)** | $ | (115 | ) | $ | 19 | $ | (22 | ) | $ | (169 | ) | $ | 90 | |||||||||||||||||||
| Net Income (Loss) Continuing Ops | $ | (77 | ) | $ | 19 | $ | (22 | ) | $ | (129 | ) | $ | 90 | |||||||||||||||||||
| Adjusted Net Income (Loss) | $ | 4 | $ | 36 | -90 | % | $ | (1 | ) | $ | 5 | $ | 122 | |||||||||||||||||||
| Diluted Shares Outstanding | 189 | 137 | 187 | 188 | 131 | |||||||||||||||||||||||||||
| EPS Continuing Ops | $ | (0.41 | ) | $ | 0.14 | $ | (0.11 | ) | $ | (0.68 | ) | $ | 0.68 | |||||||||||||||||||
| Adjusted EPS | $ | 0.02 | $ | 0.26 | -92 | % | $ | 0.00 | $ | 0.03 | $ | 0.91 | ||||||||||||||||||||
| Adjusted EBITDA | $ | 99 | $ | 98 | 1 | % | $ | 111 | -11 | % | $ | 315 | $ | 284 | 11 | % | ||||||||||||||||
| Adjusted EBITDA Margin % | 33 | % | 44 | % | 35 | % | 34 | % | 45 | % |
The Company will host a conference call
and live audio webcast on November 9, 2022, at 5:30 P.M. Eastern time, to discuss its third quarter 2022 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the
North American toll free: 1-888-254-3590
International: 1-786-789-4797
A live audio webcast of the conference call will be
available at: https://app.webinar.net/xX6Q5JE71z3
A powerpoint presentation and archived replay of the webcast will be available at
The Company s Form 10-Q for the quarter ended
September 30, 2022, will be 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 will be available under the Company s profile on SEDAR and on its website at https://investors.trulieve.com/financial-information/quarterly-results. This news release is not in any way a substitute for
reading those financial statements, including the notes to the financial statements.
Trulieve Cannabis Corp.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data)
| September 30, 2022 | December 31, 2021 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 114,468 | $ | 230,085 | ||||
| Restricted cash | 3,013 | |||||||
| Accounts receivable, net | 11,309 | 8,563 | ||||||
| Inventories, net | 301,239 | 209,943 | ||||||
| Notes receivable - current portion | 715 | 1,530 | ||||||
| Prepaid expenses and other current assets | 62,068 | 68,145 | ||||||
| Assets associated with discontinued operations | 2,838 | 3,615 | ||||||
| Total current assets | 492,637 | 524,894 | ||||||
| Property and equipment, net | 795,506 | 779,413 | ||||||
| Right of use assets - operating, net | 100,864 | 111,723 | ||||||
| Right of use assets - finance, net | 75,305 | 66,764 | ||||||
| Intangible assets, net | 1,027,058 | 1,081,240 | ||||||
| Goodwill | 791,495 | 765,358 | ||||||
| Notes receivable, net | 12,059 | 12,147 | ||||||
| Other assets | 21,531 | 17,640 | ||||||
| Long-term assets associated with discontinued operations | 4,503 | 52,167 | ||||||
| TOTAL ASSETS | $ | 3,320,958 | $ | 3,411,346 | ||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | 87,773 | 93,801 | ||||||
| Income tax payable | 4,681 | 28,084 | ||||||
| Deferred revenue | 6,385 | 7,168 | ||||||
| Notes payable - current portion, net | 4,823 | 10,052 | ||||||
| Operating lease liabilities - current portion | 10,779 | 10,020 | ||||||
| Finance lease liabilities - current portion | 8,719 | 6,185 | ||||||
| Construction finance liabilities - current portion | 1,137 | 991 | ||||||
| Contingencies | 25,590 | 13,017 | ||||||
| Liabilities associated with discontinued operations | 390 | 92 | ||||||
| Total current liabilities | 150,277 | 169,410 | ||||||
| Long-term liabilities: | ||||||||
| Notes payable | 7,942 | 6,456 | ||||||
| Private placement notes, net | 540,301 | 462,929 | ||||||
| Warrant liabilities | 268 | 2,895 | ||||||
| Operating lease liabilities | 110,625 | 107,570 | ||||||
| Finance lease liabilities | 75,011 | 65,244 | ||||||
| Construction finance liabilities | 182,257 | 175,198 | ||||||
| Deferred tax liabilities | 220,206 | 241,882 | ||||||
| Other long-term liabilities | 8,616 | 8,400 | ||||||
| Long-term liabilities associated with discontinued operations | 14,575 | 23,989 | ||||||
| TOTAL LIABILITIES | 1,310,078 | 1,263,973 | ||||||
| Commitments and contingencies (see Note 22) | ||||||||
| SHAREHOLDERS EQUITY | ||||||||
| Common stock, no par value; unlimited shares authorized. 185,880,209 issued and outstanding as of September 30, 2022 and 180,504,172 issued and outstanding as of December 31, 2021. | ||||||||
| Additional paid-in-capital | 2,041,748 | 2,008,100 | ||||||
| Accumulated (deficit) earnings | (31,299 | ) | 137,721 | |||||
| Non-controlling interest | 431 | 1,552 | ||||||
| TOTAL SHAREHOLDERS EQUITY | 2,010,880 | 2,147,373 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | $ | 3,320,958 | $ | 3,411,346 |
Trulieve Cannabis Corp.
