Trulieve Cannabis Corp. TCNNFCA:TRUL said Wednesday it had a net loss of $64 million, o 34 cents a share, in the first quarter, wider than the loss of $32 million, or 16 cents a share, posted in the year-earlier period. Excluding one-time items, the Tallahassee, Fla.-based company had an adjusted loss of 11 cents a share, narrower than the FactSet consensus for a loss of 16 cents a share. revenue fell 9% to $289 million, just below the $293 million FactSet consensus. The company said it opened three new dispensaries in the quarter in Palatka and Winter Haven, Florida and Beckley, West Virginia, and launched adult-use sales in Bristol, Connecticut. Trulieve also became the first U.S. cannabis company to start advertising on Twitter. The company had operations in 11 states at quarter-end, with 32% of its retail operations based outside of Florida. “With increasing adoption and expanding state level access to cannabis, the industry is well beyond the tipping point. Tremendous opportunities lie ahead for companies that can successfully adapt within evolving landscapes,” Chief Executive Kim Rivers said in a statement. U.S.-listed shares are down 29% in the year to date, while the AdvisorShares Pure US Cannabis ETF MSOS has fallen 14% and the S&P 500 SPXhas gained 7%.
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