Trulieve Cannabis Corp. TRLV
Trulieve Cannabis Corp. is a reporting issuer in the United States and Canada. The Company's Subordinate Voting Shares (as hereinafter defined) are listed for trading on the Canadian Securities Exchange ("CSE") under the symbol "TRUL" and are also traded in the United States on the OTCQX Best Market ("OTCQX") under the symbol "TCNNF".
The Company qualifies as a well‑known seasoned issuer ("WKSI") under National Instrument 44‑102 ("NI 44-102") and is eligible to file a WKSI base shelf prospectus in Canada. The Company is a well‑known seasoned issuer, an eligible issuer, and is not an investment fund, as defined under NI 44‑102.
Trulieve is a vertically integrated cannabis company and multi-state operator with operations in nine states. Headquartered in Tallahassee, Florida, we are the largest cannabis retailer in the United States with market leading retail operations in Arizona, Florida, Georgia, Pennsylvania, and West Virginia. We are committed to delivering exceptional customer experiences through elevated service and high-quality branded products. We aim to be the brand of choice for medical and adult-use customers in all of the markets that we serve. The Company operates in highly regulated markets that require expertise in cultivation, manufacturing, and retail. We have developed proficiencies in each of these functional areas and are passionate about expanding access to regulated cannabis products through advocacy, education and expansion of our distribution network.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.18B | $1.19B | $1.13B | $1.22B | $931.9M | $521.5M | $252.8M | — |
| Cost of revenue | $470.0M | $470.7M | $540.6M | $529.1M | $365.4M | $135.1M | $61.0M | — |
| Gross profit | $711.2M | $715.7M | $588.6M | $689.1M | $566.6M | $386.4M | $191.8M | — |
| SG&A | $445.2M | $510.5M | $386.2M | $169.5M | $99.5M | $36.1M | $14.1M | — |
| Total operating expenses | $567.7M | $618.0M | $810.2M | $639.0M | $362.5M | $168.1M | $78.6M | — |
| Operating income | $143.5M | $97.8M | -$221.6M | $50.2M | $204.1M | $218.3M | $113.3M | — |
| Interest expense | $63.5M | $62.2M | $81.6M | $73.4M | $29.1M | $20.2M | $9.1M | — |
| Pre-tax income | $91.5M | $42.7M | -$284.5M | -$19.2M | $176.2M | $157.4M | $103.7M | — |
| Income tax | $208.1M | $197.6M | $151.4M | $163.4M | $145.7M | $94.5M | $50.6M | — |
| Net income | -$116.4M | -$155.1M | -$526.8M | -$246.1M | $18.0M | $63.0M | $53.1M | — |
| EPS, basic | -0.58 | -0.79 | -2.28 | -0.95 | 0.22 | 0.55 | 0.48 | — |
| EPS, diluted | -0.58 | -0.79 | -2.28 | -0.95 | 0.21 | 0.53 | 0.46 | — |
| Shares, diluted (wtd. avg.) | 191.3M | 190.0M | 189.0M | 188.0M | 146.8M | 118.3M | 115.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $255.5M | $238.8M | $201.4M | $207.2M | $226.6M | $146.7M | $91.8M | — |
| Short-term investments | $0 | $60.4M | $0 | — | — | — | — | — |
| Receivables | $10.5M | $8.3M | $6.7M | $6.5M | $8.9M | $308.0K | — | — |
| Inventory | $242.3M | $231.4M | $213.1M | $276.5M | $212.2M | $98.3M | — | — |
| Total current assets | $562.7M | $604.6M | $477.3M | $593.5M | $524.4M | $261.5M | — | — |
| Property, plant and equipment | $670.4M | $716.1M | $676.4M | $743.3M | $779.9M | $314.0M | — | — |
| Goodwill | $483.9M | $483.9M | $483.9M | $791.5M | $765.4M | $67.2M | $7.3M | — |
| Other intangibles | $798.4M | $859.5M | $917.2M | $984.8M | $1.12B | $92.6M | $30.0M | — |
| Total assets | $2.70B | $2.87B | $2.73B | $3.40B | $3.41B | $809.8M | — | — |
| Accounts payable | $26.8M | $20.2M | $28.2M | $15.9M | $14.8M | $9.2M | — | — |
| Total current liabilities | $126.9M | $138.5M | $114.8M | $210.3M | $168.9M | $76.1M | — | — |
| Long-term debt | $136.7M | $364.8M | $363.2M | $541.7M | $462.9M | — | — | — |
| Total liabilities | $1.55B | $1.62B | $1.32B | $1.47B | $1.26B | $361.9M | — | — |
| Retained earnings | -$912.1M | -$795.7M | -$640.6M | -$113.8M | $137.7M | $119.7M | — | — |
| Total equity | $1.14B | $1.25B | $1.41B | $1.93B | $2.15B | $447.9M | $132.9M | $78.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $272.8M | $271.5M | $201.8M | $23.1M | $12.9M | $99.6M | $19.1M | — |
| Depreciation and amortisation | — | — | — | $76.4M | $34.8M | $21.1M | $9.3M | — |
| Stock-based compensation | $20.5M | $20.2M | $10.6M | $18.1M | $9.3M | $2.8M | — | — |
| Capital expenditure | $44.2M | $122.6M | $40.2M | $164.7M | $275.9M | $99.9M | $71.8M | — |
| Investing cash flow | $13.5M | -$206.6M | -$37.5M | -$215.1M | -$215.2M | -$174.7M | -$94.7M | — |
| Financing cash flow | -$270.5M | -$33.4M | -$175.6M | $177.8M | $289.2M | $129.9M | $143.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001754195-26-000025.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $252.8M | $521.5M | $931.9M | $1.22B | $1.13B | $1.19B | $1.18B |
| Gross profit | — | $191.8M | $386.4M | $566.6M | $689.1M | $588.6M | $715.7M | $711.2M |
| Net income | — | $53.1M | $63.0M | $18.0M | -$246.1M | -$526.8M | -$155.1M | -$116.4M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Shareholder vote Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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