everyone today. morning and Good Christine. joining Thanks for you us thank
report We quarter results business. provide are our and to update pleased third on an
address results, like Ian our and briefly discuss Nicole. tropical would I Hurricane to storm I Before
I foremost, patients First Ian special a efforts being and especially who those would restore tirelessly Hurricane worked business serve all the by impacted personally like to storm. to our employees thank and despite operations, during say who contributed to you recovery of to
an communities million days, third In programs. were relay to including several volunteer and a closed contributions six rolled support Florida able employees. coupled to within preparedness repairs recovery to program programs supply team's of both to provide and fund a to XX units the Our in deployed the disruption. quarter. management in to that assistance stores online with and sophisticated our minimal generators, effective and and necessary get assembled deliver power fuel tech teams, with matching Trulieve We efforts. storm has across out and the campaign initiatives, roundup committed of resulting reopen aid response dispatch and patients capabilities teams logistical after operational our to work of impact in the stores back disaster from operations make efforts, serve during, commitment hurricane. mobile to supportive and we $X.X experience Cross-functional XX and to hard we the and were technological plans, development revenue monitor contributed before, to self-service, Through a
We in to of are we this our resources and employees need. a time the to operate communities to fortunate during be position provide in
As We closed we diligently on locations will be today, sit making advance XX the restore employee today reopenings earlier to safety. and while landfall East our blog in and of Florida. business here of Tropical storm is on on trulieve.com. closures Coast at prioritizing operations, be found the Storm working store normal Updates Nicole can available
passage congratulations to last cannabis. to We the extend for mid-term a on Moving of to like elections. successful would Maryland of citizens night's recreational
looking which suite serving full of vertical recreational through operations, to customers our forward brands. in the internal stores three are our We include showcasing state retail
our quarter decreased Revenue the third impacted $XXX impact and million, Ian. to foregone to due by strategic shuttering changes revenue sequentially, third up now assets, non-core Trulieve quarter conditions, revenue Florida by in the X% year-over-year. of regulatory of achieved Hurricane of results. Turning XX% macroeconomic
of Trulieve's exited differentiator environment, attractive current We significant estate backed debt. at with commitment a generate XXth X.X% position to XX% an the new promotional quarter. an a among relatively was the negative million access secured Adjusted Third to financial the cannabis strong maturities. quarter, our XX.X%. margin lower rate within utilization our to strategic operating compared million cash to anticipate In debt existing positive at We improvement quarter our the $XXX margin adjusted quarter-over-quarter million quarter, will margin $XX second representing a in fourth $XX or gross peers $XX be gross flow Florida the XXXX. within in cash. of the revenue million, rates facility is flow in a flat recently We $XX in enviable cultivation quarter. Operating term cash remains we consecutive in capital free Trulieve real flow remained no third for profile interest increased and financing profitable Adjusted advantage. million EBITDA activity debt indoor strong favorable and a industry. will compared XX.X% was with current compared and cash at average flat weighted at and rate key to due remained company-wide. quarter despite
before capital our with capital financing access exercise to long-term Even prudent year-end. to strategy. greater with close peers, accordance We expect will will in we versus allocation continue restraint with this of
demonstrated avoiding costly willing clearly offer to divest cash long-term are safeguard sight New of We York assets in investments our have delivering line same markets like to At returns. a time, and cash ability capital maximize we little duplicative that to appropriate to the by where dilutive flow.
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Moving to our operations. retail
in industry-leading XXX one and market-leading Pennsylvania. XX locations third Virginia underperforming in Florida and XXXX and closed Florida, in positions retail Arizona, our permanently Virginia. platform During the West California Florida locations opened dispensary. West relocation in We relocated one dispensary We closed for with two grew to quarter, Pennsylvania new stores Arizona, and in
different X% to store meet are new to our openings of by relocations of million, sequentially up store third track $XXX for sales We declined XX faced performance quarter retail of results pressure second accounting observed to with on in revenue. to due XX across six Generally, a to conditions, XX% number this Florida tightening in ways Retail XXXX. guidance and quarter influencing continued factors. economic in markets. trends the our Retail quarter outpriced exiting
stimulus to hours current with third Hurricane through spending. and growth, rebounded a telemedicine, the since patients growth $X,XXX given of somewhat or enrollment cost the and dollars. finally, patient reversal Ian. consumption Net be trends, bottoming COVID-related obtain in limits income quarter, pressure X,XXX end an coupled the rolling dosing rebounding implementation per net in Decelerating $XXX, We the week. card household reflects end of access inflationary lower declined end, has of quarter. the to to approximately to patient of at where the on growth medical renewal quarter approximately greater week and total net program high spiked the at by followed approximately due initial by the which patient Since additions may entrance First, estimate added increase July is through household patient per bolstered
limits the daily August, and at of dosage end effect. supply took XX-day Second,
and While low a only by these mindset, reserve were affected supply patients future. estimated practiced percentage limits, pulling adopted single-digit a scarcity be capacity the to range purchases of patients to for on back
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traffic, able to added to pressure and mine strategy, economic where improvement doubling September we XX% with understood result Data on to here an dosage limit revealed to volumes and to for quickly of on discounting. reinforce also the promotional brand ensure patient in mass behavior, exceptions dispensed data each discounts. growth lieu competitors aggressively market and limits data rolling slowdown, green to consistent our our We while Initially, areas focus response and store-wide proposition to our insights to We a get top how stressed several were reset of storewide. segmentation our limits as drive feedback, discounts incorporate a down of activity ability customer physicians and began for new worked clear we offering disciplined adapted they indiscriminate increased delivering maintaining Trulieve in higher also value products and approach to in already patients approach. that appropriate. Slower the product from but quickly for on this to early In backdrop. messaging on our discounting to
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purchases. high-quality everyday to for customers value offer wait or consistency without affording products we For hunt time low having customers, deals to prices, at
price period in and to an customer preserving flower low brand As they with example, on we improved while [ph]. quality customers transparency $XX time, one of able multilayered the an strategy, we greater are indoor same for and with mid- we products. this where experience pricing. are, value At premium-tier Utilizing everyday overall reintroduced integrity September, the meet roll
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Ian. hit Hurricane yield as positive Just changes to these was beginning Florida results, by were
the closed depth reopen top and quickly storm. advanced due due the to experience at the capabilities storm-- of to noted stores I of to close call, allowed As us the our stores
and provided was our to in operations, we strategy. part refined areas, limit Subsequent updates team alternative affected by been and in quarter aided end, to specifically performance store utilizing new our modified acclimation messaging. customers While physician steady to improved on working targeted store and patient promotional retail patient has openings, to restore timely our Florida, hours locations, in business growth, supply
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will As new future offline. lower-cost again meet efficient older this capacity we to ramp less as remain to This begun we demand. dense and available facility, pull capacity ramp production needed have to
produced During during the the second third quarter, we $XX finished million goods units quarter. million X compared to
we capacity reduce quarter, are and current the markets During across production match to fourth utilization closely and further demand more lowering inventory.
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capabilities the to continue will Cannabis mind. We in expand with advent these X.X
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