Trulieve Reports Strong Fourth Quarter Performance

LOS ANGELES- Trulieve Cannabis Corp., a multi-state cannabis operator, has announced its financial results for the fourth quarter and full year ending December 31, 2024, showcasing notable growth and operational efficiency.

Financial Highlights

• Revenue: The company reported fourth-quarter revenue of $301 million, marking a 5% increase compared to the same period in the previous year and a 6% sequential growth from the third quarter. For the full year 2024, revenue totaled $1.2 billion, reflecting a 5% year-over-year increase.

• Gross Profit: Trulieve achieved a gross margin of 62% in the fourth quarter, with a GAAP gross profit of $187 million. For the full year, the gross margin stood at 60%, resulting in a GAAP gross profit of $716 million.​

• Adjusted EBITDA: The company’s adjusted EBITDA for 2024 reached $420 million, accounting for 35% of revenue and representing a 30% increase from the previous year. ​

Operational Achievements

• Expansion: Throughout 2024, Trulieve expanded its retail footprint by adding 33 new dispensaries, bringing the total to 225 locations across the United States by year-end. ​

• Productivity: The company reported strong customer traffic and record units sold during the fourth quarter, contributing to the sequential revenue growth. ​

Future Outlook

Looking ahead, Trulieve anticipates a slight sequential decrease in revenue for the first quarter of 2025, which is typically a slower period following the holiday season. The company expects to maintain a gross margin of approximately 60% for the full year and projects operating cash flow of at least $250 million. Plans for 2025 include opening 10 new retail locations and capital expenditures of up to $40 million.​