Trulieve Cannabis Corp. announced its first quarter of 2020 ended March 31, 2020. Unless otherwise stated, all currency is expressed in U.S. dollars.

First Quarter 2020 Financial and Operational Highlights

• Achieved record revenue of $96.1 million, an increase of 21% on a sequential quarter-to-quarter basis

• Adjusted EBITDA1,2,3 was $49.4 million, or 51%, for the first quarter 2020

• Achieved earnings per share (EPS) of $0.12

• Achieved GAAP adjusted margin4 of 77%

• Sustained strong cash position with cash and cash equivalents of $100.8 million at March 31, 2020

• Launched new products including TruPowder, TruTincture drops, and our ground flower product offering during the quarter

• Opened three new stores in Florida, ending the first quarter with 47 stores nationwide

• Introduced additional, industry leading measures in response to COVID-19

Recent Highlights and Developments

• Celebrated 4/20 with two record revenue days of approximately $2 million each day

• Appointed Alex D’Amico as Chief Financial Officer, improving our bench-strength and adding broad accounting and finance background to support the Company as it continues to grow

“Trulieve posted exceptional operational results for the quarter, continuing to grow our market share in Florida as we saw our dedicated team along with our scale and supply chain efficiencies successfully meet the increased demand for our products,” stated stated Kim Rivers, Trulieve CEO. “Trulieve’s execution of key fundamentals and financial discipline coupled with market share growth this quarter contributed to positive free cash flow, further strengthening our balance sheet and validating our financial stewardship. Our financial position continues to differentiate us in the market by providing flexibility to support both organic and external growth initiatives which is increasingly important during these times.”

COVID-19 Update

The Company’s response to COVID-19 remains a priority for the health, safety and well-being of its employees, patients, customers, and communities. Trulieve has put into effect additional company-wide measures from its previous initiatives in response to COVID-19, and is well prepared for the phased re-opening of businesses and public spaces in Florida.

Furthermore, to date the Company has not experienced any material COVID-19 impacts affecting its ability to serve patients and customers. For additional information on COVID-19 and associated risks to our business, refer to the “Risk Factors” in the Company’s Management Discussion and Analysis for Q1 2020, available on its website at