Marijuana firm Trulieve posts massive Q4 net income and revenue gains

Photo by Vladimir Solomyani

Trulieve Cannabis Corp. posted massive fourth-quarter revenue for 2018 and net income gains fueled by the multistate operator’s market-leading position in Florida, the company said in an earnings release.

Trulieve reported fourth-quarter revenue of $35.9 million, up from $28.3 million for the same quarter in 2017.

Full-year revenues grew to $102.8 million – an increase of more than 415% year-over-year.

Net income for the quarter climbed to $10.7 million, up substantially from the $300,000 posted during the same quarter in 2017.

Net income for the full year rang in at $43 million compared with $3.6 million in 2017.

Shares of Trulieve (TCNNF) were up nearly 3% on the U.S. over-the-counter market Thursday, trading at $15.02.

The firm also trades on the Canadian Securities Exchange, under the ticker TRUL.

Vertically integrated Trulieve operates 26 medical marijuana dispensaries across Florida, with licenses for recreational and medical operations in California and Massachusetts.

Lisa Bernard-Kuhn can be reached at [email protected]

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