Trulieve Cannabis (OTC: TCNNF), one of the better-respected marijuana stocks, didn’t get a lot of love from investors on Tuesday after reporting fourth-quarter and full-year 2020 earnings.
For the quarter, the Florida-based operator took in $168.4 million in revenue, more than double the nearly $80 million it earned in the same period last year, and 24% higher than the third quarter.
Atypically profitable for a marijuana company, Trulieve had net income of $3 million in the quarter. But this was down from both the year-ago profit of $12.2 million and the preceding quarter’s $17.4 million. On the basis of the profitability metric favored by weed companies, Trulieve did well in adjusted EBITDA. That line item was $78.2 million in the fourth quarter, versus the year-ago $43.8 million and the third quarter’s $65.8 million.