Wednesday, August 27, 2025

Trulieve Sees Margins Contract, Expenses Climb In Q4 Following Harvest Acquisition

Trulieve Cannabis (CSE: TRUL) reported its fourth quarter and full year financial results for 2021 this morning, posting quarterly revenue of $305.3 million. The company meanwhile posted a net loss for the period, despite the record quarterly sales figure.

Revenue improved 36% on a quarter over quarter basis, climbing from $224.1 million in the third quarter to $305.3 million in the fourth quarter. Despite the massive bump in topline results, the company managed to post declining gross profit on a sequential basis, with gross profits falling from $153.9 million to $132.4 million, a 14% decrease. Gross margin % as a result fell from 69% to that of 43%.

Operating expenses grew rather significantly as well, jumping from $87.7 million to $150.6 million, a 72% increase, and the result of the Harvest Health acquisition closing on October 1. This in turn lead to the company posting a net loss of $71.5 million for the fourth quarter, as compared to an $18.6 million net income in the third quarter. Adjusted EBITDA meanwhile came in at $100.9 million, as compared to $98.0 million in Q3.

For the full fiscal year, revenues rose to $938.4 million, up 80% from $521.5 million seen in 2020. Gross profit was up 47% to $566.1 million, while gross margins were impacted heavily, falling from 74% to 60%. The decline was blamed on “strategic diversification,” with the company moving into lower margin channels and markets.

Despite the significant topline improvement, net income fell 71% on a year over year basis, dropping from $63.0 million to $18.0 million in 2021. Adjusted EBITDA meanwhile improved 48% on an annual basis to $384.6 million.

The company also reported a cash position of $234 million as of December 31, 2021.

In terms of guidance, Trulieve expects revenue for 2022 to be between $1.3 and $1.4 billion, while adjusted EBITDA is expected to come in at between $450 and $500 million. The company also indicated that it expects the second half of the year to have a stronger financial performance than the first half.

Full financial results have yet to be filed as of the time of writing.

Trulieve Cannabis last traded at $25.88 on the CSE.


Information for this briefing was found via Sedar and Trulieve Cannabis. 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.

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