as of 11-10-2026 12:50pm EST
Trulieve Cannabis Corp is a vertically integrated cannabis company that grows, produces, and sells cannabis products. It has licenses to operate in Arizona, Colorado, Connecticut, Florida, Georgia, Maryland, Ohio, Pennsylvania, and West Virginia, where it sells medical cannabis products. In addition, the company sells cannabis products for adult use in Arizona, Colorado, Connecticut, Maryland, and Ohio. The firm's operations are substantially located in Florida and, to a lesser extent, in Arizona and Pennsylvania.
| Founded: | 1940 | Country: | United States |
| Employees: | N/A | City: | TALLAHASSEE |
| Market Cap: | 1.7B | IPO Year: | 2021 |
| Target Price: | $18.32 | AVG Volume (30 days): | 1.3M |
| Analyst Decision: | Strong Buy | Number of Analysts: | 7 |
| Dividend Yield: | N/A | Dividend Payout Frequency: | N/A |
| EPS: | -2.09 | EPS Growth: | 26.58 |
| 52 Week Low/High: | $7.82 - $12.93 | Next Earning Date: | 11-05-2026 |
| Revenue: | $1,181,180,000 | Revenue Growth: | -0.45% |
| Revenue Growth (this year): | -13.39% | Revenue Growth (next year): | -6.43% |
| P/E Ratio: | -5.26 | Index: | N/A |
| Free Cash Flow: | 228.6M | FCF Growth: | +20.07% |
SEC 8-K filings with transcript text
Nov 5, 2026
2 exhibit991trlvearningsrele.htm
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Exhibit 99.1
Trulieve Reports Third Quarter 2026 Results
•Third quarter revenue of $230 million, with 64% gross margin
•Cash flow from operations of $183 million and free cash flow of $120 million* in first nine months of 2026
•Received final DEA registrations pursuant to final order rescheduling state licensed medical marijuana to Schedule III under the Controlled Substances Act
Tallahassee, FL – November 5, 2026 – Trulieve Cannabis Corp. (NYSE: TRLV) (“Trulieve” or “the Company”), a leading and top-performing medical cannabis company in the U.S., today announced its results for the quarter ended September 30, 2026. Results are reported in accordance with U.S. Generally Accepted Accounting Principles (GAAP), unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q3 2026 Financial and Operational Highlights*
•Revenue of $230 million, with 95% of revenue from retail sales.
•Achieved gross margin of 64%, with gross profit of $148 million.
•Reported positive net income attributable to common shareholders of $1 million. Adjusted net income of $18 million* excludes non-recurring charges, asset impairments, disposals, and unconsolidated entity.
•Achieved adjusted EBITDA of $89 million*, or 39% of revenue.
•Generated cash flow from operations of $74 million and free cash flow of $45 million*.
•Cash at quarter end was $327 million.
•Realized seven-fold increase in traffic in Georgia following medical cannabis program expansion on July 1 with new product launches including Modern Flower and Roll One.
•Completed corporate domestication to Delaware from British Columbia.
•Rang The Closing Bell at the New York Stock Exchange to commemorate NYSE listing.
•Added to the S&P Total Market Index (TMI), S&P Completion Index (CI) and Morningstar Total Stock Market Index.
•Closed perpetual royalty free license for Alien Labs and Connected branded cannabis products in Florida and Texas that includes genetics, trademarks, and proprietary know-how and a right of first refusal for exclusive licensing rights in additional expansion markets.
•Opened two dispensaries in Marco Island, Florida, and Dunwoody, Georgia.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for Non-GAAP metrics.
Recent Developments
•Received final registrations from the Drug Enforcement Agency for state licensed medical marijuana dispensaries as part of federal regulatory framework for qualified medical marijuana businesses under the Controlled Substances Act.
•Repaid $65 million mortgage notes payable ahead of maturity in 2028 secured by cultivation site in Jefferson County, Florida to reduce leverage and interest expense.
•Currently operate 208 retail dispensaries and 3.5 million square feet of cultivation and processing capacity in the United States.
Management Commentary
"State licensed medical marijuana rescheduling unlocked major milestones including DEA registration, removal of 280E tax, and uplisting to the NYSE,” said Kim Rivers, Trulieve CEO. “Third quarter results demonstrate the strength of our medical cannabis platform underscored by revenue, margins, and cash generation. With meaningful growth expansion opportunities in Georgia and Texas, we are in the early stages of an accelerated growth cycle.”
Financial Highlights*
Third quarter 2026 results include only Trulieve medical operations. Prior periods include consolidated results including Harvest mixed medical and adult use operations.
