Earnings call transcript Q1 2023

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Operator

Good morning, and welcome to the Trulieve Cannabis Corp.

First Quarter 2023 Results Conference Call. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. is event this note, being recorded. Please

now Christine Hersey, would ahead. like Relations. to to, over conference the Vice go turn Please I President Investor of

Christine Hersey

you. joining you Thank and for morning, Good us. thank

Chief Executive today's Financial will and prepared deliver Kim performance During on financial for Officer; Officer, the call, remarks outlook Alex D'Amico, and Chief Rivers, Trulieve.

prepared Steve questions. also will to answer White, remarks, be will the open we their President, Following call questions. to available

press website A morning, and we Investor first the may available of website today. found PowerPoint today's release This archived on earnings be quarter XXXX presentation later be of copy Relations our results. call section www.trulieve.com. reported in version will our conference the of An our

facts risks, statements subject to constitute including filings statements for are As of described Annual actual forecast, ended and cause our Risk uncertainties uncertainties, Factors on these historical the the forward-looking and Securities results call our XXXX. XX, December including reminder, a made historical year XA, Commission, during XX-K and to Form statements the factors from materially from results Exchange Report with or Item risks this our that Company's the other differ could Company's not that the in and are

law. information, voluntarily new the future revise commitment to events these time-to-time, otherwise, Although, update may do of it or Company as or a as forward-looking from so undertakes by required result no statements, except whether

isolation results as Trulieve's a also in measures. discuss We Accounting with as measures GAAP. management non-GAAP for financial Principles GAAP. will accordance Accepted these prepared the substitute financial considered not not be These refer the During accordance Generally in to financial generally with in should that States or call, certain measures are United calculated or

current and be measures in is website. reconciliation the A exhibit found SEC our today, Investor that Relations to GAAP to earnings to release our that directly can section these most our is on we available furnished report Form the of press non-GAAP measures comparable the X-K an of in

to Lastly, to your additional into at times in or continue responses metrics offer may we the or not provide these advised our the insight our future. financial be we to questions, may or of provide may business dynamics details during our prepared results. Please that, remarks greater

I'll to now call the CEO, over Rivers. turn Kim our

Kim Rivers

Thanks you joining Christine. today. morning Good everyone and for thank us

share We are as we and pleased plan. on results report our execute recent to quarter first strategic wins

the that population ahead. medical than Before opportunity we into have cannabis like states tremendous dive more to discuss resides use and Today, within adult and results, U.S. the of set I'd the programs. or briefly industry, XX% cannabis

continues to to rise and relief from to increasingly as pain well products. Adoption turning regulated severe are conditions, cannabis to with anxiety, access variety of experiences, Consumers a as tested current recreation. deliver insomnia, including and and greater

billion in more we billion U.S. Over $XX to also the but generate from enact will cannabis, sales reform, states cannabis to expected only federal almost programs tax expect $XX years, create tripling year. reach and XXXX, Barring next any that access revenue. are by over not few sales legal last provide jobs

Turning now results. to our

$XX SG&A with the in million the million from up of delivered margin fourth profitable XX%, margin, our quarter. in historical First consecutive top our gross XX% Adjusted of representing improvement, seasonal $XX expenses. improved to EBITDA GAAP was or $XXX a quarter. inline quarter XXst performance. XX% reduction revenue million expectations On margin and team was

that into strategic call, fourth generation, priorities while is during will As preservation in our cash differentiate we highlighted on to the relieve to continue ahead. leaning near-term the focus and years quarter

cash of flow For million. the year, targeting are operating we full an $XXX

Cash geared greater efficiencies harnessing free flow across organization. in positive toward preservation expense cash XXXX. the generate and efforts to reduction are expect We

and by has more These duplicative and service. services production differentiators, roughly this traffic and and world-class are to to mentioned, SG&A closely vendors with efforts Trulieve I and and of consumption. also expenses. refine align build reduced within processes heavily to staffing was levels modulation Adjustments as through particularly to environment. ongoing. procurement further contributed will As lower Both quarter invested XX%, current develop current be both customer We service. generate scale macroeconomic true inception, Since cash competitive the we scale

feet the scaled operations, capacity. XXX supported look over closer This a million is of dispensaries. legal Taking network retail at cannabis X largest our Trulieve with has square by and production

to pull shifting capacity, with demand up it can or significant is ramp having also flexible. trends. needed utilization, addition align In back to We as

match significantly and increase to of result into to built flexibility preferences The is change mix production. customer our production volume evolving ability the a direct modular

and changes, to marketplace data quick compared technology an peers. adjustments to providing edge platforms Our enable

