Trulieve Cannabis Corp. (CSE:TRUL) shares moved higher after it reported a smaller-than-expected loss for the third quarter.
Shares of the Florida-based multi-state operator (MSO) added 2.7% at US$5.03 shortly after noon on Thursday.
It reported an adjusted loss of $14.7 million or a loss per share of $0.08, worse than earnings of $7.9 million or $0.04 per share in the year-ago quarter but better than the $0.17 loss per share expected by analysts.
Trulieve reported 3Q revenue of $275.2 million, 96% of which stemmed from retail sales, topping estimates of $269.5 million.
Its retail sales were buoyed by a 235% increase quarter-over-quarter in traffic at its Maryland dispensaries following the launch of adult-use sales.
Cash flow from operations was $93 million and Trulieve generated free cash flow of $87 million.
"This year our team has done a phenomenal job executing on our plan to generate cash while making investments to support future growth," Trulieve CEO Kim Rivers commented.
"With significant scale and service, strong cash generation, and a clearly defined strategy, Trulieve is best positioned for the coming wave of meaningful growth catalysts."
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