Trulieve Cannabis (OTC:TCNN.F) reported second-quarter results on Aug. 14. The Florida-based dispensary operator saw revenue rise 30% sequentially to $57.9 million. The gains were fueled in part by a 19% increase in Trulieve's patient count in Florida, to 181,000 people.
The company said that sales of smokable flower accounted for approximately half of its total product sales in Florida during the quarter, up from less than 30% in the first quarter.
To meet the rising demand for medical marijuana in the U.S., Trulieve is opening more dispensaries. The company opened three new locations in Florida, bringing its total dispensary count to 29 locations at the end of the second quarter.
To fund its expansion initiatives, Trulieve recently raised $70 million via a public debt offering. It also sold a 150,000-square-foot property in Holyoke, Massachusetts to cannabis-focused real estate investment trust (REIT) Innovative Industrial Properties (NYSE:IIPR) in a sale lease back transaction. Innovative Industrial Properties purchased the real estate for $3.5 million and will reimburse Trulieve for up to $40 million in tenant improvements to help upgrade the property's cannabis production capabilities.
All told, Trulieve's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) surged 66% to $31.6 million in the second quarter.
Looking ahead, Trulieve expects its full-year revenue to soar 114% to 133% to between $220 million and $240 million. The company also expects to generate adjusted EBITDA of $95 million to $105 million.
"By continuing to focus on operational efficiencies, maintaining sound financial discipline, and leveraging our strong brand awareness and patient loyalty within current markets and in future expansion initiatives, we expect our efforts to translate to new strong results throughout the remainder of 2019," Kim Rivers said in a press release.