Overview

• U.S. cannabis operator's Q1 revenue fell 4% yr/yr to $287 mln, gross margin was 59%

• Company posted positive net income of $2 mln and adjusted EPS of $0.10

• Q1 results supported by lower operating expenses

Outlook

• Company says rescheduling of medical marijuana enables new opportunities for DEA registration

Result Drivers

• RETAIL SALES MIX - 92% of revenue came from retail sales

• COST MANAGEMENT - Operating expenses fell 10% yr/yr, contributing to net income

• NEW DISPENSARIES - Opened three new dispensaries in Florida during the quarter

Company press release: ID:nPn9WS2rba

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$287 mln
Q1 Adjusted EPS		$0.10
Q1 EPS		$0.02
Q1 Adjusted Net Income		$20 mln
Q1 Net Income		$2 mln
Q1 Adjusted EBITDA		$100 mln
Q1 Gross Margin		59.00%
Q1 Gross Profit		$170 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Trulieve Cannabis Corp is C$19.00, about 39.4% above its May 6 closing price of C$13.63

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.