Captain Klein’s saviour planHere an American hero that " CAN NOT " turn a profit in the most LUCRATIVE market with 190 stores and 4 million in cultivation
BUT CANOPY CONTINUES TO INSIST THIS IS THEIR POT OF GOLD ?
These dudes should be printing money and not struggling with losing revenues !
Canopy is on a collision course that is out of control and will take years to recover ( if ) it can repair the mistakes made ??
US cannabis MSO Trulieve published its third quarter results this morning, revealing that the company has been able to reduce its losses despite a year-on-year drop in revenues.
For the three months to September 30, 2023, Trulieve reported revenues of $275m, down 7% from the $295m it recorded in the same period a year earlier.
The company, which now operates 190 cannabis dispensaries and over 4m sq ft of cultivation and processing capacity, also saw its profits decline over the period.
Its adjusted EBITDA fell 22% to $78m year-on-year, while its gross profits fell 15% to $148m.
Overall the company booked a net loss of $25m, down significantly from the $115m loss it recorded a year earlier, and a $404m loss in the previous quarter.
This was partially due to a significant reduction in operating expenses, which also fell 22% to $120m year-on-year.
As of September 30, 2023, Trulieve reportedly has approximately $200m in cash.
Kim Rivers, Trulieve CEO, said: “As demonstrated this quarter, Trulieve remains aligned with our shareholders, and is committed to strengthening our balance sheet with non-dilutive measures.”
Days earlier, the MSO revealed plans to redeem ‘all $130m of its outstanding 9.75% senior secured notes due 2024’.