Trulieve Reports Second Quarter 2026 Results

Rhea-AI Summary

Trulieve (NYSE: TRLV) reported Q2 2026 revenue of $271 million, down 10% year-over-year and 6% sequentially, with 60% gross margin and GAAP gross profit of $162 million. Retail accounted for 94% of revenue. Adjusted net income was $20 million ($0.11 per diluted share) and adjusted EBITDA was $98 million, a 36% margin.

GAAP net loss attributable to common shareholders was $406 million ($2.10 per share), mainly reflecting a $403.3 million loss on the deconsolidation of Harvest. For the first half of 2026, cash flow from operations totaled $109 million and free cash flow $74 million, with quarter-end cash of $325 million.

The company listed on the New York Stock Exchange under the ticker TRLV, completed deconsolidation of Harvest’s mixed medical and adult-use operations, filed DEA applications for state-licensed medical operations after federal rescheduling to Schedule III, authorized a share repurchase program of up to the lesser of $50 million or 8,495,038 subordinate voting shares, began shipping to licensed independent pharmacies in Georgia, and opened five new Florida dispensaries. Trulieve now operates 207 dispensaries and 3.5 million square feet of cultivation and processing capacity in the U.S.

Positive

• Adjusted net income of $20 million in Q2 2026 vs. a $8 million loss in Q2 2025
• Adjusted diluted EPS of $0.11 in Q2 2026 vs. $(0.04) in Q2 2025
• Adjusted EBITDA of $98 million in Q2 2026, a 36% margin on revenue
• Operating cash flow of $108.8 million and free cash flow of $74 million in first half 2026
• Quarter-end cash balance of $325.4 million as of June 30, 2026
• Share repurchase authorization up to the lesser of $50 million or 8,495,038 subordinate voting shares
• NYSE listing achieved under ticker TRLV, expanding access to U.S. equity markets
• Retail footprint at 207 dispensaries with 3.5 million square feet of cultivation and processing capacity

Negative

• Revenue decline of 10% year-over-year and 6% sequentially in Q2 2026 to $271 million
• GAAP net loss of $406 million in Q2 2026, including a $403.3 million loss on the Harvest deconsolidation
• Adjusted EBITDA down 11% year-over-year in Q2 2026 to $98 million
• Operating expenses increased to $533 million in Q2 2026 from $130 million in Q2 2025, driven by the deconsolidation loss
• Equity decreased to $765.9 million at June 30, 2026 from $1,143.0 million at December 31, 2025
• Uncertain tax position liabilities remain high at $598.2 million as of June 30, 2026
• Operating cash flow for Q2 2026 declined to $53.1 million from $86.1 million in Q2 2025

Market Context

The platform's -5.06% reaction on August 5 offers a relevant historical comparison for this earnings...

Analysis

The platform's -5.06% reaction on August 5 offers a relevant historical comparison for this earnings release. Adjusted profitability and cash generation should be weighed against the reported GAAP loss and deconsolidation impact; insider Net Selling adds risk.

Key Figures

Revenue: $271 million Gross Margin: 60% Net Loss: $406 million or $2.10 per share +5 more

8 metrics

Revenue $271 million Q2 2026; 10% below Q2 2025

Gross Margin 60% Q2 2026

Net Loss $406 million or $2.10 per share Q2 2026; includes $407 million Harvest deconsolidation and equity investment impact

Adjusted Net Income $20 million or $0.11 per share Q2 2026

Adjusted EBITDA $98 million or 36% of revenue Q2 2026

Operating Cash Flow $53 million Q2 2026

Cash Balance $325 million Cash at quarter end

Share Repurchase Program Up to $50 million or 8,495,038 shares Q2 2026 announcement

Historical Context

5 past events · Latest: Aug 05 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 05	Conference participation	Neutral	-5.1%	Conference participation announcement preceded a negative 24-hour price reaction of -5.06%.
Jul 16	Dispensary opening	Positive	-2.5%	New dispensary opening preceded a negative 24-hour price reaction of -2.55%.
Jul 10	Earnings call scheduling	Neutral	-2.5%	Second-quarter results call scheduling preceded a negative 24-hour price reaction of -2.49%.
Jul 10	Corporate recognition	Positive	-2.5%	TIME recognition announcement preceded a negative 24-hour price reaction of -2.49%.
Jul 01	Program launch	Positive	-3.0%	Georgia program launch and first sale preceded a negative 24-hour price reaction of -2.95%.

