Trulieve Cannabis Corp.(TCNNF) 首席执行官 Kim Rivers 在 2019年 第二季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年08月16日 · 10 次阅读

Trulieve Cannabis Corp. (OTCPK:TCNNF) Q2 2019 Results Conference Call August 15, 2019 11:00 AM ET

Trulieve Cannabis Corp.([OTCPK:TCNNF])2019年第二季度业绩电话会议2019年8月15日美国东部时间上午11:00

公司参与者

Lynn Ricci - Director of Investor Relations
Kim Rivers - Chief Executive Officer
Mohan Srinivasan - Chief Financial Officer

  • Lynn Ricci - 投资者关系总监
  • Kim Rivers - 首席执行官
  • Mohan Srinivasan - 首席财务官

电话会议参与者

Robert Fagan - GMP
Russell Stanley - Beacon Securities
Jason Zandberg - PI Financial

  • Robert Fagan - GMP
  • 罗素斯坦利 - 灯塔证券
  • Jason Zandberg - PI Financial

会议主持员

Good day, ladies and gentlemen. And welcome to the Trulieve Cannabis Corporation Second Quarter 2019 Financial Results Conference Call. My name is Julie, and I will be your conference operator today. As a reminder, this conference call is being recorded.
I would now like to introduce your host for today's conference, Ms. Lynn Ricci, Director of Investor Relations for Trulieve. You may begin.

女士们,先生们,美好的一天。 欢迎来到Trulieve Cannabis Corporation 2019年第二季度财务业绩电话会议。 我叫朱莉,今天我将成为你的会议运营商。 提醒一下,此电话会议正在录制中。

我现在想介绍一下今天会议的主持人,Trulieve投资者关系总监Lynn Ricci女士。 你可以开始吧。

Lynn Ricci

Thanks, Julie. Good morning, ladies and gentlemen. And thank you for joining us today to discuss financial results and corporate highlights for Trulieve Cannabis Corporation's second quarter of 2019. With me today are Kim Rivers, Chief Executive Officer and Mohan Srinivasan, Chief Financial Officer. Following our prepared remarks, we will open the call to questions.
Before we get started, I would like to note that today's call is being recorded for the benefit of investors, individuals, shareholders, the media and other interested parties. Please remember that our discussion today may include forward-looking statements that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those forward-looking statements.
Certain material factors and assumptions were considered and applied in making forward-looking statements. These risk factors are included in our MD&A and applied in making for the quarter ended June 30, 2019, and in the earnings press release that we furnished in connection with today's call under the heading forward-looking statements.
The forward-looking statements made on this call speak only as of today, and assume no obligation to update any of these forward-looking information. Also, our prepared remarks this morning reference non-IFRS financial measures in order to provide greater transparency regarding Trulieve. Any non-IFRS financial measures presented should not be considered an alternative to financial measures required by IFRS and are unlikely to be comparable to non-IFRS financial measures provided by other companies. Any non-IFRS financial measures referenced on this call are reconciled to the most directly comparable IFRS measures in the Company's MD&A for the quarter ended June 30, 2019, as well as in the table at the end of our earnings press release. We believe that our profitability and performance is further demonstrated using these non-IFRS metrics.
Please note that all dollar references are to U.S. dollars. Last night, we reported results for the second quarter of 2019. A copy of our news release, financial statements and MD&A may be accessed through the Investor Relations section of our Web site trulieve.com, and were also filed on SEDAR. In addition, a webcast of today's conference call will be available on our Web site.
Now, I will turn this call over to our CEO, Kim Rivers.

谢谢,朱莉。早上好,女士们,先生们。感谢您今天加入我们,讨论Trulieve Cannabis Corporation 2019年第二季度的财务业绩和企业亮点。今天,我是首席执行官Kim Rivers和首席财务官Mohan Srinivasan。在我们准备好的评论之后,我们将打开问题的电话。

在我们开始之前,我想指出,为了投资者,个人,股东,媒体和其他相关方的利益,今天的电话会被记录下来。请记住,我们今天的讨论可能包括前瞻性陈述,其中涉及许多风险,不确定性和其他可能导致实际结果与前瞻性陈述产生重大差异的因素。

在制定前瞻性陈述时考虑并应用了某些重要因素和假设。这些风险因素包含在我们的MD&A中,并适用于截至2019年6月30日的季度,以及我们根据前瞻性声明提供的与今天电话有关的盈利新闻稿。

本次电话会议上的前瞻性陈述仅代表截至今天,并且没有义务更新任何这些前瞻性信息。此外,我们今天上午准备的评论参考了非IFRS财务指标,以提高Trulieve的透明度。所呈列的任何非国际财务报告准则财务指标均不应视为国际财务报告准则所要求的财务指标的替代方法,且不可能与其他公司提供的非国际财务报告准则财务指标相媲美。本次电话会议中引用的任何非IFRS财务指标均与本公司MD&A截至2019年6月30日止季度以及收益新闻稿末尾表格中最直接可比的IFRS指标相一致。我们相信,使用这些非IFRS指标可进一步证明我们的盈利能力和业绩。

请注意,所有美元参考均为美元。昨晚,我们报告了2019年第二季度的结果。我们的新闻稿,财务报表和MD&A的副本可以通过我们的网站trulieve.com的投资者关系部分访问,也可以在SEDAR上提交。此外,我们的网站上还将提供今天电话会议的网络直播。

现在,我将把这个电话转给我们的首席执行官Kim Rivers。

金河

Thanks Lynn and good morning everyone. Thank you so much for joining us. We are very excited to share our financial results and provide a business update with you all today. Following my remarks, Mohan will discuss our second quarter financial results and then, we will be happy to take your questions.
Now on to our results. Trulieve had strong performance again this quarter, and I'm very happy with how we're tracking against our strategic plans. Last night, we announced revenues of $57.9 million for the second quarter, which on a sequential quarter-to-quarter basis, was an increase of 30% and was another record revenue producing quarter for Trulieve. Of course, at Trulieve, revenue was only half the story.
Our adjusted EBITDA in the second quarter was $31.6 million or 55% compared to $19 million, or 43% in Q1 2019. Our industry leading profitability sets us apart and is an important differentiator for Trulieve. The first half of 2019 was focused on setting the foundation to support explosive growth, and a strong national presence. Trulieve made substantial progress in the first half of the year on strengthening our infrastructure and building efficiencies into our business, and we are well positioned now for future growth.
Let me walk you through some of the highlights. First, I am excited to finally share with the world our full Greenhouse data. An area of focus for us has been gaining efficiencies through scale to combat future price compressions, which leads us to our experimental greenhouses. Vertical integration is a requirement for us in Florida, and we have looked for ways to leverage our acreage and establish indoor footprint. In addition to the 710,000 square feet of cultivation we generally speak of, which is primarily indoor-grow facilities and increased established greenhouses, we have also mentioned our large scale greenhouse experimentation for additional low cost ways to expand cultivation. These greenhouses provide a highly efficient and cost-effective alternative to expand our oil biomass, and will allow us to shift into our capacity to focus on premium flower as market segments shifts. As such, we have been adding a significant amount to our cultivation and capacity.
As we have said, we wanted the years' worth of data before discussing more broadly, and we now have that. Combined, Trulieve had just over 1.6 million square feet in active cultivation across all sites with a biomass capacity of 54,609 kilograms. Plus, we have approximately 72,000 square feet of indoor grow under construction with expected completion during Q3, which when completed, will bring our cultivation footprint to 1,684,408 total square feet and biomass capacity to 63,189 kilograms.
In Q2, we also announced the purchase of nearly 85 acres in Jefferson County, Florida. We've already started Phase 1 of our four phase construction plan there. This future indoor cultivation build out will allow continuous expansion as we keep ahead of both current and future demand to supply Florida's medical marijuana and importantly, expected future recreational and wholesaling opportunities in the state. For the first half of 2019, we have also been operating in our GMP certified state-of-the-art processing facility. This is another critical transformation for Trulieve as it increases our production capacity significantly, and allows us to keep ahead of demand.

