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olivLaw · US equity research

Trulieve Cannabis Corp. TRLV

Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)

11.60USD+0.52% · 1 dayClose 04 Nov 2026

Trulieve is a vertically integrated cannabis company operating across several US states and presenting itself as the largest cannabis retailer in the United States. Revenue in fiscal 2025 was 1.18 billion USD, and in the first quarter of 2026 it reached 287 million USD. The company is relevant now because the reclassification of medical marijuana to Schedule III could open new operating opportunities.

At the close of 04 Nov 2026, Trulieve Cannabis Corp. (TRLV) stock was 11.60 USD (+0.52% on the day), with market capitalisation 2.2 bn USD, beta 0.52, 52-week range 4.76–13.00 USD. Latest reported quarter (Q2 2026): revenue of 271.0 m USD (−10.3% YoY), net income of -406.1 m USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.2 bn USD
shares as of 30 Jun 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.58 · TTM to 31 Dec 2025
E/P (TTM)
-5.00%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.52
Volatility (1y) 101%
52-week range
4.7613.00

Price history

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Technical reading

RSI (14)
59.8
strong (55–70)
Bollinger (20, 2)
9.74 – 11.50
above the upper band · %B 1.05 · band width 16.6%
SMA 50 / 200
11.21 / 8.86
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.05 / -0.08
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+8.9%−1.1%+10.0 pp—
3 months+37.4%−0.5%+37.9 pp—
6 months+18.5%+4.4%+14.1 pp—
Year to date+33.5%+12.3%+21.2 pp—
1 year+75.2%+13.5%+61.7 pp−39.5%
3 years+142.9%+76.4%+66.5 pp−45.3%
5 years−58.6%+63.7%−122.2 pp—
Max drawdown (1y)
−54.4%
17 Dec 2025 → 30 Mar 2026
Max drawdown (5y)
−89.6%
12 Nov 2021 → 04 Apr 2025
Compound annual growth (5y)
−16.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
271.0 m USD
−10.3% YoY
Net income
-406.1 m USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
-149.9% / -136.7%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue284.3 m301.1 m297.8 m302.1 m288.2 m293.1 m286.8 m271.0 m
Cost of revenue111.0 m114.1 m114.5 m119.2 m118.3 m118.0 m116.7 m108.7 m
Gross profit173.3 m187.0 m183.2 m182.9 m169.9 m175.2 m170.1 m162.3 m
SG&A148.6 m157.9 m118.8 m101.1 m99.0 m126.3 m104.9 m101.8 m
Operating income618.0 k1.3 m33.3 m52.6 m42.2 m15.3 m35.7 m-370.5 m
Depreciation & amortisation28.3 m28.6 m29.3 m29.4 m29.5 m29.4 m29.7 m25.7 m
Interest expense17.5 m14.6 m16.3 m16.4 m16.1 m14.7 m13.3 m12.8 m
Pre-tax income-12.8 m-12.9 m20.3 m38.9 m29.3 m2.9 m25.2 m-383.4 m
Income tax47.4 m47.6 m52.5 m54.7 m53.0 m47.9 m21.9 m22.0 m
Net income-61.6 m-62.5 m-33.8 m-16.1 m-28.8 m-43.6 m2.3 m-406.1 m
Diluted EPS-0.32-0.33 ≈-0.16-0.08 ≈-0.15 ≈-0.23 ≈——
Operating cash flow30.3 m ≈30.7 m51.1 m86.1 m ≈76.4 m ≈59.2 m55.7 m53.1 m ≈
Capex38.1 m ≈42.7 m16.9 m11.6 m ≈12.3 m ≈3.4 m13.5 m21.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20192020⚠ 20212022202320242025
Revenue252.8 m521.5 m931.9 m1.2 bn1.1 bn1.2 bn1.2 bn
Revenue YoYunavailable+106.3%—+30.7%−7.3%+5.1%−0.4%
Net income53.1 m63.0 m17.4 m-252.7 m-533.1 m-160.6 m-122.2 m
Net income YoYunavailable+18.7%—−1,548.7%unavailableunavailableunavailable
Diluted EPS0.460.530.21-0.95-2.28-0.79-0.58
Diluted EPS YoYunavailable+15.2%—−552.4%unavailableunavailableunavailable
net %21.0%12.1%1.9%-20.7%-47.2%-13.5%-10.3%
Free cash flow-52.8 m-298.0 k-263.0 m-141.7 m161.6 m148.9 m228.6 m

