In the latest round of Q3 2019 cannabis numbers to come online, Florida-based Trulieve Cannabis Corp. (CSE: TRUL; OTCQX: TCNNF) continued to see growth on revenue and managed to beat initially projected numbers.
While the company was estimated to hit $64.6 million in the period ending Sept. 30, Trulieve actually reported $70.7 million in revenue.
That number is significantly higher than the $57.9 million reported the previous quarter as Trulieve sees further quarter-over-quarter gains and reported operating expenses of $18 million for Q3.
The period between July 1 and Sept. 30 was also notable for fundraising efforts as the company grossed $61 million through a second public debt deal, as well as raising $17 million through a cultivation site sale-leaseback.
In addition to revenue gains, the company’s adjusted EBITDA went up to $31 million in Q2 and continued to increase to $36.9 million this quarter, significantly beating out the expected Q3 number of $28.9 million.
Chief Executive Officer Kim Rivers — recently recognized as one of the most influential women in the industry on the High Times Female 50 list — had this to say about the financial report:
Although the company currently has limited locations in California and Connecticut, the vast majority of storefront operations are located in Florida.
Trulieve has opened 39 dispensaries in the state as of November, with the latest opening in Wesley Chapel earlier this month. 35 of those sites were operational as of the end of Q3 2019.
While Florida currently only allows medical sales, the state may see a drastic change next year as several groups are hoping to launch voter ballot initiatives to legalize adult recreational usage during the 2020 election.
Although the stock price is still down from its position back in April, Trulieve hasn’t experienced the same level of sustained drop as many other North American cannabis companies, with TCNNF trading at $11.30 today — notably up more than $2 a share from this same time in September.
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