At various pivoted have due times, to change. we rapid

with conditions, when More this ramped example, to during we accelerated demand. in For of economic value to production growth products light segment. higher quickly COVID, recently, have represented fast meet growing the your

our within Roll One offerings expanded product line. have we brand response, value In

ability volume super-sized able capital sufficient this adapt impactful as yet products and to ground to include X.X-gram flour is changes identify larger wax in The and meet lack cured turns inevitably New to environment. preferences we customer current cycle weights, demand. pre-rolls and pivot shift, make quickly will and competitive again such trends who a When capacity minis, peers, the be as to versus well shatter. as launches crumble XX-gram and advantage and

ago, higher while scale to with and production XX-yard a each facility our plant. was out to unique opportunities our a cultivation workflow for home years Four Given build unique differentiate State to of layout. facility Florida, automation allowing touches indoor lower our we costs, are position. set The in designed there

wind first to plan down just new first plan of exceeded output the to outperformance this are last asset. inventory our the as quarter, strategic In We this we at production we in inventory reap summer began new quarter the beginning the was by and executed with facility at at Even facility, facility rewards year. the this the XX%. flat, ramping our strategic

QX will site expect We year. the by end end of ramped by fully this of the the be planted and fully

output and lower time allow customers, to water, with us labor ramped, of the production design facility of Lower margin. equivalent and electricity, will savings on fully be legacy buildings, at pass to site Once reduced and of portion costs protecting while a new this cost, XX cycle the from roughly fertilizer. but usage

As facility sites, the new demand to comes legacy capacity use future design continue banking when online, utilization back at we for accelerates. pull

capacity our large-scale another With to majority capacity of meaningful believe these online the We is adjustments, relative indoor quarter. the first represented indoor cultivation production flower high-quality differentiator of peers. exiting

providing combination on is a We knowledgeable often generation attract met Moving customers. new to absolutely staff. of on reinforce pillar consistent availability customer We service. say loyalty ease are promotion, and Service know that Trulieve branded exceptional required convenience, to service basis through that our and and of cash we transaction, for at are product customer a second attentive and standards obsessed.

including are through that customer retention. the customer expand journey product and gather of role programs empower education of designed retention. measured elevate and cannabis ownership feedback Success customer and In plays our segmentation Data an store the brand knowledge to and is understand to acquisition take service. customer variety important Clear customer journey of approach. our technology informs metrics, delineation and in utilized value proposition a to their

in and markets. was retention XX% medical-only XX% company-wide customer quarter First

points-based are customer and of brand including for retention. during loyalty program units rewards this new year, with retail scale transactions to records loyalty set program service our and we Later evident designed our across customer with power The our branded relaunching increase enhanced XXX a and was features, sold network.

and up we and over XX% approximately X% respectively transactions, XX,XXX individual completed XXX,XXX On year. units sold from last XXX,

and inventory, success Our depth dedicated and all on customer infrastructure to service retail staff, and of contributed product data wide-ranging technology XXX. assortment, our

Alongside future initiatives strategic making are optimize to we prepare to service, scale for and growth. investments

opportunities our new footprint. investing and markets are we within expansion First, in

are we strategic allocating infrastructure resources to for stronger a out provide foundation critical Second, to plan. build our

launch in opportunities in include sale in and July, adult in growth Georgia in east Maryland the expansion an new adult Florida of sales mid-XXXX. Near-term in Ohio market QX,

in first Georgia market state. open operate development We reminiscent in The more recently look in initial the plan the forward in we is celebrated our and and dispensaries facility growth. production two to supported We Adel. in of opening the to year Florida, Georgia, program the this market to by three grand participating of medical

will retail pending regulatory a preparing sales dispensary approvals. July on production we We're three soon of our In truly X. we locations. operate site medical in Ohio, Maryland, In first recreational for open the launch

opportunity adult the The in use most catalyst for Florida significant near-term is Trulieve.

