Trulieve Cannabis Corp. (TCNNF) reported its financial results for the third quarter of 2024 on Tuesday, revealing a 3% increase in revenue to $284 million compared to the same period last year. This comes as Florida voters prepare to decide on a potential ballot initiative that could legalize recreational cannabis use in the state.
Trulieve CEO Kim Rivers expressed optimism about the potential impact of legalization, stating, “As voters in Florida cast their ballots across the state today, there is an opportunity to make history by approving cannabis legalization for personal use.” Rivers emphasized Trulieve’s preparedness, highlighting its extensive presence in Florida with 156 stores, ample production capacity, and sufficient capital to readily scale operations if the initiative passes. “With 156 stores in Florida, scaled production capacity, and sufficient capital to support further investment, if approved, Trulieve is best positioned to fully prepare for the launch of recreational sales next Spring.”
Despite the revenue increase, Trulieve’s net loss widened to $60 million in Q3 2024, compared to $25.4 million in the same quarter last year. The company attributed this to $48 million in campaign support expenses and other non-recurring charges related to asset impairments, disposals, and discontinued operations. Excluding these items, adjusted net loss was $12 million, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached a gain of $96 million, representing 34% of revenue, a 24% increase year-over-year.
Trulieve’s Q3 results also showcased the company’s continued expansion efforts. It launched adult-use sales at three locations in Ohio – Beavercreek, Columbus, and Westerville. To support the Smart and Safe Florida adult-use campaign, Trulieve introduced its #YesOn3 product line. The company further strengthened its presence by entering partnerships with the Professional Pickleball Association and Major League Pickleball to sponsor events in Arizona, Florida, and Georgia. Notably, Trulieve opened 15 new dispensaries during the quarter, expanding its retail footprint in Florida and Pennsylvania. The company now operates a total of 220 retail dispensaries and over four million square feet of cultivation and processing capacity across the United States.
Trulieve’s stock closed Monday’s market session at $12.70 per share, up 3.59%. As the Florida vote approaches, investors will be closely watching to see how the outcome impacts Trulieve’s future growth prospects.
