This growth was fueled by enthusiasm surrounding the company's increasing profitability, which saw revenue grow by 93% during the Q3 2020.
The company operates using an integrated "seed-to-sale" business model—while also being the first fully licensed medical cannabis company in the State of Florida—which focuses on inhouse cultivation and production, before distributing the products to branded stores and home delivery directly to patients.
This growth was fueled by enthusiasm surrounding the company's increasing profitability, which saw Trulieve's revenue grow by 93% across the Q3 financial period.
During this time Trulieve also achieved record revenue of $136.3 million and an adjusted EBITDA of $67.5 million—amounting to approximately 50% of revenue—which represents the company's 11th quarter of "consecutive growth and profitability."
"Following an outstanding quarter, industry leading profitability, and our recent entry into two additional states in the northeast, Trulieve has never been better positioned for the future," Trulieve CEO Kim Rivers said.
Our third quarter was especially memorable because we introduced the long-awaited edibles product lines to our offerings and announced our acquisitions in Pennsylvania, where we see tremendous growth potential. Just last week the Pennsylvania acquisitions closed, and we were awarded a processor license in West Virginia.
We also recently achieved our 2020 goal of opening 68 stores nationwide and expect our strong growth to continue. Going forward, we will continue to provide best-in-class customer experiences for our Trulievers while strategically expanding our operations to accelerate growth."
Additionally, the company also managed to secure $73.7 million in cash flows from operations during the reporting period, which has allowed it to maintain a strong cash position with cash and cash equivalents of $193.4 million as of September 30, 2020.
Disclaimer: Past performance is not an indicator of future performance.
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