谢谢林恩,大家早上好。非常感谢您加入我们。我们非常高兴能够与您分享我们的财务业绩并提供最新的商业信息。在我的发言之后,Mohan将讨论我们的第二季度财务业绩,然后,我们将很乐意回答您的问题。

现在我们的结果。 Trulieve本季度再次表现强劲,我对我们如何跟踪战略计划感到非常满意。昨晚,我们宣布第二季度的收入为5790万美元,按季度增长,增长了30%,是Trulieve的另一个创纪录收入季度。当然,在Trulieve,收入只是故事的一半。

我们在第二季度的调整后EBITDA为3160万美元或55%,而201900美元为1900万美元,即2019年第一季度的43%。我们行业领先的盈利能力使我们与众不同,是Trulieve的重要差异化因素。 2019年上半年的重点是为支持爆炸性增长奠定基础,并建立强大的国家影响力。 Trulieve在今年上半年在加强我们的基础设施和提高我们的业务效率方面取得了实质性进展,我们现在处于未来发展的良好位置。

让我带您了解一些亮点。首先,我很高兴最终与世界分享我们的全部温室数据。我们关注的一个领域是通过规模来提高效率,以应对未来的价格压缩,从而将我们引入实验温室。垂直整合是佛罗里达州的一项要求,我们一直在寻找利用我们的种植面积和建立室内足迹的方法。除了我们通常所说的710,000平方英尺的种植面积,主要是室内种植设施和增加的温室,我们还提到了我们的大规模温室试验,以增加低成本的种植方式。这些温室为扩大我们的石油生物质提供了一种高效且具有成本效益的替代方案,并且随着细分市场的变化,我们将转变为专注于优质花卉的能力。因此,我们为我们的种植和能力增加了很多。

正如我们所说,在更广泛地讨论之前,我们需要多年的数据,现在我们已经有了。 Trulieve在所有地点的活跃种植面积超过160万平方英尺,生物质能力为54,609千克。此外,我们有大约72,000平方英尺的室内生长在建,预计在第三季度完工,完成后,我们的耕地面积将达到1,684,408平方英尺,生物质能力达到63,189千克。

在第二季度,我们还宣布在佛罗里达州杰斐逊县购买近85英亩土地。我们已经开始了我们四期建设计划的第一阶段。未来的室内种植建设将允许持续扩张,因为我们始终领先于当前和未来需求,以供应佛罗里达州的医用大麻,更重要的是,预计该州未来的娱乐和批发机会。在2019年上半年,我们还在经过GMP认证的最先进的加工设施中运营。这是Trulieve的另一个关键转型,因为它显着提高了我们的产能,并使我们能够保持领先于需求。

During the second quarter we had a number of automation initiatives launched or underway in our facilities to further increase our efficiencies, product output and innovation. In addition to the automation initiatives, we undertook a major transformative initiative by investing in an enterprise resourced planning software platform, SAP. For anyone out there who has been through SAP integration, you understand the time and operational commitment it takes to fully onboard. Our teams recently completed this customized SAP implementation, and we are already seeing analytical and operational benefits. Our Web site interface to SAP, for example, allows customers to have an enhanced online shopping experience, garnering overwhelming positive feedback.
In addition, more inventory visibility greatly enhanced our throughput at the store level for efficiencies, thereby enhancing patient experiences. With 30% of our sales driven through online ordering, it is imperative that we continue to build a strong infrastructure to grow this segment of the business. These best-in-class efficiency initiatives, such as the SAP implementation, automation projects, and the added Greenhouse capacity, will allow us to continue to scale efficiently.
In addition, these initiatives add a level of professionalism and discipline into our operations that will let us do so intelligently. And as we look at investing in the foundation for growth on a national level, we are also focused on bench strength. The implementation and scale of our strategic plans and the initiatives to support this plan require a strong, dedicated and seasoned team, which we view as key assets of the organization. With over 2000 employees, we continue to invest in our human capital and recruit best in class to bring to the team.
Peter Healey joining our Board of Directors demonstrates that commitment, as Peter brings an impressive legal background with capital market and financing experience, and will provide fresh insights as our business continues to grow at an accelerated pace. In addition, we have continued to add managers to prepare the leadership team for national expansion efforts. Looking ahead, we will continue to add corporate and board bench strength as we scale up our business and grow both our product lines and our geographic footprint.
These areas of investment and growth need capital of course, and we are now well capitalized to execute on our plans. Our team hit the ground running earlier this year and the pace has only increased. Operating as a profitable company allows us to continually reinvest in our business. However, we quickly determined that increasing our capital would allow us to be more agile in our rapidly evolving industry and provide a faster path to our end goal.
In June, we completed a public debt offering raising an aggregate principal amount of $70 million, which based on our strong financial record, was the first public pure debt offering in the cannabis industry. In July, we announced that we sold property in Holyoke, Massachusetts, with a favorable lease back and build out plan in place. I am happy to say that the public debt offering and the lease back in Massachusetts, provide us with the capital to solidly execute on our business plan, while minimizing dilution for our shareholders, a true Win-win.

在第二季度,我们在我们的工厂中启动或正在实施一系列自动化计划,以进一步提高我们的效率,产品产量和创新。除了自动化计划之外,我们还通过投资企业资源规划软件平台SAP实施了一项重大变革计划。对于那些通过SAP集成的人来说,您了解完全加载所需的时间和操作承诺。我们的团队最近完成了这个定制的SAP实施,我们已经看到了分析和运营方面的好处。例如,我们与SAP的网站界面允许客户获得增强的在线购物体验,获得压倒性的积极反馈。

此外,更多的库存可视性极大地提高了我们在商店层面的吞吐量以提高效率,从而增强了患者体验。我们30%的销售额来自在线订购,因此我们必须继续建立强大的基础设施来发展这一业务。这些一流的效率计划,例如SAP实施,自动化项目和增加的温室能力,将使我们能够继续高效扩展。

此外,这些举措为我们的运营增添了一定程度的专业精神和纪律,让我们能够聪明地做到这一点。当我们考虑在国家层面上投资增长的基础时,我们也专注于板凳实力。我们的战略计划的实施和规模以及支持该计划的举措需要一支强大,专注且经验丰富的团队,我们将其视为该组织的关键资产。我们拥有2000多名员工,我们继续投资于人力资本,并在课堂上招募最佳人才。

Peter Healey加入我们的董事会表明了这一承诺,因为Peter带来了令人印象深刻的资本市场和融资经验的法律背景,并将随着我们的业务继续加速增长提供新的见解。此外,我们还继续增加管理人员,为领导团队做好全国扩张工作的准备。展望未来,我们将继续增加企业和董事会的实力,因为我们扩大业务,增加产品线和地理覆盖范围。

当然,这些投资和增长领域需要资金,现在我们已经很好地资本化以执行我们的计划。我们的团队今年早些时候开始运作,而且速度只是增加了。作为一家盈利的公司,我们可以不断地对我们的业务进行再投资。然而,我们很快就确定,增加资本将使我们在快速发展的行业中更加灵活,并为我们的最终目标提供更快捷的途径。

6月,我们完成了一项公共债务发行,根据我们强劲的财务记录筹集了7000万美元的本金总额,这是大麻行业首次公开发行纯债券。 7月,我们宣布,我们在马萨诸塞州的霍利奥克出售房产,并提供有利的租约并制定计划。我很高兴地说,公共债务发行和马萨诸塞州的租赁回报为我们提供了稳固执行我们的商业计划的资本,同时最大限度地减少了股东的稀释,实现了真正的双赢。

In addition, with shareholder value in mind, last month we also announced the voluntary extension of our voluntary lock-up agreement. The lock up extension was a show of confidence in the Company's strategy. We believe the thoughtful approach to the extension allows for a measured and orderly release of shares to the market this summer and in 2020, which will increase liquidity and create long-term shareholder value.
So, with best in class infrastructure in place and the capital to fund growth, where are we going? Trulieve's approach to customer experience sets us apart and differentiates us in the market, which is why we believe we will be a leader in the states we enter. We don't just have customers we have Trulievers', a dedicated and passionate customer base that helps us form business decisions. We expect the efficiency initiatives will have a wide sweeping positive impact across our company and importantly, for our customers. And to build on this new intelligent enterprise advantage, we are executing diversification initiatives that will allow us to effectively compete on a national level.
Over the last few quarters, we shared our brand strategy, how we go to market with a three tier, how's the brand's approach and how we intend to grow organically and diversify to expand our profitable business beyond Florida. Currently, Trulieve had one standard in-house brand under which all of our Trulieve products are sold. With a focus on national expansion and in anticipation of the new potential for wholesale, this is the ideal time to re-segment and re-establish product lines, as well as for re-merchandise our retail stores.
Our new brand segmentation initiative is currently underway, along with a product packaging refresh to allow for clear product segmentation for the customer based on addressable markets. In addition, our stores just completed a refresh to allow for proper display space to highlight new product offering segments and brand partnership products.
Speaking of brand partners, Trulieve has selectively partnered with some of the leading cannabis brands in the industry, and we plan to continue that vision on a national and local level. As part of our three-tier brand approach, we're building partnerships with customer favorite, national and local brands. We've established partnerships with industry leaders, such as Bhang, Binske, SLANG, Loves Oven, and Blue River. We view these partnerships as another competitive differentiator in the market as we are able to bring new innovative and exciting products to our shelf.
For example, in early July, we announced RESERVE, the first SLANG product to be offered in Florida under a strategic partnership with Trulieve. SLANG is an extension of the O.penVAPE brand, the popular Open and RESERVE vape carts were an exciting edition, and we look forward to launching more of their brands here in Florida. Building on our Trulieve name, which patients connect with product quality and industry leading service, we aim to consistently deliver an exceptional customer experience. As covered in the past, we use an internal boomerang report to track customer loyalty based on our sample size of our patients in market. Our boomerang metrics remain quite strong in July, with Truliever's trending just north of 42%, 5 points higher than our last report. With hoppers and traders, which are those who hop around to different dispensaries, are those who just live dropping to 28% and 4% respectively. These numbers are suggesting more patients are becoming Truliever's based on the strength of our product and brand and reflects our ability to maintain our lead in Florida.

