Florida based Trulieve Cannabis Corp (CSE: TRUL) announced today it’s financial results for the third quarter ending on September 30th, 2018.
The results boasted strong earnings and excellent growth following the company’s recent announcement of its first expansion into Florida, boasting total quarterly revenues of USD 28.3 million.
In comparison to previous quarter, revenues grew by USD 5.0 million from $23.3 to $28.3 million. Net income between 2017 to 2018 increased from $3.6 million to $17.5 million, a 486 percent increase. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) also grew from $0.8 million to an astonishing $12.6 million over the course of one year.
“These outstanding results in Q3 demonstrate the meaningful progress we’ve made on our strategic plan since becoming a publicly-traded company in September. Looking ahead, we remain focused on scalable growth, including multi-state operational expansion,” said Trulieve CEO Kim Rivers.
Just last month, the company announced the major acquisition of Leef Industries and Life Essence Inc, based out of California and Massachusetts respectively, signifying the first steps in Trulieve’s strategy of expanding into the sunshine state.
“Trulieve’s market-leading brand experience continues to result in high patient retention as we deliver consistent, high-quality products, supported by predictive analytics and industry-leading outreach while advocating for patients and physicians,” she continued. “We believe we are well-positioned in continuing to be the dominant leader in the Florida market while firmly establishing our footprint in the Massachusetts and California markets moving forward.”
Trulieve has a history of being one of the first marijuana companies to receive an authorization to process as well as to dispense in Florida, as well as holding the distinction of being the first to open a dispensary that offered both in-store and at-home deliveries. According to Florida Politics, the management team attributed their success to their steady focus on educating the medical scene of cannabis’s potential as well as their focus on producing high-quality, high-safety cannabis products that consumers wanted.
“We started with vaporizer cartridges, tinctures, and a topical cream,” Rivers said. “In hindsight, it feels minimal compared to the incredible array of products we have now. We grew our product line and the diversity of products based on what doctors and patients wanted…and likewise spent a great deal of time educating our employees thoroughly so patients would feel comfortable at every stage.”
In contrast to the news announcement, Trulieve stock saw its value decline by $1.74, a 10.61 percent decline, in a single trading session. Many companies in the cannabis market have seen multi-day declines over the past week, and despite the positive news and strong fundamentals, it appears that Trulieve remains affected by these volatile swings in the market.
Trulieve Cannabis Corp Company Profile
Trulieve is a vertically integrated “seed-to-sale” company 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 is listed on the Canadian Securities Exchange under the symbol TRUL. –Trulieve