Trulieve, one of several multi-state cannabis operators that have launched recreational sales today in Ohio, is anticipating a multi-billion dollar opportunity in the state.
During today’s second-quarter earnings call, Trulieve CEO Kim Rivers said her company estimates Ohio could eventually reach $2 billion in annual sales.
The company is currently working through the regulatory process to open additional Ohio dispensary locations in Columbus, Toledo and Zanesville early next year, which will expand the company’s footprint in the state to six dispensaries. Rivers also said she expects to have products from some of Trulieve’s most popular brands in Ohio dispensaries by the end of the year thanks to a support services arrangement with a Tier 1 grower and processor.
Earlier this year, Trulieve settled litigation with Harvest of OH. The deal tripled the company’s footprint in Ohio and resulted in a service agreement with the Harvest Grows and Harvest Processing facility in Ironton.
In addition to making progress in Ohio, Rivers said that her company is optimistic about recreational sales launching within the next one to two years in nearby Pennsylvania and estimated that market could bring in sales as high as $4 billion annually.
At the same time, Trulieve is pouring millions of dollars into a campaign supporting adult-use cannabis legalization in Florida.
During the second quarter, Trulieve saw an 8% uptick in revenue, which climbed to $303 million. At the same time, the company recorded a dramatic decline in net losses, down to $12 million compared to a loss of $404 million in the same quarter of 2023.
