On Monday, the Tallahassee, Florida-based company reported a 64.4% rise in quarterly revenue to $224.1 million in the quarter ending on September 30, 2021.
This marks Trulieve's 15th consecutive profitable quarter: in the third quarter of 2020, the company reported a gross profit of $102.2 million and gross margin of 75.0%.
Refinitiv IBES analysts previously estimated earnings of $221.01 million.
In October, Trulieve completed the $2.1 billion acquisition of Phoenix-based medical cannabis producer Harvest Health & Recreation Inc.
Net income of $18.6 million, or 14 cents a share, also reflects the $16.4 million of one-time compensation and transaction costs related to the Harvest deal.
The two companies opened 13 new dispensaries across North America during the third quarter and now have a combined 155 stores.
Trulieve also opened the first cultivation operations in West Virginia and received a dispensary license in Massachusetts.
Trulieve and Harvest reported a combined revenue of approximately $316 million, net loss of approximately $9.8 million and adjusted EBITDA of $121 million.
"Our team closed the Harvest acquisition in under five months while simultaneously meeting expansion targets in several markets," Trulieve CEO Kim Rivers said in a press release.
With these new initiatives, operating expenses more than doubled to $87.7 million from $42.7 million. Trulieve had, at the end of the quarter, $213.6 million in cash.