reported a 24 per cent rise in fourth-quarter adjusted core profit on Wednesday, helped by strong demand for pot and related products.
Trulieve, which operates in 11 states including Arizona, Florida, and Pennsylvania, said fourth-quarter revenue surged 81 per cent to $305.3-million also boosted by its $2.1-billion acquisition of medical pot producer Harvest Health. U.S. cannabis sales, which boomed during pandemic-led lockdowns, is forecast to reach $46-billion by 2026, according to industry research firm BDSA, as states like New York and New Jersey open up.
Still, margins and profits remain thin, triggering calls from investors and analysts for consolidation to improve profitability by finding savings in scale.
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