Trulieve Caps Transformational Year With Record Fourth Quarter and Full Year 2021 Results

Trulieve Caps Transformational Year With Record Fourth Quarter and Full Year 2021 Results
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<![CDATA[TALLAHASSEE, Fla., March 30, 2022 – PRESS RELEASE – Trulieve Cannabis Corp., a leading and top-performing cannabis company in the U.S., announced its results for the quarter and full year ended Dec. 31, 2021. Results are reported in U.S. dollars unless otherwise indicated.   2021 Full Year Financial and Operational Highlights*Revenue increased 80% year-over-year to $938.4 million in 2021.Gross profit of $566.1 million and gross margin of 60.3% in 2021 compared to gross profit of $386.4 million and gross margin of 74.1% in 2020.Adjusted gross profit of $621.4 million and adjusted gross margin of 66.2% in 2021 compared to adjusted gross profit of $389.9 million and adjusted gross margin of 74.8% in 2020.* The decline in adjusted gross margin is primarily attributable to strategic diversification into new lower margin markets and channels.Net income of $18 million and adjusted net income of $123.4 million*, which excludes $105.4 million of non-recurring compensation, fair value of inventory step up, and transaction, acquisition and integration charges primarily associated with the Harvest Health & Recreation Inc. (“Harvest”) acquisition.Adjusted EBITDA of $384.6 million, or 41% of revenue in 2021 compared to adjusted EBITDA of $260.1 million, or 49.9% of revenue in 2020.*Cash at year end of $234 million.Raised $227 million in equity and $350 million in five year senior secured notes at 8% interest, representing industry leading terms for U.S. plant touching cannabis operators.Welcomed two new members to the Board of Directors, which now includes four women representing half of the board.Closed seven total acquisitions valued at approximately $1.5 billion in 2021 including Harvest and Keystone Shops. The Harvest acquisition closed in less than five months from the announcement, accelerating integration and optimization activities.Added 84 dispensaries in 2021, increasing retail footprint by 112% to 159 retail locations nationwide at year end.Added approximately 1.6 million square feet of cultivation and processing capacity through organic growth and acquisitions in 2021, increasing capacity by 89% to over 3.5 million square feet at year end.Commenced cultivation and retail operations in Massachusetts and West Virginia and received a notice of…

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