Trulieve Cannabis Corp. posted a net loss of $32.0 million, or 17 cents share, for the first quarter, after earnings of $30.1 million, or 24 cents share in the year-earlier period. Excluding transaction, acquisition, integration, and other non-recurring charges primarily associated with the Harvest acquisition, $13.8 million in asset impairments associated with the closing of redundant cultivation facilities and a loss of $2.7 million due to the divestiture of a duplicative, non-operating location, the Tallahassee, Fla.-based company had adjusted EPS of 1 cent, below the 3 cent FactSet consensus. Revenue rose 64% to $318.3 million from $193.8 million a year ago, ahead of the $306.0 million FactSet consensus. Adjusted EBIA came to $105.5 million, or 33.2% of revenue. The company had $45.1 million in cash flow from operations and ended the quarter with a cash balance of $267 million. At quarter-end, it had operations in 11 states with 30% of its retail locations outside Florida. Trulieve is still expecting full-year revenue of $1.3 billion to $1.4 billion, compared with a FactSet consensus of $1.34 billion. Shares were not active premarket but have fallen 48% in the year to date, while the Cannabis ETF has fallen 46%, the AdvisorShares Pure US Cannabis ETF has fallen 47% and the S&P 500 has fallen 17%.
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