此外,考虑到股东价值,上个月我们还宣布自愿延长我们的自动锁定协议。锁定延期是对公司战略的信心。我们认为,对延期的深思熟虑的方法允许在今年夏天和2020年有序地向市场发布股票,这将增加流动性并创造长期股东价值。

那么,凭借一流的基础设施和资金增长的资本,我们将走向何方? Trulieve的客户体验方法使我们与众不同,并使我们在市场中脱颖而出,这就是为什么我们相信我们将成为我们进入的州的领导者。我们不仅拥有我们拥有Trulievers的客户,这是一个专注且热情的客户群,可帮助我们制定业务决策。我们预计效率计划将对我们公司产生广泛的积极影响,对我们的客户而言也是如此。为了建立这种新的智能企业优势,我们正在执行多样化计划,这将使我们能够在国家层面有效地进行竞争。

在过去的几个季度中,我们分享了我们的品牌战略,我们如何以三层进入市场,品牌的方法如何以及我们打算如何有机增长和多元化以扩大我们在佛罗里达州以外的盈利业务。目前,Trulieve有一个标准的内部品牌,我们所有的Trulieve产品都在其中销售。我们专注于国家扩张和对批发新潜力的预期,这是重新分割和重建产品线以及重新销售零售店的理想时机。

我们的新品牌细分计划目前正在进行中,同时产品包装更新,以便根据可寻址市场为客户提供明确的产品细分。此外,我们的商店刚刚完成刷新,以便有适当的展示空间来突出新产品提供细分和品牌合作产品。

说到品牌合作伙伴,Trulieve有选择地与业内一些领先的大麻品牌合作,我们计划在国家和地方层面继续实现这一愿景。作为我们三层品牌方法的一部分,我们正在与客户喜爱的国内和本地品牌建立合作伙伴关系。我们与行业领导者建立了合作关系,如Bhang,Binske,SLANG,Loves Oven和Blue River。我们认为这些合作伙伴关系是市场上另一个竞争优势,因为我们能够为我们的货架带来新的创新和令人兴奋的产品。

例如,在7月初,我们宣布了RESERVE,这是第一个在佛罗里达州与Trulieve建立战略合作关系的SLANG产品。 SLANG是O.penVAPE品牌的延伸,流行的Open和RESERVE vape推车是令人兴奋的版本,我们期待在佛罗里达州推出更多品牌。基于我们的Trulieve名称,患者与产品质量和行业领先的服务相关联,我们的目标是始终如一地提供卓越的客户体验。如过去所述,我们使用内部回旋报告来根据我们在市场中的患者样本量来跟踪客户忠诚度。 7月份我们的飞旋镖指标依然强劲,Truliever的趋势刚好在42%以上,比我们上次的报告高出5个百分点。随着跳跃到不同药房的料斗和贸易商,那些刚刚分别下降到28%和4%的人。这些数字表明,基于我们产品和品牌的优势,更多患者正在成为Truliever,并反映了我们在佛罗里达州保持领先地位的能力。

This has all setup a solid foundation to execute on our strategic expansion plans to be a leading multi-state operator. We believe we need a mixture of both strong organic and inorganic growth to succeed. A smart and compelling mix of organic growth, leveraging our product quality, diverse range of skews and importance placed on customer service in-stores and online will deliver competitive strength against other players in the market. Also, maintaining a disciplined M&A approach to targeting states and company partners where we see the highest future potential and share strategic vision instead of a land graph to us makes the most sense and aligns with our business approach. As we say, we are a multi-state operator, not a multi-state aggregator.
I'll now cover on a state-by-state basis where we are with our expansion plans, starting with our home state of Florida. In Florida, we maintain our first-mover advantage and hold an impressive market share. Florida is a large vibrant target for medical cannabis and we intend to maintain our dominant position moving forward. Delivering the optimal customer experience and ensuring patient awareness are part of the Trulieve mission. We believe this is a foundational aspect to our mandate of growing one patient or customer at a time.
The sizeable Trulieve patient base reflects our attention to patients and the investments we make. In the second quarter, with the explosive patient growth in Florida as a result of smokable flower, an amazing 96% of the 36,021 new patients in Florida visited the Trulieve dispensary, increasing our patient count to 181,020 patients at the end of the second quarter. With our ever increasing patient count comes the need for additional store and ways to service these patients to keep ahead of the demand.
We currently have 30 stores open in Florida today with 14 more planned by year end. And just this morning, we got approval to open another store in Clearwater Beach tomorrow. We are pleased to be making progress on our new store rollout, and we'll be accelerating our dispensary build out in the second half of the year.
The second quarter was our first full quarter with smokable flower. As you may recall, smokable flower was approved in March in Florida, and Trulieve executed the first sale of smokable flower in the state. Flower sales are now nearly 50% of our product mix today compared to approximately 30% as reported on our Q1 earnings call. Our success with flower demonstrates our ability to meet evolving patient needs in a quick and efficient manner.
On a trailing one month basis, according to OMMU report, Trulieve dispensed an average of 52% of the flowers sold in the state. This is nearly three times the flower market share over our nearest competitor, and was achieved without the need for deep discount sales leading into the reporting periods. For the second quarter, we maintained our dominant market share in milligrams sold with a blend of oil and flower sales, and may hold an estimated 55% overall market share in the state.

这为我们的战略扩张计划奠定了坚实的基础,成为领先的多国运营商。我们相信,我们需要强有机和无机增长的混合才能取得成功。智能且引人注目的有机增长组合,利用我们的产品质量,各种各样的偏差以及对店内和网上客户服务的重视,将为市场中的其他参与者提供竞争优势。此外,保持严格的并购方法,针对国家和公司合作伙伴,我们看到最高的未来潜力,并与我们分享战略愿景而不是土地图,这是最有意义的,并与我们的业务方法保持一致。正如我们所说,我们是一个多状态运营商,而不是一个多州聚合器。

我现在将逐一介绍我们的扩张计划,从我们的家乡佛罗里达州开始。在佛罗里达州,我们保持着先发优势,并拥有令人印象深刻的市场份额。佛罗里达州是医疗大麻的一个充满活力的大目标,我们打算继续保持我们的主导地位。提供最佳的客户体验并确保患者意识是Trulieve使命的一部分。我们相信这是我们一次培养一名患者或客户的使命的基础方面。

相当大的Trulieve患者群反映了我们对患者的关注和我们的投资。在第二季度,由于可吸食花朵导致佛罗里达州患者爆发性增长,佛罗里达州36,021名新患者中有96%的人访问了Trulieve药房,在第二季度末将患者人数增加到181,020名患者。随着我们不断增加的患者数量,需要额外的存储和方法来服务这些患者以保持领先于需求。

我们目前在佛罗里达州开设了30家商店,到年底还计划增加14家。就在今天早上,我们明天批准在克利尔沃特海滩开设另一家商店。我们很高兴能在我们的新店推出方面取得进展,我们将在今年下半年加快我们的药房建设。

第二季度是我们的第一个完整季度的可吸烟花。你可能还记得,3月份在佛罗里达州批准了可吸食花卉,Trulieve在该州实施了首次销售可吸食花卉。现在花卉销售额占我们产品组合的近50%,而我们在第一季度的财报电话会议上报告的花卉销售额约为30%。我们花卉的成功表明我们能够快速有效地满足不断变化的患者需求。

根据OMMU报告,在一个月的基础上,Trulieve平均分配了该州销售的52%的鲜花。这几乎是我们最接近的竞争对手的花卉市场份额的三倍,并且在报告期内无需大幅折扣销售。对于第二季度,我们保持了我们占主导地位的市场份额,以毫克销售的油和花的销售为主,并且可能在该州占据约55%的整体市场份额。

