TCNNF Earnings
TCNNF is a LONG
Trulieve reports 4Q20 adjusted EBITDA $78.2M vs FactSet $75.7M and 4Q20 Revenue $168.4M vs FactSet $162.3M. 2021 guidence is inline with (A) EBITDA $355M-375M vs FactSet $375.2M and revenue $815M-850M vs FactSet $821.8M.
Trulieve has agreed to acquire Mountaineer Holdings for $6M. The acquisition will position Trulieve for vertical operations in West Virginia. Mountaineer Holdings brings a cultivation permit and two dispensaries. Trulieve will operate six dispensaries in the state. Trulieve also announced that it has begun planting at its cultivation facility in Holyoke, Massachusetts. Massachusetts is a market that is short of supply. Trulieve's facility allows for 60,000 square feet of canopy.
TRSSF Earnings
TRSSF is a LONG
TRSSF reports strong earnings in 4Q and raises guidance. 4Q20 Highlights - Net Sales of $65 million compared to $51 million in Q3 2020, an increase of 28%; Adjusted Gross Margin2 increased to 60% compared to 59% in Q3 2020; Adjusted EBITDA1 increased to $26 million compared to $18 million in Q3 2020; Adjusted EBITDA1 margin increased to 40% compared to 35% in Q3 2020; Cash Flow From Operations of $24 million. Also, the company announced that Jason Ackerman stepping down as CEO and Executive Chairman effective March 23. Jason Wild, current Chairman of the Board, will assume the Executive Chairman's position with the senior management team reporting directly to him. Additionally, Ed Schutter, current board member, has been appointed Lead Independent Director. Jason Wild commented, "We are currently identifying a leader that has experience guiding large consumer companies through this type of explosive growth and value creation."
TRSSF 2021 Outlook
- Revenue to exceed USD 290M vs. prior guidance C$360-380M and FactSet C$369.5M.
- Adjusted EBITDA to exceed USD 122M vs. prior guidance C$140-160M and FactSet C$150.7M
- TerrAscend is raising the full-year 2021 guidance to exceed the high end of previously communicated ranges.
- Additionally, the company is converting guidance into US dollars due to the anticipated change to USD reporting currency from CAD in Q1 2021. Conversion of the previous guidance in Canadian dollars uses 19-Nov-20 CAD/USD FX rate of 1.3082
- The company anticipates becoming a U.S. filer with the SEC by the end of 2021. The company is preparing to meet the requirements necessary for its securities to be traded on a national U.S. exchange should such an event become permissible by U.S. law.
- In Pennsylvania, sales and profits are expected to benefit from the annualization of multiple increases in cultivation capacity completed in 2020.
- TerrAscend's Phillipsburg, New Jersey dispensary will achieve its first full quarter of sales in Q1 of 2021, and the company plans to open two additional dispensaries in the state in Q2 and Q3 of 2021.
- In California, the company completed an expansion of its State Flower cultivation facility in late 2020, which is expected to increase the annual production capacity of super-premium craft flower by 500%
- With a new streamlined and targeted product portfolio and an optimized cost structure in Canada, TerrAscend expects to see positive contributions to sales and profit growth in 2021.
Bluma Wellness Inc.
Yesterday, BMWLF announces that shareholders of the Company approved all resolutions brought before them at the Company’s Special Meeting of Shareholders, including the special resolution to approve the acquisition of the Company by Cresco Labs Inc. If the Arrangement is completed, Cresco will, among other things, acquire all of the issued and outstanding common shares in the capital of the Company, in exchange for which Bluma Shareholders will receive 0.0859 of a subordinate voting share of Cresco for each Bluma Share held, subject to adjustment by the terms of the Plan of Arrangement.