We ballot continue to adult-use initiative. Florida, support an smart safe and

signatures XX million As of billion be annual inclusion market, legal Florida XXX a early the revenue. million visits. XXXX We residents May, gathered campaign with believe on ballot in and $X reaching annual sufficient has November tourist will cannabis the raw top for

at competitors eclipses market Trulieve next XX% outsized XX% closest share leading the share. market of to XX% three

opportunity. to ability truly an scale, uniquely minimal Given is our up for positioned service, market leading production share, flex this with investment and quickly

our and now this year. continuing advanced our customer long-term components infrastructure, capabilities we enhance to our competitive Driving data platforms. geo-targeting, in and possible our critical our data analytics data retention collection customer made strategy. hyper-personalized driven improved to of strategically technology outreach. are promotional activity meaningful experiences and are Turning edge, Providing and capabilities marketing, In-house by a technology all and are expanding invest

we our the scale balance set are In cash to a generation positioning service stage our next is of the and landscape focused of investments the on in ability summary, We and team's fully defined operational commerce. set team to step sheet. believe by the our With and flexibility, necessary in and full accelerated for potential I'm Trulieve. one strong growth. confident for evolving integrated today's remain these as our strategic foundation future and phase laser ahead preservation unlock

With over Alex. that, to I'll turn the call

Alex D’Amico

Thank good morning, everyone. you, and Kim,

$XXX on were first our to wallet quarter the consumer behavior. results results, was influenced Retail by continued million. revenue pressure Turning

$XXX X-time inventory flow margin than Gross fluctuate during to on fourth through. margin was offset mix inventory market profit quarter-to-quarter, by depending efforts and or gross expenses. impact quarter. product reduction to XX% fewer GAAP XX% The the continue of will quarter first and The was million compared more

$XX expenses from $XXX $XXX million roughly or million the improvement the to SG&A XX% quarter during efforts or SG&A fourth expenses Reduced in are of lower business ongoing an quarter revenue, of million quarter. of or first expenses. result the XX% XX% were

net loss net million fourth to loss was the million $XX compared $XX quarter quarter. First of in

Massachusetts of $X.XX compared to loss operations, million our to $X.XX quarter was in includes million the Net the loss including associated loss tied per dispensary quarter. First impairment of $XX charges licenses. the fourth with non-cash impairment $XX of share

$X.XX loss of Excluding fourth quarter. per share charges, a loss first to the in would've non-recurring quarter been $X.XX compared

$XX million during EBITDA to First million quarter or quarter. $XX was the XX% fourth adjusted compared or XX%

and to the debt This can of outstanding be adjusted optimization $XXX positioned quarter preservation rate cash with quarter one maturity. generation. to year XXXX. June is reflex penalty million only due Trulieve efforts without million in $XXX and near-term of carries maximize within repaid well EBITDA cash. We the First ended a retire debt X.XX% in

and tax Absent cycle from $XX cash million. off cash payment, would've been operations

In we generation the a indoor new XXXK addition, our and In combination for to realize flow would've outperformance been reduction. improved expect if cash operating through inventory expense higher, even cash of facility. at XXXX, not

quarter totaled expenditures in will two $XX Capital quarter. results first payments. tax million Second include the

capital lower We XXXX. expenditures expect at will least than XX% be XXXX

We results included Factoring in while up plan strong date low to XXX-holiday. XX new around visibility, April and doors limited open to dispensaries sequentially, relocate the down year. anticipate digits revenue will and XX quarter second six be quarter to we traffic to single this

consumer expect and to promotions reduction We pressure revenue continued will and gross impact on drive strategic inventory margin. behavior wallet

year, throughout timing and XXXX. generation we of and Given of initiatives various the the expect the be operational reduction, throughout cash non-linear improvements, complexity will business inventory our

turn And with Kim. over back the that, I'll to call

Kim Rivers

Thanks Tomorrow, if level weeks to a of the tipping in bipartisan Banking hearing legislation the increasing the has when through matter beyond Committee well happen. It With access, industry not Recent House state Senate both meaningful encouraging. expanding safe Alex. point. on adoption is Congress federal will introduced will effort. Two and and ago, reform the safe been banking. only in and a Senate group is hold a a activity coordinated

