morning, for thank Christine. you everyone, and us. Good joining you, Thank
to Chief an Financial Officer, Trulieve First, five-years our call. for and part been welcome Ryan like the I'd of Blust Interim ago team. our Ryan has integral joined
pivoted and results. Demand strong. our and initiatives. growth to targeted while our durability successfully meet business we operations, In year legal the of the position. this economic proving customer now our customer remains Throughout and of plan products outlined streamline Turning traffic the simultaneously adapted base. and have cannabis evolving units for competitive Trulieve to preferences investments cycle, in realized first-half Back making to sold, March, our strengthen in record our we loyal long-term
Maryland, flow improve new and markets to and core results. the first cultivation opening reflected in in opening our and dispensary in advancing are towards foot planting recreational launching the from adult-use Georgia, Recent square Ohio, Florida taken focus medical attractive quarter first initiative. our the dispensaries in include ballot Measures fully business resources wins indoor cash facility Florida, sales unlocking XXX,XXX potential second in
the our a done remainder we on carrying has team executing momentum this the plan, and job are Our phenomenal through year. of
our Second guidance. $XXX is line quarter of with revenue in million
than selling driven revenue. volume to the contributing a more volume, Florida, by and by and partly competitor, retail increased second price with X% XXX% truly in oil revenue, In increased average traffic oil sequentially in offset compression. and XXX% by more the revenue products per higher by a flower, in XX% flower deferred Excluding store increased million, $X quarter
Building in tax upon declined of the capacity to expenses million annually. idle reclassification primarily costs in adjusted further and quarter, COGS, the of by quarter. SG&A reduced from Gross SG&A this made X% were both margin progress to the resulting first of $X XX% GAAP due savings
$XX to solidify are bolster industry representing was Across a pays operations business Year-to-date, time, increase margin, differentiating quarter. million adjusted gaining our resilience Adjusted consecutive actions EBITDA position million. or our a which flow was XX% traction. leading owed is factor among X% in $XX and platform, XXnd Truly tax taxes our on our from profitable peers. cash
offset California began the facility, benefit legacy and Massachusetts cash lower [Indiscernible] retail output wind preserve to During to expect towards down June, to financial as Florida, operations exited new efforts capacity the costs. from locations efficiencies second-half resources savings we to optimization year, greater we results. our direct ultimately increased attractive production cost leading and more we realize In have additional to in markets. of In additional and
additional and are to streamline of Arizona, Capacity later network distribution efficiencies the steps to to our this In yield demand, to greater across match other and production several current markets alignment core products of year. reduce sold expected retail re-launch in XX.X branded expenses. products units utilization quarter. Trulieve the sales are branded second retail reaching expected products, of of branded business volume during through to higher with U.S., internal products combined internal further million highest the support sells
advantage the largest and XXX lower production integration. Large dispensaries, Trulieve, in and feet production benefits distribution of products remains network by square supported of contact, branded more retail over of competitive million distinct capacity, resulting we the greater able for to direct-to-consumer scale scaled a operating costs. are With X of realize vertical efficiencies,
traffic throughput during capture and important to to The differentiator platform demand last to on allows respectively, and peak in up on power X/XX that spikes XX% XX%, increase compared traffic. is us meet year. X/XX our upside an during The of holidays, the display to record flexibility was
state the $XX contributed back cash inventory quarter to drawdown Inventory in steady half levels. second approach normalized as inventory improved of Throughout further generation. million year, the anticipate we we the reduction
Florida, buffer loyal provide customers. production we savings cultivation Our XXX,XXX Jefferson Once and achieve facility which in for in, indoor use to an is strategic our costs asset. dialed to new production County in additional expect important foot square can is we lower margins
Cash the in with improve cash. conversion and second-half of lower to expenses inventory generation should
debt operating As year. was that such, one our is Trulieve free significant Trulieve mortgaged cannabis, $XXX we flow track Cash real the estate rates. million at and legal an can generate In tier address a attractive access environment, top hand, $XXX unencumbered million. end flexibility this cash in generation, and to our be on placed highest of cash quarter additional the positive at of and cash operators cash to in current capital flow remain on our to near-term achieve obligations. provide cash balances target among
retail the second quarter, in first anchored and Georgia. had Florida dispensaries In Pennsylvania positions in top the remains world, and a store the the medical and Pennsylvania. Arizona, cannabis one Trulieve retailer in in opened retail we relocated Florida, in locations industry new by leading Arizona
factors While qualifying days, and early form conditions enroll is and patients eventually our permitted. it expect business we to still new new as alongside grow program are the
Georgia, to As awaiting distribute products only operators two new cannabis eagerly one state. of allow across we registered in are the pharmacies rules to
in In the to almost adult our in In XX sales. November has Ohio, first million we dispensary opportunity estimate medical market Ohio to use registered voters whether have opened July, which the billion permit sales. annual of will in decide With we reach XXX,XXX XXXX $X residents, could medical patients.
