Trulieve Cannabis Corp.

Trulieve reported second-quarter revenue of $271 million, in line with guidance. Gross profit was $162 million with a 60% gross margin; medical-only revenue was $222 million, up 4% sequentially, and medical-only gross margin was 63%. Adjusted EBITDA was $98 million, representing a 36% margin. Net loss was $406 million, including a $407 million impact from the Harvest deconsolidation and equity investment; excluding non-recurring items, net income would have been $20 million, or $0.11 per share. Operating cash flow was $53 million, free cash flow was $32 million, cash at quarter-end was $325 million, debt was $289 million, and capex was $21 million. For Q3, management expects revenue to be comparable to the $222 million medical-only revenue in Q2 and gross margin to be comparable to 63%. For full-year 2026, operating cash flow is expected to be at least $225 million and capex is expected to be $95 million, up from $85 million.

Kim Rivers framed the quarter as a milestone period because Trulieve was newly listed on the NYSE and benefited from federal rescheduling of state-licensed medical marijuana. Her tone was upbeat and strategic, emphasizing that the company has a strong balance sheet, industry-leading margins, and multiple growth vectors, especially Georgia, Texas, and converting hemp-market customers. She also stressed that Trulieve intends to use its Florida playbook to scale disciplined retail and production capacity in new markets.

Jan Reese focused on the financial bridge from the deconsolidation and the core operating profile. She cited $271 million of revenue, $162 million of gross profit, $98 million of adjusted EBITDA, $53 million of operating cash flow, $21 million of capex, $32 million of free cash flow, $325 million of cash, and $289 million of debt. She noted that the full-year operating cash flow outlook was lowered to at least $225 million because of deconsolidation, while capex was raised to $95 million to fund growth markets and possible Texas investment pending regulatory approvals.

Analysts pressed management on Georgia’s channel mix, cultivation needs, and how quickly patient growth and store count can scale; Kim Rivers said the company expects a blended model across dispensaries, pharmacies, and potentially JV or pharmacy-acquisition structures, not just wholesale. Questions on Texas centered on whether Trulieve plans to build Florida-like scale, and Rivers said the company is “laser focused” on Texas and already has its initial cultivation and production ready, pending final license conversion. On uplisting, management said investor, vendor, and financial-services conversations have improved, but broader institutional participation and index inclusion will take time as compliance teams work through cannabis restrictions.