Trulieve Cannabis (TRUL) revenues and profits increased strongly in the second quarter of 2021. The U.S. cannabis company dominates the Florida medical cannabis market.
Total revenue came in at $215.1 million for the quarter ended June 30, an increase of 78% from $120.8 million in the prior-year quarter.
Net income amounted to $40.9 million in Q2 2021, compared to $18.9 million in Q2 2020.
The multi-state cannabis operator’s adjusted EBITDA was $94.9 million, up 55% year-over-year. (See Trulieve Cannabis stock charts on TipRanks)
Trulieve CEO Kim Rivers said, “Our performance in the second quarter was strong across all financial and operating metrics. We have become operational in Massachusetts and West Virginia and recently won an application for one of two class 1 production licenses in Georgia.
“We continue to execute on our national expansion model, building our footprint both organically, with license application awards, and inorganically, with strategic acquisitions.”
During the quarter, Trulieve opened its first dispensary in Massachusetts and announced its intention to acquire Harvest Health & Recreation Inc.
Wednesday, Needham analyst Matt McGinley assigned a Buy rating on TRUL with a C$85.39 price target. This implies 113.6% upside potential.
Overall, consensus on the Street is that TRUL is a Strong Buy based on six Buys. The average Trulieve Cannabis price target of C$80.74 implies 102.1% upside potential to current levels.