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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, FL – November 5, 2025 – 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*
Results of OperationsFor the Three Months EndedFor the Nine Months Ended
(Figures in millions except per share data) September 30, 2025September 30, 2024% Better / (Worse)June 30, 2025% Better / (Worse)September 30, 2025September 30, 2024% Better / (Worse)
Revenue$288$2841%$302(5%)$888$885—%
Gross profit$170$173(2%)$183(7%)$536$5291%
Gross margin %59%61%61%60%60%
Operating expenses$128$17326%$1302%$408$4326%
Operating expenses %44%61%43%46%49%
Net loss**$(27)$(60)55%$(14)(95%)$(73)$(95)23%
Net loss continuing operations$(24)$(60)61%$(16)(50%)$(72)$(94)24%
Adjusted net (loss) income$(12)$(12)(5%)$(8)(61%)$(24)$(22)(8%)
Basic and diluted shares outstanding191190191191190
EPS continuing operations$(0.11)$(0.32)64%$(0.07)(62%)$(0.35)$(0.52)34%
Adjusted EPS$(0.07)$(0.06)(5%)$(0.04)(61%)$(0.12)$(0.12)(7%)
Adjusted EBITDA$103$967%$111(7%)$322$3094%
Adjusted EBITDA Margin %36%34%37%36%35%

*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
**Net loss attributable to common shareholders which excludes non-controlling interest.

Conference Call
The Company will host a conference call and live audio webcast on November 5, 2025, at 8:30 A.M. Eastern time, to discuss its third quarter 2025 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.
North American toll free: 1-844-824-3830Passcode: 9870622
International: 1-412-542-4136Passcode: 9870622
A live audio webcast of the conference call will be available at:
Trulieve Third Quarter 2025 Results Call
A powerpoint presentation and archived replay of the webcast will be available at:
https://investors.trulieve.com/events
The Company’s Form 10-Q for the quarter ended September 30, 2025 will be available on the SEC’s website or at https://investors.trulieve.com/quarterly-results. The Company’s Management's Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company’s profile on https://www.sedarplus.ca and on its website at https://investors.trulieve.com/quarterly-results. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.


Trulieve Cannabis Corp.
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except for share data)
September 30,
2025		December 31,
2024
ASSETS
Current Assets:
Cash and cash equivalents$449.2 $238.8 
Short-term investments— 60.4 
Restricted cash - current0.9 0.9 
Accounts receivable, net10.5 8.3 
Inventories243.3 231.4 
Income tax receivable7.4 10.0 
Prepaid expenses 20.7 23.0 
Other current assets22.1 26.2 
Notes receivable - current portion, net1.6 4.8 
Assets associated with discontinued operations0.9 0.9 
Total current assets756.4 604.6 
Property and equipment, net694.0 716.1 
Right of use assets - operating, net110.7 119.5 
Right of use assets - finance, net60.9 64.4 
Intangible assets, net815.3 859.5 
Goodwill483.9 483.9 
Restricted cash7.5 — 
Notes receivable, net0.5 0.5 
Other assets10.4 19.8 
Long-term assets associated with discontinued operations1.9 2.0 
TOTAL ASSETS$2,941.6 $2,870.3 
LIABILITIES
Current Liabilities:
Accounts payable and accrued liabilities$81.3 $94.0 
Deferred revenue8.9 8.0 
Notes payable - current portion3.7 3.4 
Operating lease liabilities - current portion12.8 12.1 
Finance lease liabilities - current portion10.4 9.5 
Construction finance liabilities - current portion2.3 1.9 
Contingencies0.8 6.3 
Liabilities associated with discontinued operations3.9 3.1 
Total current liabilities124.1 138.5 
Long-Term Liabilities:
Private placement notes, net366.1 364.8 
Notes payable, net107.7 111.9 
Operating lease liabilities110.5 117.5 
Finance lease liabilities65.2 67.7 
Construction finance liabilities134.3 135.5 
Deferred tax liabilities181.9 196.5 
Uncertain tax position liabilities616.3 445.2 
Other long-term liabilities11.8 5.0 
Long-term liabilities associated with discontinued operations37.4 38.6 
TOTAL LIABILITIES$1,755.3 $1,621.2 
SHAREHOLDERS’ EQUITY
Common stock, no par value; unlimited shares authorized. 191,144,583 and 191,005,940 shares issued and outstanding as of September 30,
2025 and December 31, 2024, respectively.
$— $— 
Additional paid-in-capital2,073.0 2,057.0 
Accumulated deficit(869.2)(795.7)
Non-controlling interest(17.5)(12.3)
TOTAL SHAREHOLDERS’ EQUITY1,186.3 1,249.0 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$2,941.6 $2,870.3 