The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
255.5 m USD
Financial debt
136.7 m USD
Net debt
-118.8 m USD
Equity
1.1 bn USD
Total assets
2.7 bn USD
Debt / equity
0.12x
Current ratio
4.43x
ROE
-10.2%
ROA
-4.4%
FCF margin
19.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.1 bn
2024
1.2 bn
2025
1.2 bn

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
540.6 m
2024
470.7 m
2025
470.0 m

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
588.6 m
2024
715.7 m
2025
711.2 m

SEC (XBRL)· 26 Feb 2026verified

SG&A
2023
386.2 m
2024
510.5 m
2025
445.2 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
-221.6 m
2024
97.8 m
2025
143.5 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
109.8 m
2024
112.8 m
2025
117.6 m

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2023
-111.8 m ≈
2024
210.6 m ≈
2025
261.1 m ≈

SEC (XBRL)· 26 Feb 2026derived

Interest expense
2023
81.6 m
2024
62.2 m
2025
63.5 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
-284.5 m
2024
42.7 m
2025
91.5 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
151.4 m
2024
197.6 m
2025
208.1 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
-533.1 m
2024
-160.6 m
2025
-122.2 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
-2.28
2024
-0.79
2025
-0.58

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
189.0 m
2024
190.0 m
2025
191.3 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
201.4 m
2024
238.8 m
2025
255.5 m

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
6.7 m
2024
8.3 m
2025
10.5 m

SEC (XBRL)· 26 Feb 2026verified

Inventories
2023
213.1 m
2024
231.4 m
2025
242.3 m

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
477.3 m
2024
604.6 m
2025
562.7 m

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
676.4 m
2024
716.1 m
2025
670.4 m

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
483.9 m
2024
483.9 m
2025
483.9 m

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
917.2 m
2024
859.5 m
2025
798.4 m

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
2.7 bn
2024
2.9 bn
2025
2.7 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
28.2 m
2024
20.2 m
2025
26.8 m

SEC (XBRL)· 26 Feb 2026verified

Long-term debt
2023
363.2 m
2024
364.8 m
2025
136.7 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
114.8 m
2024
138.5 m
2025
126.9 m

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
1.3 bn
2024
1.6 bn
2025
1.6 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
1.4 bn
2024
1.2 bn
2025
1.1 bn

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
201.8 m
2024
271.5 m
2025
272.8 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
40.2 m
2024
122.6 m
2025
44.2 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
161.6 m ≈
2024
148.9 m ≈
2025
228.6 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-37.5 m
2024
-206.6 m
2025
13.5 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-175.6 m
2024
-33.4 m
2025
-270.5 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-0.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-1.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
17.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
46.8%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
53.6%
computed by olivLawFY 2025

Profitability

Gross margin
59.5%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-14.3%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-24.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
-41.8%
computed by olivLawTTM to 30 Jun 2026
FCF margin
17.1%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-48.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-19.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-25.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-14.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-129.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-4.9x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
5.9x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
4.0x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
3.4x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
244.4 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
50.2 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
194.2 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
2 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
169 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
56 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
116 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
2.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
2.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-21.3%
computed by olivLawTTM to 30 Jun 2026
P/B
2.9x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
2.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
1.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
11.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
8.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

11.60 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.2 bn USD

Key indicators

Market capitalisation
2.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
2.9x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-48.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-41.8%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-0.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 959derived 80

Score by group

44% · Insufficient data

Estimated value range

Low
15.86
USD per share
Mid
19.07
USD per share
High
24.20
USD per share
Price: 11.60 USD
The price is below the range
Potential to the central value: 64.4% (value / price − 1)
Margin of safety: 39.2% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.86 – 24.20 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)15.86 – 24.20 (Mid 19.07)
    WACC 9.0% · starting FCFF 242.0 m USD · terminal value share of EV 73%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -21.5%
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Medicinal Chemicals & Botanical Products (SIC 2833)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Quality-25.6%0 (vs peers)24%
Net margin · Quality-41.8%13 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-1.0%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-4.9x0 (on a fixed band)14%
Current ratio · Balance sheet5.9x100 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation8.7%100 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality5/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial100/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

TRULIEVE CANNABIS CORP. (TRLV). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth -0.4%; net margin -41.8%; ROE -48.2%.