In addition, we are geared up and ready for the introduction of edibles into our stores as soon as the DoH releases corresponding rules. We fully believe that edibles will be launched in 2019, and we look forward to bringing Trulieve branded edibles, as well as products from the brand partners mentioned earlier to expand patient access.
Looking beyond the medical market in Florida, we are cautiously optimistic by the recent developments surrounding the potential for adult use legalization in the state. Recently, the requisite numbers of signatures was achieved to trigger a review of the language that would be included within a ballot question in November 2020 to legalize adult use cannabis. While the next hurdles to get the question placed on the ballot is high, we are encouraged by the initiative. We intend to maintain or lead through future expansion, and are confident we will continue to hold our leadership position in Florida by successfully delivering the customer experience our Trulievers expect and count on.
Now, turning to Connecticut. In May, we announced the acquisition of the Healing Corner, a medical marijuana dispensary in Bristol, Connecticut. The Healing Corner numbers were only included for a portion of the quarter, but we are very pleased with the team in place, the revenue performance and continued profitability. We see an entrenched propensity in the Connecticut team for delivering great customer experiences, translating into a very loyal customer base.
In June, five new qualifying conditions were accepted for treatment by Connecticut's Regulation Review Committee. Once approved and added to Connecticut's growing medical marijuana program, it will bring the qualifying conditions total to 36 for adults and 10 for patients 18 and under, which could translate into increased patient growth in the state. We also believe there's a high likelihood that adult use will become a reality in Connecticut in 2020. We're hopeful and excited for the upside revenue potential recreational marijuana could bring, and have adjacent property that can be converted into additional dispensary space. In short, we're extremely happy to have the Healing Corner team as part of the Trulieve family, and are looking forward to the future.
In California, we recently acquired an additional 19% of the outstanding ownership of Leef Industries Inc., in June, bringing our total ownership to 99% of the Company, almost there. Our Palm Springs location is optimally located for R&D and exploring a wide cross section of the state to evaluate our direction. We continue to identify and explore options for this driving market.
Turning now to Massachusetts. We made significant progress since Q1 with our cultivation facility activities in Holyoke and advancing our search for potential Trulieve dispensaries, and developing partnerships. As mentioned earlier, we now have financing in place for the build out of the cultivation and processing facility in Holyoke. And we made progress with our North Hampton dispensing location. We plan to have functional cultivation and production facilities online by early 2020 in order to participate in the thriving wholesale market in Massachusetts, and start building inventory for the dispensaries planned in 2020 and beyond.

此外,一旦DoH发布相应的规则,我们就会准备好将食品引入我们的商店。我们完全相信食品将于2019年推出,我们期待带来Trulieve品牌的食品,以及前面提到的品牌合作伙伴的产品,以扩大患者的使用范围。

除了佛罗里达州的医疗市场之外,我们对该州成人使用合法化潜力的近期发展持谨慎乐观态度。最近,实现了必要数量的签名,以触发对将于2020年11月纳入投票问题的语言进行审查,以使成人使用大麻合法化。虽然在投票中提出问题的下一个障碍很高,但我们对此倡议感到鼓舞。我们打算维持或领导未来的扩张,并有信心通过成功提供Trulievers期望和依赖的客户体验,我们将继续在佛罗里达州保持领先地位。

现在,转向康涅狄格州。 5月,我们宣布收购位于康涅狄格州布里斯托尔的医用大麻药房Healing Corner。治疗角数字仅包含在本季度的一部分中,但我们对现有团队,收入表现和持续盈利能力非常满意。我们看到康涅狄格州团队有一种根深蒂固的倾向,即提供卓越的客户体验,转化为忠诚的客户群。

6月,康涅狄格州监管审查委员会接受了五项新的资格条件。一旦获得批准并加入康涅狄格州不断增长的医用大麻计划,它将使成人的合格条件总数达到36,而18岁及以下的患者将达到10,这可能会导致该州患者的增长。我们也相信成人使用很有可能在2020年成为康涅狄格州的现实。我们对于消费大麻带来的潜在收入可能带来的好处和兴奋,并且相邻的房产可以转换成额外的药房空间。简而言之,我们非常高兴将Healing Corner团队作为Trulieve家族的一员,并期待着未来。

在加利福尼亚州,我们最近在6月份收购了Leef Industries Inc.的19%的未偿还所有权,使我们的总拥有权达到了公司的99%,几乎就在那里。我们的棕榈泉(Palm Springs)地理位置优越,适合研发,并探索州的广泛横断面以评估我们的方向。我们将继续为这个驱动市场确定和探索各种选择。

现在转向马萨诸塞州。自第一季度以来,我们在霍利奥克的种植设施活动取得了重大进展,并推动了我们寻找潜在的Trulieve药房和发展伙伴关系。如前所述,我们现在已经为霍利奥克的种植和加工设施的建设提供了资金。我们在North Hampton配药地点取得了进展。我们计划在2020年初之前在线提供功能性种植和生产设施,以便参与马萨诸塞州蓬勃发展的批发市场,并开始为2020年及以后规划的药房建立库存。

Also, Trulieve is working with a number of economic empowerment applicants. Our goal is to have a robust true accelerator program in place to provide a seed capital and executive mentoring to help build thriving minority owned businesses within our industry. Ensuring diversity is core to our values as a company, and we applaud the ongoing efforts in Massachusetts to establish the economic empowerment program.
In addition to the four states we just touched on, there's also a lot of M&A pipeline activity underway to achieve our goal of being in six states by year end. Our team is targeting the most important and strategic markets. And as such, we are continually evaluating the landscape. Many states debating or enacting adult use programs in the northeast and that remains an interesting target area for us.
Geographic location aside, it is also important that M&A targets meet a high standard for growth and profitability, or have the potential to quickly reach profitability with the combination of Trulieve to ensure M&A transactions are accretive. It is also critical that these potential acquisitions matter own company philosophy and values relative to delivering exceptional customer experiences. Trulieve is dedicated to ensuring we are aligning ourselves with the best opportunities in key markets.
I'll now hand the call over to Mohan Srinivasan to discuss our second quarter financial results. Mohan?

此外,Trulieve正在与一些经济赋权申请人合作。我们的目标是建立一个强大的真正的加速器计划,以提供种子资本和执行指导,以帮助在我们的行业内建立蓬勃发展的少数族裔企业。确保多元化是我们作为一家公司的价值观的核心,我们赞扬马萨诸塞州正在努力建立经济赋权计划。

除了我们刚刚谈到的四个州之外,还有很多并购管道活动正在进行中,以实现我们在年底前进入六个州的目标。我们的团队瞄准最重要的战略市场。因此,我们不断评估景观。许多州在东北地区辩论或制定成人使用计划,对我们来说仍然是一个有趣的目标区域。

除了地理位置之外,并购目标也必须达到高标准的增长和盈利能力,或者有可能通过Trulieve的组合快速实现盈利,以确保并购交易增加。同样重要的是,这些潜在的收购与提供卓越客户体验相关的公司理念和价值观至关重要。 Trulieve致力于确保我们与主要市场的最佳机会保持一致。

我现在将电话交给Mohan Srinivasan讨论我们的第二季度财务业绩。莫汉?

Mohan Srinivasan

Thank you, Kim, and good morning everybody. I'll now proceed with the review of the second quarter ended June 30, 2019. Trulieve experienced significant growth in the second quarter achieving record revenue of 57.9 million, which as Kim mentioned, represents a sequential quarter-over-quarter increase of 30% and 149% increase over the same quarter last year.
For the second quarter, we achieved earnings per share of $0.52. The increase in revenue reported in the second quarter was primarily driven by growth in flower sales, revenue realized from the Healing Corner, our Connecticut acquisition and the new store of openings.
The second quarter gross profit before net changes in the fair value of biological sciences was 37.6 million, or 65%, which is relatively in line with 29.9 billion, or 67% of revenue in the first quarter, taking into account the net change and the fair value of biological assets require under IFRS accounting standard s for the second quarter. For the second quarter, the Company had operating income of 87.2 million and net income of 57.5 million.
As a percentage of gross profit, including the net change in fair value of biological assets, our effective tax rate was 27% for the three months ended June 30, 2019. We believe this is a better and more stable measure of calculating effective tax rate than as a percentage of income before taxes based on discussions with our tax advisors.
Our adjusted EBITDA in the second quarter of 2019 was 31.6 million or 55% of revenue compared to an adjusted EBITDA of 19 million or 43% of revenue in the March quarter. On a sequential quarter-to-quarter basis, the adjusted EBITDA increased by 66%, driven primarily by the adjustment for increase in growth costs associated with increases in biological assets and unsold inventory.
Under our financial policy, the expense growth cost whether it is in the biological assets or in the inventory, we should expect to see fluctuations from quarter-to-quarter as more cultivation facilities come online, and as the inventories grow and fluctuates to accommodate the accelerated pace of new store openings in the second half of the year.
We believe, adjusted EBITDA and non-IFRS measure provides valuable insight into our profitability and performance. Adjusted EBITDA excludes from net income as reported interest, tax depreciation non-cash expenses, RTO expenses other income, growing costs related to biological assets and unsold inventory, and the non-cash effects of accounting for biological assets. We report adjusted EBITDA to help investors assess the operating performance of our business.
Turning now to our store metrics. In Florida, we had a total of 29 stores operating at the end of the second quarter. For the 13 locations that were opened in both Q2 2019 and Q2 2018 for the entire quarter same-store sales increased by 48%. The 22 stores open for the entire first quarter and second quarters of 2019 showed a quarter-over-quarter increase in sales of 16%.
As Kim mentioned, we are ready to declare victory on our experimental greenhouses and start including them as part of a continuation. As we've said today with the previously disclosed cultivation footprint of 710,000 square feet in July, combined with the experimental greenhouses, we are at 1,612,408 square feet with a combined biomass capacity of 54,609 kilograms.