Results of OperationsFor the Three Months EndedFor the Nine Months Ended
(Figures in millions except per share data) September 30, 2026September 30, 2025% Better / (Worse) June 30, 2026† % Better / (Worse)September 30, 2026September 30, 2025% Better / (Worse)
Revenue$230$288(20%)$271(15%)$788$888(11%)
Gross profit$148$170(13%)$162(9%)$480$536(10%)
Gross margin %64%59%60%61%60%
Operating expenses$106$12817%$53380%$773$408(89%)
Operating expenses %46%44%197%98%46%
Net income (loss)**$1$(27)NMF$(406)NMF$(403)$(73)NMF
Net income (loss) continuing operations$1$(24)NMF$(405)NMF$(401)$(72)NMF
Adjusted net income (loss)$18$(12)NMF$20(12%)$59$(24)NMF
Diluted shares outstanding201191193193191
Diluted EPS continuing operations$0.00$(0.11)NMF$(2.10)NMF$(2.08)$(0.35)NMF
Adjusted Diluted EPS$0.09$(0.07)NMF$0.11(15%)$0.30$(0.12)NMF
Adjusted EBITDA$89$103(13%)$98(9%)$288$322(11%)
Adjusted EBITDA Margin %39%36%36%36%36%
NMF - No Meaningful Figure
†Q2:26 reported results reflect the deconsolidation of Harvest mixed medical and adult use operations on June 3, 2026.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for Non-GAAP metrics.
**Net income (loss) attributable to common shareholders which excludes non-controlling interest.
Conference Call
The Company will host a conference call and live audio webcast on November 5, 2026, at 8:30 A.M. Eastern time, to discuss
May 7, 2026
2 exhibit991tcnnfearningsrel.htm
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Exhibit 99.1
Trulieve Reports Profitable First Quarter 2026 Results
Bolstered by Margins and Cash Flow Generation
•First quarter revenue of $287 million, with 59% gross margin
•Positive net income of $2 million and Adjusted EBITDA of $100 million*
•Rescheduling of medical marijuana to Schedule III enabled applications for DEA registration
Tallahassee, FL – May 7, 2026 – Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended March 31, 2026. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles (GAAP), unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q1 2026 Financial and Operational Highlights*
•Revenue of $287 million, with 92% of revenue from retail sales.
•Achieved gross margin of 59%, with GAAP gross profit of $170 million.
•Reported positive net income attributable to common shareholders of $2 million. Adjusted net income of $20 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
•Achieved adjusted EBITDA of $100 million*, or 35% of revenue.
•Generated cash flow from operations of $56 million and free cash flow of $42 million*.
•Cash at quarter end was $353 million.
•Closed $60 million private placement of senior secured notes due 2030.
•Grew rewards program to 1 million members.
•Opened three dispensaries in DeLand, Fort Myers, and Lake Wales, Florida.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
•The Trump Administration reclassified medical marijuana to Schedule III under the Controlled Substances Act. Attorney General Blanche announced an expedited process to review the classification of marijuana more broadly with a hearing beginning on June 29, 2026.
•Filed applications to register state licensed medical marijuana operations including 206 retail locations with the Drug Enforcement Agency.
•Opened four dispensaries in Belleview, Boca Raton, Lutz, and Tallahassee, Florida.
•Currently operate 240 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“We applaud President Trump and AG Blanche for taking bold, decisive action to reclassify medical marijuana to Schedule III,” said Kim Rivers, Trulieve CEO. “With 206 dispensaries and over 3.5 million square feet of production serving medical patients, Trulieve is well positioned to explore new opportunities enabled by rescheduling.”
Financial Highlights*
Results of OperationsFor the Three Months Ended
(Figures in millions except per share data) March 31, 2026March 31, 2025% Better / (Worse)December 31, 2025% Better / (Worse)
Revenue$287$298(4%)$293(2%)
Gross profit$170$183(7%)$175(3%)
Gross margin %59%62%60%
Operating expenses$134$15010%$16016%
Operating expenses %47%50%55%
Net income (loss)**$2$(33)NMF$(43)NMF
Net income (loss) continuing operations$3$(32)NMF$(45)NMF
Adjusted net income (loss)$20$(3)NMF$(3)NMF
Diluted shares outstanding198191192
Diluted EPS continuing operations$0.02$(0.16)NMF$(0.23)NMF
Adjusted Diluted EPS$0.10$(0.02)NMF$(0.02)NMF
Adjusted EBITDA$100$109(8%)$105(4%)
Adjusted EBITDA Margin %35%37%36%
NMF - No Meaningful Figure
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
**Net income (loss) attributable to common shareholders which excludes non-controlling interest.
Conference Call
The Company will host a conference call and live audio webcast on May 7, 2026, at 8:30 A.M. Eastern time, to discuss its first quarter 2026 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.