The estimated value range is 15.86–24.20 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 19.07 USD, the price of 11.60 USD leaves a potential of 64.4% (value / price − 1) and a margin of safety of 39.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 5.9x
  • FCF yield: 8.7%
  • The price is below the estimated value range

What contradicts it

  • ROIC: -25.6%
  • Net margin: -41.8%
  • Revenue CAGR 3Y: -1.0%
  • Interest coverage: -4.9x

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 companies

Multiples and returns vs the median

P/E
—
vertical median 13.1x
EV/EBITDA
—
vertical median —
P/S
2.0x
vertical median 0.4x
above median (+402.1%)
P/B
2.9x
vertical median 0.5x
above median (+479.2%)
ROE
-48.2%
vertical median -7.3%
below median
Net margin
-41.8%
vertical median -6.9%
below median
EBIT margin
-24.3%
vertical median -1.4%
below median
Revenue YoY
-0.4%
vertical median 4.3%
below median (−110.4%)
Net debt/EBITDA
—
vertical median -0.9x
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TRLVTrulieve Cannabis Corp.2.2 bn—-48.2%-41.8%−0.4%+75% / +143%
TLRYTilray Brands, Inc.437.5 m—-10.4%-17.1%+11.5%−63% / −84%
USNAUsana Health Sciences, Inc.264.8 m—-4.2%-2.4%unavailable−28% / −70%
NAGENiagen Bioscience, Inc.199.6 m21.313.3%8.4%+29.9%−63% / +81%
MDWDMediwound Ltd.182.3 m—-63.9%-140.8%−16.1%−21% / +59%
FTLFFitlife Brands, Inc.76.8 m13.114.1%6.2%+26.4%−56% / −15%
BTMDbiote Corp.71.6 m11.8—3.2%−2.5%−55% / −75%
NAIINatural Alternatives International, Inc.24.3 m—-35.0%-14.5%+9.7%−70% / −81%
MTEXMannatech Inc16.7 m—-1,490.1%-6.9%−8.3%−8% / −3%
BONBon Natural Life Limited4.4 m—-3.9%-10.7%−21.7%−39% / −99%
CRONCronos Group Inc.——6.5%39.1%+24.6%+42% / +74%
CGCCanopy Growth Corp——-39.9%-79.2%+5.8%−36% / −87%
ACBAurora Cannabis Inc——0.3%0.5%+27.3%+14% / +14%
GLASGlass House Brands Inc.——-31.2%-16.3%−9.4%−57% / −45%
SNDLSNDL Inc.——-1.4%-1.7%+2.8%−20% / −1%
IMCCIM Cannabis Corp.——-1,496.2%-20.7%+1.3%−99% / −99%

1- and 3-year price returns: for TRLV from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Trulieve is a vertically integrated cannabis company operating across several US states and presenting itself as the largest cannabis retailer in the United States. Revenue in fiscal 2025 was 1.18 billion USD 1, and in the first quarter of 2026 it reached 287 million USD 3. The company is relevant now because the reclassification of medical marijuana to Schedule III could open new operating opportunities 2.

    SWOT

    Strengths

    • The company holds a strong retail position and vertical integration that gives control over quality and the supply chain 1.
    • Results for the first quarter of 2026 included positive net income and positive operating cash flow 3.
    • The loyalty program and own brands support customer loyalty 13.

    Weaknesses

    • Revenue declined slightly in 2025 and price compression weighed on retail 1.
    • Debt and uncertain tax position liabilities remain significant on the balance sheet 3.
    • The number of dispensaries fell between December 2025 and June 2026 12.

    Opportunities

    • The rescheduling of medical marijuana and DEA registration could open new opportunities 2.
    • Entry into Texas and expanded production could add a new market 12.
    • Markets with expanding medical programs could support volume growth 2.

