Today’s TCI Cannabis Earnings Roundup will be reviewing and recapping the most recent quarterly financial results and corresponding earnings conference calls of the Big 4 U.S. Multi-State Operators (MSOs), also known as the “4 Bosses of #MSOGang.”
Without further delay, let’s take a closer look at the fourth quarter and full-year 2020 earnings from Curaleaf (CSE: CURA) (OTCQX: CURLF), Trulieve (CSE: TRUL) (OTCQX: TCNNF), Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2) and Cresco Labs (CSE: CL) (OTCQX: CRLBF).
Curaleaf Holdings (CSE: CURA) (OTCQX: CURLF)
CURA Q4 & FY 2020 Earnings Highlights
- Revenue: $230m, +26% QoQ, +186% YoY
- Adjusted EBITDA: $53.8m
- FY 2020 Revenue: $626.6m, +184% YoY
- FY 2020 Adjusted EBITDA: $144m, +456% YoY
- Wholesale Revenue: $64.4m, +579% YoY
- Average retail order value increased from $80 to $135
- Completed acquisition of Alternative Therapies Group in Massachusetts
- Completed divesture of certain Maryland assets, optimizing vertical integration
- Active in 23 states, 1.8 million sq. ft. cultivation space, 101 dispensaries
- New cultivation sites are being built strategically in anticipation of interstate trade
- Launched 32 new products across a variety of formats
- The flagship brand, Select, is now in 17 states and 1,700 dispensaries
- Announced plan to acquire EMMAC Life Sciences Limited and enter the European market
- EMMAC has similar infrastructure and valuation as Curaleaf, circa 2017, but 2x revenue
- Capital costs in Europe will be lower than in the U.S., thanks to no state-by-state regulations
- Projected 2021 revenues of $1.2-$1.3 billion, 30% EBITDA margin
- Read/Listen to CURA’s Q4 & FY 2020 Earnings Call Transcript
- View CURA’s Q4 & FY 2020 Earnings Press Release
Learn more about Curaleaf: Website | IR Website | Investor Deck | CURA Chart
Trulieve Cannabis (CSE: TRUL) (OTCQX: TCNNF)
TRUL Q4 & FY 2020 Earnings Highlights
- Revenue: $168.4 million, +24% QoQ, +111% YoY
- Adjusted EBITDA: $78.2 million, +19% QoQ, +79% YoY
- FY 2020 Revenue: $521.5 million, +106% YoY
- FY 2020 Adjusted EBITDA: $251 million, +99% YoY, 48% of revenue
- FY 2020 cash flow from operations: $99.6 million, +321% YoY
- Approved to begin growing in Holyoake, MA facility
- 1st MA dispensary in Q2, additional dispensaries and wholesale in 2nd half of 2021
- Closed on acquisitions of 3 dispensaries and cultivation/processing assets in PA
- Looking for other M&A opportunities in PA leading up to legalization in the state
- Announced acquisitions of 6 dispensaries and cultivation/processing permits in WV
- Added 200,000 square feet of cultivation during 2020, 2 million square feet total
- 11 new dispensaries in 4th quarter, currently operate 83 nationwide, 114 by end of 2021
- 53% of flower, 49% of oil market share in Florida
- FY 2021 guidance of $815-850 million in revenue, $355-375 million in Adjusted EBITDA
- Read/Listen to Trulieve’s Q4 & FY 2020 Earnings Call Transcript
- View Trulieve’s Q4 & FY 2020 Earnings Press Release
Learn more about Trulieve: Website | IR Website | Investor Deck | TRUL Chart
Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2)
GTII Q4 & FY 2020 Earnings Highlights
- Revenue: $177.2m, +12.8% QoQ, +133.8% YoY
- Adjusted EBITDA: $65.4 million
- FY 2020 Revenue: $556.6 million, +157.2% YoY
- FY 2020 Gross Margin: 54.7%, +520 basis points YoY
- FY 2020 Adjusted EBITDA: $179.6m, +546.9% YoY
- FY 2020 cash flow from operations: $95 million
- FY 2020 SG&A: 35.6% of revenue, down from 62.2% of revenue in 2019
- In house brands revenue increased 31% QoQ, now available in 12 states
- Signed agreement to manufacture and distribute Cann branded beverages
- Same-store sales growth of 6% QoQ and 60% YoY
- Opened first California dispensary in Pasadena
- Opened 11 new dispensaries in 2020, 6 so far in 2021, 57 total nationwide
- Read/Listen to GTII’s Q4 & FY 2020 Earnings Call Transcript
- View GTII’s Q4 & FY 2020 Earnings Press Release
Learn more about GTI: Website | IR Website | Investor Deck | GTII Chart
Cresco Labs (CSE: CL) (OTCQX: CRLBF)
CL Q4 & FY 2020 Earnings Highlights
- Revenue: $162.3 million, +6% QoQ, +292.3% YoY
- Adjusted EBITDA: $50 million, +8% QoQ, +1,543% YoY
- FY 2020 Revenue: $476.3 million, +271% YoY
- FY 2020 Adjusted EBITDA: $116 million, +1,252% YoY
- $3.6 million per dispensary in Q4, highest among large MSO’s
- Same-store sales grew 166% YoY
- $274 million in wholesale revenue for 2020, highest in the industry; in 929 stores
- Expecting 60% of future revenue from wholesale and 40% from retail
- Positive free cash flow in 2nd half of 2020
- Cresco Labs brand #1 in Q4, per BDS Analytics; High Supply one of fastest-growing
- Closed acquisition of Verdant, adding 4 dispensaries in Ohio
- Bluma acquisition in Florida expected to close in Q2
- Announced Cultivate acquisition, 100,000 sq. ft. canopy, 6 dispensaries
- Focused on using automation to increase margins
- Read/Listen to CL’s Q4 & FY 2020 Earnings Call Transcript
- View CL’s Q4 & FY 2020 Earnings Press Release
Learn more about Cresco Labs: Website | IR Website | Investor Deck | CL Chart
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