Trulieve Cannabis Corp. (TRLV)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.1B

Revenue growth

-3.9%

Net income, last twelve months

-$473.3M

Gross margin

59.5%

Operating margin

-24.3%

Net margin

-41.6%

Free cash flow

$194.6M

Return on equity

-61.8%

Market value

$2.0B

Cash

$325.4M

Debt

$289.4M

Debt to equity

0.38

Shares outstanding

192.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the first quarter 2026 results, filed 7 May 2026.

• Revenue down 4% from last year. Revenue was $287 million, down from $298 million a year earlier and up from $293 million in the fourth quarter. Retail sales made up 92% of revenue.
• Net income positive at $2 million. Net income attributable to common shareholders was $2 million, against a $33 million loss a year earlier. Diluted EPS from continuing operations was $0.02, against $(0.16).
• Adjusted EBITDA of $100 million. Adjusted EBITDA was $100 million, or 35% of revenue, against $109 million a year earlier at 37%. The fourth quarter figure was $105 million at 36%.
• Adjusted net income turned positive. Adjusted net income was $20 million, against a $3 million loss a year earlier. Adjusted diluted EPS was $0.10, against $(0.02). Certain charges and discontinued operations are excluded.
• Discontinued operations loss $1.1 million. The net loss from discontinued operations, net of tax, was $1.1 million, against $1.6 million a year earlier.
• Gross margin 59%, down from 62%. Gross margin was 59% on gross profit of $170 million, against 62% and $183 million a year earlier. The fourth quarter gross margin was 60%.
• Operating expenses down 10%. Operating expenses were $134 million, or 47% of revenue, against $150 million a year earlier and $160 million in the fourth quarter. SG&A was $104.9 million, against $118.8 million.
• Campaign and political contributions fell. Campaign and political contributions were $9.5 million, against $23.0 million a year earlier. Acquisition, transaction and other non-recurring costs were $7.4 million.
• Income tax provision fell to $21.9 million. The provision for income taxes was $21.9 million, against $52.5 million a year earlier. Net income from continuing operations was $3.4 million, against a $32.1 million loss.
• 240 retail dispensaries now operating. The company operates 240 retail dispensaries, up from 234 in the prior release, plus over four million square feet of cultivation and processing capacity in the United States.
• Seven dispensaries opened this quarter. Three dispensaries opened in DeLand, Fort Myers and Lake Wales, Florida, and four more in Belleview, Boca Raton, Lutz and Tallahassee, Florida. Fort Myers also appeared as a prior-release opening.
• Rewards program reached 1 million members. Rewards program membership grew to 1 million, from 915,000 members at December 31, 2025.
• Medical marijuana moved to Schedule III. The release says medical marijuana was reclassified to Schedule III under the Controlled Substances Act, which enabled DEA registration applications.
• DEA applications cover 206 retail sites. The company filed applications with the Drug Enforcement Agency to register state-licensed medical marijuana operations, including 206 retail locations.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 72 held.

Every filing

The newest filings with the SEC of 172 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

127 funds held it at 30 Jun 2026: 116 added and 1 trimmed in the quarter. The largest:

What the company does

Trulieve Cannabis Corp. is a vertically integrated cannabis company and multi-state operator with operations in nine states, headquartered in Tallahassee, Florida. It cultivates, processes and sells cannabis products to medical patients and adult-use customers through its own dispensaries and through wholesale distribution. As of 31 December 2025 it operated 233 dispensaries and 15 cultivation and processing facilities. The company describes itself as the largest cannabis retailer in the United States. It had over 5,000 employees at that date.

How the business is organised

Trulieve runs its business through owned subsidiaries that hold the licenses in each state. It has three material subsidiaries: Trulieve US, a Florida company; Trulieve Holdings, a Delaware company; and Harvest Health & Recreation Inc., a British Columbia company. All three are directly wholly-owned by Trulieve Cannabis Corp. The company reports one operating segment.

Production, retail and distribution are grouped into three regional hubs: Southeast, Northeast and Southwest. Florida, Pennsylvania and Arizona anchor these hubs. The Subordinate Voting Shares trade on the Canadian Securities Exchange as TRUL and on the OTCQX Best Market as TCNNF.

Where it operates

Dispensary and facility counts at 31 December 2025:

- Florida: 162 dispensaries and 5 cultivation and processing facilities. - Arizona: 22 dispensaries and 3 facilities. - Pennsylvania: 21 dispensaries and 3 facilities. - West Virginia: 10 dispensaries and 1 facility. - Ohio: 8 dispensaries. - Georgia: 6 dispensaries and 1 facility. - Maryland: 3 dispensaries and 1 facility. - Connecticut: 1 dispensary. - Colorado: 1 facility and no dispensaries.

Arizona, Colorado, Connecticut, Maryland and Ohio have launched adult-use programs. Florida is a medical-only market. In December 2025 the company received conditional approval from the Texas Department of Public Safety for a Dispensing Organization license under the Texas Compassionate Use Program. That license remains subject to final regulatory approval.

How it makes and sells products

Revenue comes mainly from cannabis and related products that Trulieve cultivates, processes, distributes and sells to customers and through wholesale channels. In Florida and Georgia it cultivates, processes and manufactures all the cannabis products sold in its dispensaries. In Arizona, Maryland, Pennsylvania and West Virginia it has reached varying degrees of vertical integration.

In Florida it operates a 750,000 square foot automated indoor cultivation facility. Its extraction methods are supercritical ethanol, carbon dioxide, hydrocarbon and mechanical separation, followed by distillation and purification. It employs an in-house quality team and runs testing laboratories in select markets.

Brands and customer tools

Trulieve sells its own branded products in over 200 Trulieve retail locations. Its brands include Avenue, Cultivar Collection and Muse, which it lists as premium tier, along with Modern Flower, Momenta and Sweet Talk. Its value tier brands are Co2lors and Roll One. In select markets it also sells partner brands, among them Alien Labs, Black Tuna, Khalifa Kush and Seed Junky.

The company describes its approach as "Customers First" and tracks satisfaction, net promoter and customer effort scores. In all markets it offers a rewards program, subject to local regulation. It also runs online product browsing and reservation and a customer data platform used to guide product mix and promotions.

Who it sells to

Customers are medical patients and, in adult-use states, adults aged 21 and older. In Florida, Trulieve may sell to customers entered in the state's medical cannabis use registry by a qualified physician who hold a state-issued identification card. Its Florida license also allows delivery directly to customers. Its community work centres on four pillars: helping patients, serving veterans, assisting seniors and promoting restorative justice.

Competition and regulation

The company says its markets have relatively high barriers to entry because few licenses are available and the industry is heavily regulated. Its competitors include:

- single-state and regional operators; - other multi-state operators; - out-of-state operators able to enter through acquisitions; - the illicit market; - makers and sellers of intoxicating hemp products.

Sales show seasonal patterns in summer and winter, with increases around 4/20, 7/10 and Green Wednesday.

Cannabis remains a Schedule I controlled substance under United States federal law, while each state in which Trulieve operates regulates it. The company says it complies with state and local licensing rules. It has banking relationships in all nine of its states, but says it does not have access to traditional bank financing. Trulieve takes the position that the section does not prevent it from deducting ordinary and necessary business expenses.

*From Trulieve's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1754195/000175419526000019/tcnnf-20251231.htm)*

From the company's 10-K.