It’s important when looking at the numbers to understand that some of the growth is from acquisitions. Additionally, some of the companies were negatively impacted by closures in Massachusetts and Nevada during the quarter. Finally, any given quarter can be impacted by new dispensary openings or especially additional production capacity leading to more product availability. Some of the companies share “same-store sales” information, which helps to better understand the growth dynamics. GTI, for instance, saw 75% same-store sales growth from a year ago and 8% sequentially. Cresco Labs reported that its same-store sales grew 31% sequentially, while Trulieve disclosed annual same-store sales growth of 30%.
We see strong demand as a common factor driving growth. On most of the conference calls, management indicated they could have generated even more revenue had they had additional product for sale. The tight supply in Illinois and Pennsylvania, which impacted all but Trulieve and Curaleaf, is especially profound. Going forward, subsequent to its recent acquisition of Grassroots Cannabis, Curaleaf is poised to capitalize on both of these markets. Trulieve, which relies primarily on its Florida operations to generate revenue, is benefiting from very strong patient growth, as the number of active patient cards crossed 399K this past week, up about 33% year-to-date.