07:00:38 EST Thu 05 Nov 2026
Enter Symbol
or Name
USA
CA



Trulieve Reports Third Quarter 2026 Results

2026-11-05 06:15 ET - News Release

Trulieve Reports Third Quarter 2026 Results

PR Newswire

  • 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, Fla., Nov. 5, 2026 /PRNewswire/ -- 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 Operations                                                     For the Three Months Ended                                                              For the Nine Months Ended



          
            (Figures in millions except                  September                     September                          %                        June 30,                     %                           September                   September %
per share data)                                           30, 2026                 30, 2025      Better /                    2026


                                                                                                                                        †             Better /                   30, 2026                 30, 2025            Better /
                                                                                                 (Worse)                                          (Worse)                                                                 (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             $
          128                   17 %           $
          533                      80 %      $
          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 outstanding                            201                         191                                              193                                            193                         191



          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 its third 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: 1-844-824-3830 Passcode: 8639220





 International: 1-412-542-4136            Passcode: 8639220

A live audio webcast of the conference call will be available at:
Trulieve Third 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 September 30, 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 millions, except for share data)




                                                                                                                                              September 30,     December 31,
                                                                                                                                                       2026              2025



          
            ASSETS



          Current Assets:



          Cash and cash equivalents                                                                                                                 $326.7            $255.5



          Accounts receivable, net                                                                                                                     3.8              10.5



          Inventories                                                                                                                                190.8             242.3



          Income tax receivable                                                                                                                        0.5               8.5



          Prepaid expenses                                                                                                                            17.5              18.3



          Other current assets                                                                                                                         2.3              26.7



          Management services agreement receivable, related party                                                                                     21.3



          Assets associated with discontinued operations                                                                                                 -              0.9



          Total current assets                                                                                                                       562.8             562.7



          Property and equipment, net                                                                                                                592.9             670.4



          Right of use assets - operating, net                                                                                                        90.0             108.3



          Right of use assets - finance, net                                                                                                          55.7              60.0



          Intangible assets, net                                                                                                                     335.0             798.4



          Goodwill                                                                                                                                   325.6             483.9



          Investment in Harvest                                                                                                                      146.1



          Other assets                                                                                                                                10.0              10.5



          Long-term assets associated with discontinued operations                                                                                       -              1.9



          
            TOTAL ASSETS                                                                                                               $2,118.2          $2,696.1



          
            LIABILITIES



          Current Liabilities:



          Accounts payable and accrued liabilities                                                                                                   $68.2             $82.7



          Deferred revenue                                                                                                                             5.9               9.6



          Notes payable - current portion                                                                                                              4.2               4.1



          Operating lease liabilities - current portion                                                                                               11.9              13.0



          Finance lease liabilities - current portion                                                                                                 10.7              10.7



          Construction finance liabilities - current portion                                                                                           0.7               2.4



          Contingencies                                                                                                                                0.3               0.8



          Liabilities associated with discontinued operations                                                                                            -              3.7



          Total current liabilities                                                                                                                  102.0             126.9



          Long-Term Liabilities:



          Notes payable, net                                                                                                                          88.7              90.8



          Private placement notes, net                                                                                                               196.0             136.7



          Operating lease liabilities                                                                                                                 89.3             107.9



          Finance lease liabilities                                                                                                                   60.5              64.1



          Construction finance liabilities                                                                                                           120.2             133.8



          Deferred tax liabilities                                                                                                                    55.4             178.0



          Uncertain tax position liabilities                                                                                                         625.4             668.4



          Other long-term liabilities                                                                                                                  9.3              11.4



          Long-term liabilities associated with discontinued operations                                                                                  -             34.9



          
            TOTAL LIABILITIES                                                                                                          $1,346.7          $1,553.1



          
            EQUITY



          Common shares, no par value; unlimited shares authorized; None issued and                                                      
 $             - 
 $            -
outstanding as of September 30, 2026 and 169,313,023 shares issued and
outstanding as of December 31, 2025



