Trulieve Cannabis Corp Reports Q2 2025 Financial Results

TALLAHASSEE – Trulieve Cannabis Corp., a major player in the U.S. Cannabis market, announced its financial and operational results for the second quarter of 2025, ending June 30, showcasing resilience and strategic progress.

The company generated $302 million in revenue, nearly identical to the previous year, with retail sales comprising 94% of the total. This stability reflects Trulieve’s focus on its core markets and operational efficiency, despite a reported net loss.

Financially, Trulieve achieved a gross margin of 61%, up slightly from 60% in Q2 2024, translating to a GAAP gross profit of $183 million. Adjusted EBITDA rose 3% year-over-year to $111 million, representing 37% of revenue. The company’s cash position remained robust, with $401 million on hand at quarter’s end, bolstered by $86 million in operating cash flow and $75 million in free cash flow for the quarter. For the first half of 2025, operating cash flow reached $137 million, with free cash flow at $108 million. However, Trulieve reported a net loss of $14 million, or an adjusted net loss of $8 million after excluding non-recurring charges and impairments.

Operationally, Trulieve sold over 12.5 million branded products, a 9% increase from the prior year, underscoring strong consumer demand. Its rewards program grew to 725,000 members, driving 71% of transactions, a testament to customer loyalty. The company expanded its footprint by opening three new dispensaries in Oakland Park and St. Petersburg, Florida, and Lorain, Ohio, bringing its total to 231 retail locations nationwide. Trulieve also maintains over four million square feet of cultivation and processing capacity, supporting its vertically integrated model.

Recent initiatives include the launch of Redemption Cannabis products in West Virginia and expanded distribution of Onward premium THC beverages in Florida and Illinois, alongside new Upward THC energy drinks. Trulieve also supported Mission [Green], a social justice initiative via The Weldon Project, promoting equity for those impacted by Сannabis prohibition through its “Roll-Up for Justice” campaign.

From a financial perspective, Trulieve’s results reflect a balanced approach to growth and fiscal discipline in a competitive market. The company’s ability to maintain revenue stability, improve margins, and generate significant cash flow signals operational strength, though the net loss indicates ongoing challenges in achieving profitability. Investors may find reassurance in Trulieve’s cash reserves and brand momentum, but the adjusted net loss suggests careful monitoring of cost management moving forward.

As the U.S. Сannabis industry navigates regulatory shifts and market dynamics, Trulieve’s focus on customer engagement, retail expansion, and product innovation positions it to capitalize on emerging opportunities. Its performance in Q2 2025 offers a snapshot of a company leveraging scale and loyalty to maintain its foothold, with an eye toward sustainable growth.