Condensed Consolidated Statements of Operations and
Comprehensive (Loss) Income (Unaudited)
(in thousands, except per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||
| Revenues, net of discounts | $ | 300,793 | $ | 224,092 | $ | 937,612 | $ | 633,037 | ||||||||
| Cost of goods sold | 132,760 | 70,147 | 405,278 | 199,345 | ||||||||||||
| Gross profit | 168,033 | 153,945 | 532,334 | 433,692 | ||||||||||||
| Expenses: | ||||||||||||||||
| Sales and marketing | 75,915 | 51,724 | 224,026 | 142,858 | ||||||||||||
| General and administrative | 37,646 | 28,223 | 104,840 | 55,874 | ||||||||||||
| Depreciation and amortization | 30,190 | 7,728 | 88,645 | 19,829 | ||||||||||||
| Impairment and disposal of long-lived assets, net | 52,035 | (5 | ) | 70,151 | (5 | ) | ||||||||||
| Total expenses | 195,786 | 87,670 | 487,662 | 218,556 | ||||||||||||
| (Loss) Income from operations | (27,753 | ) | 66,275 | 44,672 | 215,136 | |||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense, net | (19,264 | ) | (6,145 | ) | (56,815 | ) | (20,693 | ) | ||||||||
| Change in fair value of derivative liabilities - warrants | 365 | 2,627 | ||||||||||||||
| Impairment and disposal of non-operating assets, net | (2,604 | ) | (6,004 | ) | ||||||||||||
| Other income (expense), net | 448 | 89 | 3,016 | 385 | ||||||||||||
| Total other expense | (21,055 | ) | (6,056 | ) | (57,176 | ) | (20,308 | ) | ||||||||
| (Loss) Income before provision for income taxes | (48,808 | ) | 60,219 | (12,504 | ) | 194,828 | ||||||||||
| Provision for income taxes | 28,199 | 41,603 | 116,742 | 105,254 | ||||||||||||
| Net (loss) income from continuing operations and comprehensive (loss) income | (77,007 | ) | 18,616 | (129,246 | ) | 89,574 | ||||||||||
| Net loss from discontinued operations, net of tax benefit of $12,981, $-, $14,439, and $-, respectively | (38,065 | ) | (42,329 | ) | ||||||||||||
| Net (loss) income | (115,072 | ) | 18,616 | (171,575 | ) | 89,574 | ||||||||||
| Less: Net loss and comprehensive loss attributable to non-controlling interest from continuing operations | (518 | ) | (2,555 | ) | ||||||||||||
| Net (loss) income and comprehensive (loss) income attributable to common shareholders | $ | (114,554 | ) | $ | 18,616 | $ | (169,020 | ) | $ | 89,574 | ||||||
| Net (loss) income per share - Continuing operations: | ||||||||||||||||
| Basic | $ | (0.41 | ) | $ | 0.15 | $ | (0.68 | ) | $ | 0.73 | ||||||
| Diluted | $ | (0.41 | ) | $ | 0.14 | $ | (0.68 | ) | $ | 0.68 | ||||||
| Net loss per share - Discontinued operations: | ||||||||||||||||
| Basic and diluted | $ | (0.20 | ) | $ | (0.23 | ) | ||||||||||
| Weighted average number of common shares used in computing net (loss) income per share: | ||||||||||||||||
| Basic | 188,597,094 | 128,146,298 | 187,549,359 | 122,983,729 | ||||||||||||
| Diluted | 188,597,094 | 136,909,266 | 187,549,359 | 130,927,083 |
Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial
measures, including adjusted EBITDA, adjusted gross profit, adjusted net income (loss), adjusted net income (loss) per diluted share. Our management uses these non-GAAP financial measures in conjunction with
GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these
limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures
is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these
non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be
found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.
