Trulieve Cannabis Corp. Files Q3 2024 10-Q

TL;DR

Trulieve's Q3 2024 10-Q is in, check financials for the latest cannabis market pulse.

AI Summary

Trulieve Cannabis Corp. filed its 10-Q for the period ending September 30, 2024. The company, headquartered in Quincy, Florida, operates within the medicinal chemicals and botanical products sector. Key financial reporting periods include the nine months ended September 30, 2024, and the third quarter of 2024, with comparative data from 2023.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for Trulieve Cannabis Corp., crucial for understanding the company's current standing in the cannabis industry.

Risk Assessment

Risk Level: medium — As a cannabis company, Trulieve operates in a highly regulated and evolving industry, which presents inherent risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-11-05 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-09-30 — Prior Year Period End Date (Used for year-over-year financial comparisons.)

Key Players & Entities

• Trulieve Cannabis Corp. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-05 (date) — Filing date
• Quincy, FL (location) — Company headquarters

FAQ

Filing Documents

• tcnnf-20240930.htm (10-Q) — 1329KB
• exhibit311ceo302certificat.htm (EX-31.1) — 11KB
• exhibit312cfo302certificat.htm (EX-31.2) — 10KB
• exhibit321ceocfo906certifi.htm (EX-32.1) — 6KB
• tcnnf-20240930_g1.jpg (GRAPHIC) — 27KB
• 0001628280-24-045099.txt ( ) — 7583KB
• tcnnf-20240930.xsd (EX-101.SCH) — 55KB
• tcnnf-20240930_cal.xml (EX-101.CAL) — 117KB
• tcnnf-20240930_def.xml (EX-101.DEF) — 215KB
• tcnnf-20240930_lab.xml (EX-101.LAB) — 708KB
• tcnnf-20240930_pre.xml (EX-101.PRE) — 486KB
• tcnnf-20240930_htm.xml (XML) — 1019KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Changes in Shareholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41

Signatures

Signatures 42 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "intends", "anticipates", "targeted", "continues", "forecasts", "designed", "goal", or the negative of those words or other similar or comparable words. Any statements contained in this Quarterly Report on Form 10-Q that are not statements of historical facts may be deemed to be forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, results of operations and future growth prospects. The forward-looking statements contained herein are based on certain key expectations and assumptions, including, but not limited to, with respect to expectations and assumptions concerning receipt and/or maintenance of required licenses and third party consents and the success of our operations, are based on estimates prepared by us using data from publicly available governmental sources, as well as from market research and industry analysis, and on assumptions based on data and knowledge of this industry that we believe to be reasonable. These forward-looking statements are not guarantees of future performance or developments and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. As a result, any or all of our forward-looking statements in this Quarterly Report on Form 10-Q may turn out to be inaccurate. Factors that may cause actual results to differ materially from current expectations include, among o

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. TRULIEVE CANNABIS CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) September 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 237,666 $ 201,372 Short-term investments 80,179 — Restricted cash 907 6,607 Accounts receivable, net 9,031 6,703 Inventories 220,916 213,120 Income tax receivable 5,844 — Prepaid expenses 19,154 17,620 Other current assets 26,620 23,735 Notes receivable - current portion, net 1,770 6,233 Assets associated with discontinued operations 924 1,958 Total current assets 603,011 477,348 Property and equipment, net 701,613 676,352 Right of use assets - operating, net 116,083 95,910 Right of use assets - finance, net 65,550 58,537 Intangible assets, net 873,317 917,191 Goodwill 483,905 483,905 Notes receivable, net 5,773 7,423 Other assets 23,011 10,379 Long-term assets associated with discontinued operations 1,980 2,010 TOTAL ASSETS $ 2,874,243 $ 2,729,055 LIABILITIES Current Liabilities: Accounts payable and accrued liabilities $ 96,051 $ 83,162 Deferred revenue 6,663 1,335 Notes payable - current portion 3,342 3,759 Operating lease liabilities - current portion 11,614 10,068 Finance lease liabilities - current portion 9,132 7,637 Construction finance liabilities - current portion 1,801 1,466 Contingencies 4,635 4,433 Liabilities associated with discontinued operations 3,455 2,989 Total current liabilities 136,693 114,849 Long-Term Liabilities: Private placement notes, net 364,419 363,215 Notes payable, net 112,757 115,855 Operating lease liabilities 113,402 92,235 Finance lease liabilities 68,384 61,676 Construction finance liabilities 135,856 136,659 Deferred tax liabilities 204,242 206,964 Uncertain tax position liabilities 384,130 180,350 Other long-term liabilities 6,511 7,086 Long-term liabilities associated with discontinued operations 39,386 41,553 TOTAL LIABILITIES $ 1,565,780 $ 1,320,442 Commitments and con

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View this 10-Q filing on SEC EDGAR