Trulieve Raises $60M in Senior Secured Notes

TALLAHASSEE – Trulieve Cannabis Corp. announced the completion of the second tranche of its private placement of 10.5% senior secured notes due in 2030, generating $60 million in principal.

The closing follows the initial issuance of notes totaling $140 million in December last year, bringing the aggregate principal amount raised through the offering to $200 million. The notes in the second tranche were issued at $1,000 per note plus accrued interest of $12.37 per $1,000 principal from December 17, 2025, to the closing date. They carry the same terms as the earlier tranche, including a 10.5% annual interest rate payable semi-annually and a maturity around December 17, 2030.

The transaction was handled on a best-efforts basis by Canaccord Genuity Corp. as sole agent and bookrunner. Trulieve plans to list the notes on the Canadian Securities Exchange after the four-month statutory hold period expires.

Proceeds from the offering are designated for capital expenditures and general corporate purposes. The move comes after Trulieve redeemed its entire $368 million of higher-cost 8.0% senior secured notes due 2026 in December 2025, using cash on hand and other resources.

This financing step reflects a deliberate effort by Trulieve to manage its debt structure while supporting ongoing operations and potential growth in key markets such as Florida, Arizona, and Pennsylvania, where the company holds leading positions. The 10.5% coupon on the new notes represents a higher borrowing cost compared to what might be available in traditional banking channels, but the Cannabis sector’s federal restrictions continue to limit access to conventional debt markets for many operators.

The company has emphasized operational discipline in recent quarters, generating consistent cash flow from operations that has enabled debt management and investments in retail expansion. This latest debt raise provides additional liquidity without immediate equity dilution, though it adds to long-term obligations at a time when industry participants watch closely for potential federal reforms that could ease financing conditions.

As Trulieve continues to execute its hub-and-spoke strategy across states, the added capital offers flexibility to pursue market opportunities or infrastructure needs. Industry observers will monitor how the company deploys these funds and manages interest expenses in the context of broader sector dynamics.