Ms. Kim Rivers reports

TRULIEVE REPORTS FIRST QUARTER 2023 RESULTS MARKING PROGRESS ON CASH OBJECTIVES

Trulieve Cannabis Corp. has released its results for the quarter ended March 31, 2023. Results are reported in United States dollars and in accordance with U.S. generally accepted accounting principles, unless otherwise indicated. Numbers may not sum perfectly due to rounding.

Q1 2023 financial and operational highlights:

• Revenue of $289-million, with 95 per cent of revenue from retail sales;
• Achieved GAAP gross margin of 52 per cent, with gross profit of $150-million;
• Selling, general and administrative expenses lowered by $24-million sequentially to $102-million;
• Reported net loss of $64-million. Adjusted net loss of $21-million excludes non-recurring charges, asset impairments, disposals and discontinued operations;
• Generated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $78-million, or 27 per cent of revenue;
• Cash at quarter-end of $195-million;
• Opened three new dispensaries in Palatka and Winter Haven, Fla., and Beckley, W.Va.;
• Launched adult-use sales in Bristol, Conn.;
• First U.S. cannabis company to launch advertising campaigns on Twitter;
• Exited the quarter with operations in 11 states, with 32 per cent of retail locations outside of Florida.

Recent developments:

• First to launch medical sales in Georgia with two new dispensaries in Macon and Marietta;
• Achieved record traffic, customers served and units sold on the 4/20 holiday, up 10 per cent, 11 per cent and 9 per cent, respectively, year over year;
• Currently operating 186 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.

Management commentary

"Our team is laser focused on cash preservation and generation as we set the stage for the next phase of accelerated growth," said Kim Rivers, Trulieve's chief executive officer. "Trulieve's scale and service, operational flexibility and strong balance sheet are essential for success in the current environment.

"With increasing adoption and expanding state-level access to cannabis, the industry is well beyond the tipping point. Tremendous opportunities lie ahead for companies that can successfully adapt within evolving landscapes."

Conference call

The company will host a conference call and live audio webcast on May 10, 2023, at 8:30 a.m. ET to discuss its first quarter 2023 financial results. Interested parties can join the conference call by dialling in as directed herein. Please dial in 15 minutes prior to the call.

North American toll-free:  1-888-317-6003

International:  1-412-317-6061

Passcode:  2035918

A presentation and archived replay of the webcast will be available at the company's website.

The company's Form 10-Q for the quarter ended March 31, 2023, will be available on the U.S. Securities and Exchange Commission's website or the company's website. The management's discussion and analysis for the period and the accompanying financial statements and notes will be available under the company's profile on SEDAR and on its website.

About Trulieve Cannabis Corp.

Trulieve is an industry-leading, vertically integrated cannabis company and multistate operator in the United States, with established hubs in the northeast, southeast and southwest, anchored by leading market positions in Arizona, Florida and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits.

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