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

Pattern Detected

Trulieve's five recent news events were followed by negative 24-hour price reactions, indicating repeated divergence from generally positive or neutral announcements.

Key Terms

gaap, adjusted ebitda, free cash flow, deconsolidation, +1 more

5 terms

gaap financial

"in accordance with U.S. Generally Accepted Accounting Principles (GAAP)"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

adjusted ebitda financial

"Achieved adjusted EBITDA of $98 million*, or 36% of revenue."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"free cash flow of $32 million*."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

deconsolidation financial

"includes the deconsolidation of Harvest on June 3, 2026"

Deconsolidation occurs when a company stops combining another business’s financial results and balances with its own—usually because it no longer controls that business. For investors this matters because it can suddenly shrink reported revenue, assets, debt and profit, or create a one‑time gain or loss, changing how risky or profitable the remaining company appears; think of it like removing a roommate from a shared household budget and seeing your monthly totals change.

schedule iii regulatory

"rescheduling of medical marijuana to Schedule III"

A Schedule III classification is a regulatory category for drugs and substances that have a recognized medical use but a moderate risk of dependence or abuse, placing them between higher-risk controlled drugs and over-the-counter medicines. For investors, this matters because it shapes how a product can be manufactured, prescribed, marketed and distributed — affecting potential sales, regulatory hurdles, labeling requirements and legal exposure in the market; think of it as a middle level of control that influences commercial access and compliance costs.

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

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• Second quarter revenue of $271 million, with 60% gross margin
• Cash flow from operations of $109 million and free cash flow of $74 million* in first half of 2026
• First U.S. Cannabis Company listed on New York Stock Exchange under ticker "TRLV"

TALLAHASSEE, Fla., Aug. 7, 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 June 30, 2026. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles (GAAP), unless otherwise indicated. Numbers may not sum perfectly due to rounding. Second quarter 2026 results include both Trulieve and Harvest operations until the deconsolidation of Harvest on June 3, 2026, and Trulieve medical only operations for the remainder of June. 

Q2 2026 Financial and Operational Highlights*

• Revenue of $271 million, with 94% of revenue from retail sales.
• Achieved gross margin of 60%, with GAAP gross profit of $162 million.
• Reported net loss attributable to common shareholders of $406 million or $2.10 per share, includes $407 million impact from the Harvest deconsolidation and equity investment. Adjusted net income of $20 million* or $0.11 per share, excludes non-recurring charges, asset impairments, disposals, unconsolidated entity, deconsolidation transaction, and discontinued operations.
• Achieved adjusted EBITDA of $98 million*, or 36% of revenue.
• Generated cash flow from operations of $53 million and free cash flow of $32 million*.
• Cash at quarter end was $325 million.
• Filed applications to register state licensed medical marijuana operations with the Drug Enforcement Agency following federal rescheduling of medical marijuana to Schedule III.
• Completed deconsolidation of Harvest mixed medical and adult use state operations.
• Listed on the New York Stock Exchange under ticker TRLV.
• Announced share repurchase program up to the lesser of $50 million or 8,495,038 subordinate voting shares.
• Began shipment of medical cannabis products to licensed independent pharmacies in Georgia.
• Opened four dispensaries in Belleview, Boca Raton, Lutz, and Tallahassee, Florida.

*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for Non-GAAP metrics.

Recent Developments

• Obtained shareholder and Board approval for the concurrent domestication of the Company to Delaware and continuance out of British Columbia.
• Commemorated Georgia medical cannabis program expansion on July 1 with new product launches and onsite activations across our dispensary network.
• Named to TIME's America's Best Companies 2026 List.
• Opened one dispensary in Marco Island, Florida.
• Currently operate 207 retail dispensaries and 3.5 million square feet of cultivation and processing capacity in the United States.

Management Commentary

"We made history this quarter as the first U.S. cannabis company to list on the New York Stock Exchange following rescheduling of medical marijuana," said Kim Rivers, Trulieve CEO. "With broader cannabis rescheduling and state program expansion in markets like Georgia and Texas on the horizon, Trulieve is well positioned to leverage its scale, financial strength, and branded products to drive future growth."

