Trulieve Reports Third Quarter 2025 Results Demonstrating Operational Discipline and Cash Flow Strength
- Third quarter revenue of $288 million, with 59% gross margin
- Year to date cash flow from operations of $214 million and free cash flow of $173 million*
- Sold over 12.5 million branded products in the third quarter, up 7% compared to last year
TALLAHASSEE, Fla., Nov. 5, 2025 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended September 30, 2025. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles (GAAP), unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q3 2025 Financial and Operational Highlights*
- Revenue of $288 million, with 94% of revenue from retail sales.
- Achieved gross margin of 59%, with GAAP gross profit of $170 million.
- Reported net loss attributable to common shareholders of $27 million. Adjusted net loss of $12 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved adjusted EBITDA of $103 million*, or 36% of revenue, up 7% year over year.
- Generated cash flow from operations of $77 million and free cash flow of $64 million*.
- Cash at quarter end was $458 million.
- Added Chief Financial Officer Jan Reese to the leadership team and appointed Matthew Foulston to the Board of Directors.
- Rewards program members reached 820,000 members as of September 30, 2025. Loyalty members accounted for 77% of transactions during the third quarter.
- Launched new Roll One Clutch All In One vapes in Florida, selling out in under two weeks.
- Expanded distribution of Onward premium THC beverages in Florida and Illinois, launched new Upward THC energy drinks, and introduced five new 10mg flavors.
- Opened one dispensary in Cincinnati, Ohio and relocated one dispensary to Bisbee, Arizona.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Recent Developments
- Announced planned redemption of $368 million of senior secured notes due 2026.
- Launched new mobile app serving Florida customers enabling patients to browse and reserve products, view promotions, and check rewards status through a seamless digital experience.
- Currently operate 232 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“Our 2025 strategic plan is delivering results, with demonstrable progress on reform, customers, distribution, and branded products,” said Kim Rivers, Trulieve CEO. “Significant flexibility in our core business and strong cash generation continue to set us apart in a dynamic market.”
Financial Highlights
Original press release