Cannabis firm Trulieve reports strong revenue growth in second quarter

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Trulieve Cannabis Corp., a Florida-based multistate operator, reported record revenue of $57.9 million for the second quarter, up 149% compared with $23.3 million during the same period a year ago.

Revenue for the six-month period ended June 30 totaled $102.4 million, nearly triple the $38.5 million the company posted during the second quarter last year.

Trulieve recorded net income of $57.5 million in its second quarter, which ended June 30, compared with $7.9 million in the second quarter of 2018.

But the higher figure reflected an upward adjustment in the value of its inventory, such as harvested cannabis and products in progress, according to the company’s second quarter filing with Canadian securities regulators.

Trulieve earlier this month started trading in the U.S. on the over-the-counter markets under the ticker symbol TCNNF and trades on the Canadian Securities Exchange as TRUL.

The company, based in Tallahassee, Florida, has a huge presence in that state’s MMJ market, as well as operations in California, Connecticut and Massachusetts.

More details about Trulieve’s second-quarter earnings report can be found here.

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