          Preferred stock, $0.0001 par value; 1,000,000,000 shares authorized; none                                                                      -
issued and outstanding as of September 30, 2026 and December 31, 2025



          Class A subordinate voting common stock, $0.0001 par value per share;                                                                        0.0
5,000,000,000 shares authorized; 170,347,610 shares issued and outstanding as
of September 30, 2026 and none issued and outstanding as of December 31,
2025



          Class B multiple voting common stock, $0.0001 par value per share; 300,000                                                                     -
shares authorized; 224,064 shares issued and outstanding as of September 30,
2026 and none issued and outstanding as of December 31, 2025



          Additional paid-in-capital                                                                                                               2,088.0           2,073.4



          Accumulated deficit                                                                                                                    (1,314.8)          (912.1)



          Non-controlling interest                                                                                                                   (1.7)           (18.2)



          
            TOTAL EQUITY                                                                                                                  771.5           1,143.0



          
            TOTAL LIABILITIES AND EQUITY                                                                                               $2,118.2          $2,696.1

                                                                                   
          
            Trulieve Cannabis Corp.

                                                                 
          
            Condensed Consolidated Statements of Operations (Unaudited)

                                                                           
          
            (in millions, except for per share data)




                                                                                                                                                                                                 Three Months Ended                            Nine Months Ended
                                                                                                                                                                                          September 30,                    September 30,


                                                                                                                                                                                          2026             2025          2026             2025



          Revenue                                                                                                                                                                      $230.2           $288.2        $787.9           $888.0



          Cost of goods sold                                                                                                                                                             82.2            118.3         307.5            352.0



          Gross profit                                                                                                                                                                  148.0            169.9         480.4            536.0



          Expenses:



          Selling, general, and administrative                                                                                                                                           87.8             99.0         294.5            318.9



          Depreciation and amortization                                                                                                                                                  17.7             29.5          73.2             88.2



          (Gain) loss on disposal or impairment of assets                                                                                                                                   -           (0.9)          1.7              0.7



          Loss on deconsolidation transaction                                                                                                                                               -                        403.3



          Total expenses                                                                                                                                                                105.5            127.6         772.7            407.8



          Income (loss) from operations                                                                                                                                                  42.5             42.2       (292.3)           128.2



          Other income (expense):



          Interest expense, net                                                                                                                                                        (12.0)          (16.1)       (38.1)          (48.8)



          Interest income                                                                                                                                                                 2.8              4.4           8.6             11.1



          Equity in net loss of Harvest                                                                                                                                                 (6.4)                        (9.7)



          Other income (expense), net                                                                                                                                                     0.1            (1.2)          0.4            (2.0)



          Total other expense, net                                                                                                                                                     (15.5)          (12.9)       (38.8)          (39.7)



          Income (loss) before provision for income taxes                                                                                                                                27.0             29.3       (331.2)            88.5



          Provision for income taxes                                                                                                                                                     26.3             53.0          70.1            160.2



          Net income (loss) from continuing operations                                                                                                                                    0.8           (23.7)      (401.2)          (71.7)



          Net loss from discontinued operations, net of tax benefit (provision) of $0, $0,                                                                                                  -           (5.0)        (1.8)           (7.0)
                                                                                                                         $597, and $(441) respectively, attributable to common shareholders



          Net income (loss)                                                                                                                                                               0.8           (28.8)      (403.0)          (78.7)



          Less: net loss attributable to non-controlling interest from continuing operations                                                                                            (0.1)           (1.9)        (0.3)           (5.2)



          Net income (loss) attributable to common shareholders                                                                                                                          $0.9          $(26.8)     $(402.7)         $(73.5)





          
            Earnings Per Share



          Net income (loss) per share - Continuing operations:



          Basic                                                                                                                                                                         $0.00          $(0.11)      $(2.08)         $(0.35)



          Diluted                                                                                                                                                                       $0.00          $(0.11)      $(2.08)         $(0.35)



