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Cannabis Summary for May 20, 2020

2020-05-20 19:34 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 3.85 points to 145.17 Wednesday, while the Canadian Securities Exchange Composite Index gained 0.19 point to 362.68. Florida-based cannabis producer Trulieve Cannabis Corp. (TRUL) lost 73 cents to $17.82 on 570,600 shares after releasing its first quarter results. Trulieve had adjusted EBITDA of $49.4-million (U.S.) on net revenue of $96-million (U.S.) in Q1 2020, compared with adjusted EBITDA of $45-million (U.S.) on net revenue of $79.7-million (U.S.) in Q4 2019.

Trulieve continues to increase its revenue despite its presence being mostly limited to Florida, where medical cannabis is legal but recreational cannabis is not. Forty-seven of Trulieve's 49 dispensaries are in Florida. The other two dispensaries are in California and Connecticut, and the company plans to expand further outside of Florida in 2020.

In Q1, Trulieve had net income of $13.9-million (U.S.) despite a $4.4-million (U.S.) downward accounting adjustment. The company also had cash flow from operating activities of $24.5-million (U.S.). The stock closed down today, but Trulieve is up nicely to $17.82 from $13.27 one month ago.

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