Skip to main content
Publish date:

Trulieve Stock Up As Company Reports 15th Profitable Quarter

The Tallahassee-based cannabis producer reported third-quarter profit of $153.9 million.

Trulieve ( (TCNNF) - Get Trulieve Cannabis Corp. Report) stock is up after the cannabis producer announced third-quarter gross profit of $153.9 million and a gross margin of 68.7%.

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.

TheStreet Recommends

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.

At bell,  (TCNNF) - Get Trulieve Cannabis Corp. Report stock was down 0.65% to C$38.50 after rising by as much as 9.63% earlier in the day.