tiprankstipranks
Trulieve Cannabis Q3 Revenue Rises 64%; Shares Jump
Market News

Trulieve Cannabis Q3 Revenue Rises 64%; Shares Jump

Shares of Trulieve Cannabis (TRUL) soared 8.7% in early trading Monday after the company posted its third-quarter results.

Revenues increased strongly thanks to growing pot demand. The U.S. cannabis company dominates the Florida medical cannabis market. (See Insiders’ Hot Stocks on TipRanks)

Revenue & Earnings

Total revenue came in at $224.1 million for the quarter ended September 30, an increase of 64% from $136.3 million in the prior-year quarter.

Net income amounted to $18.6 million in Q3 2021, up 7% from $17.4 million in Q3 2020.

The multi-state cannabis operator achieved adjusted EBITDA of $98 million, an increase of 43% year-over-year from $68.7 million.

CEO Commentary

Trulieve CEO Kim Rivers said, “Our third quarter results underscore our commitment to operational excellence and adherence to our stated goals. We continue to deliver on our promise to pursue profitable growth while executing on our hub strategy.

“Our team closed the Harvest acquisition in under five months while simultaneously meeting expansion targets in several markets. We are excited to keep the momentum going into 2022 as we fully integrate Harvest while further building scale and depth in our cornerstone markets.”

Trulieve currently operates 155 retail dispensaries and 3.5 million square feet of processing and cultivation capacity in the United States.

Wall Street’s Take

Needham analyst Matt McGinley recently kept a Buy rating on TRUL with a C$67.79 price target. This implies 61% upside potential.

Overall, consensus on the Street is that TRUL is a Strong Buy based on five Buys. The average Trulieve Cannabis price target of C$81.50 implies 93.4% upside potential to current levels.

Related News:
Aurora Cannabis Q1 Revenue Falls 11%
Aurora Cannabis Buys Stake in Growery; Shares Pop
Curaleaf Q3 Sales Rise 74%, Loss Widens

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles