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  "documentTitle": "Trulieve Cannabis Corp (TRUL)",
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  "presentationDate": "2019-12-01 00:00:00",
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  "notes": "The slide argues that Trulieve is outperforming peers despite rapid expansion and questions the validity of their high gross margins due to biological asset accounting.",
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      "text": "Trulieve sports unbelievable gross margins of 130% on average.",
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      "text": "Store Count as of Nov 22nd 2019",
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      "text": "gross margin: 130%",
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      "text": "We see that Trulieve certainly has been very busy expanding in the past. Typically, with this rapid expansion, there are downward pressures on financial performance, as large amount of resources are diverted into investments. However, Trulieve has managed to surpass common sense and achieve profitability regardless despite virtually all its peers (who aren't expanding as fast) are showing losses and negative operating cashflows. In fact, they appear to be outperforming on every single metric.",
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      "text": "Trulieve sports unbelievable gross margins of 130% on average. This is mainly due to the biological assets fair value adjustment that is widely adopted within the industry. However, Trulieve seems to be aggressively using this accounting method towards its benefit to inflate its gross profit and margins.",
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      "text": "* LHS quarter ends one month prior to comps and is denominated in CND, which is converted to USD at 0.75USD/CND",
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