          Net loss per share - Discontinued operations:



          Basic and diluted                                                                                                                                             
          $        -         $(0.03)      $(0.01)         $(0.04)



          Net income (loss) per share attributable to common shareholders:



          Basic                                                                                                                                                                         $0.00          $(0.14)      $(2.09)         $(0.39)



          Diluted                                                                                                                                                                       $0.00          $(0.14)      $(2.09)         $(0.39)



          Weighted average number of common shares used in computing net income (loss)
per share:



          Basic                                                                                                                                                                         192.9            191.2         192.7            191.2



          Diluted                                                                                                                                                                       200.6            191.2         192.7            191.2

                                                                      
          
            Trulieve Cannabis Corp.

                                                    
          
            Condensed Consolidated Statements of Cash Flows (Unaudited)

                                                                           
          
            (in millions)




                                                                                                                                                          Three Months Ended                       Nine Months Ended
                                                                                                                                               September 30,                    September 30,


                                                                                                                                          2026            2025              2026              2025



          
            Cash flows from operating activities



          Net income (loss)                                                                                                              $0.8         $(28.8)         $(403.0)          $(78.7)



          Adjustments to reconcile net income (loss) to net cash provided by
operating activities:



          Depreciation and amortization                                                                                                  17.7            29.5              73.2              88.2



          Depreciation included in cost of goods sold                                                                                    12.3            13.9              39.7              41.5



          Loss on deconsolidation transaction                                                                                               -                           403.3



          Equity in net loss of Harvest                                                                                                   6.4                              9.7



          Impairment and disposal of long-lived assets, net of recoveries                                                                   -            2.6               1.7               2.5



          Gain from disposal of discontinued operations                                                                                     -



          Share-based compensation                                                                                                        5.9             5.8              17.0              16.5



          Deferred income taxes                                                                                                         (1.9)          (4.7)           (20.9)           (14.7)



          Other non-cash changes                                                                                                          3.1             3.7               9.8              16.0



          Changes in operating assets and liabilities:



          Inventories                                                                                                                   (4.0)          (1.8)              2.0            (11.9)



          Accounts receivable                                                                                                             0.6                            (2.1)            (3.4)



          Other assets                                                                                                                    6.5             4.3            (24.2)              3.3



          Accounts payable and accrued liabilities                                                                                        4.8             0.3               1.4            (11.6)



          Income tax receivable / payable                                                                                               (0.3)          (0.1)              0.8               2.6



          Uncertain tax position liabilities                                                                                             27.2            56.6              88.1             171.1



          Other liabilities                                                                                                             (4.6)          (4.9)           (13.1)           (13.7)



          Proceeds received from insurance for operating expenses                                                                           -                                              5.7



          
            Net cash provided by operating activities                                                                         74.4            76.4             183.3             213.6



          
            Cash flows from investing activities



          Capital expenditures                                                                                                         (29.0)         (16.6)           (63.5)           (53.4)



          Maturities of short-term investments                                                                                              -                                             60.0



          Cash disposed in deconsolidation transaction                                                                                      -                          (58.4)



          Purchase of intangible assets                                                                                                (40.0)                          (40.0)



          Other proceeds                                                                                                                  0.3             1.5               5.1              12.9



          Other purchases and payments                                                                                                      -            0.1                              (0.1)



          
            Net cash (used in) provided by investing activities                                                             (68.7)         (15.0)          (156.8)             19.4



          
            Cash flows from financing activities



          Proceeds from long-term borrowings                                                                                                -                            60.7



          Payments on long-term borrowings                                                                                              (0.9)          (2.0)            (4.7)            (7.5)



          Payments for debt issuance costs                                                                                                  -                           (1.3)



          Other payments and distributions                                                                                              (2.5)          (2.6)            (7.8)            (7.1)



          Payments for taxes related to net share settlement of equity awards                                                           (1.4)          (0.2)            (2.7)            (0.5)



          Other proceeds                                                                                                                  0.4                              0.4



          
            Net cash (used in) provided by financing activities                                                              (4.4)          (4.8)             44.7            (15.1)



          
            Net increase in cash and cash equivalents, and restricted cash                                                     1.3            56.6              71.2             217.9



          
            Cash, cash equivalents, and restricted cash, beginning of period                                                 325.4           401.0             255.5             239.7



          
            Cash, cash equivalents, and restricted cash, end of period                                                      $326.7          $457.6            $326.7            $457.6



 
 The condensed consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.

