U.S. cannabis company Trulieve loss narrows as it exits some states and moves into others

Trulieve Cannabis Corp.
TCNNF,
+0.51%
on Thursday reported a narrower fourth-quarter loss as the Florida-based cannabis specialist exited California and Massachusetts while launching adult-use cannabis businesses in Connecticut and Maryland and opening new medical dispensaries in Georgia and Ohio. Trulieve said its fourth-quarter loss dropped to $33.4 million, or 18 cents a share, from a loss of $77 million, or 41 cents a share, in the year-ago period. Adjusted loss of 12 cents a share came in a penny ahead of the FactSet consensus estimate for a loss of 13 cents a share. Fourth-quarter revenue fell to $287 million from $298.5 million, in the year-ago quarter, but topped the analyst estimate of $268.8 million. Looking ahead, Trulieve expects first-quarter revenue to be “similar” to the fourth quarter’s figure of $287 million, which would put it ahead of the analyst estimate of $268.6 million. In 2023, Trulieve opened 17 dispensaries and increased its retail footprint to 192 locations. Trulieve’s stock has risen by 88% in 2024, compared to a 24.8% increase by the AdvisorShares Pure U.S. Cannabis ETF
MSOS,
-0.57%.