Trulieve Delivers Record Revenues and Growth in Adjusted EBITDA

There was good news from the U.S. cannabis industry yesterday. It came in the form of strong quarterly results from U.S.-based Trulieve Cannabis Corp (CAN:TRUL / US:TCNNF). Trulieve reported its Q3 2019 financial results on Monday.
 

• Record revenues of $70.7 million, a 22% increase from the previous quarter
• Adjusted EBITDA increased from $31.6 million (Q2) to $36.9 million
• Patient growth of 19% in its Florida medicinal cannabis operations
• 6 additional Florida dispensaries opened in the quarter (for a total of 35)

The Company also has a strong balance sheet, with pro forma cash of $100.8 million (as of November 15, 2019). Kim Rivers, the CEO of Trulieve framed these results for investors.
 

(chart courtesy of Stockcharts.com)

North American cannabis stocks have endured an irrational plunge in value throughout 2019. Trulieve is one of the few publicly listed cannabis companies to see clear signs of a recovery in value, over (now) the past three months.

As investors head into tax-loss selling season, Trulieve will likely be one of the cannabis companies least affected.

Trulieve dominates the robust Florida market for medicinal cannabis. With Florida now pushing to put recreational cannabis legalization on the 2020 ballot, this provides additional blue sky potential for the company and its shareholders.