sales homegrown flower] Blue clones, (ph). Trulieve’s Crab recreational with product July including on Maryland, [Crus launched products, Xst. occasion bundles, celebrations commemorated specialty and the In and
As traffic uptake sales. sales increased alongside business. recreational sales dispensaries our month during expected, in of a increased XXX% per wholesale increase and XXX% in our meaningful at we Traffic three realized and first dispensary an the
service standards maintaining customer Our a teams traffic. in with job phenomenal did sharp increase a
providing sales, medical network of five XX% patients. the more only opportunity With consumption learn Maryland, preferences XXX retail our addition and we operate adult-use customer Currently an dispensaries or now about patterns. serve to in of
Florida business uniquely adult-use to significantly and loyal increase to include audience. to our our sales. as expect base with broader adult-use serve of scaled such expand markets, operations Pennsylvania, grow we are catalysts and a our meaningful in more situated customer We With attractive markets as
surpassed validated Court Florida campaign with regarding million threshold signatures. briefs the X received Florida, Citizens the over In adult-use the has Initiative. The required Supreme has for
anytime be now in visits, top cannabis an court market issue million and revenue. the annual billion annual XXXX. $X will reaching can million believe XXX a a April As tourist a legal and XX With opinion reminder, we Florida residents between
production this introduced opportunity. with Given share, New in adult-use and believe adult-use in Maryland, service, ability quickly Jersey, up a of and state. flex action the XX consumption. position market Trulieve With to spur Pennsylvania, and states, last $X investment, minimum residents, sales we optimistic is billion leadership bill enactment almost in York New an over that reach annual could the will our with scale such nearby Pennsylvania sales XX% In million We as to market of was programs Houston remain its expand adult-use bipartisan to ready establish month.
approvals, operations. quarter, In our mix, The the our affiliate opened and own we further products optimize quarter, flower sold percentage meantime, through new dispensary. to in Roll second production the products We we plan One. retail product a sales XX% retail in the of modern of further the and of branded refined our to new continue branded production In gained affiliated popularity aided Pennsylvania. branded by and network reached through retail increase
contact end-to-end. in close right strategy to at consistently, Our control customer right providing products from the shows a the define able base price the and equity. the markets, quarter. efficacy and the brand led with retail right customers and in our XX% customer place approach build enables the second to the data grow of ability By we're a returning customer of in large and retention lasting company-wide Customer loyal medical only XX% experience with
year-end, Our period. busy refreshed before as improving we slated log satisfaction the website launch customer to is approach holiday
search network base and tools our affinity communications. we we enhancing platforms and timing In our the optimization for the product time to utilizing are with AI customer same media, increase recommendations messaging customer defining platform, As outreach. social driven media, our are are modeling tools. At data Southeast, predictive our the we paid customer further grow, targeted engine and personas and of retail improving by analytics data and
future realize few and support we In to unit legal years elements adding scale growth remains we systems strong, and and volume Investments catalysts cannabis new as required we and enter to meaningful additional in are come and increases to foundational and support the markets ongoing. preparation, growth Demand traffic are for fruition. next to over expansion. significant infrastructure expect
evolving into planning insight customer customer Balancing both while preferences. service requires increased standards maintaining and demand
feedback will inform product collection We customer future inform to These commerce. have garner to tools to development defined a gather alongside today, approach expanded our ability and competitive preparing the planning. and customer edge are lead processes for demand integrated utilizing while and by actually our to data data a
balance strong on growth. scale, accelerated With required manage I horizon, generation fully our as we our to and team on ability evolving positioning. landscapes, to adapt With cash and operate team infrastructure preservation competitive and focused meaningful proven sheet, catalysts at the remains our to am in confident expand
With call I'll that, the turn Ryan. over to