Trulieve Cannabis Corp.
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except for share data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenue$288.2 $284.3 $888.0 $885.3 
Cost of goods sold118.3 111.0 352.0 356.6 
Gross profit169.9 173.3 536.0 528.7 
Expenses:
Selling, general, and administrative99.0 148.6 318.9 352.5 
Depreciation and amortization29.5 28.3 88.2 84.2 
Impairment and other charges, net of (recoveries)(0.9)(4.3)0.7 (4.4)
Total expenses127.6 172.7 407.8 432.3 
Income from operations42.2 0.6 128.2 96.5 
Other income (expense):
Interest expense, net(16.1)(17.5)(48.8)(47.6)
Interest income4.4 4.2 11.1 11.5 
Other expense, net(1.2)(0.2)(2.0)(4.8)
Total other expense, net(12.9)(13.5)(39.7)(40.9)
Income (loss) before provision for income taxes29.3 (12.8)88.5 55.6 
Provision for income taxes53.0 47.4 160.2 150.0 
Net loss from continuing operations(23.7)(60.2)(71.7)(94.4)
Net loss from discontinued operations, net of tax benefit (provision) of $0, $0, $(441), and $0, respectively(5.0)(1.6)(7.0)(4.6)
Net loss(28.8)(61.9)(78.7)(99.0)
Less: net loss attributable to non-controlling interest from continuing operations(1.9)(1.7)(5.2)(3.7)
Net loss attributable to common shareholders$(26.8)$(60.2)$(73.5)$(95.3)
Earnings Per Share
Net loss per share - Continuing operations:
Basic and diluted$(0.11)$(0.32)$(0.35)$(0.52)
Net loss per share - Discontinued operations:
Basic and diluted$(0.03)$(0.01)$(0.04)$(0.02)
Weighted average number of common shares used in computing net loss per share:
Basic and diluted191.2190.2191.2190.0


Trulieve Cannabis Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Cash flows from operating activities
Net loss$(28.8)$(61.9)$(78.7)$(99.0)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization29.5 28.3 88.2 84.2 
Depreciation included in cost of goods sold13.9 13.3 41.5 40.1 
Impairment and other charges, net of (recoveries)2.6 (4.3)2.5 (4.4)
Share-based compensation5.8 5.5 16.5 15.6 
Deferred income taxes(4.7)(6.2)(14.7)(2.7)
Other non-cash changes3.7 3.2 16.0 14.1 
Changes in operating assets and liabilities:
Inventories(1.8)(13.3)(11.9)(8.3)
Accounts receivable— (1.5)(3.4)(0.7)
Other assets4.7 3.8 3.3 (7.0)
Accounts payable and accrued liabilities0.3 4.9 (11.6)4.6 
Income tax receivable / payable(0.1)0.5 2.6 (4.3)
Other liabilities(4.9)2.5 (13.7)(1.1)
Uncertain tax position liabilities56.6 51.0 171.1 203.8 
Proceeds received from insurance for operating expenses— 4.4 5.7 5.9 
Net cash provided by operating activities76.8 30.3 213.6 240.8 
Cash flows from investing activities
Purchases of property and equipment(12.3)(38.1)(40.8)(79.9)
Purchases of internal use software(4.3)(6.8)(12.6)(18.3)
Purchases of short-term investments— (80.0)— (80.0)
Maturities of short-term investments(0.4)— 60.0 — 
Other purchases and payments0.1 (7.1)(0.1)(7.6)
Other proceeds1.5 0.5 12.9 2.4 
Net cash provided by (used in) investing activities(15.4)(131.5)19.4 (183.4)
Cash flows from financing activities
Payments on long-term borrowings(2.0)(2.3)(7.5)(6.4)
Payments for taxes related to net share settlement of equity awards(0.2)(12.2)(0.5)(12.3)
Other payments and distributions(2.6)(1.9)(7.1)(11.7)
Proceeds from equity exercises— — — 0.2 
Other proceeds— — — 3.0 
Net cash used in financing activities(4.8)(16.4)(15.1)(27.1)
Net increase in cash, cash equivalents, and restricted cash56.6 (117.5)217.9 30.3 
Cash, cash equivalents, and restricted cash, beginning of period401.0 356.1 239.7 208.0 
Cash and cash equivalents of discontinued operations, beginning of period— — — 0.3 
Less: cash and cash equivalents of discontinued operations, end of period— — — — 
Cash, cash equivalents, and restricted cash, end of period$457.6 $238.6 $457.6 $238.6 

The condensed consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.


Non-GAAP Financial Measures (Unaudited)
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net (loss) income, adjusted net (loss) income per diluted share, and free cash flow.
The Company calculates EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA margin as adjusted EBITDA as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net income (loss) divided by basic and diluted shares outstanding; and free cash flow as cash flow from operations less capital expenditures.
Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.




