Trulieve reported a massive $404 million net loss during the second quarter.
The cannabis company mostly attributed the loss to non-recurring charges, asset and goodwill impairments, disposals and discontinued operations. It said the goodwill impairment was triggered by the recent stock price performance and is not connected to management's forecasts.
With those factors taken out, Trulieve’s adjusted net loss totaled $15 million.
Elsewhere, the company reported quarterly revenue totaling $282 million, down 10% annually, which it said was driven almost entirely by retail sales.
"Demand for legal cannabis remains strong and Trulieve sells the highest volume of branded product through branded retail in the U.S.," said Trulieve CEO Kim Rivers. "Our focused strategy, scaled operations and leading retail position provide distinct competitive advantages. We are on track to exit this year as a leaner, stronger organization, ready to meet the opportunities ahead."
Trulieve provided some bright spots from the quarter including a 200% increase in Maryland traffic in July compared to June following the launch of adult-use sales, and the opening of its first medical marijuana dispensary in Columbus, Ohio.