Financial Highlights*

Results of Operations	For the Three Months Ended								For the Six Months Ended
(Figures in millions except per share data)	June 30, 2026†		June 30, 2025		% Better/ (Worse)	March 31, 2026		% Better/ (Worse)	June 30, 2026†		June 30, 2025		% Better/ (Worse)
Revenue	$	271	$	302	(10 %)	$	287	(6 %)	$	558	$	600	(7 %)
Gross profit	$	162	$	183	(11 %)	$	170	(5 %)	$	332	$	366	(9 %)
Gross margin %		60 %		61 %			59 %			60 %		61 %
Operating expenses	$	533	$	130	NMF	$	134	NMF	$	667	$	280	(138 %)
Operating expenses %		197 %		43 %			47 %			120 %		47 %
Net (loss) income**	$	(406)	$	(14)	NMF	$	2	NMF	$	(404)	$	(47)	NMF
Net (loss) income continuing operations	$	(405)	$	(16)	NMF	$	3	NMF	$	(402)	$	(48)	NMF
Adjusted net income (loss)	$	20	$	(8)	NMF	$	20	1 %	$	41	$	(11)	NMF
Diluted shares outstanding		193		191			198			193		191
Diluted EPS continuing operations	$	(2.10)	$	(0.07)	NMF	$	0.02	NMF	$	(2.09)	$	(0.23)	NMF
Adjusted Diluted EPS	$	0.11	$	(0.04)	NMF	$	0.10	4 %	$	0.21	$	(0.06)	NMF
Adjusted EBITDA	$	98	$	111	(11 %)	$	100	(2 %)	$	198	$	220	(10 %)
Adjusted EBITDA Margin %		36 %		37 %			35 %			36 %		37 %

NMF - No Meaningful Figure

†Q2:26 reported results reflect the deconsolidation of Harvest on June 3, 2026.

*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for Non-GAAP metrics.

**Net (loss) income attributable to common shareholders which excludes non-controlling interest.

Conference Call

The Company will host a conference call and live audio webcast on August 7, 2026, at 8:30 A.M. Eastern time, to discuss its second 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: 9497090
International: 1-412-542-4136		Passcode: 9497090

A live audio webcast of the conference call will be available at:

Trulieve Second 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 June 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)
	June 30, 2026		December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$          325.4		$          255.5
Accounts receivable, net	3.9		10.5
Inventories	186.9		242.3
Income tax receivable	0.2		8.5
Notes receivable - current portion, net	0.1		1.2
Prepaid expenses	20.7		18.3
Other current assets	4.7		25.5
Management services agreement receivable, related party	22.9		—
Assets associated with discontinued operations	—		0.9
Total current assets	564.8		562.7
Property and equipment, net	584.0		670.4
Right of use assets - operating, net	86.1		108.3
Right of use assets - finance, net	54.8		60.0
Intangible assets, net	300.4		798.4
Goodwill	325.6		483.9
Notes receivable, net	0.5		0.5
Investment in Harvest	152.5		—
Other assets	8.7		10.0
Long-term assets associated with discontinued operations	—		1.9
TOTAL ASSETS	$        2,077.4		$        2,696.1
LIABILITIES
Current Liabilities:
Accounts payable and accrued liabilities	$           61.5		$           82.7
Deferred revenue	7.0		9.6
Notes payable - current portion	4.2		4.1
Operating lease liabilities - current portion	11.3		13.0
Finance lease liabilities - current portion	10.1		10.7
Construction finance liabilities - current portion	0.6		2.4
Contingencies	0.3		0.8
Liabilities associated with discontinued operations	—		3.7
Total current liabilities	95.1		126.9
Long-Term Liabilities:
Notes payable, net	89.4		90.8
Private placement notes, net	195.8		136.7
Operating lease liabilities	85.8		107.9
Finance lease liabilities	59.8		64.1
Construction finance liabilities	120.2		133.8
Deferred tax liabilities	57.2		178.0
Uncertain tax position liabilities	598.2		668.4
Other long-term liabilities	10.0		11.4
Long-term liabilities associated with discontinued operations	—		34.9
TOTAL LIABILITIES	$        1,311.5		$        1,553.1
EQUITY
Common shares, no par value; unlimited shares authorized. 192,382,935, and 192,307,145 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	$              —		$              —
Additional paid-in-capital	2,083.2		2,073.4
Accumulated deficit	(1,315.7)		(912.1)
Non-controlling interest	(1.6)		(18.2)
TOTAL EQUITY	765.9		1,143.0
TOTAL LIABILITIES AND EQUITY	$        2,077.4		$        2,696.1

 

