Trulieve has released its first quarter financial results. The Florida-based cannabis corporation which operates 165 retail dispensaries saw revenue increased 64% year over year to $318.3 million from $193.8 million and 4% sequentially.
Trulieve is reiterating its 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 the Company’s current forecasts, it expects to realize improved performance in the second half of 2022 relative to the first half of 2022.
Gross profit of $178.2 million and GAAP gross margin of 56.0% in the first quarter compared to gross profit of $132.4 million and GAAP gross margin of 43.4% in the fourth quarter of 2021. Cash at quarter end of $267 million was bolstered by $45.1 million in cash flow from operations and the closing of $75 million senior secured notes.
A canopy of topline growth
“Thanks to the efforts of all of our Trulieve employees, we’re off to a great start in 2022, with strong first quarter results underpinned by topline growth and cash flow,” said Kim Rivers, Trulieve CEO. “Once again we did what we said we would do, improving performance with our focus on the customer, hub strategy, branded products, and disciplined capital allocation.”
Trulieve currently operate 165 retail dispensaries and over 4.0 million square feet of cultivation and processing capacity in the United States. The company recently completed the rebranding to Trulieve of all 22 affiliated and acquired retail locations in Maryland and Pennsylvania. And this year, Trulieve’s Cultivar Collection, Muse, Modern Flower, Momenta and Roll One brands were introduced in markets across Florida, Maryland, Massachusetts, Pennsylvania and West Virginia.
Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, visit Trulieve.com. The Company’s Form 10-Q for the quarter ended March 31, 2022, is available on the SEC’s website or at https://investors.trulieve.com/financial-information/quarterly-results.