Welcome to our dedicated page for Trulieve Cannabis SEC filings (Ticker: TCNNF), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Trulieve Cannabis Corp. filings document the regulatory record of a British Columbia cannabis issuer operating as a vertically integrated multi-state operator in the U.S. Recent Form 8-K reports cover operating results, Regulation FD presentations, material definitive agreements, executive compensation matters, and board or officer transitions.
Proxy filings describe annual meeting matters, director elections, executive compensation, equity awards, and shareholder governance. Debt-related filings disclose senior secured notes due 2030, indenture terms, subsidiary guarantees, and related capital-structure obligations tied to Trulieve and its restricted subsidiaries.
Trulieve Cannabis Corp. filed an initial insider report for Chief Accounting Officer Brett R. Walsh, detailing his existing equity position. He directly holds 111,594 subordinate voting shares and a stock option to buy 7,160 subordinate voting shares at an exercise price of $21.48 per share, expiring on February 24, 2029. Footnotes explain multiple restricted stock unit grants from 2021 through 2025, each vesting over two years in 50% annual installments.
Trulieve Cannabis Corp. is making a planned change in its top accounting role. The company has given Chief Accounting Officer Joy Malivuk notice that her employment will be terminated without cause, with her last day on May 28, 2026 after a 90‑day notice period. She will continue to receive her regular salary and benefits until that date and, afterward, will receive accrued salary and any earned but unpaid annual bonus for the prior fiscal year, plus severance, COBRA subsidies and accelerated vesting of equity awards as described in her employment agreement, subject to a release and other conditions.
Effective February 28, 2026, Trulieve has appointed Brett Walsh as Chief Accounting Officer and principal accounting officer. Under a new employment agreement effective March 5, 2026, he will receive a $245,000 annual base salary, be eligible for an annual bonus targeted at 20% of base salary for fiscal 2025 and 35% starting in fiscal 2026, and participate in equity and benefit plans consistent with senior management. The agreement also provides defined severance, COBRA coverage and equity vesting protections if he is terminated without cause or resigns for good reason, including enhanced benefits following a change of control.
Trulieve Cannabis Corp. files its annual report outlining a large, vertically integrated U.S. cannabis platform operating 233 dispensaries and 15 cultivation/processing facilities across nine states, anchored in Florida, Pennsylvania, and Arizona. The company emphasizes branded retail, vertical integration, and heavy investment in technology, quality, and customer programs.
Recent developments include conditional approval for a medical cannabis dispensing license in Texas and significant balance sheet activity. Trulieve fully redeemed $368.0 million of 8.0% Senior Secured Notes due 2026 and repaid a $15.8 million mortgage, funded in part by new 10.5% Senior Secured Notes due 2030 totaling $200.0 million. The report devotes extensive discussion to U.S. federal illegality, potential rescheduling of cannabis to Schedule III, banking constraints, taxation, and detailed state-by-state regulation, highlighting ongoing legal, competitive, and operational risks.
Trulieve Cannabis Corp. reported largely stable 2025 results, pairing flat revenue with strong profitability metrics and cash generation. Full-year revenue was $1.2 billion, with 94% from retail, and GAAP gross profit reached $711 million for a 60% gross margin.
The company posted a 2025 GAAP net loss attributable to common shareholders of $116 million, while adjusted net loss narrowed to $27 million. Adjusted EBITDA hit a record $427 million, or 36% of revenue. Cash flow from operations was a record $273 million, and free cash flow was $229 million, supporting year-end cash of $256 million.
In the fourth quarter, revenue was $293 million, GAAP gross profit $175 million with a 60% margin, GAAP net loss $43 million, and adjusted EBITDA $105 million (36% margin). The company redeemed $368 million of 2026 notes, repaid a $15.8 million mortgage, and issued $140 million of 2030 notes, ending 2025 with $232 million of debt at a 9.4% rate.
Operationally, Trulieve sold a record 50.1 million branded units, grew its rewards program to 915,000 members, and finished with 233–234 dispensaries and over four million square feet of cultivation and processing capacity. It received conditional approval for a dispensing license in Texas and continues to challenge U.S. tax treatment under Section 280E, with an $668 million uncertain tax position liability; management notes that without 280E, both Q4 and full-year 2025 net income would have been positive.
