Strong Financial Performance
Second quarter revenue was $302 million, with a gross margin of 61%, a 1% improvement from last year. Adjusted EBITDA was $111 million, reflecting a 37% margin, up by 2% compared to last year.
Cash Flow and Debt Management
Operating cash flow of $86 million contributed to cash reserves of $401 million at the quarter's end. The company plans to retire half of its $368 million senior secured notes later this year.
Growth in Wholesale and Retail
Wholesale revenue grew 27% year-over-year. Retail traffic and units sold increased by 8% and 9% respectively, with significant market share growth in Arizona and Florida.
Branded Product Success
Modern Flower was the #1 or #2 flower brand in Pennsylvania throughout the first half of the year. The company sold over 12.5 million branded product units in the second quarter.
Federal Reform Advocacy
Trulieve is actively engaged in pushing for federal cannabis reform, including rescheduling cannabis to Schedule III and supporting SAFER Banking legislation.
Innovative Product Launches
The company launched Redemption Cannabis and expanded its Onward THC beverage line, with the latter seeing a 300% increase in cases sold.