Trulieve Cannabis posts higher Q2 loss on weak demand, higher expenses (updated)

Trulieve Cannabis

09/08/2023 12:20

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       Aug 9 (Reuters) - Pot firm Trulieve Cannabis  TRUL.CD 
on Wednesday posted a higher second-quarter loss on weak demand
and higher expenses.
    Interest rate hikes in the quarter have raised fears of the
U.S. economy going into recession, prompting many customers to
reduce spending, especially on recreational products such as
cannabis.
    The cannabis industry is also struggling with lower prices,
higher input costs and increased competition.
    Trulieve said revenue fell 10% to $282 million for the
reported quarter from a year earlier, while operating expenses
ballooned 205% to $433 million.
    Despite the fall in revenue, CEO Kim Rivers said "demand for
legal cannabis remains strong", adding the company's strategy
and scaled operations will help it exit the year "leaner and
stronger".    
    The company posted a net loss of $404 million, or $1.8 per
share, for the quarter ended June 30, compared with a loss of
$22 million, or 9 cents per share, a year earlier.
    

 (Reporting by Tanay Dhumal in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))