Trulieve Cannabis Corp. reported third-quarter revenue of $288 million, with 94% generated from retail operations and a gross margin of 59%, underscoring continued operational strength and cash flow discipline.
The company, which operates 232 dispensaries across the U.S., said it sold more than 12.5 million branded products during the quarter, a 7% increase from the same period last year. Trulieve achieved an adjusted EBITDA of $103 million, or 36% of revenue, while year-to-date free cash flow reached $173 million. Cash on hand at the end of the quarter was $458 million.
Trulieve reported a GAAP net loss of $27 million, narrowed from $60 million in the third quarter of 2024. The adjusted net loss, which excludes one-time items and discontinued operations, was $12 million.
Chief Executive Officer Kim Rivers said the company’s 2025 strategy is producing results. “Significant flexibility in our core business and strong cash generation continue to set us apart in a dynamic market,” Rivers said.
Operationally, Trulieve added Chief Financial Officer Jan Reese to its leadership team and appointed Matthew Foulston to the board of directors. The company also expanded its product portfolio, launching new Roll One Clutch All In One vapes in Florida, which sold out within two weeks. It also expanded its Onward THC beverage line in Florida and Illinois and introduced Upward THC energy drinks.
Trulieve opened one new dispensary in Cincinnati, Ohio, and relocated another in Bisbee, Arizona. The company’s loyalty program reached 820,000 members, accounting for 77% of transactions during the quarter.
Trulieve also announced plans to redeem $368 million in senior secured notes due in 2026 and launched a new mobile app for Florida customers that allows users to browse products, view promotions, and manage rewards.
The company will hold its earnings conference call today, November 5, at 8:30 a.m. Eastern time.
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