you give Christine morning, and today. a and we good are but apologize everyone, my it going thank Thanks, I to here. for about shot joining us voice,
quarter top We in flow. to delivering results grew the are report GAAP in March operating growth, record momentum results line first Throughout strongest positive cash and improvement thrilled with the with line margin quarter trends. historical
great on year the this we we make plan. continue to to as start our Following strategic progress execute
organization phase optimizing Our team the of further on focused growth. assets for platform is our and our positioning next across laser
is Trulieve cash capitalize to in our strong of flexibility the to advantage well and incredibly to the ahead. on our highly in take opportunities I’m expenditures our ability conditions. adjust balance sheet, environment and capital current confident Given strategy generation positioned market
year-over-year results. of quarter XX% to Trulieve sequentially. Turning up million, X% first and now our first revenue record quarter XXX achieved
channels. organic to First quarter and both revenue growth growth was wholesale in retail primarily attributable
XXX to consecutive was our gross million, was XX% GAAP compared quarter gross Adjusted quarter. or XXth adjusted XX%. as quarter, First XX% EBITDA XX% representing and was margin profitable margin last margin
cash. quarter $XXX cash the First XX with flow million, in operating was quarter we exited and million
Arizona, with locations platform market grew Florida leading Pennsylvania. in retail positions and Our XXX to
over revenue for and and units on further XX%, performance we transactions respectively. and holiday, enjoying The the on were to time retail and in compared mark our out illustrated turned processing tremendous four demand last product XX%, first sequentially strong door million approximately prior month spike Distribution new around events, with untapped and We with supported to by lines benefits numerous occasion to quarter record XX% underscores The scale celebrate the X.X of The by the across DJs network launches, markets XXXX, potential food increased cannabis buildings. of achieved up million Black and units. our feet the Friday year-over-year X/XX, the production community this XX% square in trucks limited cultivation strains our During industry. is XX% depth record by and wholesale and offer X/XX capacity. including wrapped results promotions. the on buster
occasion great always, delivering the service. team our rose customer to As
strategy Our experiences designed positioning success in fantastic X/XX are how accommodate reinforces to our and demand. flexibility on while having day, sharp every the and traffic provide to increases
inventory All channel. greater to sales revenue and contributed cornerstone fourth And due to Florida in our to despite quarter, selecting in the to sequential attributable branded availability was quarter depth markets. Strong strong new were of the greater results. products. Lower launches, compared products of for and the Florida Pennsylvania. increase factors. recall now a first Turning improved promotional the products results premium Xth, stronger several differentiated driven February growth revenue Pennsylvania, to combination product first activity, performance on quarter by wholesale of of In
progress we our outlined fourth with our across call, Year-to-date, plans made have the plan. affiliates. to During optimize assets and in operations accordance we quarter streamline
and including our working premium pending we branded have to mix approvals. regulatory concentrates, launched Throughout expand to meet products We segments. vapes and product better suite production been adding We in new are branded XXXX, customer demand. order and in value flower refine branded new products
Arizona, our operations to we affiliated products Pennsylvania remain on internal on and our are capacity In of retail optimize track. to across sales efforts increase throughout chain Our footprint. augmenting our focused optimizing supply
capacity, the indoor automation. lighting interchanged acquired and We facilities some add technologies additional have to started added extraction additional and and cultivation of
in seeing capacity the increase we to coming quarters, in efficiency addition better in So anticipate near-term.
to chain. continue supply XXXX, move we we As through optimize our will
progress plan, further markets. demonstrate on execute attractive our results quarter scale we as depth building and and First
is Our focus leadership invest out our and Trulieve unrivaled conviction that on always investment. strategy criteria opportunities high to undeniable. markets has in this noise tuned success stringent meet with to the for heavily
macro and the quarter we current in cash generation are at from operating cash cash end million expenditures managing actively XXX and our environment, with Given assets.
We positioned on we in timing are well to for expenditures term conditions capital expected short capital And based markets. and volatility weather throttle catalysts. can market
acquisitions access flexibility and the have be with market and within We investments opportunistic, strategic environment. to tighter the capital to
four our fourth number our customer through set products approach future. and Three, leadership call allocation. During regional focused outlined to and four earnings reinforce retail in March, the initiatives we through XXXX, on our priorities position for expanding the quarter Two, These Trulieve in and for four exceptional hubs strategic delivering experiences. and retail one, strategy. capital adhering to branded our channels, to distributing disciplined wholesale branded stage
brought delivering and assortment rewards frictionless convenient with innovative returns, an exceptional customer enhanced First, experiences and loyalty and transactions, retail are we product programs.
