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Tallahassee , FL - November 15 , 2021 - 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 September 30 , 2021 . ● Q3 2021 Financial and Operational Highlights ● ● ● ● ● ● ● Trulieve Trulieve Reports Record Third Quarter 2021 Results and 15th Consecutive Profitable Quarter ● Continues Execution of Hub Strategy with Harvest Acquisition U.S. Leader with 155 Retail Dispensaries 3.5 Million Square Feet of Cultivation and Processing Capacity ● Net revenue increased 64 % year - over - year to $ 224.1 million . Gross profit of $ 153.9 million and gross margin of 68.7 % compared to gross profit of $ 102.2 million and gross margin of 75.0 % in the third quarter 2020 . Net income of $ 18.6 million , impacted by $ 16.4 million of one - time compensation and transaction costs primarily associated with the Harvest acquisition . Adjusted EBITDA¹ of $ 98.0 million , or 43.7 % of revenue . Trulieve and Harvest combined third quarter revenue of approximately $ 316 million , net loss of approximately $ 9.8 million and adjusted EBITDA of approximately $ 121 million.² Positive cash flow from operations of $ 75.1 million for the nine months ended September 30 , 2021 . Cash of $ 213.6 million as of September 30 , 2021 . Opened 7 new dispensaries , increasing retail footprint to 101 retail locations nationwide . Began first cultivation operations in the state of West Virginia . Closed the acquisition of the equity of Keystone Shops in Pennsylvania . Completed the acquisition of a dispensary license and commenced wholesale operations in Massachusetts . Received a notice of intent to award a Class 1 production license in Georgia . Launched product portfolio : Cultivar Collection , Momenta , Muse , and Sweet Talk . Launched sale of hydrocarbon extraction concentrates with first available products in the state of Florida . 1. See " Non - GAAP Financial Measures " below for additional information and a reconciliation to GAAP . 2. Q3 2021 combined results represent the simple addition of Trulieve's reported results for the quarter ended September 30 , 2021 and preliminary estimated Harvest results for the quarter ended September 30 , 2021. These unaudited combined figures are provided for illustrative purposes only and may differ when reported on a consolidated basis or when presented on a proforma basis in accordance with SEC rules . Recent Events Completed the acquisition of Harvest Health & Recreation Inc. on October 1 , 2021 . Closed $ 350 million private placement of 8 % senior secured notes due October 2026 , representing industry leading terms for U.S. plant touching cannabis operators . Retired $ 270.1 million of high - cost and short - term Harvest debt , including debt due upon change in control . Retired $ 18 million in Trulieve notes payable . Opened first medical dispensaries in West Virginia with new retail locations in Morgantown and Weston .