Trulieve Cannabis Corp. reported executive compensation changes. Effective January 1, 2026, the Compensation Committee raised CEO Kim Rivers’ base salary from $850,000 to $900,000. Chief Production Officer Kyle Landrum’s base salary increased from $350,000 to $375,000, and Chief Technology Officer Nilyum Jhala’s salary also rose from $350,000 to $375,000.
For additional recognition of 2025 performance, Mr. Landrum received an extra 2025 bonus of $25,000, and Mr. Jhala received an extra 2025 bonus of $50,000 for services rendered.
Trulieve Cannabis Corp. has raised an additional U.S. $60 million through a private placement of 10.5% senior secured notes due December 17, 2030, bringing the total notes outstanding to U.S. $200 million. The new notes were priced at U.S. $1,000 plus U.S. $12.37 of accrued interest per U.S. $1,000 of principal.
The notes bear interest at 10.5% per year, paid semi-annually starting June 17, 2026, and are guaranteed by restricted subsidiaries and secured by a pledge of the shares of Trulieve US. They rank senior to Trulieve’s unsecured debt and are subject to covenants restricting additional debt, dividends, asset sales, investments, liens, affiliate transactions, and major corporate reorganizations.
Trulieve may redeem the notes at specified premiums beginning in 2027, and noteholders can require repurchase at 101% of principal upon a change of control. The company intends to use net proceeds for capital expenditures and other general corporate purposes.
Trulieve Cannabis Corp. executive Christine Ann Hersey, Chief Corporate Affairs & Strategy, has filed an initial statement of beneficial ownership. She directly holds 85,173 subordinate voting shares, which include several grants of restricted stock units that vest over multiple years.
Hersey also holds multiple stock options giving her the right to buy Trulieve subordinate voting shares at exercise prices ranging from $3.99 to $47.23, with expiration dates between 2029 and 2032. These options generally vest in annual installments, with portions already exercisable and the remainder scheduled to vest through December 2027.
Trulieve Cannabis Corp. reported that Marex Securities Products Inc. and Marex Group plc beneficially own 9,750,000 subordinate voting shares, representing 5.81% of this class as of the reported event.
The Marex entities have sole power to vote and dispose of these 9,750,000 shares, with no shared voting or dispositive power disclosed. They certify that the shares were not acquired and are not held for the purpose or effect of changing or influencing control of Trulieve Cannabis Corp.
Trulieve Cannabis Corp. issued $140 million of 10.5% senior secured notes maturing on December 17, 2030 in a private placement. The notes were priced at 100% of face value and pay interest semi-annually each June 17 and December 17, starting June 17, 2026.
The notes are guaranteed by restricted subsidiaries, currently including Trulieve, Inc., and are secured by a pledge of shares of Trulieve, Inc. Trulieve may redeem the notes at specified premiums starting December 17, 2027, and holders can require repurchase at 101% of principal plus accrued interest if there is a change of control.
The indenture includes covenants that limit additional indebtedness, liens, dividends, asset sales, certain investments, affiliate transactions and transfers of material permits. Trulieve plans to use the $140 million of gross proceeds for capital expenditures and other general corporate purposes.
Trulieve Cannabis Corp. announced it has received commitments for a private placement of $100 million in 10.5% Senior Secured Notes due on or about December 17, 2030. The Notes will be issued at 100% of face value, rank as senior secured obligations of the company, and carry a 10.5% annual interest rate, payable in equal semi-annual installments until maturity, redemption, or repurchase.
The Notes may be redeemed in whole or in part on or after the date that is two years following the issue date, at redemption prices to be set in a supplemental indenture. Trulieve intends to use the net proceeds from this Offering for capital expenditures and other general corporate purposes. The Notes are being sold in a private offering to qualified institutional buyers, accredited investors, and certain non‑U.S. persons under exemptions from U.S. securities registration requirements.
Trulieve Cannabis Corp. announced it has received commitments for a private placement of $100 million in 10.5% Senior Secured Notes due on or about December 17, 2030. The Notes will be issued at 100% of face value, rank as senior secured obligations of the company, and carry a 10.5% annual interest rate, payable in equal semi-annual installments until maturity, redemption, or repurchase.
The Notes may be redeemed in whole or in part on or after the date that is two years following the issue date, at redemption prices to be set in a supplemental indenture. Trulieve intends to use the net proceeds from this Offering for capital expenditures and other general corporate purposes. The Notes are being sold in a private offering to qualified institutional buyers, accredited investors, and certain non‑U.S. persons under exemptions from U.S. securities registration requirements.