First while releases first live sugar their quarter for approach for offers tool garnering activations. ensuring the from realize hyper customers activities margins for specific Personalized this events, benefits outreach return products in included drive to customers marketing marketing preserving appreciation diamonds tough brand traffic for sell-through and us with quarter. product We customers, sell-through high rates and personalized products. is of specific preferred these rewards high matching and and an effective the live
expand to our Second, we strategy. through continuing regional are hubs
distribution of new presence deepen emerging network Cornerstone In quarter in three and outside to we of XX XX%, new investing to located are We quarter our Trulieve retail dispensaries. markets our dispensaries in eight locations first the in are with in XXX the markets. Florida. including of states, Pennsylvania the developing exited first while opened a we This total medical year, Florida. adding state XX
Maryland capacity premium expansion chain. added efforts Pennsylvania flower and indoor In West quarter, of ahead use. Virginia adult Florida added cultivation and Now capacity to in for our Arizona first turning capacity supply ramped in and we the continued in
scale depth the accordance leveraging for markets. are the meaningful in market into fully continue years, to markets, play to in when and In development future a growth. of our across with a opportunities new strategy, existing expect role expanding southeast hubs coming providing will like In strong Georgia. we foundation We regional opportunistic new the be we hubs and our
distributing retail are branded we Third, through products channels. and wholesale branded
wide portfolio price factors form at Our points. includes variety of appropriate across segments offered a product
to feedback. two Examples We market preferences. based In innovating single include value first evolving are eight. the buds, in response or serve primo quarter, on RSO, high size, new have products end continually tinctures, buds per one and several we launched edibles, which
successfully Differentiated specific velocity sell-through We launched and brand customer of speak and markets. very these of products. now that brand customers have to multiple are part with the for to portfolio meet We our an encouraged value. defined reinforcing long-term strategy brands building demand important products while brands a high across have are by
Massachusetts, Momenta quarter, demonstrating and brand Muse, During right launched By and products markets we Cultivar successfully Florida, offering building want, customers Collection, Flower, Roll branded the products One we that Maryland, capabilities. are West Pennsylvania true across Virginia. branded the first Modern including
and the providing including in the personal digest and launched recently Momenta we marathon local brand. product across to DeLisioso as for media brand building national of in of greater complement to access wellness with and outlets Ethan’s a him new and of April own Television for powerful we thrilled and Ethan health the using and Arizona, who we representing E-Online Show Family the Through provide and and his markets distribution Kush and covered and In and Momenta hubs, ABC in Boston As partnerships Survivor products pre-rolls broader we retail wellness brands. participation experience, the Trulieve help efforts our pre-rolls are True can Florida. exposure welcomed we continue evolving consistent branded of Marathon his brand authentic cannabis survivor as in an launch experience reach cancer and part March amazing ambassador News, our Momenta Khalifa his the winner finished customers even products have Regional program. support more sharing our brand advocate our journey and portfolio. and to mainstream Zohn, In to
branded its such the to last released connects DeLisi fantastic, profits portion responses it may Richard a brand forward as with familiar brand is folks know Wiz Richard history, further based pays bring and to in both in While is passion free of XXXX. the Florida amazing He DeLisi in us who served and instrumental DeLisioso donating the energy longest of to partners having working Rick. U.S. including inspiring by of prisoner and Early to been DeLisi founded cannabis some December of these DeLisioso XX-year was prisoners the project, son a serving and most DeLisi. Khalifa, senate. which nonviolent one by his industry is a be have The securing cannabis with XX-years not products releases nonprofits, community.
platform our branded of a equity. and factor to important an Our is key long-term customer retail contributing component building experience brand overall
During Overall to the rebranding the sold been first allocation. has quarter, to locations. our brand. in remain realized for rebranded and locations Pennsylvania, all approach initial we discipline performance to we of and stores completed units Fourth, most with retail revenue strong, that higher the committed Maryland Trulieve capital
We for defined assets have markets. a and well and established evaluating criteria strategy clear and
During may of divested both future Massachusetts, and acquired choose assets redundant our assets Florida, appropriate. as of divest across in part non-revenue the this in in cultivation assets performance additional platform, quarter, a continually of harvest and evaluate as which transaction. we the We were to the generating location
to expand invest growth. distribution reposition capacity, we to continue for will and we and prepare to markets support operations, assets future streamline in As add infrastructure and fortify our
us capital X% the senior capital secured Our in terms. and sufficient to In and has track and second industry XXXX. January, profitability notes to Trulieve strategic affords fund capital access of totaling leading closed tranche allocation our discipline plans growth we record million. of XX growth initiatives
the our strong opportunities financial us will market balance our economic to position to industry. We capital by factors capitalize access impacting macro discipline expect uniquely on and sheet, created
building company in are leading We emerging a industry. an
approach are development As a proactive decision-making. strategic always, and we taking to
have We of financial of in a long changes market ahead conditions. outperformance and positioning track record
first I we articulated in progress year. signaled, to Year-to-date, reach more our realize Alex the goals improve performance expect plan the call hold. we and turn on over our to of details cannabis. this previously take is that, track define future to are poised we we made As as our on Trulieve great and With will quarter. for to ready initiatives
