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.
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