"Trulieve's scale and service, operational flexibility, and strong balance sheet are essential for success in the current environment. With increasing adoption and expanding state-level access to cannabis, the industry is well beyond the tipping point. Tremendous opportunities lie ahead for companies that can successfully adapt within evolving landscapes," said Kim Rivers, CEO of Trulieve Cannabis Corp (OTC: TCNNF), in a recent interview with Benzinga Cannabis following the company's Q1 2023 earnings announcement.

Navigating Financial Challenges

Despite posting a disappointing decline in revenue, which came in at $289 million, or 9% lower compared to Q1 2022, Trulieve highlighted record 4/20 results.

Rivers mentioned an increase in traffic, customers served and units sold by 10%, 11%, and 9% respectively, year-over-year. The company has demonstrated its commitment to financial efficiency, noting an impressive reduction in selling, general and administrative (SG&A) expenses by $24 million, she added. This strategic move, however, has necessitated layoffs.

“I think optimizing portfolio and optimizing efficiencies across a combined platform… it's important to note that we had seven acquisitions last year. And so, there will be natural alignment that has to occur across a combined portfolio of assets, and which are going to include, in some cases, exiting markets, which we've done, which of course resulted in labor rationalization there along with bringing more efficient facilities online and mothballing or taking offline certain legacy capacity,” Rivers explained when prompted on the issue. “Now, I will say the positive there is that, when those trends change, which we believe they will… we have not taken those facilities completely offline or …

Full story available on Benzinga.com

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