Non-GAAP Financial Measures (Unaudited)

Our management uses financial measures that are not in accordance with GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow are financial measures that are not defined under GAAP. Our management uses these non-GAAP financial measures and believes they enhance an investor's understanding of our financial and operating performance from period to period because they exclude certain material non-cash items and certain other adjustments management believes are not reflective of our ongoing operations and performance. These non-GAAP measures are not a measure of liquidity, cash generated by the Company, or cash available for discretionary expenditures.

EBITDA is calculated as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; adjusted EBITDA is calculated as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain contributions, such as cash expenditures related to campaign and political initiatives, items that we do not believe represent the operations of the core business such as cash and non-cash acquisition, disposition and specified transaction costs and certain other cash and non-cash costs including major system changes, impairments and disposals of long-lived assets including goodwill, discontinued operations, share-based compensation, other income and expense items, equity in net loss of Harvest and loss on Deconsolidation Transaction; EBITDA margin is calculated as EBITDA as % of revenue; adjusted EBITDA margin is calculated as adjusted EBITDA as % of revenue; adjusted net income (loss) is calculated as net income (loss) less certain contributions, such as cash expenditures related to campaign and political initiatives, items that we do not believe represent the operations of the core business such as cash and non-cash acquisition, disposition and specified transaction costs and certain other cash and non-cash costs including major system changes, impairments and disposals of long-lived assets including goodwill, discontinued operations, share-based compensation, other income and expense items, equity in net loss of Harvest and loss on Deconsolidation Transaction; adjusted EPS is calculated as adjusted net income (loss) divided by diluted shares outstanding; and free cash flow is calculated as cash flow from operations less capital expenditures. Some of the items added back to, or removed from, these non-GAAP measures have occurred in prior periods and may occur in future periods.

We report these non-GAAP measures to help investors assess the operating performance of the Company's business. The financial measures noted above are metrics that have been adjusted from GAAP net income (loss), net income (loss) per share, and cash flow from operating activities in an effort to provide readers with normalized metrics in making comparisons more meaningful across the cannabis industry as competitors commonly disclose similar performance measures; however, our calculation of EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow may not be comparable to other similarly titled performance measures of other companies, as well as to remove items that may otherwise distort the GAAP net income (loss), net income (loss) per share or cash flow from operating activities measure.

As noted above, our EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow measures are not prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP measures rather than net income (loss), net income (loss) per share and cash flow from operating activities, which are the most directly comparable financial measures calculated and presented in accordance with GAAP. Because of these limitations, we consider, and you should consider, these non-GAAP measures together with other operating and financial performance measures presented in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable financial measure calculated in accordance with GAAP can be found below.

Reconciliation of Non-GAAP EBITDA and Adjusted EBITDA (Unaudited)

The following table presents a reconciliation of GAAP net income (loss) attributable to common shareholders to non-GAAP EBITDA and Adjusted EBITDA for each of the periods presented:


 (Amounts expressed in millions of United States dollars)                                                 Three Months Ended                                             For the Nine Months
                                                                                                                                                                                            Ended


                                                                         September            September                  June 30,                   September          September
                                                             30, 2026                       30, 2025                     2026           30, 2026              30, 2025



 Net income (loss) attributable to common shareholders                                  $
        0.9          $
          (26.8) $
          (406.0)                      $
          (402.7)         $
        (73.5)



 Add (deduct) impact of:



