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Cannabis Summary for May 12, 2022

2022-05-12 20:09 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 2.62 to 54.52, while the CSE Composite Index lost 1.47 to 316.51. South of the border, Kim Rivers's U.S. MSO (multistate operator), Trulieve Cannabis Corp. (TRUL), added 61 cents to $18.27 on 779,400 shares. Investors finally reacted with something other than despair to an MSO's first quarter financials -- even if the gain has something of the appearance of a correction, given that the stock had already fallen from nearly $20 over the past two weeks.

The financials did stand out relative to other MSOs. Notably, Trulieve's revenue of $318.3-million (U.S.) in the first quarter was an increase from $305.3-million (U.S.) in the fourth quarter, no small feat. Analysts were predicting flat revenue of $305-million (U.S.). Adjusted EBITDA of $105-million (U.S.) also came in ahead of analysts' predictions of $99.6-million (U.S.). Chief executive officer Ms. Rivers reiterated Trulieve's full-year guidance of $1.3-billion (U.S.) to $1.4-billion (U.S.) in revenue and $450-million (U.S.) to $500-million (U.S.) in adjusted EBITDA.

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