Trulieve Reports Q3 2025 Financial Results

TALLAHASSEE – Trulieve Cannabis Corp. disclosed third-quarter results showing revenue of $288 million, edging up 1% from the year-ago period but dipping 5% from the second quarter. The figures highlight a push toward tighter operations and liquidity in a fragmented industry, with the company ending the period with $458 million in cash.

Gross profit stood at $170 million, delivering a 59% margin [a tick lower than the 61% posted a year earlier] amid ongoing wholesale price squeezes and input costs. Adjusted EBITDA climbed 7% annually to $103 million, equating to 36% of revenue, as operating expenses fell 26% to $128 million, thanks to cuts in administrative and one-off charges.

The net loss for common shareholders shrank to $27 million, or 11 cents per share, from $60 million last year; on an adjusted basis, it was $12 million. For the first nine months, revenue held steady at $888 million, while operating cash flow hit $214 million and free cash flow reached $173 million, metrics that afford Trulieve room to redeem $368 million in 2026 notes.

Branded product sales topped 12.5 million units, a 7% rise year over year, fueled by quick sellouts of new Roll One vapes in Florida and broader rollout of Onward THC drinks plus Upward energy variants in Florida and Illinois. The loyalty program swelled to 820,000 members, powering 77% of transactions. Trulieve added a Cincinnati dispensary, relocated one in Arizona, and rolled out a Florida-focused mobile app for reservations and rewards tracking. It now runs 232 stores with more than four million square feet of grow and processing capacity.

“Our 2025 strategic plan is delivering results, with demonstrable progress on reform, customers, distribution, and branded products,” CEO Kim Rivers stated.

These outcomes signal stability over surge for Trulieve, whose 60% year-to-date gross margin and 36% EBITDA rate exceed many rivals’ benchmarks, even as mature markets like Florida face saturation. With federal rescheduling talks dragging, the firm’s $449 million in cash equivalents as of September 30 provides a war chest for selective growth.

Wrapping up, this quarter reinforces Trulieve’s bet on execution: stacking cash in the short term to fund bets on longer federal horizons, where patience may yet pay dividends in a field prone to fits and starts.