谢谢你,金,大家早上好。我现在将继续审查截至2019年6月30日的第二季度.Tululieve在第二季度取得了显着的增长,实现了5790万的创纪录收入,正如Kim提到的那样,季度环比增长了30%。与去年同期相比增长了149%。

第二季度,我们实现每股收益0.52美元。第二季度报告的收入增长主要得益于花卉销售的增长,医疗角的收入,康涅狄格州的收购以及新店的开业。

生物科学公允价值净变动前的第二季度毛利润为3760万美元,即65%,相对于299亿美元,占第一季度收入的67%,考虑到净变化和根据IFRS会计准则第二季度要求生物资产的公允价值。第二季度,公司营业收入为8720万美元,净收入为5750万美元。

截至2019年6月30日止三个月,我们的实际税率为毛利的百分比,包括生物资产公允价值的净变动,我们认为这是计算有效税率的更好,更稳定的衡量标准。根据与税务顾问的讨论,税前收入的百分比。

我们在2019年第二季度的调整后EBITDA为3160万或55%的收入,而调整后的EBITDA为1900万或季度收入的43%。按季度计算,调整后的EBITDA增长了66%,这主要是由于生物资产和未售出库存增加带来的增长成本增加的调整。

根据我们的财务政策,无论是在生物资产还是在库存中的费用增长成本,随着更多的种植设施上线,我们应该预期会出现季度波动,并且随着库存的增长和波动以适应下半年新店开张步伐加快。

我们认为,调整后的EBITDA和非IFRS指标为我们的盈利能力和业绩提供了宝贵的见解。调整后的EBITDA不包括报告的净利润,税收折旧非现金支出,RTO支出其他收入,与生物资产和未售出库存相关的成本增加,以及生物资产核算的非现金影响。我们报告调整后的EBITDA,以帮助投资者评估我们业务的经营业绩。

现在转到我们的商店指标。在佛罗里达州,我们在第二季度末共有29家商店。对于2019年第二季度和2018年第二季度开业的13个地点,整个季度的同店销售额增长了48%。第一季度开设的22家门店和2019年第二季度的门店销售额同比增长16%。

正如金提到的那样,我们准备在我们的实验温室宣布胜利,并开始将它们作为延续的一部分。正如我们今天所说的,7月份以前公布的710,000平方英尺的种植面积与实验温室相结合,我们的面积为1,612,408平方英尺,综合生物量为54,609千克。

Based on our planned indoor construction of 72,000 square feet by the end of September, we expect to execute with a combined cultivation in Florida of 1,684,408 square feet, delivering an annual biomass capacity of 63,189 kilograms. Between our planned constructions of indoor grow in Q3 and the additional greenhouses we just mentioned, we will more than double our previously reported cultivation by the end of the quarter which will provide us the ability to keep pace with our expected store and patient growth, and stay ahead in demand.
Turning now to retail, sales and marketing expenses, these costs are largely dispensary related costs and in the second quarter amounted to $11.4 million or 20% of revenue, compared to $4.9 million or 21% of revenue for the same period last year. The increase in cost in this expense category was primarily due to cost related to additional stores that were opened in the second quarter, and cost related to preparing for new store openings for the second half of 2019.
G&A for the quarter was $3.4 million or 6% of revenue, compared to $1.1 million or 5% of revenue for the same period last year. Included in the G&A cost is approximately $600,000 related to the Healing Corner transaction, and the debt issuance cost which are expensed. Excluding these costs, the G&A expenses are up at 5%.
G&A expenses also reflect growth in stock levels, current mix and increase infrastructure cost related to operating as a public company. Other non-cash expenses include depreciation and amortization totalling $1.9 million in the quarter ended June 30, 2019, compared to $200,000 for the same period last year.
Moving now to our balance sheet and recent financing activities. In June, we strengthened our balance sheet by completing a $70 million public debt offering. In addition subsequent to Q2, we closed on the sale of our wholly-owned Massachusetts property for $3.5 million and we entered into a triple net lease agreement with innovative industrial properties for our cultivation facility in Massachusetts.
As part of the terms of the lease, we can recoup building improvements, brand for cultivation build-out, of up to $40 million. At June 30, 2019, prior to the real estate transaction just mentioned, the Company’s cash balance was $54 million. This represents an increase of $29.6 million from $24.4 million at December 31, 2018.
This was primarily the result of approximately $66 million generated from the debt financing completed in June 2019, and $20 million of cash flow from operations, offset by $53 million for investing activities related to expansion of our stores, cultivation and processing facilities.
Finally, last quarter we provided revenue and EBITDA guidance for full year 2019 and an outlook for 2020. We are reaffirming our guidance, reflecting a strong outlook for our second half as we continue the exercise financial discipline, while leveraging our scale.
Full year 2019 revenues are forecasted in the range of $220 million to $240 million with anticipated adjusted EBITDA of approximately $95 million to $105million based on our current store footprint in Florida, plus, expected new store openings. This side and does not contemplate Massachusetts generating revenues in 2019.

根据我们计划在9月底前建造72,000平方英尺的室内建筑,我们预计将在佛罗里达州进行1,684,408平方英尺的综合种植,年生物量为63,189公斤。在我们计划的第三季度室内种植建设和我们刚刚提到的额外温室之间,我们将在本季度末将我们之前报道的种植面积增加一倍以上,这将使我们能够跟上我们预期的商店和患者增长的步伐,以及保持领先地位。

现在转向零售,销售和营销费用,这些成本主要是药房相关成本,第二季度达到1140万美元,占收入的20%,而去年同期为490万美元,占收入的21%。此费用类别的成本增加主要是由于与第二季度开设的其他商店相关的成本,以及与准备2019年下半年新店开业相关的成本。

本季度的G&A为340万美元,占收入的6%,而去年同期为110万美元,占收入的5%。 G&A成本中包含的约为600,000美元与Healing Corner交易相关,而债务发行成本则计入费用。扣除这些成本后,G&A费用将增加5%。

G&A费用还反映了与作为上市公司运营相关的库存水平,当前组合和增加的基础设施成本的增长。其他非现金支出包括截至2019年6月30日的季度折旧和摊销总额为190万美元,而去年同期为20万美元。

现在转到我们的资产负债表和最近的融资活动。 6月,我们通过完成7000万美元的公开债务来加强我们的资产负债表。此外,在第二季度之后,我们以350万美元的价格出售了我们全资拥有的马萨诸塞州房产,我们与马萨诸塞州的种植设施签订了三重净租赁协议,其中包括创新工业产权。

作为租赁条款的一部分,我们可以收回高达4000万美元的建筑改善,种植建筑品牌。在2019年6月30日,在刚才提到的房地产交易之前,公司的现金余额为5400万美元。这比2018年12月31日的2440万美元增加了2960万美元。

这主要是由于2019年6月完成的债务融资产生的约6600万美元,以及来自业务的2000万美元现金流量,抵消了与扩大我们的商店,种植和加工设施有关的投资活动的5,300万美元。

最后,上个季度我们提供了2019年全年的收入和EBITDA指引以及2020年的展望。我们重申了我们的指导,反映了我们下半年的强劲前景,因为我们继续行使财务纪律,同时利用我们的规模。

2019年全年的收入预计在2.2亿美元至2.4亿美元之间,根据我们目前在佛罗里达州的商店占地面积预计调整后的EBITDA约为9500万美元至1.05亿美元,此外,预计将开设新店。这方面并没有考虑马萨诸塞州在2019年创造收入。

Our outlook for 2020 incorporates our expansion into Massachusetts as well as continued growth in Florida, Connecticut and California. Based on these markets, current regulations and foreseeable store growth, we estimate 2020 revenues in the range of $380 million to $400 million, generating $140 million to $160 million in adjusted EBITDA.
I'll now hand this over to Kim, for closing remarks. Kim.

我们对2020年的展望包括我们在马萨诸塞州的扩张以及佛罗里达州,康涅狄格州和加州的持续增长 基于这些市场,现行法规和可预见的商店增长,我们估计2020年的收入在3.8亿美元至4亿美元之间,产生1.4亿美元至1.6亿美元的调整后EBITDA。

我现在将此交给Kim,以结束发言。金。

金河

Thanks, Mohan. In closing, I want to reiterate that our vision is to build a true cannabis brand focused on customers, while still delivering profitability to our shareholders. Our performance in the first half of 2019 has set us up well for the second half of the year. The team is moving full steam ahead here in the sunshine state and we are on track for another strong quarter.
We're executing on our strategic expansion plans and are looking forward to leveraging the efficiencies and business diversity, diversification plans outlined earlier in the fall during the second half of the year, which includes: establishing the foundation to support explosive growth and scale to reach a strong national presence through efficiencies and business diversification, deploying capital smartly to execute on our plans, replicating Trulieve's competitive differentiators and new target markets, and employing a strong, dedicated and disciplined team to drive aggressive growth and future shareholder value.
We will now open the line for any questions. Operator.

