[PRESS RELEASE] – TALLAHASSEE, Fla., Feb. 27, 2025 – Trulieve Cannabis Corp, one of the top performing cannabis companies in the U.S. announced their results for the quarter ending December 31st 2024 and the year. Except where otherwise stated, results are expressed in U.S. dollar and in accordance to U.S. generally recognized accounting principles (GAAP). Rounding may cause numbers to not add up perfectly.
2024 Full Year Financial and Operational Highlights
- Retail sales accounted for 95% of the revenue of $1.2 billion, an increase of 5% over last year.
- Gross profit GAAP of $716 Million was achieved with a gross margin of 60%.
- Report net loss to shareholders is $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*.
- The total cash balance and short term investments as of the year-end was $300 million.
- Three Ohio locations, Beavercreek Columbus and Westville, have launched adult-use sale.
- Add 33 dispensaries by 2024 to reach 225 retail outlets nationwide.
*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
- The revenue increased by 5% in the last year to $301 Million, and 95% came from retail sales.
- Gross profit GAAP of $187 Million was achieved with a gross margin of 62%.
- 60 million dollars is the reported net loss that can be attributed to shareholders. 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 dispensaries across Florida and Georgia.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent developments
- Jason Pernell was appointed president of Trulieve. Pernell is a cannabis operator and entrepreneur with over 20 years of experience. He co-founded Trulieve in 2015 along with Kim Rivers, the Chairman and CEO.
- The launch of Onward, an exclusive, premium non-alcoholic THC drink, is available to consumers aged 21 and over at DrinkOnward.com Shipment to 36 states is available. With a special focus on consistency and taste, Onward beverage products come in a wide variety of tasty flavors such as Blueberry Mojito and Sea Salt Margarita.
- Opening five new retail outlets in Maricopa and Palm Coast Florida, as well as Columbus and Zanesville Ohio. One store relocated to Lancaster, Pa.
- In the United States, there are 229 dispensaries with retail outlets and over 4,000,000 square feet of processing and cultivation capacity.
Management Commentary
Kim Rivers, CEO of Trulieve said that the team had set a new standard for operational excellence. They delivered industry-leading profit margins as well as record cash flows. Trulieve’s scaled-up operations, financial stability, and loyal client base make it an industry leader.
Here you can see a detailed breakdown of financial highlights for 2024’s fourth quarter as well as the entire year.
*Non-GAAP financial measures (unaudited).
We supplement the results we determine in accordance to GAAP with non-GAAP measures. These include EBITDA and adjusted EBITDA as well as EBITDA Margin, Adjusted EBITDA Margin, Net Income (Loss) adjusted, adjusted Net Income (Loss) per Diluted Share, Free Cash Flow, etc.
EBITDA (net income) is defined as income before interest income and net interest expenses. Income tax expense and depreciation are also excluded.
The management of the company uses non-GAAP and GAAP financial metrics to measure our financial results. These measures, which are commonly used as measures of performance to compare companies with other companies, are considered useful by investors. These non-GAAP measures should not be viewed as measures of liquidity. As analytical tools, these non-GAAP measures are limited because they don’t reflect the full amount of our operating results as calculated according to GAAP. Due to these limitations, non-GAAP Financial Measures should be considered in conjunction with GAAP Financial Performance Measures. These non-GAAP measures are not meant to be viewed in isolation, as a replacement for or better than financial data prepared and presented according to GAAP. Investors should review the reconciliation between these non-GAAP measures and their closest GAAP measures. Below is a reconciliation between the non-GAAP and GAAP financial measures. These non-GAAP results should not be considered as an alternative to our GAAP reported financial performance.