meaningful towards any Nancy secured Mace direction committee vote legalization. debate on We reform and house, in a Reform that Separately right the step State's represents in representative the Act. a believe the

to come. and remain for We advocate change continue prohibition, optimistic that repeal eventually will

the has opportunities Thank necessary today the growth Trulieve ahead and while investing and landscapes. for companies scale, that as for capital remain for can I current us service, always and climate say adapt joining Tremendous successfully navigate onward. strategy, the to future. you within evolving

will At be Alex this any time, Rivers, White the Kim open questions. please Steve answer up and D’Amico, call questions. for to available Operator,

Operator

[Operator Instructions].

First with from question Dley go Canaccord Please comes ahead. Derek Genuity.

Derek Dley

downwards a like least which And outperformance inventory, a to But you commentary Hi. this positive some from we inventory it wanted the Good that the follow-up is get to how quarter-over-quarter, half morning. back drawdown big or to year? portion cash some move appears I going and on just was just to on is driven expect over of the that in should balance flow of Jefferson. of to flat the of at be a or portion free year? mainly

Kim Rivers

I Thanks, back that half online. our very relates of incredibly continues Again, it think bodes facility as we XXXK champagne We at Trulieve the as Yes. at pleased Trulieve with the that facility harnessing I'm call and year, outperformance Derek. the those obviously for well it's to come Jeffco. of probable. efficiencies future, through having that were to and Absolutely. it performance facility at here

to will will balancing plans, question throughout XXXX have execute cash in if for that more generation, continues absolutely evident out needs to continue efficient capacity for building. occur. XXXK that production a with of yes, against core would as directly, not QX, organization balanced and the continue of and answer overproduction inventory and your higher to to a And that we existing contributor be been those down to Obviously, be be initiative wind the to our footprint again

Derek Dley

Okay.

And in that year the already? in to you So of the some with expect idealization, terms more half the of as of that capacity and a the comfortable at that of would levels Is the we facilities. started and of levels you levels some little then efficiency legacy get more production bit happen back have Jefferson? something

Kim Rivers

Yes.

will Those started actually That We Jeffco. of output. the we have began as And in are or Again, ramping our last output. exceeded up idled correspondingly we so projected last quarter year. has that continue that. we have facilities been to

for And how that footprint course, only online, monitoring are with produces. as existing footprint that's so, but not and course sure an the we are we ongoing of trend, comfortable that comes making online of that how remaining the

get that It's a a facility take large will to and little significant It there is while dialed in. output.

it you so, But sure XXXX. as again that, balancing will, efforts trend down And -- want relates to legacy we again a as effort, to confident capacity we throughout will result. as a yes, if that make are those meter we line happen

Derek Dley

Okay. about That’s for Or the million some And just the think we run there's SG&A this do new was more on just to that, then level $XXX cost helpful. more, come side, year? an on Should obviously as the of think significant appropriate you Brent? rate one there savings. balance

Alex D’Amico

we We're should yeah, our QX But quarter. where as Yeah, -- to expenses of the to I about year. million that talked quarter. headway able structure were we're think assessing cost first savings, we're reduction business of significant cost proud I always We're year able dynamics We that's we're mean, throughout in $XX always the dictate. quarter on always assessing. core market savings those are annualized happy something and in make end. with being We to at carry

Derek Dley

very you, thank much. Great, Okay.

