Stable Revenue and Growth in Key Markets
Second quarter revenue was $302 million, comparable to last year and up 1% sequentially. Market share growth was noted in Arizona and Florida, with higher Trulieve branded product sales in Pennsylvania.
Strong Gross Margin and Cash Flow
Gross margin improved to 61%, and operating cash flow was $86 million, contributing to $401 million in cash at quarter end.
Wholesale Revenue Growth
Wholesale revenue grew 27% compared to last year, with expanded relationships in Maryland and Pennsylvania.
Branded Product Success
Trulieve sold over 12.5 million branded product units in the second quarter, with Modern Flower and Roll One representing 50% of branded products sold.
Federal Cannabis Reform Advocacy
Trulieve is actively engaged in federal reform efforts, with optimism for rescheduling cannabis to Schedule III and strong bipartisan support for the SAFER Banking Act.
Innovative Product Launches
Launch of new THC beverage lines Onward and Upward, with cases sold up 300% compared to the pilot launch. New flavors are being introduced in the coming months.