Trulieve Reports Q1 Revenues of $96.1 Million, Net Income of $14.0 Million

Trulieve Cannabis (CSE: TRUL) reported its first quarter 2020 financial results this morning, posting revenues of $96.1 million for the period ended March 31, 2020, while posting a net income of $14.0 million.

Revenues were a significant quarter over quarter improvement from the firms fourth quarter, rising 21% while gross margins were up 30%. Trulieve reported a gross margin of $67.1 million before fair value adjustments for the quarter. However, operating expenses grew by 21%, showing that they are relatively consistent when compared to that of revenues, with expenses coming in at $28.3 million, as compared to $23.4 million in the prior quarter.

Total expenses came in at $31.5 million, with the company pulling out depreciation and amortization from operating expenses. Sales and marketing was the largest expense at $22.0 million, followed by general and administrative at $6.3 million. After interest expenses of $6.9 million and other income of $4.9 million, the company reported a net income of $14.0 million after taxes.

Looking at the balance sheet, the firm saw an improvement in its cash position, reporting $100.8 million in the bank as compared to $91.8 million in the prior quarter. Inventories grew to $227.9 million from $204.45 million, while biological assets fell from $66.7 million to $41.3 million. Trulieve’s total current assets climbed to $384.5 million from $369.9 million over the three month period.

On the current liabilities side, the largest quarter over quarter increase was that of income tax payable, which grew from $12.2 million to $30.7 million. Accounts payable climbed to $25.9 million from $24.3 million. Total current liabilities overall grew from $56.7 million to $73.6 million.

Trulieve Cannabis last traded at $18.55 on the CSE.


Information for this briefing was found via Sedar, Canaccord Genuity and Trulieve Cannabis Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Trulieve Cannabis Sees CFO Quit After Just Ten Days On The Job

Trulieve Cannabis (CSE: TRUL) has seen its newly appointed chief financial officer resign from his...

Friday, July 21, 2023, 01:11:49 PM

Trulieve Receives Georgia Cannabis Production License, Targets Five Dispensaries

Trulieve Cannabis (CSE: TRUL) announced on Wednesday that its subsidiary in the US state of Georgia...

Thursday, September 22, 2022, 10:44:00 AM

Trulieve Records $120.8 Million In Revenue In Q2, Net Income of $6.6 Million, Raises Guidance

Trulieve Cannabis Corp (CSE: TRUL) reported its second quarter 2020 earnings this morning, reporting record...

Wednesday, August 12, 2020, 07:53:43 AM

US Cannabis: The Current Landscape

Welcome to the Deep Dive Video Essay Series. Today we are looking at US Cannabis....

Saturday, March 6, 2021, 09:00:00 AM

Trulieve Extends January Share Unlock by Four Months

Trulieve Inc (CSE: TRUL) is doing what it can to restore investor enthusiasm following the...

Wednesday, December 18, 2019, 08:55:36 AM