Reconciliation of Non-GAAP Adjusted EBITDA
The following table presents a reconciliation of GAAP net income (loss) to non-GAAP Adjusted EBITDA, for each of the
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| (Amounts expressed in millions of United States dollars) | September 30, 2022 | September 30, 2021 | June 30, 2022 | September 30, 2022 | September 30, 2021 | |||||||||||||||
| Net Income (Loss) GAAP | $ | (114.6 | ) | $ | 18.6 | $ | (22.5 | ) | $ | (169.0 | ) | $ | 89.6 | |||||||
| Add (Deduct) Impact of: | ||||||||||||||||||||
| Interest Expense, net | $ | 19.3 | $ | 6.1 | $ | 19.7 | $ | 56.8 | $ | 20.7 | ||||||||||
| Provision For Income Taxes | $ | 28.2 | $ | 41.6 | $ | 45.4 | $ | 116.7 | $ | 105.3 | ||||||||||
| Depreciation and Amortization | $ | 30.2 | $ | 7.7 | $ | 30.0 | $ | 88.6 | $ | 19.8 | ||||||||||
| Depreciation in COGS | $ | 14.6 | $ | 5.7 | $ | 13.8 | $ | 39.1 | $ | 14.4 | ||||||||||
| EBITDA | $ | (22.3 | ) | $ | 79.8 | $ | 86.4 | $ | 132.3 | $ | 249.7 | |||||||||
| Impairment and Disposal of Long-lived Assets, net | $ | 52.0 | $ | 0.0 | $ | 4.3 | $ | 70.2 | $ | 0.0 | ||||||||||
| Results of Discontinued Operations | $ | 38.1 | $ | 0.0 | $ | 1.9 | $ | 42.3 | $ | 0.0 | ||||||||||
| Acquisition and Transaction Costs | $ | 7.0 | $ | 11.1 | $ | 7.0 | $ | 17.2 | $ | 14.3 | ||||||||||
| Integration and Transition Costs | $ | 6.7 | $ | 0.8 | $ | 5.1 | $ | 17.1 | $ | 2.7 | ||||||||||
| Other Non-Recurring Costs | $ | 1.9 | $ | 0.2 | $ | 3.5 | $ | 11.6 | $ | 1.6 | ||||||||||
| Share-Based Compensation and Related Premiums | $ | 4.3 | $ | 4.9 | $ | 5.7 | $ | 14.6 | $ | 6.4 | ||||||||||
| Legislative Campaign Contributions | $ | 10.0 | $ | 0.0 | $ | 0.0 | $ | 10.0 | $ | 0.0 | ||||||||||
| Impairment and Disposal of Non-Operating Assets, net | $ | 2.6 | $ | 0.0 | $ | 0.7 | $ | 6.0 | $ | 0.0 | ||||||||||
| Inventory Step Up Fair Value | $ | 0.0 | $ | 0.7 | $ | 0.6 | $ | 1.0 | $ | 3.2 | ||||||||||
| Covid Related Expenses | $ | 0.2 | $ | 0.5 | $ | 0.2 | $ | 0.8 | $ | 6.0 | ||||||||||
| Other Expense (Income), net | $ | (0.4 | ) | $ | (0.1 | ) | $ | (1.7 | ) | $ | (3.0 | ) | $ | (0.4 | ) | |||||
| Fair Value of Derivative Liabilities - Warrants | $ | (0.4 | ) | $ | 0.0 | $ | (1.4 | ) | $ | (2.6 | ) | $ | 0.0 | |||||||
| Results of Entities Not Legally Controlled | $ | (0.9 | ) | $ | 0.0 | $ | (1.1 | ) | $ | (1.9 | ) | $ | 0.0 | |||||||
| Adjusted EBITDA Non-GAAP | $ | 98.8 | $ | 98.0 | $ | 111.3 | $ | 315.5 | $ | 283.7 |
Reconciliation of Non-GAAP Adjusted Gross Profit
The following table presents a reconciliation of GAAP gross profit to non-GAAP adjusted gross profit, for each of the
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| (Amounts expressed in millions of United States dollars) | September 30, 2022 | September 30, 2021 | June 30, 2022 | September 30, 2022 | September 30, 2021 | |||||||||||||||
| Gross Profit GAAP | $ | 168.0 | $ | 153.9 | $ | 183.8 | $ | 532.3 | $ | 433.7 | ||||||||||
| Gross Margin % GAAP | 56 | % | 69 | % | 58 | % | 57 | % | 69 | % | ||||||||||
| Add (Deduct) Impact of: | ||||||||||||||||||||
| Inventory Step Up Fair Value | $ | 0.0 | $ | 0.7 | $ | 0.6 | $ | 1.0 | $ | 3.2 | ||||||||||
| Transaction, Acquisition, and Integration Costs | $ | 3.8 | $ | 0.4 | $ | (0.8 | ) | $ | 7.4 | $ | 3.9 | |||||||||
| Adjusted Gross Profit Non-GAAP | $ | 171.9 | $ | 155.0 | $ | 183.7 | $ | 540.8 | $ | 440.8 | ||||||||||
| Adjusted Gross Margin % Non-GAAP | 57 | % | 69 | % | 58 | % | 58 | % | 70 | % |
Reconciliation of Non-GAAP Adjusted Net Income
The following table presents a reconciliation of GAAP net income (loss) to non-GAAP adjusted net income, for each of
the periods presented:
