Trulieve Cannabis Corp.

What they do

Trulieve is a vertically integrated cannabis company that cultivates, processes, manufactures, and sells cannabis products. As of June 30, 2026, it operated 206 dispensaries and 10 cultivation/processing facilities across Florida, Pennsylvania, West Virginia, and Georgia. It also has conditional approval for a dispensing license in Texas. The company's operations are organized into Southeast and Northeast regional hubs, with Florida being the largest retail market.

Revenue drivers

• Florida retail — Largest market with 169 dispensaries, driving the majority of revenue; all products sold in Florida dispensaries are cultivated, processed, and manufactured in-house.
• Pennsylvania retail and wholesale — 21 dispensaries and 3 cultivation/processing facilities; contributes to regional hub anchored by the Northeast.
• West Virginia retail and wholesale — 10 dispensaries and 1 facility, operating as part of the Northeast hub.
• Georgia retail and pharmacy supply — 6 dispensaries and 1 facility; supplies licensed independent pharmacies with approved medical cannabis products.

Recent performance

In the second quarter of 2026, revenue was $271.0 million, down from $293.1 million in the fourth quarter of 2025 and $288.2 million in the third quarter of 2025. Annual revenue declined from $1.19 billion in 2024 to $1.18 billion in 2025. Net loss improved from -$155.1 million in 2024 to -$116.4 million in 2025. Operating cash flow was stable at $272.8 million in 2025, compared to $271.5 million in 2024. As of June 30, 2026, cash and equivalents were $325.4 million, and long-term debt was $195.8 million.

Strategy

Trulieve is focusing on its two-hub structure (Southeast and Northeast) anchored by Florida and Pennsylvania, with an emphasis on vertical integration to control quality and margins. The company is expanding in Georgia following the removal of the low-THC cap on July 1, 2026, and plans to ramp production and retail capacity in Texas pending final license approval. It has applied for DEA registration in Florida, Georgia, Pennsylvania, and West Virginia following federal rescheduling of medical marijuana to Schedule III. The company continues to invest in cultivation and processing capacity, including a 750,000 square foot automated indoor facility in Florida.

Risks

• Federal illegality and regulatory uncertainty — Cannabis remains illegal under federal law, and although rescheduling to Schedule III occurred in April 2026, ongoing DEA registration and state regulations create uncertainty.
• Restricted access to banking and financial services — Cannabis businesses face limited access to banking, and Trulieve holds cash deposits in excess of federally insured limits, which increases risk.
• Limited market for securities in the U.S. — Trulieve's securities trade on the CSE and OTCQX (and now NYSE), but federal restrictions may limit U.S. market access and liquidity.
• Growth and acquisition integration risks — The company's expansion into new states like Texas and recent acquisitions or dispositions involve execution and regulatory approval risks.

Outlook

Management is working with the DEA to complete site inspections for its medical operations in four states. In Georgia, the program expansion on July 1, 2026 is expected to drive growth. Pending final license approval in Texas, Trulieve plans to ramp production and retail capacity to serve all 11 regions. There is no specific financial guidance provided in the excerpts.