TALLAHASSEE, Fla. — Trulieve Cannabis Corp., a leading cannabis company in the U.S., reported its results for the fourth quarter and full year ended December 31, 2024. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
2024 full-year financial and operational highlights
- Revenue of $1.2 billion increased 5% year over year, with 95% of revenue from retail sales.
- Achieved gross margin of 60%, with GAAP gross profit of $716 million.
- Reported net loss attributable to common shareholders of $155 million. Adjusted net loss of $19 million excludes non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved record adjusted EBITDA of $420 million, or 35% of revenue, up $98 million or 30% from 2023.
- Generated record cash flow from operations of $271 million and free cash flow of $150 million.
- Cash and short term investments at year end totaled $300 million.
- Launched adult-use sales at three Ohio locations: Beavercreek, Columbus, and Westerville.
- Added 33 dispensaries in 2024, increasing retail footprint to 225 retail locations nationwide at year end.
See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Q4 2024 financial and operational highlights
- Revenue of $301 million increased 5% year over year, with 95% of revenue from retail sales.
- Achieved gross margin of 62%, with GAAP gross profit of $187 million.
- Reported net loss attributable to common shareholders of $60 million. Adjusted net income of $3 million excludes $55 million in campaign support and other non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved adjusted EBITDA of $111 million, or 37% of revenue, up 27% year over year.
- Generated cash flow from operations of $31 million and free cash flow of $(12) million, both of which were impacted by $55 million in campaign support.
- Opened 10 new dispensaries in Florida and Georgia.
Recent developments
- Appointed Jason Pernell as President of Trulieve. Pernell has over two decades of experience as an entrepreneur and cannabis operator, co-founding Trulieve alongside Chairman and Chief Executive Officer Kim Rivers in 2015.
- Launched Onward, a premium, non-alcoholic THC beverage available for purchase by consumers 21 years and older and for shipment to 36 states.
- Opened five new retail locations in Maricopa, Arizona; Middleburg and Palm Coast, Florida; and Columbus and Zanesville, Ohio. Relocated one store to Lancaster, Pennsylvania.
- Currently operate 229 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management commentary
“The team set the bar for operational excellence, delivering industry leading margins and record cash flow,” said Rivers. “With our scaled operations, financial strength, and loyal customer base, Trulieve stands out as an industry leader with a differentiated strategy.”
Non-GAAP financial measures (unaudited)
In addition to results determined in accordance with GAAP, the company supplements its results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow.
The company calculates EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA margin as adjusted EBITDA as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net income (loss) divided by basic and diluted shares outstanding; and free cash flow as cash flow from operations less capital expenditures.
Management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
