Trulieve Completes Redemption of All US$368 Million 8.0% Senior Secured Notes due 2026

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.

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

Argus Dec 8 session

-5.61% close to close Open Argus

Details

News Market Reaction – TCNNF

On Dec 8, the day this news came out, TCNNF closed 5.61% below the previous close.

Data tracked by StockTitan Argus for the Dec 8 session.

Market Context

On Dec 8, the day this news came out, the stock closed 5.6% below the previous close. A negative rea...

Analysis

On Dec 8, the day this news came out, the stock closed 5.6% below the previous close. 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 Figures

Redeemed principal: US$368,000,000 Cash used: US$373 million Coupon rate: 8.0% +5 more

Redeemed principal

US$368,000,000

Principal amount of 8.0% senior secured notes due 2026 redeemed

Cash used

US$373 million

Total cash for redemption including accrued and unpaid interest

Coupon rate

8.0%

Interest rate on redeemed senior secured notes

Maturity year

2026

Original due year of redeemed senior secured notes

Redemption date

December 5, 2025

Date on which the notes were redeemed

Trading symbol

TRUL.NT.U

CSE symbol for the redeemed notes before delisting

CUSIP

89788CAD6

CUSIP identifier for the redeemed senior secured notes

ISIN

CA89788CAD61

ISIN identifier for the redeemed senior secured notes

Historical Context

5 past events · Latest: Dec 08

5 events

1. Dec 08

   Debt financing

   24h Move

   +4.5%

   Announced US$100M private placement of 10.5% senior secured notes due 2030.

2. Dec 08

   Debt redemption

   24h Move

   -5.6%

   Completed redemption of all US$368M 8.0% senior secured notes due 2026.

3. Dec 03

   License approval

   24h Move

   -1.0%

   Received conditional approval for a Texas medical cannabis dispensing license.

4. Nov 05

   Quarterly earnings

   24h Move

   +2.3%

   Reported Q3 2025 results with $288M revenue and strong cash flow metrics.

5. Nov 04

   Redemption notice

   24h Move

   +2.3%

   Announced notice of redemption for all US$368M 8.0% 2026 senior secured notes.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior secured notes, CUSIP, ISIN, redemption date

4 terms

senior secured notes financial

"completed the redemption of all US$368,000,000 principal amount of its outstanding 8.0% senior secured notes due 2026"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

CUSIP financial

"8.0% senior secured notes due 2026 (CUSIP: 89788CAD6 / ISIN: CA89788CAD61)"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

ISIN financial

"8.0% senior secured notes due 2026 (CUSIP: 89788CAD6 / ISIN: CA89788CAD61)"

A 12-character International Securities Identification Number (ISIN) is a unique code that acts like a passport for a specific stock, bond or other tradable security so it can be identified worldwide. Investors and systems use it to ensure they are buying, selling and tracking the exact same instrument across exchanges and data feeds, which prevents costly mix-ups and makes portfolio reporting, settlement and regulatory checks simpler and more reliable.

View in glossary

redemption date financial

"accrued and unpaid interest to, but excluding, the redemption date of December 5, 2025"

The redemption date is the specific day when a debt-like security (such as a bond, preferred share, or certificate) must be repaid by the issuer and the investor receives the principal plus any final interest or dividends. It matters to investors because it tells when cash will return, shapes the effective return and price of the security, and creates reinvestment and timing considerations—like knowing when a loan is due so you can plan what to do with the returned money.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TALLAHASSEE, Fla., Dec. 8, 2025 /PRNewswire/ -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced that it has completed the redemption of all US$368,000,000 principal amount of its outstanding 8.0% senior secured notes due 2026 (CUSIP: 89788CAD6 / ISIN: CA89788CAD61) (the "Notes"). Cash used for the redemption was approximately US$373 million, which included the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date of December 5, 2025. The Notes ceased trading on the Canadian Securities Exchange under the symbol "TRUL.NT.U" as of the close of trading on December 5, 2025 and were delisted as of December 5, 2025.  Additional information regarding the redemption of the Notes is available from Odyssey Trust Company.

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 U.S., with 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. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/trulieve-completes-redemption-of-all-us368-million-8-0-senior-secured-notes-due-2026--302634215.html

SOURCE Trulieve Cannabis Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Trulieve (TCNNF) announce on December 5, 2025 about its 2026 notes?

Trulieve completed the redemption of all US$368,000,000 of 8.0% senior secured notes due 2026 on December 5, 2025.

How much cash did Trulieve (TCNNF) use to redeem its 8.0% notes due 2026?

The company used approximately US$373 million, including principal and accrued interest to the redemption date.

When did Trulieve's (TCNNF) 8.0% senior secured notes cease trading and get delisted?

The notes ceased trading and were delisted from the Canadian Securities Exchange as of the close of trading on December 5, 2025.

What is the principal amount of the redeemed notes for Trulieve (TCNNF)?

The redeemed principal amount was US$368,000,000 of 8.0% senior secured notes due 2026.

Where can investors find additional information about Trulieve's (TCNNF) redemption?

Additional information about the redemption is available from Odyssey Trust Company.