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Taking A Look At Green Thumb and Trulieve’s Q2 Earnings

By Shadd Dales On Aug 11, 2023

As earnings season is rolling on for the cannabis companies, we examine the Q2 earnings reports of Green Thumb Industries (CSE: GTII) and Trulieve (CSE: TRUL) in our latest Trade to Black podcast. Both of these outliers posted some positive numbers, and lead financial writer Benjamin A. Smith emphasizes the importance of identifying these outlying companies in the wash of financial news.

Green Thumb had some especially impressive figures, proving their leadership in the space. The cannabis CPG company and retailer’s financial reports indicated a 2% increase sequentially and a revenue of $252m USD for the quarter, which aligned with the forecasted expectations. This brings the first half of the 2023 revenue for the company to a 1% increase year-over-year ($501m). Their adjusted EBITDA also stands out at $76 million, or 30% of revenue, compared to the previous quarter.

Host Shadd Dales, Anthony Varrell, and Benjamin Smith not only discuss Green Thumb Industry’s Q2 earnings, they take a look at the company’s current state of operations. We also look at the potential to fight for more of a share in the markets that they’re in, particularly in the state of Florida.

Trulieve reported ‘better than expected’ financials for Q2, with an improvement of $3m in retail sales over last quarter. However, Trulieve’s year over year revenue and profit margin profile is declining. We’ll take an in-depth look at the brand and the reasons why. The company’s earnings report has also been somewhat overshadowed with news about their current CFO’s departure and a possible financial scandal involving its former CFO, Alex D’Amico.

Is Florida the beneficiary of market growth? There’s room to grow for many companies including ones like Trulieve and Green Thumb. Rumors are that the state might potentially be a $6b market. Florida resident Anthony Varrell gives his impressions and opinions on whether the market could really be that high.

We wrap up with a quick preview of Canopy, Curaleaf, and TerrAscend’s earnings. Check in for the latest.

Cannabis Industry trulieve

Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.