Trulieve Cannabis Corp ( Delaware )
trulieve.comWhat Do They Do?
Sells cannabis products through its dispensaries to medical patients and adult-use customers, and supplies wholesale buyers.
10-K for FY2025, filed Feb 26, 2026Trulieve is a vertically integrated cannabis company and multi-state operator with operations in nine states. Headquartered in Tallahassee…View ↗
In Florida and Georgia, Trulieve cultivates, processes, and manufactures all cannabis products sold in our dispensaries. In other markets…View ↗
Trulieve produces high quality cannabis flower and uses a variety of processes to transform biomass into products sold through our retail…View ↗
How Do They Make Money?
Retail customers pay at the point of sale; wholesale buyers pay upon delivery or within a specified time period under the company's credit policy.
10-K for FY2025, filed Feb 26, 2026Revenue from retail sales of cannabis to customers for a fixed price is recognized when the Company transfers control of the goods to the…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$1.2B
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10-K for FY2025, filed Feb 26, 2026
$1.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Retail
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
94%
FY2022: 95%
|
Retail, FY2025
$1.1B Sources
|
Sold outright |
|
Wholesale and other
Sold outright
|
6.0%
FY2022: 4.9%
|
Wholesale and other, FY2025
$70.7M Sources
|
Sold outright |
Who Are Their Customers?
Medical patients and adult-use customers buy through Trulieve dispensaries; wholesale partners buy through its distribution channels.
10-K for FY2025, filed Feb 26, 2026Trulieve is a vertically integrated cannabis company and multi-state operator with operations in nine states. Headquartered in Tallahassee…View ↗
Distribution of branded products through our branded retail locations is a core driver of our long-term strategy. We have developed and…View ↗
The increase in wholesale and other revenue was driven primarily by new and expanded relationships with wholesale partners, resulting in…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $122.2M in FY2025, but brought in more cash than it spent: $228.6M of free cash flow.
10-K for FY2025, filed Feb 26, 2026
$143.5MView ↗
10-K for FY2025, filed Feb 26, 2026
−$122.2MView ↗
10-K for FY2025, filed Feb 26, 2026
$228.6MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 7, 2026
−$406.1MView ↗
- ▲ +2420% (Loss)
- vs −$16.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
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Jun 4, 2026
Separates Harvest's mixed-use cannabis business from Trulieve's medical operations
Harvest holds the former mixed-use business; Trulieve retains non-voting units and provides services under an agreement either party can terminate.
Sources
8-K, filed Jun 4, 2026
On June 3, 2026, Trulieve Cannabis Corp. (the “Company”) and its indirect wholly-owned subsidiary, Harvest Enterprises Holdings, Inc.…View ↗
Growing. Revenue grew 27% in 4 years, from $931.9M in FY2021 to $1.2B in FY2025, about 6% a year.
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