 Interest expense, net                                                                 $
        12.0            $
          16.1     $
          12.8                          $
          38.1            $
        48.8



 Interest income                                                                      $
        (2.8)          $
          (4.4)   $
          (3.1)                        $
          (8.6)         $
        (11.1)



 Provision for income taxes                                                            $
        26.3            $
          53.0     $
          22.0                          $
          70.1           $
        160.2



 Depreciation and amortization                                                         $
        17.7            $
          29.5     $
          25.7                          $
          73.2            $
        88.2



 Depreciation included in cost of goods sold                                           $
        12.3            $
          13.9     $
          13.4                          $
          39.7            $
        41.5



 EBITDA (Non-GAAP)                                                                     $
        66.2            $
          81.3  $
          (335.2)                      $
          (190.3)          $
        254.1



 EBITDA Margin (Non-GAAP)                                                                        29 %                       28 %               NMF                                      NMF                       29 %





   (Gain) loss on disposal or impairment of assets                                    $
        (0.0)          $
          (0.9)     $
          2.0                           $
          1.7             $
        0.7



 Campaign and political contributions                                                   $
        1.6             $
          6.3      $
          4.7                          $
          15.9            $
        33.7



 Acquisition, disposition and specified transaction costs                               $
        9.2             $
          3.8     $
          12.3                          $
          28.9             $
        8.5



 Share-based compensation                                                               $
        5.9             $
          5.8      $
          6.9                          $
          17.0            $
        16.5



 Other (income) expense, net                                                          $
        (0.1)            $
          1.2    $
          (0.1)                        $
          (0.4)            $
        2.0



 Equity in net loss of Harvest                                                          $
        6.4   
  $                          $
          3.3                           $
          9.7   
  $



 Loss on deconsolidation transaction                                              
 $                  
  $                        $
          403.3                         $
          403.3   
  $



 Discontinued operations, net of tax, attributable to common shareholders         
 $                            $
          5.0      $
          0.7                           $
          1.8             $
        7.0



 Adjusted EBITDA (Non-GAAP)                                                            $
        89.2           $
          102.7     $
          98.0                         $
          287.6           $
        322.5



 Adjusted EBITDA Margin (Non-GAAP)                                                               39 %                       36 %                36 %                                     36 %                     36 %




          NMF - No Meaningful Figure

Reconciliation of Non-GAAP Adjusted Net Income (Loss) (Unaudited)

The following table presents a reconciliation of GAAP net income (loss) attributable to common shareholders to non-GAAP adjusted net income (loss), for each of the periods presented:

                                                                                                                 For the Three Months Ended                                          For the Nine Months
                                                                                                                                                                                                      Ended



 (Amounts expressed in millions of United States dollars)                                          September                      September                   June 30,                          September                      September
                                                                                                  30, 2026                     30, 2025              2026                  30, 2026                          30, 2025



 Net income (loss) attributable to common shareholders                                        $
        0.9              $
          (26.8) $
          (406.0)        $
          (402.7)                  $
       (73.5)



 Net loss from discontinued operations, net of tax, attributable to common shareholders 
 $                                $
          5.0      $
          0.7             $
          1.8                      $
       7.0



 Net income (loss) from continuing operations available to common shareholders                $
        0.9              $
          (21.8) $
          (405.3)        $
          (400.9)                  $
       (66.5)



 Add (deduct) impact of:



   (Gain) loss on disposal or impairment of assets                                          $
        (0.0)              $
          (0.9)     $
          2.0             $
          1.7                      $
       0.7



 Campaign and political contributions                                                         $
        1.6                 $
          6.3      $
          4.7            $
          15.9                     $
       33.7



 Acquisition, disposition and specified transaction costs                                     $
        9.2                 $
          3.8     $
          12.3            $
          28.9                      $
       8.5



 Equity in net loss of Harvest                                                                $
        6.4   
      $                          $
          3.3             $
          9.7    
          $