North American toll free: 1-844-824-3830Passcode: 0642610
International: 1-412-542-4136Passcode: 0642610
A live audio webcast of the conference call will be available at:
Trulieve First Quarter 2026 Results Call
A powerpoint presentation and archived replay of the webcast will be available at:
https://investors.trulieve.com/events
The Company’s Form 10-Q for the quarter ended March 31, 2026 will be available on the SEC’s website or at https://investors.trulieve.com/quarterly-results. The Company’s Management's Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company’s profile on https://www.sedarplus.ca and on its website at https://investors.trulieve.com/quarterly-results. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.
Trulieve Cannabis Corp.
Condensed Consolidated Balance Sheets (Unaudited)
(in m
Feb 26, 2026
2 exhibit991tcnnfearningsrel.htm
Document
Exhibit 99.1
Trulieve Reports Fourth Quarter and Full Year 2025 Results with
60% Gross Margin and Record Cash Flow Generation
•Full year revenue of $1.2 billion, with 60% gross margin
•Record 2025 cash flow from operations of $273 million and free cash flow of $229 million*
•Record 50.1 million branded product units sold in 2025, up 5% compared to last year
Tallahassee, FL – February 26, 2026 – Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the fourth quarter and full year ended December 31, 2025. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles (GAAP), unless otherwise indicated. Numbers may not sum perfectly due to rounding.
2025 Full Year Financial and Operational Highlights*
•Revenue of $1.2 billion, with 94% of revenue from retail sales.
•Achieved gross margin of 60%, with GAAP gross profit of $711 million.
•Reported net loss attributable to common shareholders of $116 million. Adjusted net loss of $27 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
•Achieved record adjusted EBITDA of $427 million*, or 36% of revenue, up $7 million or 2% from 2024.
•Generated record cash flow from operations of $273 million and free cash flow of $229 million*.
•Cash at year end totaled $256 million.
•Redeemed $368 million of senior secured notes due 2026 and repaid $15.8 million mortgage.
•Closed $140 million private placement of senior secured notes due 2030.
•Granted conditional approval for a Dispensing Organization license under the Texas Compassionate Use Program.
•Grew rewards program to 915,000 members as of December 31, 2025.
•Added 11 dispensaries in 2025, with 233 retail locations nationwide at year end.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Q4 2025 Financial and Operational Highlights*
•Revenue of $293 million, with 93% of revenue from retail sales.
•Achieved gross margin of 60%, with GAAP gross profit of $175 million.
•Reported net loss attributable to common shareholders of $43 million. Adjusted net loss of $3 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
•Achieved adjusted EBITDA of $105 million*, or 36% of revenue.
•Generated cash flow from operations of $59 million and free cash flow of $56 million*.
•Released a new mobile app serving Florida customers enabling patients to browse and reserve products, view promotions, and check rewards status through a seamless digital experience.
•Opened one dispensary in Findlay, Ohio.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
•Opened one dispensary in Fort Myers, Florida.
•Closed second tranche $60 million private placement of senior secured notes due 2030.
•Currently operate 234 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“We finished the year strong, winning a conditional license in Texas and repositioning our debt,” said Kim Rivers, Trulieve CEO. “With rescheduling on the horizon, Trulieve is carrying the momentum into 2026, prioritizing expanded access, loyal customers, branded products and growth initiatives.”
Financial Highlights*
Results of OperationsFor the Three Months EndedFor the Full Year Ended
(Figures in millions except per share data) December 31, 2025December 31, 2024% Better / (Worse)September 30, 2025% Better / (Worse)December 31, 2025December 31, 2024% Better / (Worse)
Revenue$293$301(3%)$2882%$1,181$1,186—%
Gross profit$175$187(6%)$1703%$711$716(1%)
Gross margin %60%62%59%60%60%
Operating expenses$160$18614%$128(25%)$568$6188%
Operating expenses %55%62%44%48%52%
Net loss**$(43)$(60)28%$(27)(60%)$(116)$(155)25%
Net loss continuing operations$(45)$(60)26%$(24)(89%)$(117)$(155)25%
Adjusted net (loss) income$(3)$3NMF$(12)75%$(27)$(19)(41%)
Basic and diluted shares outstanding192190191191190
EPS continuing operations$(0.23)$(0.26)12%$(0.11)(103%)$(0.58)$(0.79)26%
Adjusted EPS$(0.02)$0.02NMF$(0.07)75%$(0.14)$(0.10)(40%)
Adjusted EBITDA$105$111(6%)$1032%$427$4202%
Adjusted EBITDA Margin %36%37%36%36%35%
NMF - No Meaningful Figure
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
**Net loss attributable to common shareholders which excludes non-controlling interest.
Conference Call
The Company will host a conference call and live audio webcast on February 26, 2026, at 8:30 A.M. Eastern time, to discuss its fourth quarter and full year 2025 financial results. Interested parties can join the conference call by dialing
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