谢谢,莫汉。最后,我想重申一下,我们的愿景是建立一个真正的大麻品牌,专注于客户,同时仍然为我们的股东提供盈利能力。我们在2019年上半年的表现为我们在下半年做好了准备。在阳光下,球队正在全力以赴,我们正在进入另一个强劲的赛季。

我们正在执行我们的战略扩张计划,并期待利用今年下半年早些时候概述的效率和业务多元化,多元化计划,其中包括:建立支持爆炸性增长和规模扩大的基础通过效率和业务多元化实现强大的国家影响力,巧妙地部署资金以执行我们的计划,复制Trulieve的竞争优势和新目标市场,并聘请强大,专注和纪律严明的团队来推动积极的增长和未来的股东价值。

我们现在将打开任何问题的界限。操作员。

问答环节

Thank you. [Operator Instructions] Your first question comes from Robert Fagan with GMP. Please go ahead. Your line is open.

谢谢。 [操作员说明]您的第一个问题来自Robert Fagan和GMP。 请继续。 你的线是开放的。

Robert Fagan

Hey, guys, congrats on the fantastic quarter and thanks for taking my questions here. I thought I would just first ask a little bit about the nice profitability in Q2. If we adjust for the cost on biological assets, looks like your gross margin north of 75%. Can you maybe give us some insight into the increased profitability and what was driving that?

嘿,伙计们,恭喜这个梦幻般的季度,感谢您在这里提出我的问题。 我想我会先问一下第二季度的盈利能力。 如果我们调整生物资产的成本,看起来你的毛利率在75%以上。 您是否可以让我们深入了解增加的盈利能力以及推动盈利的因素?

Mohan Srinivasan

Sure. Thank you, Rob, for asking this question. As you know, our gross profit and adjusted EBITDA, basically they are increased, driven primarily by adjustment for increase in grow costs associated with increases in biological assets and inventory. Under our financial policy, the expense cultivation costs whether it is in the biological assets or in the inventory. We should continue to expect fluctuations from quarter-to-quarter, as more cultivation facilities come online, and as inventories grown fluctuate to accommodate the accelerated pace of the new store opening in the second half of the year. At some point, they should normalize at 43% or 44%.

当然。 谢谢你,罗布,问这个问题。 如您所知,我们的毛利润和调整后的EBITDA基本上都是增加的,主要是由于生物资产和库存增加带来的增长成本增加的调整。 根据我们的财务政策,费用培养费用无论是生物资产还是库存。 随着越来越多的种植设施上线,以及库存增长波动以适应下半年新店开业的加快步伐,我们应该继续预期季度和季度的波动。 在某些时候,它们应该正常化为43%或44%。

Robert Fagan

Okay Thank you, Mohan for that. Maybe I'll just move on to a question kind of like around capital allocation going forward. Obviously, in light of the addition of the previously experimental greenhouses, you've got a big increase in capacity even ahead of really expanding that new indoor facility. So does that kind of change your the way you think about allocating capital, maybe you could have more devoted towards M&A? And in that respect, I know you had mentioned in the past that you're going to enter into two new states by the end of this year, because that now include maybe some larger M&A of some other public players, are you still going to go kind of build from ground up in new states?

好的,谢谢你,Mohan。 也许我会继续讨论类似于资本分配的问题。 显然,鉴于之前实验温室的增加,即使在真正扩建新的室内设施之前,您的产能也会大幅增加。 那么,您对分配资金的方式有何改变,也许您可以更多地投入并购? 在这方面,我知道你过去曾提到过,你将在今年年底之前进入两个新的州,因为现在可能包括一些其他公共参与者的更大的并购,你还会去 在新的国家从头开始构建?

金河

Thanks for the question, Rob. With respect to capital allocation, we are evaluating opportunities all the time. And as and with M&A, the pipeline does fluctuate, and we will look at opportunities that aligned again both risk being the goal of being accretive. And I think more importantly, being in line with our culture, creating a customer first brand and also focusing on a financial discipline alignment, which in this industry and definitely differentiates you know strong players from others.
With respect to our cultivation footprint, we've been very focused on the first half of the year to make sure that we had capital on hand to execute on and make sure that we felt that we had the capital backing our adjusted guidance that we released last quarter. And so, we do feel that we're in a good spot with respect to having the infrastructure in place to satisfy and perform and to the numbers.

谢谢你的问题,罗布。 在资本配置方面,我们一直在评估机会。 并购和并购,管道确实波动,我们将看到再次协调的机会,风险是增值的目标。 而且我认为更重要的是,与我们的文化保持一致,创建一个客户第一品牌,同时专注于财务纪律调整,在这个行业中,你肯定会区别于其他人。

关于我们的耕种足迹,我们一直非常关注今年上半年,以确保我们有资金可以执行,并确保我们认为我们有资金支持我们发布的调整后的指导 上个季度。 因此,我们确实觉得我们在建立满足和执行数字的基础设施方面处于一个好位置。

Robert Fagan

Okay, so just to reiterate, I mean, the entry into additional states maybe to this year, do guys are still holding by that? Or is that, maybe even have upside potential?

好的,我只是重申一下,我的意思是,进入更多州也许到今年,那些家伙仍然坚持到底吗? 或者是,甚至可能有上升潜力?

金河

We are still holding as we discussed on the call, and Rob we're still holding to a goal of being in 6 states; and by the end of the year, but of course as we know, and we're very opportunistic and we will review opportunities from a qualitative perspective as they come.

正如我们在电话会议上所讨论的那样,我们仍然坚持,而罗布我们仍然坚持要在6个州的目标; 到今年年底,但当然,正如我们所知,我们非常机会主义,我们将从质量角度审视机会。

Robert Fagan

Okay, last one and then I'll get back in queue. Following the appellate court's decision to perhaps suggest that vertical integration requirements in Florida were unconstitutional; do you have any kind of updated timing on perhaps when we could see some final resolution to that? And do you have kind of any kind of vision into what the ultimate structure could look like just wondering how and when I could play out?

好的,最后一个,然后我会回到队列中。 上诉法院决定或许表明佛罗里达州的纵向一体化要求是违宪的; 你有没有任何更新的时间安排我们可能会看到一些最终解决方案吗? 你是否有任何关于最终结构的看法,只是想知道如何以及何时能够发挥出来?

金河

Sure, I'll take the crystal ball question from you. And so -- the state of -- for the governor's office specifically filed a couple of weeks ago for an en banc sharing, which means that the case that and the ruling that you're referring to at the appellate court level will now be reheard. And by the full court, all the judges of the appellate level, if that is granted, so right now we're waiting to see whether or not that en banc hearing will be granted or not.
And regardless, my gut is that this issue will likely be appealed all the way to the state Supreme Court, which could take some time. And if anyone's best guess with respect to timing and on that full and final resolution, of course we'd move into session here in Florida. And at the beginning of 2020 and so and we'll look for, and as you know and for those of you who have been following Florida markets for quite some time, there’s always some push and pull around medical cannabis and around cannabis in the state.
I don’t think our state is any different here in Florida than others. So, we’ll continue to evaluate and look for those policy changers. We’ve always been focused on our business, kind of heads down, making sure that we’re building a best-in-class, best-in-breed along the supply chain to provide us with the most flexibility and ability to pivot regardless of what comes down from a policy level.

当然,我会接受你的水晶球问题。因此 - 州长办公室在几周前特别提交了一份关于分享的案件的状态,这意味着您在上诉法院层面提到的案件和裁决现在将被重审。在整个法庭上,上诉级别的所有法官,如果获得批准,那么现在我们正在等待是否会批准该上诉听证会。

无论如何,我的直觉是这个问题可能会一直上诉到州最高法院,这可能需要一些时间。如果有人对时间和最终决议的最佳猜测,我们当然会在佛罗里达州进行会议。而在2020年初,我们将会寻找,而且正如您所知道的那样,对于那些一直关注佛罗里达市场的人而言,在州内大麻和大麻周围总会有一些推动和拉动。

我不认为佛罗里达州的州与其他州不同。因此,我们将继续评估并寻找那些政策转换者。我们一直专注于我们的业务,低头,确保我们在供应链中建立一流的,最佳的,为我们提供最大的灵活性和能力,无论如何从政策层面下来的。

会议主持员

Our next question comes from Russell Stanley with Beacon Securities. Please go ahead, your line is open.

我们的下一个问题来自Russell Stanley和Beacon Securities。 请继续,你的线路是开放的。

罗素斯坦利

Good morning and congrats on the quarter. First question I guess around the continued retail build out. Can you remind us where you’re at with respect to the number of locations you secured? And to follow on that, I guess given the cap and the number of dispensaries is scheduled to I believe next April. How are you planning for the world beyond that?

早上好,祝贺季度。 我猜第一个问题是围绕着持续的零售建设。 您能否提醒我们您所担保地点的数量? 接下来,我想考虑到上限和药房的数量,我相信明年四月。 你是如何计划除此之外的世界的?

