Trulieve Announces Another Record Quarter of Double-Digit Growth in Revenue and Adjusted EBITDA

Operational and financial strength, plus another successful debt offering, places Company in solid position to execute on national expansion plan

​Trulieve Cannabis Corp. ("Trulieve" or the "Company") (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, today announced its financial results for the third quarter of 2019 ended September 30, 2019. Unless otherwise stated, all currency is expressed in U.S. dollars.

Third Quarter 2019 Financial & Operational Highlights

• Record revenue of $70.7 million, an increase of 22% on a sequential quarter-to-quarter basis
• Adjusted EBITDA1,2 increased from $31.6 million in Q2 2019 to $36.9 million at September 30, 2019
• Increase of 19% in Florida patient growth in the third quarter, driven primarily by the introduction of smokable flower, increasing patient count to 214,827 at September 30, 2019
• Opened six additional dispensaries in Florida, bringing the total to 35 at September 30, 2019
• Closed sale-leaseback agreement on Holyoke, Massachusetts cultivation and processing site
• Commenced trading on the OTCQX® Best Market under the symbol "TCNNF"
• Reported total current cultivation capacity of approximately 1.6 million square feet which includes large scale greenhouses, previously reported as experimental, which were added as a cost effective and highly efficient alternative to expand oil biomass capacity

Recent Highlights & Developments

• Completed a second public debt deal, delivering approximately $61 million in gross proceeds
• Announced second sale-leaseback on cultivation property in Quincy, Florida for $17 million in proceeds
• Proforma cash available to the Company as of November 15, 2019 of $100.8 million

"Our third quarter results reflect our continued customer loyalty, growth, and leadership position. Trulieve's strong brand, wide-ranging access to stores, and authentic customer experience have resonated with our customers and patients," stated Kim Rivers, Trulieve CEO. "The third quarter was also successful in further strengthening our position in our existing markets as well as preparing for new market entry. We continue to build operational efficiencies and financial discipline to ensure a solid foundation, cash reserves, and the right tools at our disposal to expand our footprint. Looking ahead, this is an exciting time as we execute on our strategic vision to be one of the top performing cannabis companies in North America."

The Management Discussion and Analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR at www.sedar.com  and on its website at https://www.trulieve.com/investors.

This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.

Financial Guidance

Reflecting continued leverage of scale and financial discipline, the Company is reaffirming guidance for full year 2019 and long-term outlook. Guidance for 2019 and 2020 can be found in our first quarter press release available at: https://www.newswire.ca/news-releases/trulieve-reports-another-quarter-of-record-revenue-898676764.html

​Source: Trulieve Cannabis