Operator

McGinley next go Needham. ahead. with question The Please comes from Matt

Matt McGinley

from quarter-to-quarter first quarter see quarter second pretty around for it's a to So, the promotion and decline given you to seasonality XXX. unusual

add have Maryland or One retail is, sales. are have these So, that only you questions store revenue modest the ‘XX? in you'll units you'll quarter-to-quarter that'll I the growth adult-use assume we two likely to and have price think that on convert declines offsets units see I and I ongoing should that. compression in retail big the really in throughout Connecticut that

quarter, trend? margin of to down benefits specific quarter may cuts that first? have what look we the if like in over revenue how the or second quarter Would the saw quarter relative see more this the you G&A in expect terms do then you quarter, the gross to in to And the first we or quarter second should EBITDA is the

Kim Rivers

controllables, I compression the XXXX. mean, and an market. been the in where really execution look, there's we're theme in focus reported. environment the for pricing of So, controlling our that's widely It's we're Obviously,

positive on is customer a quite on is also that spending the what But they and that seeing pressure of per seeing the we're that and retaining resilience are basis. pressure category that a base we less continued are just they're and we're wallet fact coming what frankly, think, back. I base is our visit and

with would relates we've that transactions and seen units traffic to say basket strong as XXX same it's right, even and it I that on the So, not past. outperforming in the sold, necessarily

so, And throughout the I we're reality, of bringing realization focused efficiencies on production those think and focused with down, across that again on platform. costs

the the the the the visibility year. and appreciate into quarter year can limited remainder second throughout as of of throughout sure go I'm remainder we you As

the throughout stay year. be not the of today we'll So here remainder where to that

for and think the category I potentially higher currently the stress number certainly, encouraging those test platform. volume would volumes terms ability was our important us to is that about, units in being Certainly, even well again, a of as having say and combined of being the company. throughout is the patterns not platform again, potentially us we consumer And because it differentiator XXX with and value really able in highest of handle to growth move

to our as to again relates think will be come to that back half Matt, our the XXXK we benefit inventory it it or efforts, of through relates into. the that certainly Again, facility be wind particularly of see going cost leaning cost ramp. compounded I margin, to which continues down as As year savings with we'll coupled program

offset bit. may things those so And a

we of overlay And consumer then have to course preferences.

make attractive proposition we're products -- consumer. making that bringing to is sure value are the at we're So, that that market today's and need that to those to products we that

the throughout year. three up things in we'll and have and interchangeably work -- those margin So right show we'll

Matt McGinley

the the mean, that expectation ramping begin going is wait through it's to kind to of think by peak probably ramp year-end, as down by older lower-cost that inventory that higher have the Or I inventory then that fully, is planted, And said of next fully system? expect the that of get compression quarter obviously that basis. on until I would the in quarter Great. something you to bleed see fourth the the and rate of you're something should new with you really when you'd that the quarter fully ramped? the you When two that work higher the is the before to then end we or to stuff occur? see cost over inventory with older second facility on you we Jeffco depletion comment

Kim Rivers

all not same, though many right? even you will, you that, single of the So inventory the components if So products. different is plant, have go that plant a into

and And again, so, velocities rates. different consumer those have absorption different

you prediction And business. side some to inventory The even the flower we seeing we're here updates from today again XXXX, it. I the and sit on -- dynamic top particularly bit take it numbers believe because so through you'll and and you we're But saying we today all consumer that's have layered see we'll this. of give of of Jeffco, obviously a as benefit in a longer can't give why will the through. work you that's work all on the oil throughout

versus now the finished to And progress that versus we table in raw material of when what at you're work goods. see have starting look in you

full year. Matt. is be as so that you benefit, continue But to So goal it, today as the our throughout to that if I Jeffco we can't here sit obviously soon and give from work you through will should steadily to can but get a progress, begin possible increasing definite it facility. going that's on to

Matt McGinley

Great. Thank you.

Operator

Beacon Securities. Russell question next with Please comes from The ahead. go Stanley

Russell Stanley

Congrats use of potential my adult guess, ‘XX? November thinking Good the order kind a Court Supreme steps, you you I investments a taking envision Florida. to assuming in I before in what campaign progress for in clears I'm morning, front build thank it about do in further review. next making the and the question. on guess vote on awareness

Kim Rivers

get transition is phase of a where to ramp will an November to course coming next will as to closer more certainly of is are a the signature point year. at actual posture, end, the we the we course and Yes, which to public-facing and excited which campaign election, of be

I hope cycle would and we've that particularly ahead course relates the be some say in this rest. some peer interested would part and but certainly as folks on depends earning the the the now some finish help how support example, -- this that Florida of across peers. with as set We the opportunity we excited and to would phase committed to are cleared are talking would of that, during of certainly, line hopefully this be for investing it welcome they investment about continuing of that that next the other answer companies are potentially to campaign from in again, to get But here. determined, from

