By Tanay Dhumal
(Reuters) -Pot firm Trulieve Cannabis (OTC:TCNNF) on Thursday posted a narrower third-quarter loss on lower operating expenses and said it is looking to increase its workforce.
Earlier this year, the pot firm said it planned to reduce inventory and preserve cash by closing certain stores, cutting wages and eliminating redundancies throughout 2023 as a part of its overhaul.
"We are looking to again increase opportunities for our employee base moving through the end of the year and into next year," Trulieve CEO Kim Rivers said in an interview with Reuters.
The company's operating expenses fell about 39% to $120 million in the quarter ended Sept. 30 from a year earlier, and its free cash flow stood at $87 million, above the average analyst estimate of $34.3 million, according to LSEG data.
The company, which like its peers are working to turn profitable, also said it expects to generate free cash flow of at least $70 million in 2023.
Rivers said Trulieve would continue on its to efforts to improve its margins by reducing its inventory in markets outside Florida.
Cannabis firms had witnessed a slowdown after the pandemic as consumers cut back on spending amid rising interest rates and on a tough competition from illegal sellers.
Trulieve reported revenue of $275 million, beating average analysts' estimate of $269.2 million, helped by a 235% sequential growth in Maryland traffic following the launch of adult-use sales at its three dispensaries.
The company posted a smaller loss of $25 million, compared with $115 million a year earlier.