Trulieve Cannabis Corp. Condensed Consolidated Statements of Operations (Unaudited) (in millions, except for share data)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$    271.0		$    302.1		$    557.7		$    599.8
Cost of goods sold	108.7		119.2		225.3		233.7
Gross profit	162.3		182.9		332.4		366.1
Expenses:
Selling, general, and administrative	101.8		101.1		206.7		219.9
Depreciation and amortization	25.7		29.4		55.5		58.8
Loss (gain) on disposal or impairment of assets	2.0		(0.3)		1.7		1.5
Loss on deconsolidation transaction	403.3		—		403.3		—
Total expenses	532.8		130.3		667.2		280.2
(Loss) income from operations	(370.5)		52.6		(334.8)		86.0
Other income (expense):
Interest expense, net	(12.8)		(16.4)		(26.1)		(32.7)
Interest income	3.1		3.6		5.7		6.7
Equity in net loss of Harvest	(3.3)		—		(3.3)		—
Other income (expense), net	0.1		(1.0)		0.2		(0.7)
Total other expense, net	(12.9)		(13.7)		(23.4)		(26.7)
(Loss) income before provision for income taxes	(383.4)		38.9		(358.2)		59.2
Provision for income taxes	22.0		54.7		43.8		107.2
Net loss from continuing operations	(405.4)		(15.8)		(402.0)		(48.0)
Net loss from discontinued operations, net of tax benefit (provision) of $237, $(441), $597, and $(441) respectively, attributable to common shareholders	(0.7)		(0.3)		(1.8)		(1.9)
Net loss	(406.1)		(16.1)		(403.8)		(49.9)
Less: net loss attributable to non-controlling interest from continuing operations	(0.1)		(2.3)		(0.2)		(3.2)
Net loss attributable to common shareholders	$   (406.0)		$     (13.8)		$   (403.6)		$     (46.7)
Earnings Per Share
Net loss per share - Continuing operations:
Basic and diluted	$     (2.10)		$     (0.07)		$     (2.09)		$     (0.23)
Net loss per share - Discontinued operations:
Basic and diluted	$     (0.00)		$     (0.00)		$     (0.01)		$     (0.01)
Weighted average number of common shares used in computing net loss per share:
Basic and diluted	192.7		191.2		192.6		191.2

 

Trulieve Cannabis Corp. Condensed Consolidated Statements of Cash Flows (Unaudited) (in millions)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cash flows from operating activities
Net loss	$      (406.1)		$        (16.1)		$      (403.8)		$        (49.9)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	25.7		29.4		55.5		58.8
Depreciation included in cost of goods sold	13.4		13.7		27.4		27.6
Loss on deconsolidation transaction	403.3		—		403.3		—
Equity in net loss of Harvest	3.3		—		3.3		—
Impairment and disposal of long-lived assets, net of recoveries	2.0		(2.0)		1.7		(0.2)
Gain from disposal of discontinued operations	—		—		—		—
Share-based compensation	6.9		6.8		11.1		10.7
Deferred income taxes	(10.8)		(5.3)		(19.1)		(9.9)
Other non-cash changes	3.5		7.3		6.7		12.3
Changes in operating assets and liabilities:
Inventories	6.0		(2.2)		6.0		(10.1)
Accounts receivable	1.1		(0.8)		(2.7)		(3.4)
Other assets	(28.4)		7.0		(30.7)		(1.0)
Accounts payable and accrued liabilities	5.4		(11.6)		(3.4)		(11.8)
Income tax receivable / payable	(0.6)		1.3		1.1		2.7
Uncertain tax position liabilities	32.9		58.7		61.0		114.4
Other liabilities	(4.6)		(6.0)		(8.5)		(8.7)
Proceeds received from insurance for operating expenses	—		5.7		—		5.7
Net cash provided by operating activities	53.1		86.1		108.8		137.2
Cash flows from investing activities
Capital expenditures	(21.0)		(16.0)		(34.5)		(36.8)
Maturities of short-term investments	—		—		—		60.0
Cash disposed in deconsolidation transaction	(58.4)		—		(58.4)		—
Other proceeds	4.5		7.4		4.8		11.4
Other purchases and payments	—		—		—		(0.2)
Net cash (used in) provided by investing activities	(74.9)		(8.6)		(88.0)		34.4
Cash flows from financing activities
Proceeds from long-term borrowings	—		—		60.7		—
Payments on long-term borrowings	(1.7)		(3.6)		(3.7)		(5.5)
Payments for debt issuance costs	—		—		(1.3)		—
Other payments and distributions	(2.8)		(2.2)		(5.4)		(4.6)
Payments for taxes related to net share settlement of equity awards	(1.3)		(0.1)		(1.3)		(0.3)
Net cash provided by (used in) financing activities	(5.7)		(5.8)		49.1		(10.3)
Net increase in cash and cash equivalents, and restricted cash	(27.5)		71.6		69.9		161.3
Cash, cash equivalents, and restricted cash, beginning of period	352.9		329.4		255.5		239.7
Cash, cash equivalents, and restricted cash, end of period	$       325.4		$       401.0		$       325.4		$       401.0

