(Reuters) – Trulieve Cannabis Corp reported a 9% fall in first-quarter revenue on Wednesday, hurt by subdued demand for pot and related products.
Recent banking failures and interest rate hikes have raised recession fears, prompting customers to cut back on spending, especially on recreational products including cannabis.
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Trulieve Cannabis reported a net loss of $64 million for the quarter, bigger than the $32 million loss posted a year ago.
The Florida-based company said revenue fell to $289 million in the quarter ended March 31 from $318 million a year earlier.
(Reporting by Ankit Kumar; Editing by Subhranshu Sahu)