Reconciliation of Non-GAAP EBITDA and Adjusted EBITDA (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP EBITDA and Adjusted EBITDA for each of the periods presented:
(Amounts expressed in millions of United States dollars)
Three Months EndedFor the Nine Months Ended
September 30, 2025September 30, 2024June 30, 2025September 30, 2025September 30, 2024
Net loss attributable to common shareholders$(26.8)$(60.2)$(13.8)$(73.5)$(95.3)
Add (deduct) impact of:
Interest expense, net$16.1$17.5$16.4$48.8$47.6
Interest income$(4.4)$(4.2)$(3.6)$(11.1)$(11.5)
Provision for income taxes$53.0$47.4$54.7$160.2$150.0
Depreciation and amortization$29.5$28.3$29.4$88.2$84.2
Depreciation included in cost of goods sold$13.9$13.3$13.7$41.5$40.1
EBITDA (Non-GAAP)$81.3$42.1$96.8$254.1$215.0
EBITDA Margin (Non-GAAP)28%15%32%29%24%
Impairment and other charges, net of (recoveries)$(0.9)$(4.3)$(0.3)$0.7$(4.4)
Campaign and political contributions$6.3$48.4$4.4$33.7$62.7
Acquisition, transaction, and other non-recurring costs$3.8$2.6$1.6$8.5$10.6
Share-based compensation$5.8$5.5$6.8$16.5$15.6
Other expense (income), net$1.2$0.2$1.0$2.0$4.8
Discontinued operations, net of tax, attributable to common shareholders$5.0$1.6$0.3$7.0$4.6
Adjusted EBITDA (Non-GAAP)$102.7$96.1$110.6$322.5$308.8
Adjusted EBITDA Margin (Non-GAAP)36%34%37%36%35%















Reconciliation of Non-GAAP Adjusted Net (Loss) Income (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP adjusted net (loss) income, for each of the periods presented:
For the Three Months EndedFor the Nine Months Ended
(Amounts expressed in millions of United States dollars) September 30, 2025September 30, 2024June 30, 2025September 30, 2025September 30, 2024
Net loss attributable to common shareholders$(26.8)$(60.2)$(13.8)$(73.5)$(95.3)
Net loss from discontinued operations, net of tax, attributable to common shareholders$5.0$1.6$0.3$7.0$4.6
Adjustment of formerly redeemable non-controlling interest to maximum redemption value$—$(2.1)$—$—$(9.0)
Net loss from continuing operations available to common shareholders$(21.8)$(60.6)$(13.5)$(66.5)$(99.7)
Add (deduct) impact of:
Adjustment of formerly redeemable non-controlling interest to maximum redemption value$—$2.1$—$—$9.0
Impairment and other charges, net of (recoveries)$(0.9)$(4.3)$(0.3)$0.7$(4.4)
Campaign and political contributions$6.3$48.4$4.4$33.7$62.7
Acquisition, transaction, and other non-recurring costs$3.8$2.6$1.6$8.5$10.6
Adjusted net (loss) income (Non-GAAP)$(12.5)$(11.9)$(7.7)$(23.6)$(21.9)

Reconciliation of Non-GAAP Adjusted Net (Loss) Income Per Diluted Share (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders per share to non-GAAP adjusted net (loss) income per diluted share, for each of the periods presented:
 For the Three Months EndedFor the Nine Months Ended
(Amounts expressed are per share except for shares which are in millions)September 30, 2025September 30, 2024June 30, 2025September 30, 2025September 30, 2024
Net loss attributable to common shareholders$(0.14)$(0.32)$(0.07)$(0.38)$(0.50)
Net loss from discontinued operations, net of tax, attributable to common shareholders$0.03$0.01$0.00$0.04$0.02
Adjustment of formerly redeemable non-controlling interest to maximum redemption value$—$(0.01)$—$—$(0.05)
Net loss from continuing operations available to common shareholders$(0.11)$(0.32)$(0.07)$(0.35)$(0.52)
Add (deduct) impact of:
Adjustment of formerly redeemable non-controlling interest to maximum redemption value$—$0.01$—$—$0.05
Impairment and other charges, net of (recoveries)$(0.00)$(0.02)$(0.00)$0.00$(0.02)
Campaign and political contributions$0.03$0.25$0.02$0.18$0.33
Acquisition, transaction, and other non-recurring costs$0.02$0.01$0.01$0.04$0.06
Adjusted net (loss) income (Non-GAAP)$(0.07)$(0.06)$(0.04)$(0.12)$(0.12)
Basic and diluted shares outstanding191.2190.2191.2191.2190.0








Reconciliation of Non-GAAP Free Cash Flow (Unaudited)
The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:
For the Three Months EndedFor the Nine Months Ended
(Amounts expressed in millions of United States dollars)September 30, 2025September 30, 2024June 30, 2025September 30, 2025September 30, 2024
Cash flow from operating activities$76.8$30.3$86.1$213.6$240.8
Payments for property and equipment$(12.3)$(38.1)$(11.6)$(40.8)$(79.9)
Free cash flow (Non-GAAP)$64.4$(7.8)$74.5$172.8$160.9

Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as “forward-looking statements”). These forward-looking statements relate to the Company’s expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company’s 2025 objectives, growth opportunities, and positioning for the future. Words such as “expects”, “continue”, “will”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United States Securities and Exchange Commission and in the Company’s filings on https://www.sedarplus.ca. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.

About Trulieve

Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.


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Investor Contact
Christine Hersey, Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Phil Buck, APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com