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Trulieve Reports Record First Quarter 2021 Revenue of $ 193.8M , Net Income of $ 30.1M and Adjusted EBITDA of $ 90.8M May 13 , 2021 Trulieve Achieved 13th consecutive quarter of profitability ; Announces definitive agreement to acquire Harvest Health & Recreation Inc. , one of the largest US cannabis acquisitions to date which would establish our southwest hub and expand national footprint TALLAHASSEE , Fla . , May 13 , 2021 / CNW / - Trulieve Cannabis Corp. ( " Trulieve " or the " Company " ) ( CSE : TRUL ) ( OTCQX : TCNNF ) , a leading and top - performing cannabis company in the United States , today announced its results for the quarter ended March 31 , 2021. The Company became a U.S. reporting company effective February 4 , 2021 and the consolidated financial statements are reported in accordance with U.S. Generally Accepted Accounting Principles ( GAAP ) . All currency is expressed in U.S. dollars . Q1 2021 Highlights • Achieved record quarterly revenues of $ 193.8 million , a sequential increase of 15 % over Q4 2020 ● Generated net income of $ 30.1 million • Delivered Adjusted EBITDA of $ 90.8 million • Achieved gross profit of $ 135.3 million and gross margin of 70 % • Delivered $ 60.4 million in cash flows from operations 2021 Operational Highlights and Recent Events • Recently announced definitive agreement to acquire Harvest Health & Recreation Inc. , the largest cannabis acquisition announced in the U.S. to date . • Harvest reported first quarter revenue of $ 88.8 million and Adjusted EBITDA of $ 26.9 million ¹ ● Reported first full quarter of operations in Pennsylvania and opened phase 1 of our new cultivation facility adding 45,000 square feet for a total of 80,000 square feet of cultivation Well - positioned to become a first - mover , vertically - integrated operator in West Virginia through successful ● ● application wins and the recent acquisition of Mountaineer Holding Expanded our Florida operations by eight stores and 116,000 square feet of cultivation , ending the quarter with 78 stores and over 2 million square feet of cultivation in Florida 1 As reported May 10 , 2021 on the Harvest Q1 2021 Earnings Press Release " During Q1 we continued to execute on growth in Florida as well as our national hub expansions . Our record revenue and industry leading EBITDA margins demonstrate our continued focus on execution , " stated Kim Rivers , Trulieve CEO . " The pending acquisition of Harvest will be transformative and will build on our profitability , expanding our runway for growth . " Rivers continued , " Our continued strength in our home state of Florida , as well as the build out of our northeast hub , with progress in Pennsylvania , Massachusetts and West Virginia , has generated momentum for an exciting remainder of the year . We expect many positive catalysts in the months ahead , which align well with the current political environment and heightened focus on cannabis in this country . " Financial Highlights Results of operations For the Three Months Ended , For the Three Months Ended March ,