Trulieve Cannabis Corp. reported a revenue of $1.19 billion for the fiscal year ending December 31, 2024, marking a 5.1% increase from $1.13 billion in the previous year. The growth was primarily driven by a $45.3 million rise in retail revenue and a $12 million increase in wholesale and other revenue. The company operated 225 dispensaries as of the end of 2024, up from 192 in 2023, and benefited from a full year of adult-use sales in Maryland, which transitioned to an adult-use market in July 2023. Despite the revenue increase, Trulieve reported a net loss of $160.6 million, a significant improvement from a net loss of $533.1 million in 2023.
The company's cost of goods sold decreased by 12.9% to $470.7 million, resulting in a gross profit of $715.7 million, which is a 21.6% increase compared to the previous year. This improvement in gross profit margin, which rose to 60.3% from 52.1%, was attributed to enhanced production efficiencies and a disciplined promotional strategy. However, general and administrative expenses surged by 73.1% to $252.7 million, largely due to increased legislative campaign contributions and compensation-related expenses.
Strategically, Trulieve has focused on expanding its market presence and operational capabilities. The company appointed Jason Pernell as President in February 2025, who previously served as Chief Information Officer. The company also completed several acquisitions, including increasing its ownership in a subsidiary to 100% and investing in additional cultivation and processing facilities. As of December 31, 2024, Trulieve employed over 6,000 individuals, reflecting its growth trajectory in the cannabis sector.
Operationally, Trulieve's customer engagement metrics showed positive trends, with increased productivity in existing dispensaries contributing to the revenue growth. The company continues to navigate a highly competitive landscape, with ongoing investments in marketing, product innovation, and customer experience to maintain its market leadership. Looking ahead, Trulieve anticipates further growth driven by the expansion of its retail footprint and the introduction of new product lines, while also addressing the challenges posed by regulatory changes and market dynamics.
About Trulieve Cannabis Corp.
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