金河

Sure, thanks for the question. So, as we stated, we have 30 dispensaries in Florida currently open, we’ll be opening number 31 tomorrow. We’ve just actually got approval, final approval from the Department of Health this morning prior to the call to be able to open that. We’re on track and to open our 44 that we’ve guided towards for 2019. Those are all well underway, and we’re going to have a lot of announcements coming out in the next bit of while and as we move forward to opening the stores.
Beyond 2019, as you know, the Trulieve Cap is set at 49 stores. All of the stores are currently in pipeline and under development and actually a number beyond that. And so, we are very much preparing and looking forward to that that cap being removed and are optimistic that, that will impact to come up in April.

当然,谢谢你的问题。 因此,正如我们所说,我们目前在佛罗里达州有30个药房,明天我们将开31号。 我们刚刚获得批准,最终获得了卫生部的批准,这是在电话会议开始之前。 我们已经走上正轨,打开我们已经指向2019年的44号。这些都在进行中,我们将在接下来的一段时间内发布很多公告,随着我们向前迈进 开店。

如您所知,在2019年之后,Trulieve Cap设在49家商店。 所有的商店目前都处于管道中并正在开发中,实际上还有很多商店。 因此,我们正在准备和期待这一上限被删除并且乐观地认为,这将影响到4月份出现。

罗素斯坦利

Thank you for the color and that answered one of my other questions. I guess I’ll throw in another crystal ball question around adult use in Florida. Just wondering the extent to which you’re supporting the initiative and I guess what do you see at any sort of the key barriers to getting it done, having observed what goes on in other states around adult use so far in 2019?

谢谢你的颜色,并回答了我的其他问题。 我想我会在佛罗里达州成年人使用另一个水晶球问题。 只是想知道你支持这项计划的程度,我猜你在任何成功完成的关键障碍中看到了什么,观察到2019年到目前为止成人使用的其他州的情况?

金河

Sure. So, we’ve been working with a group called Regulate Florida, which is initiative that I've already mentioned and on the call, that just cleared the hurdle for Supreme Court review. And their petitions have been in our dispensaries for a while and we also have partnered with a local brand called, Sunshine Cannabis, which have been on the ground, grass roots supporters Regulate Florida from the timing that it started.
Actually, we just launched another skew over there this past week and are matching all of their donations to Regulate Florida this month. They currently are getting in approximately 28% of their royalties to that initiative. So, we are certainly and supporters of that effort. And the hurdles are procedural in nature in that, it’s a requirement in Florida that any initiative be approved by the Supreme Court for single subject among other, among other specific requirements, and then of course, it's a signature effort.
So, this is a citizen driven ballot initiative with foots on the ground, signature collection happening. So, it'll just be a month -- part of it is going to be the signatures that can be collected. The second thing of course is capital, and having a appropriately placed PR campaign around the initiative, once it is approved by the Supreme Court to be placed on the ballot.
And there is and has been talked of support by a very prominent lawyer who was behind the -- who's behind the medical initiative, he threw his ring in the hat a couple weeks ago, tweeting his support. So, it does look like there is some momentum building, which is a positive thing. And we certainly are going to be continued being active in initiative.

当然。因此,我们一直在与一个名为Regulate Florida的团队合作,这是我已经提到并在电话会议上提出的一项倡议,它刚刚清除了最高法院审查的障碍。他们的请愿书已经进入了我们的药房一段时间了,我们还与一个名为Sunshine Cannabis的当地品牌合作,这些品牌已经在地面上,草根支持者从它开始的时间开始调节佛罗里达州。

实际上,我们上周刚刚在那里发起了另一次偏差,并且他们将本月的所有捐款与Regulate Florida相匹配。他们目前正在将大约28%的特许权使用费用于该计划。所以,我们当然是这项努力的支持者。这些障碍本质上是程序性的,佛罗里达州要求最高法院批准任何一项主题,其中包括其他具体要求,当然,这是一项标志性的努力。

因此,这是一项公民驾驶投票计划,脚踏实地,签名收集正在发生。所以,它只是一个月 - 它的一部分将是可以收集的签名。第二件事当然是资本,一旦得到最高法院的批准,就可以在该计划中进行适当的公关活动。

并且有一位非常杰出的律师支持并且一直在谈论支持医疗计划背后的非常着名的律师,他在几周前将他的戒指戴上了帽子,并发出支持。所以,看起来确实存在一些动力建设,这是一件好事。我们当然会继续积极主动。

罗素斯坦利

That's, that's very helpful. Thanks. So, just one last question for me and I'll get back in the queue. Just moving to Massachusetts and your plans there to work on the developing the wholesale market there. Just wondering where you're at or where you can be at with respect to talking to potential customers and trying to build a customer base in advance of getting the facility online?

那就是,这非常有帮助。 谢谢。 所以,对我来说只是最后一个问题,我会回到队列中。 刚搬到马萨诸塞州,你的计划就是在那里开发批发市场。 只是想知道你在哪里或者你可以在哪里与潜在客户交谈并在网上获得设施之前建立客户群?

金河

Thanks Russ. What I can tell you is that in Massachusetts, there is definitely more demand than there is supply. We inbound field calls very regularly, multiple times per week of folks wanting to lock down supply agreements with us. And we have not yet entered into any specific agreements. We wanted to get further down the road and have better visibility to what our projected needs are four stores that we have coming online and prior to getting ourselves into specific supply agreements with third parties, but we feel very confident with respect to our ability to some wholesale extra supply there.

谢谢Russ。 我可以告诉你的是,在马萨诸塞州,需求肯定比供应更多。 我们非常定期地进行现场呼叫,每周多次想要与我们锁定供应协议的人们。 我们尚未签订任何具体协议。 一些人希望能够更进一步了解我们预计的需求,即我们已经上线的四家商店以及在与第三方达成具体供应协议之前的情况,但我们对一些商家的能力非常有信心。 那里批发额外供应。

会议主持员

[Operator Instructions]Our next question comes from Matt Bottomley with Canaccord. Please go ahead. Your line is open.

[操作员说明]我们的下一个问题来自Matt Bottomley和Canaccord。 请继续。 你的线是开放的。

Matt Bottomley

Good morning. Congrats on the great results. Congrats on the great results. Just wondering, Kim, if you can provide any color as it pertains to the trends in dry flower or dry bud. You said it amounted to about 50% of the product mix. Can you give any color on how many of that is new customers that just want flower? Maybe some that are changing over from derivative products or maybe others that are trying at once and then going back? Just trying to get an assumption basis of where we think the normalization as a percentage flower will end up?

早上好。 祝贺成绩斐然。 祝贺成绩斐然。 只是想知道,金,如果你可以提供任何颜色,因为它与干花或干芽的趋势有关。 你说它占产品组合的约50%。 您能否为那些只想要开花的新客户提供多少颜色? 也许有些正在从衍生产品或者其他正在尝试然后再回头的其他产品转变? 只是试图得出一个假设基础,我们认为规范化作为一个百分比花最终会结束?

金河

Thanks, Matt. And we believe that there is still some room for that flower percentage to creep up. And so, I think internally, we don't believe that we've hit those tops yet with respect to the flower mix. That being said, what I can tell you and this is, a bit anecdotal. but we're not seeing a lot of tickets that are pure flower tickets. And typically there is still a mixed ticket. Although, you may see predominant flower ticket meaning that you know, maybe it's three units, the flower in one, one day product as an example.
And as you can see in the week over week numbers are, oil milligrams continue on an absolute value from an absolute value, dollar value standpoint to grow week over week. So, that market is continuing to grow as well. So, I don't have a specific breakout for you, but I can tell you that we see both segments of the market continuing to grow. Of course, we're looking forward to edibles coming online, as mentioned. And we'll be interested in seeing how that further shakes up the products mix for us.

谢谢,马特。而且我们相信这个花百分比还有一些空间可以攀升。所以,我认为在内部,我们并不认为我们已经在花卉组合方面达到了顶峰。话虽如此,我能告诉你的是,这有点轶事。但我们没有看到很多门票都是纯花票。而且通常还有一张混合票。虽然,你可能会看到占主导地位的花票意味着你知道,也许它是三个单位,花在一个,一天的产品作为一个例子。

正如你可以看到的那样,从周数来看,石油毫克从绝对值继续绝对值,从美元价值的角度来看,每周都在增长。因此,该市场也在继续增长。所以,我没有特定的突破,但我可以告诉你,我们看到市场的两个部分继续增长。当然,如上所述,我们期待食物上线。我们将有兴趣了解如何进一步为我们推出产品组合。

罗素斯坦利

And then maybe just on pricing, is there any anecdotes you have with respect to in wide groups of products whether there is vape pens or tinctures and dried bud? How pricing is hanging in the state as more and more operators open-up source?

然后可能只是定价,你是否有任何关于广泛产品组的轶事,无论是有vape笔还是酊剂和干芽? 随着越来越多的运营商开源,价格如何悬挂在州内?

