Trulieve Delivers Record 2nd Quarter 2022 Results Driven by Organic Retail Sales.

TALLAHASSEE, Fla: Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended June 30, 2022. Results are reported in U.S. dollars unless otherwise indicated.

Q2 2022 Financial Highlights*

Revenue increased 49% year over year to $320.3 million from $215.1 million and 1% sequentially.

Retail revenue increased 3% to $298.6 million and wholesale, licensing and other revenue declined by 22% sequentially to $21.7 million.

Gross profit of $182.2 million and GAAP gross margin of 57% in the second quarter compared to gross profit of $178.2 million and GAAP gross margin of 56% in the first quarter of 2022.

Net loss of $22.5 million, a sequential improvement of 30%. Adjusted net loss of $1.1 million* excludes $11.8 million of transaction, acquisition, integration, and other non-recurring charges primarily associated with the Harvest acquisition, a $5.2 million earnout payment for acquired cultivation in Arizona, $4.3 million in asset impairments associated with the closing of redundant cultivation facilities in Florida and a loss of $0.7 million due to the repurposing of a development stage production site in Arizona.

Adjusted EBITDA grew 17% year over year to $111.0 million*, or 35% of revenue in the second quarter compared to Adjusted EBITDA of $105.5 million*, or 33% of revenue in the first quarter of 2022.

Cash at quarter end of $181.4 million.

*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

Q2 2022 Operational Highlights

Opened 6 new dispensaries in Fort Myers and Zephyrhills, Florida; Framingham, Massachusetts; Coatesville, Pennsylvania; and Parkersburg and South Charleston, West Virginia. Relocated one dispensary in New Port Richey, Florida.

Exited the second quarter with operations in 11 states, with 32% of our retail locations outside of the state of Florida.

Produced over 10 million finished goods units in the second quarter, up 79% year over year.

Received Notice of Award of Provisional Dispensary License for District Southeast-3 in Columbus, Ohio.

Successfully launched Modern FlowerTM, MuseTM, Roll OneTM, and Sweet TalkTM branded products across markets including Arizona, Florida, Maryland, Pennsylvania and West Virginia.

Hosted inaugural Analyst Day event featuring production facility tours including a new 750 thousand square foot...