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

Non-GAAP Financial Measures (Unaudited)

In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow.

The Company calculates EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA margin as adjusted EBITDA as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net income (loss) divided by diluted shares outstanding; and free cash flow as cash flow from operations less capital expenditures.

Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

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

The following table presents a reconciliation of GAAP net (loss) income 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 Six Months Ended
	June 30, 2026		June 30, 2025		March 31, 2026		June 30, 2026		June 30, 2025
Net (loss) income attributable to common shareholders	$	(406.0)	$	(13.8)	$	2.4	$	(403.6)	$	(46.7)
Add (deduct) impact of:
Interest expense, net	$	12.8	$	16.4	$	13.3	$	26.1	$	32.7
Interest income	$	(3.1)	$	(3.6)	$	(2.7)	$	(5.7)	$	(6.7)
Provision for income taxes	$	22.0	$	54.7	$	21.9	$	43.8	$	107.2
Depreciation and amortization	$	25.7	$	29.4	$	29.7	$	55.5	$	58.8
Depreciation included in cost of goods sold	$	13.4	$	13.7	$	14.0	$	27.4	$	27.6
EBITDA (Non-GAAP)	$	(335.2)	$	96.8	$	78.6	$	(256.5)	$	172.8
EBITDA Margin (Non-GAAP)		NMF		32 %		27 %		NMF		29 %
Loss (gain) on disposal or impairment of assets	$	2.0	$	(0.3)	$	(0.3)	$	1.7	$	1.5
Campaign and political contributions	$	4.7	$	4.4	$	9.5	$	14.3	$	27.4
Acquisition, transaction, and other non-recurring costs	$	12.3	$	1.6	$	7.4	$	19.8	$	4.7
Share-based compensation	$	6.9	$	6.8	$	4.1	$	11.1	$	10.7
Other (income) expense, net	$	(0.1)	$	1.0	$	(0.1)	$	(0.2)	$	0.7
Equity in net loss of Harvest	$	3.3	$	—	$	—	$	3.3	$	—
Loss on deconsolidation transaction	$	403.3	$	—	$	—	$	403.3	$	—
Discontinued operations, net of tax, attributable to common shareholders	$	0.7	$	0.3	$	1.1	$	1.8	$	1.9
Adjusted EBITDA (Non-GAAP)	$	98.0	$	110.6	$	100.4	$	198.4	$	219.8
Adjusted EBITDA Margin (Non-GAAP)		36 %		37 %		35 %		36 %		37 %
NMF – No Meaningful Figure

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

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

	For the Three Months Ended						For the Six Months Ended
(Amounts expressed in millions of United States dollars)	June 30, 2026		June 30, 2025		March 31, 2026		June 30, 2026		June 30, 2025
Net (loss) income attributable to common shareholders	$	(406.0)	$	(13.8)	$	2.4	$	(403.6)	$	(46.7)
Net loss from discontinued operations, net of tax, attributable to common shareholders	$	0.7	$	0.3	$	1.1	$	1.8	$	1.9
Net (loss) income from continuing operations available to common shareholders	$	(405.3)	$	(13.5)	$	3.5	$	(401.8)	$	(44.7)
Add (deduct) impact of:
Loss (gain) on disposal or impairment of assets	$	2.0	$	(0.3)	$	(0.3)	$	1.7	$	1.5
Campaign and political contributions	$	4.7	$	4.4	$	9.5	$	14.3	$	27.4
Acquisition, transaction, and other non-recurring costs	$	12.3	$	1.6	$	7.4	$	19.8	$	4.7
Equity in net loss of Harvest	$	3.3	$	—	$	—	$	3.3	$	—
Loss on deconsolidation transaction	$	403.3	$	—	$	—	$	403.3	$	—
Adjusted net income (loss) (Non-GAAP)	$	20.4	$	(7.7)	$	20.2	$	40.6	$	(11.1)