 Loss on deconsolidation transaction                                                    
 $                  
      $                        $
          403.3           $
          403.3    
          $



 Adjusted net income (loss) (Non-GAAP)                                                       $
        18.0              $
          (12.5)    $
          20.4            $
          58.6                   $
       (23.6)

Reconciliation of Non-GAAP Adjusted Net Income (Loss) Per Diluted Share (Unaudited)

The following table presents a reconciliation of GAAP net income (loss) attributable to common shareholders per share to non-GAAP adjusted net income (loss) per diluted share, for each of the periods presented:

                                                                                                                For the Three Months Ended                                        For the Nine Months
                                                                                                                                                                                                   Ended



 (Amounts expressed are per share except for shares which are in millions)                        September                      September                  June 30,                         September                     September
                                                                                                  30, 2026                     30, 2025            2026                 30, 2026                         30, 2025



 Net income (loss) attributable to common shareholders                                        $
       0.00              $
          (0.14) $
         (2.11)        $
         (2.09)                  $
       (0.38)



 Net loss from discontinued operations, net of tax, attributable to common shareholders 
 $                               $
          0.03    $
         0.00           $
         0.01                     $
       0.04



 Net income (loss) from continuing operations available to common shareholders                $
       0.00              $
          (0.11) $
         (2.10)        $
         (2.08)                  $
       (0.35)



 Add (deduct) impact of:



   (Gain) loss on disposal or impairment of assets                                          $
       (0.00)             $
          (0.00)   $
         0.01           $
         0.01                     $
       0.00



 Campaign and political contributions                                                         $
       0.01                $
          0.03    $
         0.02           $
         0.08                     $
       0.18



 Acquisition, disposition and specified transaction costs                                     $
       0.05                $
          0.02    $
         0.06           $
         0.15                     $
       0.04



 Equity in net loss of Harvest                                                                $
       0.03  
       $                        $
         0.02           $
         0.05    
          $



 Loss on deconsolidation transaction                                                    
 $                 
       $                        $
         2.09           $
         2.09    
          $



 Adjusted net income (loss) (Non-GAAP)                                                        $
       0.09              $
          (0.07)   $
         0.11           $
         0.30                   $
       (0.12)



 Diluted shares outstanding                                                                           200.6                           191.2              192.7                     192.7                             191.2

Reconciliation of Non-GAAP Free Cash Flow (Unaudited)

The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:

                                                                                   For the Three Months Ended                               For the Nine Months
                                                                                                                                                              Ended



 (Amounts expressed in millions of United States dollars)                September                           September                     June 30,                         September September
                                                                30, 2026                 30, 2025                     2026            30, 2026                 30, 2025



 Cash flow from operating activities                        $
       74.4            $
          76.4            $
          53.1     $
          183.3           $
        213.6



 Capital expenditures                                     $
       (29.0)         $
          (16.6)         $
          (21.0)   $
          (63.5)         $
        (53.4)



 Free cash flow (Non-GAAP)                                  $
       45.4            $
          59.8            $
          32.1     $
          119.8           $
        160.2

Forward-Looking Statements

This news release includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as "forward-looking statements"). These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding broader cannabis rescheduling and state program expansion. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United States Securities and Exchange Commission and in the Company's filings on https://www.sedarplus.ca. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.

About Trulieve

Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with established medical marijuana operations in Florida, Georgia, Pennsylvania, and West Virginia. Driven by a core mission to expand access to cannabis, Trulieve serves customers with innovative, high-quality branded products and exceptional experiences. With scaled operations in attractive markets and targeted expansion through its hub strategy, Trulieve is poised for accelerated growth. Trulieve is listed on the NYSE under the symbol TRLV. For more information, please visit Trulieve.com.

Facebook: @Trulieve
Instagram: @Trulieve
X: @Trulieve

Investor and Media Contact
Christine Hersey, Chief Corporate Affairs & Strategy Officer
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

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SOURCE Trulieve Cannabis Corp.

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