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| (Amounts expressed in millions of United States dollars) | September 30, 2022 | September 30, 2021 | June 30, 2022 | September 30, 2022 | September 30, 2021 | |||||||||||||||
| Net Income (Loss) GAAP | $ | (114.6 | ) | $ | 18.6 | $ | (22.5 | ) | $ | (169.0 | ) | $ | 89.6 | |||||||
| Add (Deduct) Impact of: | ||||||||||||||||||||
| Share-Based Compensation Related Premiums | $ | 0.0 | $ | 4.2 | $ | 0.0 | $ | 0.0 | $ | 4.2 | ||||||||||
| Fair Value of Derivative Liabilities - Warrants | $ | (0.4 | ) | $ | 0.0 | $ | (1.4 | ) | $ | (2.6 | ) | $ | 0.0 | |||||||
| Inventory Step Up Fair Value | $ | 0.0 | $ | 0.7 | $ | 0.6 | $ | 1.0 | $ | 3.2 | ||||||||||
| Transaction, Acquisition, and Integration Costs | $ | 25.5 | $ | 12.2 | $ | 15.6 | $ | 55.9 | $ | 18.7 | ||||||||||
| Covid Related Expenses | $ | 0.2 | $ | 0.5 | $ | 0.2 | $ | 0.8 | $ | 6.0 | ||||||||||
| Impairment and Disposal of Non-Operating Assets, net | $ | 2.6 | $ | 0.0 | $ | 0.7 | $ | 6.0 | $ | 0.0 | ||||||||||
| Impairment and Disposal of Long-lived Assets, net | $ | 52.0 | $ | 0.0 | $ | 4.3 | $ | 70.2 | $ | 0.0 | ||||||||||
| Results of Discontinued Operations | 38.1 | $ | 0.0 | $ | 1.9 | $ | 42.3 | $ | 0.0 | |||||||||||
| Adjusted Net Income (Loss) Non-GAAP | $ | 3.5 | $ | 36.2 | $ | (0.6 | ) | $ | 4.6 | $ | 121.7 |
Reconciliation of Non-GAAP Adjusted Earnings Per Share
The following table presents a reconciliation of GAAP earnings (loss) per share to non-GAAP adjusted earnings per
share, for each of the periods presented:
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| (Amounts expressed in millions of United States dollars) | September 30, 2022 | September 30, 2021 | June 30, 2022 | September 30, 2022 | September 30, 2021 | |||||||||||||||
| Earnings (Loss) Per Share GAAP | $ | (0.61 | ) | $ | 0.14 | $ | (0.12 | ) | $ | (0.90 | ) | $ | 0.68 | |||||||
| Add (Deduct) Impact of: | ||||||||||||||||||||
| Share-Based Compensation Related Premiums | $ | 0.00 | $ | 0.03 | $ | 0.00 | $ | 0.00 | $ | 0.03 | ||||||||||
| Fair Value of Derivative Liabilities - Warrants | $ | (0.00 | ) | $ | 0.00 | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.00 | |||||||
| Inventory Step Up Fair Value | $ | 0.00 | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.02 | ||||||||||
| Transaction, Acquisition, and Integration Costs | $ | 0.14 | $ | 0.09 | $ | 0.08 | $ | 0.30 | $ | 0.14 | ||||||||||
| Covid Related Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.05 | ||||||||||
| Impairment and Disposal of Non-Operating Assets, net | $ | 0.01 | $ | 0.00 | $ | 0.00 | $ | 0.03 | $ | 0.00 | ||||||||||
| Impairment and Disposal of Long-lived Assets, net | $ | 0.28 | $ | 0.00 | $ | 0.02 | $ | 0.37 | $ | 0.00 | ||||||||||
| Results of Discontinued Operations | $ | 0.20 | $ | 0.00 | $ | 0.01 | $ | 0.23 | $ | 0.00 | ||||||||||
| Adjusted Earnings Per Share Non-GAAP | $ | 0.02 | $ | 0.27 | $ | 0.00 | $ | 0.03 | $ | 0.93 |
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 revenue and adjusted EBITDA for fiscal 2022, its plans for streamlining operations and navigating short term headwinds, and its beliefs as to its positioning for cannabis 2.0. 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, 2021 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.
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with established hubs in the
Northeast, Southeast, and Southwest, anchored by leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and
existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without
limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.
Instagram: @Trulieve
Christine Hersey, Executive Director of Investor Relations
Rob Kremer, Executive Director of
Corporate Communications