Russell Stanley

question put Georgia. Florida's I Understood Congrats reminiscent there, And market there. early is launch have a on you how and days. maybe if on of the mentioned the

relatively barriers guess, growth focus of Just a for likely wondering in growth your I or what accelerating the the change near-term terms to factors, THC content to lobbying efforts have you. of it medical in form there? where on or be market are

Kim Rivers

Yes.

determined certainly adequately was program going around adequate of their are program. the folks interested and as And the some under provide well education which to grand involved think robust that an during approved are specific medication I quite conditions physician cards have for make the the it that in really cards to more as State look us have the be Georgia, those qualify XX,XXX that frankly to educate opening, again Georgia, the with there legislature State patients to the is to legislature conditions able of who interact particular who get what community, that today. a focused for have it's has very needed address to already of the actively and to are to patients work over we We of alongside important and and in patients on

be most that of being I couple we is I education, coming is front a So, patients us lines, next encouraged and approach there tool which on believe group going think lot powerful with to that willing powerful it and the on lean is fronts. really and that, efforts to of those But very going as be and a really I'm in ready in is session. to

Russell Stanley

great. in the queue. I'll Thanks. That's get back

Operator

Partheniou GMP. go ahead. The Andrew next Stifel with question Please comes from

Andrew Partheniou

gross thanks Thanks. here Good my how just about for rest trend questions. and year. morning margin to could for that and taking thinking Maybe back of going the the

You talked about QX. Jeffco in outperforming

that ramping So, think maybe to and still efficient production but up buildings still have you would one costs, lower-than-expected Jeffco. are that translates online you some

state. there you And a dynamics? lot versus little partially offset So, understand are anything, when strokes. second could is or of Obviously, in dynamics gross detail give on where Jeffco production you here. on pressure numbers But with the more for Jeffco your if maybe of how a just market it's question steady wondering costs this offset bit but maybe wouldn't maybe expect is, exact part broad margin at could or the from I expectations

Kim Rivers

gross of that mean components three I got have we again, I think margins. Yes.

our consumer wind-down obviously while positive, you our that is on as have again, macro pressure well inventory you Jeffco in while from from have a dynamics. so, efforts And also pressure a as,

call So, product kind that are mix. a of product mix quarter it it is relates and and as puzzle it depends velocities it we moving a through how on where really three-dimensional to

frankly, overall. As market well dynamics as compression of quite price and course,

alongside for are goals. an to is is we will generation prime That down don't what preservation. to inventory I fight is pressure be measure business the -- again, metric is inventory margin on will organization. XXXX. expected is a state folks will throughout cash So, continue given flux success There focused study and us. the to on margin there again, continue And going and focus goal to that that And that this year, a XXXX me. getting as be mistier those but of exiting that the Winding to of for want

Andrew Partheniou

And and guidance. Thanks, high but about wrong, for level, believe, QX I $XXX million payment CF I'm one may XXXX me if if two next think tax will as each at payments, more you QX mentioned have could well. the of have quarter correct that. I a tax

which reduction. cash above, may color this be million, a as the second below, an I OCF up So, expense But helpful? sense. reduction sets a to levels compartmentalize that wondering need to also it increase half the anything, non-linear, would you also $XXX any there you to weighted referred main for be or makes profile, be for of reach like which drivers you about flow seems from I'm of current two. Should inventory and kind could just kind could thinking XX-XX we if think

Kim Rivers

Sure.

focus going continue that, pay and was to think around business I hurricane that quarter. well to and absolutely core a going we've our continued obviously, of which that and continue We the around the include streamlining we going of going to deferral business time, taxes done something do we that's are operations on as capacity production and the both expense the supply historically this to which reduction XXXX. continue our had because are are efforts to reduction, expense realized to effort in We business. for, rationalization as side we've on talked about that little bit. chain That's

cash along again, inventory efforts the throughout that a rate that rationalizing with, get to So, prepared number resilience relates efforts and our again, higher cash our of preservation. but as goals to and of to and to inventory comfortable generation we're of to absolutely, continue going both business with year inventory our of it key both strategic exact part are accelerating the that to to give ability you priority as stated a all those run splits, lower of are costed portfolio. those Not bring a in

