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  "docSlug": "880ddcedf153",
  "documentTitle": "Trulieve Cannabis Corp (TRUL)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-01 00:00:00",
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  "notes": "The slide uses a bar chart for TTM Net Income and a line chart for Revenue to Biological Assets Ratio to highlight Trulieve's outlier status.",
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      "text": "For every dollar in biological assets, Trulieve is able to generate the least amount of dollar sales. This strongly suggests that the mark-up on these assets is overstated.",
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      "text": "Revenue to Biological Assets Ratio: 99%",
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      "text": "While almost all others are operating at a net loss during the examined horizon, Trulieve (using its biological assets mark-ups), was able to consistently achieve positive net income with an astounding net profit margin of as high as 99%.",
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      "text": "Upon closer inspection we realize that at any given time, Trulieve holds an abnormally large amount of biological assets. Biological assets should typically be used to support revenue. However, we are seeing that Trulieve’s biological assets utilization efficiency is relatively low compared to peers. In other words, for every dollar in biological assets, Trulieve is able to generate the least amount of dollar sales. This strongly suggests that the mark-up on these assets is overstated.",
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