- Trulieve Cannabis Corp (CSE:TRUL) has increase revenue by 146 per cent in the year ending December 31, 2019
- The increase comes primarily from its substantial and sustained presence in the Florida cannabis market
- In the last three months of 2019, the company opened seven additional dispensaries in the state, bringing its total to 44 stores nation-wide
- The company has said that it will stand by its previously announced 2020 guidance, despite the COVID-19 outbreak
- Trulieve Cannabis Corp (TRUL) is down 0.072 per cent, with shares trading at C$13.84 and a market cap of $1.52 billion
Trulieve Cannabis Corp (CSE:TRUL) has reported a 146 per cent increase in revenue for the year ending December 31, 2019.
Trulieve was the first fully licensed cannabis company in the US state of Florida. The company cultivates and produces all of its products in-house, distributing them to Trulieve-branded stores, as well as directly to patients via home delivery.
Revenue in 2019 totalled C$405.44 million, compared to $164.87 million the year before.
The increase came primarily from the organic growth of Trulieve’s substantial market share in Florida. Continued initiatives regarding efficiency optimisation and economies of scale also played their part.
In the last three months of 2019 alone, the company opened an additional seven dispensaries in the state, bringing its nation-wide store count to 44.
Trulieve’s total cultivation capacity was also increased to 1.7 million square feet. The company now plans to continue the build-out of its indoor cultivation facility in Jefferson County as demand for cannabis products increases.
Kim Rivers, CEO of Trulieve, said that 2019 saw the company make significant progress in keeping up with the growing cannabis industry.
“Despite recent developments surrounding COVID-19 and the uncertainty in the global economy, we see strong medical cannabis demand in our target markets and expect to continue maintaining our over 50 per cent market share in Florida.
“Our solid foundation and cash position enable us to monitor opportunities that meet our disciplined criteria and we remain optimistic about expansion in 2020,” she said.
Trulieve also noted that it would stand by its previously announced financial guidance for 2020, despite the uncertainty.
The outlook mentioned plans to expand into the Massachusetts market, as well as continuing growth in Florida, Connecticut and California. Expected revenue for 2020 was forecast to be between $609 million and $640 million.
Trulieve Cannabis Corp (TRUL) is down 0.072 per cent, with shares trading for C$13.84 at 2:44pm EST.