Operator

ahead. MKM. Scott next Please Fortune go with The Roth comes question from

Unidentified Analyst

on Scott. Nick is for This

side, First up, looking you transaction the volume us, XXX on question more which color from is just volume some encouraging. for mentioned

of you. you've in Thank sense holiday. outside a for looking maybe overall what and quarterly XXX seen far So just the so cadence of the of QX kind

Kim Rivers

at record-breaking Basically, that Sure. it certainly fastest-growing the highlight that all we're across as additional category, again. value. as in remarks being again, seeing segment, XXX certainly, mentioned, to right? with category category markets relates as factors units continue introducing And in and and was sold value number of in to a is that customers an the did transactions specifically. prepared growing service making ability we products Increasing the new fastest We to and form category, that transactions having the that result units, increase units capability in and

So, compression see naturally we state, to certainly or and we're that to and see business up study across when I continue platform. grow to is environment certainly the think what the price come then in continuing natural that to volumes looking need

Unidentified Analyst

around call you opportunity out us being a you're for there on Thank to Twitter of moving first sense Can the early U.S. there, just advertise forward? platform. the leverage any And advertising the Okay. the and that kind takes company and campaigns looking of congrats you color. kind how you've just second then on cannabis on from and us that puts platform seen just from give to

Kim Rivers

Yes, absolutely.

We and have launch initial our initial been really encouraged results. by

much expanded that so we with So into Twitter. markets actually other

are behind And to got additional looking able so, and forward being more data months really share sets some we to us. as we've

into to channels, traditional traditional digital relates more other quite But well mainstream. et the it cannabis the that about becoming as right? about think are that through more board potential So, radio, regulations have the Really the and marketing the kind restrictions of checker frankly as as lean on we of Federal well as next call probably certainly, to being and cetera. we as look able given actually. federal tv, for more future channels that as restrictions thinking

to strong we that really are information and and absorbing what I relationship As returns and Americans media, that we've with is excited encouraged utilizing opportunity had how Twitter the today our so expand relationship. about about can say think

Operator

go from Please ahead. comes with Alliance question Partners. next Global Grey The Aaron

Aaron Grey

thanks, the for question. and morning, Good

Just for here. one me

it last that kind tails of one. off So,

I state, more So talk protect that a that just little talked past bit in kind know and want program. the loyalty something about as your about in particularly you looking were to you Motion we've the Florida. guys to make to look it's of changes

these changes you and of program any in be tactics in So improvements terms the how just new to able might marketing make Potential get Thank defend you the leadership potentially loyalty Florida, as in be want you to as your you. what tandem today. to market then such color to that used continue to could look how program. about Twitter feel

Kim Rivers

Yes. Aaron. Thanks,

half really a platform new relaunching be in are we the this year. back So, loyalty excited of to

paused consumer We we and because down working we in build get program the more it wanted define the focused for specific the some to road quite journey working have as to we've really been personas relates and our been more make time, detail actually, on and further roadmap so and intuitive we for that really out. to this it, personalized can profile that customer

data able that excited finally, I are I'm are we at are us again be, combine the our launch for aspects that it And and different directly insights back changer So, that in into speak platform of bunch going we a as of and consumer game to base. to of a point think year. again really able more will to be the a to really part that we officially our

to certainly folks with invite different will some something leverage to able to be that being course, also of platforms program be of are take that going launch. the advantage utilizing to we then, And

excited to the able in do that the come, be So certainly but year. to back half more to of

Aaron Grey

I'll back for great. on details look more Okay, much forward to and very jump we queue. Thanks in that. the the color

Kim Rivers

Thanks, Aaron.

Operator

Christine our remarks. over concludes to the question-and-answer turn would any like session. for This conference I back Hersey closing to

Christine Hersey

day. for our and additional sharing to your We time earnings next during you, look everyone, Thank forward updates today. again, have a Thanks call. Great. great

Operator

for The concluded. Thank conference today's has now attending presentation. you

now may You disconnect.

Trulieve Cannabis (TCNNF) 10 May 232023 Q1 Earnings call transcript