Trulieve Cannabis Corp., one of the largest marijuana companies in the United States, brought in $302 million in revenue during the second quarter of 2025, according to financial results released today.
That figure is nearly identical to the same quarter last year and was driven largely by retail sales, which accounted for 94% of total revenue.
The Florida-based company reported a gross margin of 61%, with $183 million in gross profit. Adjusted EBITDA for the quarter reached $111 million, or 37% of revenue, representing a 3% increase year-over-year. Despite these strong operational figures, Trulieve reported a net loss of $14 million for the quarter, or an adjusted net loss of $8 million when excluding non-recurring costs, impairments, and other charges.
Cash flow from operations came in at $86 million for Q2, while free cash flow totaled $75 million. By the end of the quarter, Trulieve had $401 million in cash on hand. For the first half of 2025, the company reported total cash flow from operations of $137 million and $108 million in free cash flow.
“Our team has made tremendous progress on our 2025 plan, focusing on customers, distribution, branded products and reform,” said Trulieve CEO Kim Rivers. “With strong margins and cash flow, scaled operations, and flexibility across our platform, Trulieve is uniquely positioned as an industry leader.”
Trulieve says it sold over 12.5 million branded products in Q2, a 9% increase compared to the same period last year. The company also reported its rewards program had grown to over 725,000 members by June 30, with loyalty members accounting for 71% of all transactions in the quarter.
During the second quarter, Trulieve opened three new dispensaries—two in Florida and one in Ohio—and now operates 231 retail locations across the country. The company also launched new branded products, including Redemption Cannabis in West Virginia and expanded its beverage lines in Florida and Illinois.
Trulieve held its quarterly earnings call today at 8:30 a.m. Eastern time. The company’s Form 10-Q and other financial documents are available through its investor relations website.
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