金河

So, we continue to set pricing in Florida, new competitors that are coming in, are either pricing at our price levels or slightly above, which we've seen historically. There been a number of instances where competitors have had to adjust downward to meet our pricing, but we're not really seeing whole sector movements in pricing, I'll say yes in Florida. So, it's our pricing remains competitive.
And remember when we launched Trulieve, we did so with the thesis that we wanted to create a brand that can penetrate Florida, but it can also be replicated on the national scale. So when we price the product segment, we're pulling price comparisons from mature medical market, so we're looking at the Californias, we're looking at Arizona.
We're looking at markets that are that are more mature to price competitive to because we do want to have our value proposition withstand the test of time, which I think we're seeing proven out since these are the same prices that we launched with three years ago when we opened our first store.

因此,我们继续在佛罗里达设定价格,即将推出的新竞争对手,无论是以我们的价格水平定价,还是略高于我们历史上看到的价格水平。在许多情况下,竞争对手不得不向下调整以满足我们的定价,但我们并没有真正看到整个行业的定价变动,我会在佛罗里达州说是。所以,我们的定价仍然具有竞争力。

请记住,当我们推出Trulieve时,我们这样做的理由是我们想要创建一个可以渗透到佛罗里达州的品牌,但它也可以在全国范围内复制。因此,当我们对产品细分进行定价时,我们正在从成熟的医疗市场中进行价格比较,因此我们正在考虑加州,我们正在关注亚利桑那州。

我们正在寻找价格竞争力更为成熟的市场,因为我们希望我们的价值主张能够经受住时间的考验,我认为我们已经证明了这一点,因为这些价格与我们推出的价格相同三年前我们开了第一家店。

罗素斯坦利

And then last for me. Just the data from the OMMU for about five or six weeks, if that they've been providing dry flower by volume. I just wanted to confirm, if one, you think that is a fair representation of what's happening at the macro level? It seems like its good data to me, but you guys would know better. And then secondly, is there any way to compare the flower versus a milligram sold or is it apples and oranges with how they provide that that breakdown?

然后对我说。 只是来自OMMU的数据大约五六个星期,如果它们已经按体积提供干花。 我只是想确认,如果有的话,你认为这是对宏观层面发生的事情的公平表示吗? 对我来说这似乎是一个很好的数据,但你们会更清楚。 然后,有没有什么方法可以比较花与毫克的销售量,还是苹果和橘子以及它们如何提供分解?

金河

Matt, you've just hit on a big internal debate here at Trulieve. So, it is decent data. I mean, the reason that it's reported that way is because of the way that flower was written into statute. And it's dispensed by way as opposed by as opposed to active milligrams, which is the way that the rest of the products can file in Florida or distance. So it is just a different metric and that's just kind of it is what it is, right I mean good, bad or otherwise, it's the data that we have available and I think it is accurate it is it is pulling directly from the sensations across all of dispensaries in the state thing.
So I think it can be relied on from that perspective and there are a number -- in order to convert or do some put of a blended metric and there are a lot of assumptions that we have to be made and we certainly run some of that internally, but it's not anything that I would be comfortable with and sharing details obviously it will depend on primarily on potency which we certainly have great data for what we sell but we don't necessarily have data on every single strain that every single competitor is telling on a week-over-week basis or the volume associated with the strains because it -- so it still becomes very assumption based.

马特,你刚刚在Trulieve进行了一场内部辩论。所以,它是不​​错的数据。我的意思是,报道这种方式的原因是因为花被写入法规的方式。而且它是通过相反的方式而不是活跃的毫克来分配的,这是其他产品可以在佛罗里达州或距离提交的方式。所以它只是一个不同的指标而且它只是它的本质,正确的意思是好的,坏的或其他的,它是我们可用的数据,我认为它是准确的,它是直接从感觉拉国家的所有药房。

所以我认为从这个角度可以依赖它并且有一个数字 - 为了转换或做一些混合度量的放置,我们必须做出很多假设,我们肯定会运行一些在内部,但我并不喜欢和分享细节显然它主要取决于效力,我们当然拥有我们销售的产品的大数据,但我们不一定有每一个竞争对手的每一个应变的数据告诉每周一周或与菌株相关的体积,因为它 - 所以它仍然变得非常基于假设。

罗素斯坦利

Right. So if you were selling, on average, strains for $12 a gram and a competitor was, obviously, if they're selling something of a lower quality or lower price, it's going to come up as the same data point in the state's summary?

对。 因此,如果你平均每卖出12美元,而且竞争对手显然是在销售质量较低或价格较低的产品,那么它会出现在该州总结中的相同数据点吗?

金河

Correct.

正确。

会议主持员

[Operator Instructions] Your next question comes from Jason Zandberg with PI Financial. Please go ahead. Your line is open.

[操作员说明]您的下一个问题来自Jason Zandberg和PI Financial。 请继续。 你的线是开放的。

Jason Zandberg

Hi everyone. I wanted to -- actually I have a similar question to Matt about smokable flower. Maybe I could just add on another question which relates that. Just wondering, if since that introduction of dried flower, whether you’ve seen a drop in the average agent, wondering if the demographics for smokable flower are the younger customer? And as well just the additional patients that have come on since the smokable flower? My hypothesis is that you would see an abrupt increase in customers. Just wondering if that's board out, what you’re seeing in retail level?

嗨,大家好。 我想 - 实际上我对Matt有一个类似的关于可吸食花的问题。 也许我可以添加另一个与之相关的问题。 只是想知道,如果从干花的介绍开始,你是否看到了普通代理商的下降,想知道可吸烟花卉的人口统计数据是否是年轻客户? 还有自吸食花以来还有其他病人出现的病人? 我的假设是你会看到客户的突然增加。 只是想知道这是否已经出局,你在零售层面看到了什么?

金河

Sure, great thanks. And so, we’ll take that in two parts. So, the first related to the age, average age of customer. We’ve seen a very slight decrease. So again our average age historically has been 50 years old, and it’s still on those I would say, upper 40s, so a slight decrease in age.
And again, we’ll see once and there’s a number of products of course that aren’t currently available in Florida that we were waiting on rules, and edibles as we touched on also hydrocarbon products, which are going to be some of more concentrated and innovative products that are popular out west. So, we’ll look into need to monitor that and see if there are any additional swings there when those product categories come online.
And with respect to and your second question was, with respect to the patient count, we did see an increase in patients and really came prior to flower actually coming on board, like prior to that marketing team date and we saw it leading up to that.
So, historically in 2018 we reported 2,000 patients per week on average. Now, we’re at approximately between 2,800 patients per week approximately. And again, you can track it on the OMMU. So, there has been over the first half of the year, certainly an increase in patients, and it’ll fluctuate from week-to-week, some weeks it will be 2,500, 2,600, and 2,800.
But in a one week timeframe, we saw this amazing jump that's when -- I can't remember exactly what week it was, but it -- from 2,000 and 3,000 patients. So, certainly, we know and we’re feeling in our business that patient on boarding rates have increased certainly over a way they were in 2018.

当然,非常感谢。因此,我们将分为两部分。所以,第一个与年龄,客户的平均年龄有关。我们看到了一个非常轻微的下降。所以我们的平均年龄在历史上已经有50岁了,而且我仍然会说,40岁以上,所以年龄略有下降。

再一次,我们会看到曾经有一些产品当然在佛罗里达州目前没有我们正在等待规则的产品,以及我们接触的碳氢化合物产品的食品,这些产品将会更加集中西方流行的创新产品。因此,我们会考虑监控这些情况,看看当这些产品类别上线时是否还有其他波动。

关于和你的第二个问题是,就患者数量而言,我们确实看到了患者的增加,并且确实在花实际上来之前出现,就像在营销团队约会之前,我们看到它导致了。

因此,从历史上看,2018年我们平均每周报告2,000名患者。现在,我们大约每周约2,800名患者。再次,您可以在OMMU上跟踪它。因此,今年上半年一直存在,患者肯定会增加,并且每周会有波动,有些星期会有2,500,2,600和2,800。

但是在一个星期的时间内,我们看到了这个惊人的跳跃 - 我不记得确切的那一周,但它 - 来自2,000和3,000名病人。所以,当然,我们知道并且我们在我们的业务中感觉到,登机率的患者肯定会比2018年的方式有所增加。

会议主持员

That brings us to the end of time allotted for questions. I will now turn it back over to Lynn Ricci, for closing comments.

这使我们到了分配问题的时间结束。 我现在将其转回Lynn Ricci,以结束评论。

Lynn Ricci

Thank you everyone for joining us today. We look forward to updating you on our progress again next quarter. Have a good day.

感谢大家今天加入我们。 我们期待在下个季度再次向您介绍我们的进展。 祝你有美好的一天。

会议主持员

This concludes today’s conference call. You may now disconnect.

今天的电话会议结束了。 您现在可以断开连接。

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