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

The following table presents a reconciliation of GAAP net (loss) income 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 Six Months Ended
(Amounts expressed are per share except for shares which are in millions)	June 30, 2026		June 30, 2025		March 31, 2026		June 30, 2026		June 30, 2025
Net (loss) income attributable to common shareholders	$	(2.11)	$	(0.07)	$	0.01	$	(2.10)	$	(0.24)
Net loss from discontinued operations, net of tax, attributable to common shareholders	$	0.00	$	0.00	$	0.01	$	0.01	$	0.01
Net (loss) income from continuing operations available to common shareholders	$	(2.10)	$	(0.07)	$	0.02	$	(2.09)	$	(0.23)
Add (deduct) impact of:
Loss (gain) on disposal or impairment of assets	$	0.01	$	(0.00)	$	(0.00)	$	0.01	$	0.01
Campaign and political contributions	$	0.02	$	0.02	$	0.05	$	0.07	$	0.14
Acquisition, transaction, and other non-recurring costs	$	0.06	$	0.01	$	0.04	$	0.10	$	0.02
Equity in net loss of Harvest	$	0.02	$	—	$	—	$	0.02	$	—
Loss on deconsolidation transaction	$	2.09	$	—	$	—	$	2.09	$	—
Adjusted net income (loss) (Non-GAAP)	$	0.11	$	(0.04)	$	0.10	$	0.21	$	(0.06)
Diluted shares outstanding		192.7		191.2		197.8		192.6		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 Six Months Ended
(Amounts expressed in millions of United States dollars)	June 30, 2026		June 30, 2025		March 31, 2026		June 30, 2026		June 30, 2025
Cash flow from operating activities	$	53.1	$	86.1	$	55.7	$	108.8	$	137.2
Capital expenditures	$	(21.0)	$	(16.0)	$	(13.5)	$	(34.5)	$	(36.8)
Free cash flow (Non-GAAP)	$	32.1	$	70.1	$	42.2	$	74.4	$	100.4

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.

FAQ

How did Trulieve (NYSE: TRLV) perform financially in Q2 2026?

Trulieve reported Q2 2026 revenue of $271 million, with GAAP gross profit of $162.3 million and a 60% gross margin. According to Trulieve, adjusted net income was $20 million, adjusted diluted EPS was $0.11, and adjusted EBITDA reached $98 million, a 36% margin.

Why did Trulieve (TRLV) report a $406 million net loss in Q2 2026?

Trulieve recorded a GAAP net loss attributable to common shareholders of $406 million in Q2 2026. According to Trulieve, this includes a $403.3 million loss on the deconsolidation of Harvest, which significantly impacted operating expenses and overall net results for the quarter.

How did Trulieve’s Q2 2026 revenue compare year-over-year and quarter-over-quarter?

Trulieve’s Q2 2026 revenue of $271 million declined 10% from $302 million in Q2 2025 and 6% from $287 million in Q1 2026. According to Trulieve, retail sales represented 94% of revenue while maintaining a 60% gross margin in the quarter.

What were Trulieve’s cash flow and liquidity metrics for the first half of 2026?

For the first half of 2026, Trulieve generated $108.8 million in cash flow from operations and $74 million in free cash flow. According to Trulieve, cash, cash equivalents, and restricted cash totaled $325.4 million at June 30, 2026, providing liquidity for ongoing operations and investments.

What is Trulieve’s share repurchase program announced in Q2 2026?

Trulieve announced a share repurchase program authorizing buybacks of up to the lesser of $50 million or 8,495,038 subordinate voting shares. According to Trulieve, this program provides flexibility to return capital to shareholders, subject to market conditions and applicable regulatory requirements and approvals.

What does Trulieve’s NYSE listing under ticker TRLV mean for investors?

Trulieve became the first U.S. cannabis company listed on the New York Stock Exchange under ticker TRLV. According to Trulieve, the NYSE listing may broaden access to institutional and retail investors by providing trading on a major U.S. exchange with increased visibility and liquidity.

How large is Trulieve’s retail and cultivation footprint as of Q2 2026?

As of Q2 2026, Trulieve operated 207 retail dispensaries and 3.5 million square feet of cultivation and processing capacity in the United States. According to Trulieve, recent openings included locations in Marco Island, Belleview, Boca Raton, Lutz, and Tallahassee, Florida.