    Threats

    • The federal legal framework remains uncertain, and the classification review could change the rules 23.
    • Competition and price pressure could reduce margins 1.
    • Banking restrictions and the tax regime could limit financing and operations 1.

    Risks

    • Federal illegalityhigh

      Cannabis remains illegal in certain respects under federal law, which could lead to proceedings against the company 1.

    • Limited banking accessmedium

      Banks and card networks often refuse cannabis businesses, which could force cash-only operations 1.

    • Tax uncertaintyhigh

      The position on Section 280E and uncertain tax liabilities could generate additional costs 13.

    • Competition and pricingmedium

      Entry of better financed competitors could intensify pressure on prices and margins 1.

    • Indebtednessmedium

      Secured notes and other debt could limit financial flexibility if results decline 13.

    Investment thesis

    What would need to be true (bull case)

    • If federal rescheduling translates into easier operations, the company could benefit from its strong retail position and vertical integration.
    • First quarter 2026 results showed positive profit and operating cash flow, which could support investment.
    • Entry into new markets such as Texas could add medium-term growth.

    What would break the thesis

    • If price pressure continues, retail revenue could remain under pressure.
    • Tax uncertainty and debt could limit the capacity to invest.
    • The reduction in the number of dispensaries shows that expansion could be more fragile than it appears.

    What to watch

    • Completion of DEA registrations for medical operations2026
    • Quarterly results and gross margin trendQ3 2026
    • Final Texas licensenext 10-K
    • Developments in the Section 280E tax positionnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Trulieve produces, processes and sells medical and adult-use cannabis through its own network of dispensaries and through wholesale distribution channels 1. As of December 31, 2025 it operated 233 dispensaries and 15 cultivation and processing facilities in nine states 1. By June 30, 2026 the number of dispensaries had fallen to 206 and the company operated in four states, according to its latest quarterly report 2.

    The company is organized into three regional hubs, Southeast, Northeast and Southwest, each anchored in key markets 1. In the first quarter of 2026 retail accounted for 92% of revenue and gross margin was 59% 3. The vertically integrated supply chain gives the company control over product quality and brand experience 1.

    Segments

    Wholesale and other revenue

    Wholesale and other revenue rose in 2025 thanks to new and expanded relationships with partners in Maryland, Ohio and Pennsylvania 1. The segment is smaller but offers a route to broader distribution 1.

    Market context

    Medical cannabis is legal in all states where the company operates, and adult-use cannabis is legal in 24 states plus the District of Columbia 1. The market remains fragmented, with small and regional operators, but high entry barriers due to the limited number of licenses 1.

    The rescheduling of medical marijuana to Schedule III and the broader expedited review of marijuana classification could change the registration and operating framework in coming years 23. The outcome depends on completing DEA approvals and later decisions by federal authorities 2.

    Competitive position

    Competition comes from local and regional operators, other multi-state operators entering the company's markets, as well as the illicit market and intoxicating hemp products 1. The company says larger and better financed competitors could materially affect its business 1.

    • Other multi-state cannabis operators

      Operators competing directly in several of the company's markets, according to the annual report.

    • Regional and single-state operators

      Companies localized in a single state or region, making up most of the direct competition.

    • The illicit cannabis market

      Indirect competition that affects sales through unlicensed products.

    • Intoxicating hemp product makers and retailers

      Indirect competition from substitute products.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report11 Aug 2026
      Material agreement · Item 3.02 · Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
    • Quarterly report07 Aug 2026
    • Current report07 Aug 2026
      Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
    • Current report05 Aug 2026
      Shareholder vote · Financial statements and exhibits
    • Current report02 Jul 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Proxy statement25 Jun 2026
    • Current report12 Jun 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Current report11 Jun 2026
      Shareholder vote · Financial statements and exhibits
    • Current report09 Jun 2026
      Other events · Financial statements and exhibits
    • Current report04 Jun 2026
      Material agreement · Acquisition or disposition of assets · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Trulieve Cannabis Corp. · 26 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Trulieve Cannabis Corp. · 07 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Trulieve Cannabis Corp. · 07 May 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.