Trulieve Completes Redemption of All US$368 Million 8.0% Senior Secured Notes due 2026
Rhea-AI Summary
Trulieve (OTCQX: TCNNF) completed the redemption of all outstanding US$368,000,000 principal amount of its 8.0% senior secured notes due 2026 on December 5, 2025.
Cash used for the redemption was approximately US$373 million, which included principal plus accrued and unpaid interest to, but excluding, the redemption date. The redeemed notes ceased trading and were delisted from the Canadian Securities Exchange as of the close of trading on December 5, 2025. Additional details are available from Odyssey Trust Company.
Positive
- Outstanding debt of US$368.0M fully redeemed
- Total cash outflow for redemption approximately US$373M
- 8.0% coupon notes removed from Trulieve capital structure
Negative
- One-time cash outflow of ~US$373M reduced company liquidity
- Notes delisted from CSE, eliminating that trading venue for creditors
News Market Reaction
On the day this news was published, TCNNF declined 5.61%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
While TCNNF was down about 3.01%, key cannabis and specialty drug peers like GTBIF (+2.4%), NIKA (+3.59%), and CURLF (+1.43%) were positive, pointing to stock‑specific pressure rather than a sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 08 | Debt financing | Neutral | +4.5% | Announced US$100M private placement of 10.5% senior secured notes due 2030. |
| Dec 08 | Debt redemption | Positive | -5.6% | Completed redemption of all US$368M 8.0% senior secured notes due 2026. |
| Dec 03 | License approval | Positive | -1.0% | Received conditional approval for a Texas medical cannabis dispensing license. |
| Nov 05 | Quarterly earnings | Neutral | +2.3% | Reported Q3 2025 results with $288M revenue and strong cash flow metrics. |
| Nov 04 | Redemption notice | Positive | +2.3% | Announced notice of redemption for all US$368M 8.0% 2026 senior secured notes. |
Recent news shows mixed market reactions: positive or strategic items such as note redemptions and license progress sometimes saw negative follow-through, while financing and earnings headlines tended to align with modest gains.
This announcement completes a sequence of balance sheet and strategic actions in late 2025. On Nov 4, Trulieve issued a notice to redeem $368 million of 8.0% 2026 notes, referenced again in its Q3 2025 results alongside $288 million revenue and strong cash flow. The notes were then fully redeemed on Dec 5 using about $373 million in cash. In parallel, the company secured $100 million of new 10.5% senior secured notes and received conditional approval for a Texas medical cannabis license, expanding its regulatory footprint.
Market Pulse Summary
The stock moved -5.6% in the session following this news. A negative reaction despite the completion of the US$368 million note redemption would fit a pattern where the stock has sometimes traded lower on seemingly constructive corporate developments, such as license progress. Investors may have focused on cash usage of about US$373 million or broader sector sentiment. Historical mixed reactions indicate that strategic balance sheet moves alone have not consistently supported price, leaving room for further reassessment.
Key Terms
senior secured notes financial
CUSIP financial
ISIN financial
redemption date financial
AI-generated analysis. Not financial advice.
This press release is for information purposes only and is not an offer to purchase, a solicitation of an offer to sell the Notes or any other securities of the Company.
Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the Company's expectations or forecasts other plans, intentions, expectations, estimates, and beliefs and include statements regarding the trading and delisting of the Notes. 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 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 information and 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 information and statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 and in our periodic reports subsequently filed with the United States Securities and Exchange Commission and in the Company's filings on SEDAR+ at www.sedarplus.ca. There can be no assurance that any forward-looking information and statements herein 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 information and statements. Any forward-looking information and 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 information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and 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
Facebook: @Trulieve
Instagram: @Trulieve
X: @Trulieve
Investor and Media Contact
Christine Hersey, Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
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SOURCE Trulieve Cannabis Corp.
FAQ
What did Trulieve (TCNNF) announce on December 5, 2025 about its 2026 notes?
How much cash did Trulieve (TCNNF) use to redeem its 8.0% notes due 2026?
When did Trulieve's (TCNNF) 8.0% senior secured notes cease trading and get delisted?
What is the principal amount of the redeemed notes for Trulieve (TCNNF)?
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