Trulieve Cannabis Corp. (TRLV)

Price$12.11Cached quoteAs of 2026-09-06 07:31 UTC

AI: Fair-priced

Price checkThe stock looks reasonably valued after a sharp rerating, with catalysts balanced by substantial legacy risks.

Trulieve Cannabis Corp. is confirmed as NYSE: TRLV. The market value is roughly $2.36 billion, while June cash exceeded conventional notes payable; that supports the equity value. However, the shares have recently traded near the top of their one-year range, and the cleaner post-Harvest medical business is smaller than historical consolidated revenue. With strong margins and tax relief offset by restructuring noise and legacy tax exposure, valuation looks neither obviously cheap nor stretched.

Big pictureCash generation is strong, but reported growth is shrinking because restructuring changed what Trulieve consolidates.

Second-quarter revenue was $271 million, down 10% year over year, and adjusted EBITDA was $98 million. Operating cash flow was $53 million and free cash flow was $32 million, meaning cash remained after capital spending. For the first half, free cash flow reached $74 million. Medical-only operations showed about $222 million of quarterly revenue and a 63% gross margin. Cannabis demand is year-round but seasonal promotions, pricing, regulation, and state-by-state market changes can make results uneven.

Business strengthLiquidity is solid and margins are high, though expensive debt, tax claims, and dilution still matter.

At June 30, Trulieve held $325 million of cash against about $289 million of notes payable. The 2030 private notes carry 10.5% stated interest. It also carried lease and construction-finance obligations and a $598 million uncertain tax-position liability, mostly tied to disputed historical Section 280E treatment. Current medical operations no longer record that punitive tax burden, improving future cash economics. Share count was broadly stable, but 7.8 million unvested RSUs and 5.3 million options could dilute owners over time.

What could change the storyBull case needs regulatory gains and medical expansion; bear case centers on taxes, execution, and softer demand.

Bull case: Georgia and Texas expansion, wider Schedule III treatment, and better investor access after the NYSE listing could lift growth, lower taxes, and support a higher valuation. The company also authorized up to $50 million of buybacks, though none had been completed by June 30. Bear case: legacy tax disputes consume cash, medical-only growth disappoints, Harvest’s retained 90% economic interest proves less valuable than expected, or competitive pricing compresses margins. Those outcomes would make the current valuation look too optimistic.

AI: News

Dunwoody dispensary opensTrulieve announced a new Georgia medical dispensary, extending its Metro Atlanta patient-access footprint.

On September 4, Trulieve announced the opening of a medical cannabis dispensary in Dunwoody, Georgia, with a grand-opening event set for September 10. The location broadens its presence in DeKalb County and supports the company’s strategy of expanding medical-only operations in growth markets. This is a modest near-term revenue addition, but it matters because Georgia is one of the medical markets Trulieve retained after the Harvest restructuring.

Delaware redomicile completedTrulieve completed its move from British Columbia to Delaware while keeping its NYSE listing unchanged.

On August 11, Trulieve completed its corporate redomicile from British Columbia to Delaware after shareholder approval and a British Columbia court order. The company said the move should improve access to U.S. investors and broaden potential index eligibility. Operationally, this does not change dispensary economics, but it simplifies the corporate structure around a U.S.-focused business and may improve market accessibility for institutional investors.

Second-quarter resultsQuarterly cash flow stayed healthy, while a Harvest deconsolidation charge drove a large reported loss.

On August 7, Trulieve reported second-quarter revenue of $271 million, a 60% gross margin, adjusted EBITDA of $98 million, and $32 million of free cash flow. A roughly $403 million loss on deconsolidating Harvest drove a much larger GAAP loss, so headline earnings were not representative of ongoing operations. The quarter also confirmed $325 million of cash and highlighted the shift toward medical-only consolidated operations.

Buyback program authorizedThe board authorized a meaningful repurchase program, signaling capital-return intent while preserving investment flexibility.

On June 9, Trulieve authorized repurchases of up to the lesser of $50 million or about 8.5 million subordinate voting shares over 12 months. Management framed the program as flexible capital allocation rather than a fixed commitment. By June 30, no repurchases had occurred. The authorization can support per-share value if used at attractive valuations, but cash deployment competes with debt service, expansion spending, and unresolved tax liabilities.

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Net income

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Free cash flow

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$1.18B	$1.19B	$1.13B	$1.22B	$931.9M	$521.5M	$252.8M
Gross profit	$711.2M	$715.7M	$588.6M	$689.1M	$566.6M	$386.4M	$191.8M
Gross margin	60.21%	60.32%	52.13%	56.57%	60.80%	74.09%	75.88%
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
Operating margin	12.15%	8.24%	−19.63%	4.12%	21.90%	41.86%	44.80%
EBITDA	$261.1M	$210.6M	−$111.8M	$166.5M	$249.8M	$230.9M	$118.3M
EBITDA margin	22.11%	17.75%	−9.90%	13.67%	26.81%	44.27%	46.81%
Net income	−$122.2M	−$160.6M	−$533.1M	−$252.7M	$17.4M	$63.0M	$53.1M
Net profit margin	−10.35%	−13.53%	−47.21%	−20.75%	1.87%	12.08%	21.00%
Basic EPSper basic share	-$0.58	-$0.79	-$2.28	-$0.95	$0.22	$0.55	$0.48
Diluted EPSper diluted share	-$0.58	-$0.79	-$2.28	-$0.95	$0.21	$0.53	$0.46

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of TRLV
Holder	Shares held
AdvisorShares Investments LLC	10.64M
CANTOR FITZGERALD, L. P.	7.5M
NOMURA HOLDINGS INC	5.07M
Marex Group Ltd	3.25M
ING GROEP NV	2.67M
OAKMONT Corp	1.51M
JANE STREET GROUP, LLC	1.21M
PICTON MAHONEY ASSET MANAGEMENT	838.09K
Anson Funds Management LP	524.5K
iA Global Asset Management Inc.	522.99K
Verition Fund Management LLC	500K
MONTANOVA CAPITAL, LLC	356.1K
Murchinson Ltd.	355.2K
Purpose Unlimited Inc.	342.56K
Cresset Asset Management, LLC	284.49K
Proficio Capital Partners LLC	201.93K
Manatuck Hill Partners, LLC	200K
NewGen Asset Management Ltd	200K
HighTower Advisors, LLC	156.49K
OLD MISSION CAPITAL LLC	149.39K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys18$547.7K disclosed value

Sells (SEC code S)7$14.66M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4 · 10b5-1	Rivers Kim A.Chairman and CEO	SellSubordinate Voting Shares	136.8K	$8.76	$1.20M	1.48M
Jun 25, 2026Form 4 · 10b5-1	Rivers Kim A.Chairman and CEO	SellSubordinate Voting Shares	300.0K	$8.17	$2.45M	1.61M
Jun 24, 2026Form 4 · 10b5-1	Rivers Kim A.Chairman and CEO	SellSubordinate Voting Shares	400.0K	$8.17	$3.27M	1.91M
Jun 23, 2026Form 4 · 10b5-1	Rivers Kim A.Chairman and CEO	SellSubordinate Voting Shares	380.0K	$8.47	$3.22M	2.31M
Jun 22, 2026Form 4 · 10b5-1	Rivers Kim A.Chairman and CEO	SellSubordinate Voting Shares	204.8K	$9.35	$1.92M	2.69M